NFT MARKETPLACE DEVELOPMENT

  • Originality — each NFT has its metadata and is unique.
  • Authenticity — NFTs are always owned by someone, and this ownership can be verified. Digital ownership is one of the main reasons explaining the popularity of NFTs.
  • Integrity — NFTs cannot be split into smaller parts and sold separately.
  • Gaming. The fact that NFTs are unique makes them a desirable choice for blockchain-based video games such as CryptoKitties. Users can purchase NFTs in the form of different items, including characters, virtual plots, guns, etc.
  • Textual data can also be transformed into NFTs. Users willing to become owners of some textual content they think is valuable can purchase it in the form of NFTs. So far, Tweets have been the most vivid application of NFTs of this kind.
  • Art. Digital artwork is one of the most promising uses of NFTs. For instance, Banksy has recently sold his piece of digital art in the form of NFT for $380,000.
  • Sport is another area taking advantage of digital collectibles. Trading cards, commemorative tickets, merchandise, video clips, and other valuable assets have been turned into NFTs to be sold to fanatics.
  • The incorporation of blockchain technology and smart contract, which allows for high security, transparency, and reliability of all digital transactions. Each token has unique metadata recorded in a smart contract, which remains immutable and secure due to the blockchain technology. Some platforms use well-established blockchain platforms such as Ethereum or Cords, while others use more customized options (e.g., NBA Top Shot uses the Flow blockchain).
  • The use of minting as a process by which users tokenize digital assets and create NFTs.
  • Blockchain wallet. Since NFTs are traded, the marketplace requires users to have a wallet that allows using cryptocurrency to purchase NFTs.
  • Catalog with digital assets is another essential component of an NFT market. It contains all available NFTs, which are usually compiled systematically to enable easier search. A good catalog also includes listings, which are detailed descriptions of digital assets.
  • OpenSea. This largest marketplace provides access to a wide variety of assets, from domain names to trading cards. This marketplace also contains detailed information about NFTs’ supply, price, and other data allowing users to make informed purchasing decisions.
  • Rarible also offers a wide range of digital items, such as game cards, music pieces, art, domain names, etc. This community-owned platform focuses on establishing a secure environment for NFT trading.
  • Mintable enables users to create and sell NFTs. It has already attracted the attention of prominent artists and athletes, as well as major investors, allowing its owners to set ambitious long-term goals for development.
  • Nifty Gateway focuses on selling digital art in the form of NFTs. Popular NFT artists such as Beeple, Grimes, and others have already taken advantage of the platform to monetize their art.
  • Looking Glass Factory stands out from the rest of the marketplaces due to its focus on digital holograms.
  • Visual attractiveness. Even if your marketplace has advanced technological features, no one will appreciate them if your NFT marketplace looks obsolete and difficult to navigate. Therefore, pay attention to the storefront design.
  • Convenient search. There can be thousands of NFTs on your marketplace, so make sure users can find items they want using a sophisticated search. You may want to create asset categories, such as digital art, gaming, photography, domains, music, sports, and so on, to save users’ time.
  • Advanced filters should accompany a good search. Let users filter the assets based on price, type, date, popularity, and other criteria, as it will allow them to find what they are looking for and increase sales.
  • Bidding option. Allow users to place bids on items they want to purchase, as it will help track the assets’ popularity and set the price that reflects the demand. Don’t forget to set the bidding deadline to spark more interest and create a sense of urgency.
  • Create listings. Users should be able to create tokens and add details about NFTs, such as name, description, price, etc.
  • Wallets. An NFT marketplace should integrate wallets as one of the key features allowing users to trade NFTs. There are many options to choose from, such as Formatic, Coinbase, or MyEtherWallet. By adding more functions not listed here, you will make your marketplace even more user-friendly and unique.
  • Business analysis (technical feasibility, viability, market demand)
  • UX/UI design (UX wireframing, creating prototypes and UI mockups)
  • Creation of the smart contract protocol
  • Front-end development
  • Testing and eliminating errors and bugs
  • Launching and maintenance

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