The proliferation of NFTs has demonstrated that they are not limited to digital assets. NFTs are causing a revolution by establishing themselves in every possible industry. Celebrities, supply chains, logistics, and even event ticketing are now using NFTs. This is due to the exclusive ownership rights it grants the NFT holders. This has created a demand for NFT marketplace development, opening the door to opportunities for ambitious entrepreneurs looking to enter the blockchain space.
Since the beginning of 2021, the NFT craze has been on a steady rise. The total sales volume of NFTs was 24.9 billion USD at the end of the third quarter. In the third quarter alone, 10.7 billion worth of NFTs were sold making them the new normal collectible assets. People became aware of NFTs and their benefits as a result of their meteoric rise in the popularity of NFT users. To monetize their works, artists, designers, photographers, and other digital creators began to use NFTs. This provided them with not only a passive income but also legal ownership of their work on the blockchain. Here is a wholesome blog curated for ambitious entrepreneurs who are looking for a guide that can help them move towards blockchain.
Why will NFTs rule in the future?
There are numerous ways where an entrepreneur can get into the world of blockchain. Cryptocurrency exchanges, decentralized finance, and crypto crowdfunding are now getting popular among the blockchain community. But NFTs are going to be invincible in the blockchain as it is invading almost every possible sector in the world. As mentioned earlier, it is not just for digital assets anymore. NFT real estate is now getting popular with properties being etched as NFTs in blockchain networks.
Did you know that Hampton Hall, a 70-room Mansion in the UK is made as an NFT worth $ 29 million? Yes! That is how NFTs are invading every possible sector of the globe. Since NFTs are holding unique and exclusive ownership, it makes themselves open to everything that needs to be distinctive. Some of the applications where NFTs can be applied are given here so that you can decide the power of NFTs for yourself.
- Identification, certification, and documentation always need a unique set of codes and attributes. NFTs can be the most secure way to do it.
- In Supply Chain and Logistics, NFTs can bring transparency by bringing data authenticity and reliability. It can help out in bringing about the details of the product, its origin, and its originality.
- Event Ticketing is another application that has started to develop today. NFT tickets for games and other exclusive events started coming out making it unforgeable to eliminate scams and fraud.
- Intellectual Property and patents are other important use cases where NFTs can be used to protect and certify the ownership of innovative inventions
- Gaming and Metaverse are relying on NFTs now. Many games are now issuing NFTs for their in-game items. Metaverse is an emerging tech that solely depends on NFTs as its pillar to go on.
Business Opportunities in NFT Marketplace
NFTs are creating a revolution feeding entrepreneurs who are eager to enter the world of blockchain. NFT marketplace development is one futuristic approach that can help you to climb great heights.
Minting NFTs instantly and putting them up for sale to monetize them as soon as possible is the new trend right now. Independent artists, designers, and other creative content creators are looking up NFTs as a scope to monetize their work.
Opensea is one excellent example to prove this stand. The NFT sales in this specific marketplace will blow your mind. This successful marketplace has made NFT sales for around 8 million USD this January and it climbed up to 95.2 million USD in February 2021. Isn’t that a majestic climb? Though this marketplace is doing well now, users are still in search of a marketplace that is dedicated to a particular genre, with a beginner-friendly interface and more. Proper research on the target market can take you to the destination you are looking for in the blockchain space.
Purpose of an NFT marketplace
An NFT marketplace is a platform that aids the users to buy and sell NFTs either through direct buying or auctions. This makes itself a platform that helps the public get access to NFTs easily. Though the main function of an NFT marketplace is to enable the users to trade NFTs, some marketplace like OpenSea, enables the users to mint their own NFTs without the need for coding.
When you are into NFT marketplace development it is important to study NFT marketplaces, their features, and their workflow so that you can get a better understanding of what you are into. To give a glimpse of it, after looking into a few successful marketplaces, here is a basic workflow.
- User registration with basic details is always mandatory on any platform these days. Having a crisp user registration with basic details will make it easy for the users to get into the platform.
- There must be a crypto wallet to store the NFTs securely. There are marketplaces that use existing web 3.0 wallets like Metamask and Coinbase where the users have to integrate them. On the other hand, there are marketplaces that work on their own wallet.
- Marketplaces that offer users to mint their own NFTs without codes are now doing better. This will attract independent creators who are looking forward to monetizing their creations and collectors who are looking for unique NFTs.
- Explore page is the next important feature that will help in giving a better user experience. Be it a marketplace for dedicated NFTs or a platform for all NFTs under one roof, an easy and effective categorization is important.
- The payment interface is one major factor that decides the user experience. It is important to have a smooth payment gateway either through existing cryptocurrencies or fiat currencies.
Getting started with NFT Marketplace Development
By now you must have got a basic overview of the NFT marketplace. Now it is time to know how to develop one. You must be clear with the following things before approaching your developer so that you can reap the best out of your blockchain platform.
- Decide the blockchain on which your NFT marketplace platform must be built. Look out for the advantages and disadvantages of the blockchain. Though Ethereum is the most preferred network so far, blockchain geeks are slowly moving towards other blockchains.
- Be clear with the workflow of the platform. How are the users going to buy and sell their NFTs and how do they store them in your marketplace?
- What are the features that can give a better user experience? Some significant features include
- Bidding options
- Token listings
- Rating system
- Visually pleasing storefront
- Advanced tokens search
- Security features of the platform also play a vital role when it comes to blockchain. Two-factor authentication, a secret recovery phrase, and more features can be incorporated.
When you are done with the above list, you can either develop an NFT marketplace from scratch or use a White-label NFT marketplace solution. Choosing either of these methods depends on the time, resources, and cost involved in the whole process.
Selecting your developer also plays a major role. When you are looking for a developer to give your NFT marketplace development, look into their experience in the blockchain industry. Also, look for their expertise in various blockchain technologies and their previous project. NFTs are opening up a new scope in the tech world. If there is a golden time for getting into the blockchain world, it is now.