Ever since the non-fungible token (NFT) movement began, the role of NFT marketplaces has been great in pinning these tokens’ position in the crypto world. NFT marketplaces are platforms where people can buy, sell, and trade products backed by NFTs. An NFT marketplace can concentrate on horizontal (selling generic products) or vertical (selling niche-based products) trades.
Why an Creating An NFT Marketplace Is Important?
Famous NFT marketplaces include OpenSea, Rarible, Solsea, SuperRare, Sorare, NBA Top Shot, Decentraland, Jump.trade, and Axie Infinity. Globally, NFTs have become a billion-dollar market after the NFT boom in 2021. Also, the statistics are expected to continue the same due to the massive acceptance from people. In this blog, we will see more about why it is necessary to have NFT marketplaces and a little about creating NFT marketplace platforms.
Why an NFT Marketplace?
NFT marketplaces work as bridges between creators/sellers and fans/customers. Since such connections would never wear out irrespective of advancements in the Web3 world, such as metaverses, these platforms can be ideal options to bank upon for entrepreneurs. Here is a stat that can bewilder you: Since its inception in 2018, the popular NFT marketplace OpenSea has seen a total trading volume of US$ 29.75 billion during the time of writing, with most of the trades occurring during 2021’s NFT boom. This fact is enough for most of you to understand the importance and potential of NFT marketplace platforms.
Irrespective of billion-dollar figures or the huge user volume, every NFT marketplace tends to attract its own base because many people and businesses across various spectra of life have started adopting NFTs. With the understanding of Web3 projected to increase in the forthcoming years, it is only obvious that NFT marketplaces will be one of the avenues that welcome newbie Web3 adopters.
Can I Create My Own NFT Marketplace?
Yes, you can create an NFT marketplace as your business platform without much hassles. Building an NFT marketplace is a simple process as it involves only nominal steps involved in software development. The costs involved depend on how much uniqueness you need for your NFT marketplace platform. There are many options available to create NFT marketplaces, and given below is the usual flow of building an NFT marketplace platform.
Steps to Build An NFT Trading Marketplace
Plan for NFT Marketplace
First, begin with framing the plan for your NFT marketplace business. You must consider all the factors involved in building an NFT marketplace, such as market analysis, competitors, niche of trades, technological stacks, and missions. Based on the plan, form the project’s roadmap for a better view.
Front End Aspects
Then, proceed with designing the front-end aspects of your NFT marketplace. Here, you create user-end screens containing the user interface (UI) and integrate user experience (UX) features. It is important to provide an immersive experience since the user-end portal serves as the face of your NFT marketplace business.
Back End Functionality
Afterward, continue incorporating the back-end functionality of your NFT marketplace. These features help run the front-end perfectly and adhere to the user-given inputs.
Blockchain Integration
During this stage, you must integrate the platform into the blockchain(s) of your choice through coding in the appropriate programming language(s). Also, smart contracts for the platform should be built with the required conditions for auto-execution later.
Test NFT Platform
Then, test the NFT marketplace platform extensively for any defects, and resolve them promptly. Ensure that you utilize various automated and manual test cases to get rid of every possible error that might be present on the platform.
Before launching, make sure that sufficient promotions are done so that you can gather an initial community around your business. You can grow your community through various ways that include gifting, interactions, and outright promotions.
Launch NFT Marketplace
As the last step, launch your NFT crypto marketplace for public trading. You can keep your community engaged through interactions so that there is always some activity on your platform. Also, respect customer feedback and implement them in future updates to give a great experience for your NFT blockchain marketplace’s users.
The above steps discussed building an NFT platform from scratch. If you want to start operations soon, you can create an NFT digital marketplace from a Whitelabel solution that is customizable and readily available to launch. Typically, such solutions cost lesser than developing from scratch, although the features you need decide the final bill.
Concluding Thoughts
Therefore, we can say that building an NFT marketplace can be the best business opportunity in the Web3 world, irrespective of the crypto climate dynamics. According to industry experts, creators and businesses would need platforms to showcase their skills and products, for which the existing NFT marketplaces would not be enough. This stamps a compulsive need for NFT marketplaces, and if you are passionate about entrepreneurship in the crypto world, this can be your pathway to glory. Still, if you are unsure of a starting point, contacting a firm that excels in creating NFT digital marketplace platforms is the ideal option. Such companies have professionals who can listen to your ideas and frame the ultimate NFT business platform.
