Non-fungible tokens, or NFTs, are a new type of cryptocurrency backed by Web 3 and blockchain technology that enables entrepreneurs and creators to monetize their creative content in entirely new ways. The worldwide revenue of NFT marketplaces was $338.04 million in the year 2020. Apart from that, in the segment of the NFT art marketplace, the Art blocks collection made the highest market capitalization of USD 828 million by February 2022. Metaverse lets the people visit the exhibition virtually, whereas NFT Marketplace allows them to buy and sell them with digital currencies.
Why do we need NFT marketplaces?
NFT-based marketplaces, like any other marketplace, allow users to buy and sell products. The only difference is that it allows users to conduct transactions using digital currency and NFT tokens. Users can list any digital artifacts they own here, including digital artwork, NFT game development, audio tracks, gaming VIP passes, and many more.
Step-by-step plan for NFT Marketplace Development
1. Specifying the Niche
The first and foremost step is to specify your niche. The success or failure of your NFT Marketplace depends on this very step. Generally there are two types of market:
- Vertical Market
- Horizontal Market
The vertical market exists solely to allow sellers of specific assets to sell those assets to a specific audience in order to meet the needs of buyers. The horizontal market, on the other hand, allows users to list any type of product or service without targeting a specific audience. The horizontal market necessitates significant investment and effort.
2. Selection of Role
There are three types of roles in any NFT based marketplace:
People who are interested in buying digital assets and artifacts.
People who have created or designed the digital assets and registered them as NFT under their name.
People who manage the entire NFT marketplace.
3. Documentation of The Project
The next step is to create detailed documentation for the entire NFT project. It may take a lot of time and effort on your part, but legitimate documentation can help you save a lot of money while building an NFT art marketplace.
NFT marketplace is not a unique concept, but you can make it unique and efficient with marketplace design. UI and UX play an important role over here and help you to attract more potential users.
The most important phase of the entire process is the NFT marketplace development. At this stage you decide which framework the NFT developer should choose, what features and functionalities it should have.
6. QA Testing
Any development process includes the QA testing. NFT marketplace developers test each and every feature and functionality to find and fix bugs before the final release. This is an important step to verify the optimum quality of the NFT marketplace.
The NFT marketplace developers test the platform for actual use in the last but not least stage of the development process. The platform is ready to launch and serve its purpose after a successful deployment.
Must-have Features of NFT Marketplace
Where all the relative information about the digital assets, such as digital asset type, owner, treads, price history, bid price etc should be displayed.
- Search Option
The users should be able to find the specific digital assets through the token number or the class or even for the tags and so on. It helps users to quickly search the listed digital artifacts on your platform.
- Trending NFT Assets
This should list the trending assets that one possibly can miss on the feed. This should include the NFT assets that might interest the users more or give high sale prices. This should also include the basic information about the asset, such as NFT token number, owner’s name, average price and so on. Basically, it should list the information that can interest the visitor to know more about the digital assets.
- Auction & Buying Feature
This feature is a must for any NFT marketplace. It allows the buyers to know all the details about the assets, such as bid amount, expiry date, and buying feature.
- Digital Wallet Integration
It makes it simple for users to buy and sell NFTs. You can integrate various digital wallets into your platform, which will streamline the NFT transfer process and allow users to send various digital currencies to the seller for the NFT.
- Push Notification
In-app push notification plays an important role in marketing and security. For example, you can send the push notification for the trending NFTs, upcoming auctions, the bid price for the listed asset or the newly listed artifacts that the user might be interested in etc.
- Customer Support
The customer support feature can help you enhance the users’ trust in your platform. An efficient customer support works perfectly well for developing customers’ loyalty.
How Much Does NFT Marketplace Development Cost?
After you’ve decided on the features you want in your NFT marketplace, the next step is to determine how much it will cost. No one can give you an exact development costing figure without proper documentation, including the features and functionalities you want for your platform. It includes features you want, platform customization requirements, framework and technology stack, development time, developer costs, third-party tool integration requirements, and so on. However, to give you a quick overview, here is the estimated cost of developing the NFT marketplace. Because the price may vary depending on your needs, it’s best to contact the NFT Marketplace development company for a precise estimate.