With a sales volume of over 511 million dollars in the last 30 days, the NFT market has become something not to be taken lightly. Since its prominence in 2021, the market has gone through a lot, although it didn’t vanish into thin air, unlike most hyped innovations. But what has been keeping the NFT market thriving and truly alive? Multipurpose NFT marketplaces with more utilities apart from trading NFT items have been pioneering the comeback of the markets, and their role is only set to rise from here on. We will see more about these platforms and why businesses should plan to create NFT marketplace platforms with multiple utilities.
Table of Contents:
- What is a Multipurpose NFT marketplace Solution?
- Popular Utilities Included in an NFT Marketplace
- Aggregator
- Launchpad
- Play-to-Earn (P2E) Game
- Social App
- Finance
- Streaming
- The Future of Multipurpose NFT Marketplaces
- Why Should Businesses Create NFT Marketplace Platforms with Multiple Purposes?
- Final Thoughts
What is a Multipurpose NFT Marketplace Solution?
A multipurpose NFT marketplace solution allows users to do more than just listing and trading NFT items. It comes with added utilities inspired by other Web3 business models as a way to appeal to people while easing user experiences. While you might not have heard of this specific name, there are loads of multipurpose NFT marketplaces, including the most market leaders.
Such a platform can comprise any Web3 business model, although only some have been tapped into so far. But as more businesses create NFT marketplace platforms, it will be only a matter of time before other models make an appearance via these platforms.
Popular Utilities Included in an NFT Marketplace
Aggregator
A common model integrated with multiple popular NFT marketplaces today, aggregation portals work like their crypto counterparts. They show the prices of NFT collections across various marketplaces with extensive data for collectors to purchase their favorite NFTs at optimal prices. Currently, OpenSea, Rarible, and Blur function as NFT marketplaces built with aggregation capabilities.
The model got intensely popular in 2022 when high-profile acquisitions of aggregation platforms were made by OpenSea (Gem) and Uniswap (Genie) and went manifold with Blur’s storming entry in early 2023. These platforms have made NFT trading simple for professional traders who were tired of traditional marketplace interfaces.
Launchpad
NFT marketplace platforms with launchpad capabilities have been around for a long time due to the latter’s relevance with marketplaces. Typically, an NFT launchpad serves as a portal for new projects to showcase their collections to a wider audience while gaining trust. Even global brands utilize these applications to unleash their NFTs to ensure authenticity and market exposure.
As of now, Magic Eden, Element Market, Binance NFT, and Iskra include launchpad capabilities. Projects launching on these platforms can raise funds seamlessly through Initial NFT Offerings (INO) apart from earning market trust. These applications enforce a strict verification process before listing projects, which enhances the reputation of both parties.
Play-to-Earn (P2E) Game
While one might not expect Play-to-Earn (P2E) games to come alongside NFT marketplaces, such combinations do exist already. Don’t wonder; these marketplaces offer provisions for game developers to publish their games inside their platforms. Gamers can access games without leaving the NFT marketplace with these multipurpose platforms.
In the current market scene, only Magic Eden and Iskra display themselves as pioneering NFT game-cum-marketplaces. Such applications have been a blessing for startup game studios that couldn’t afford to battle it out with the big shots in the P2E space to reach gamers. With these applications, though, they can improve their visibility by driving in gamers who visit these marketplaces.
Social App
Although Web3-based social media is trending currently with the rise of apps like Friend.Tech, such provisions have been present for long in NFT marketplaces. Who remembers the catchphrase “Where Christie’s Meets Instagram?” If you are a long-time NFT aficionado, chances are you accessed NFT marketplaces with social media-like provisions.
Pioneers in NFT art trading, like Nifty Gateway and Foundation, have been leading the way for integrated socializing spaces inside NFT marketplaces. Apart from these, NFT.com has been another social NFT marketplace with more versatile NFTs apart from artworks. These can help creators and collectors in fostering great relationships powered by Web3 capabilities.
Finance
Finance has become an inseparable part of today’s crypto ecosystem, and NFT marketplaces aren’t an exception. While not many NFT marketplaces come with integrated financial capabilities, those that do present powerful opportunities for users. They enable operations such as staking and loaning – prime use cases for NFTs apart from their perceived value.
Binance NFT, Iskra, and Element Market lead the way in the so-called NFT-Fi, where users can earn rewards or get loans by placing NFTs as collateral. But, we expect it wouldn’t take long until a market leader taps into the advantages of combining NFTs and decentralized finance (DeFi) due to the inherent advantages on offer.
Streaming
Perhaps an underrated feature that could be present in an NFT marketplace, streaming provisions let users stream audio/video inside the platform. This is prevalent in NFT marketplaces focusing on music and video clips that tend to have a social media-like tone. Yet, their affinity towards empowering creators by connecting them better with fans makes streaming-based NFT marketplaces a treasure.
Objkt.com, Royal, Audius, Sound.XYZ, and Livepeer are some popular NFT marketplace apps with streaming capabilities. As the entertainment industry increasingly embraces NFTs, these platforms might gain the full benefits of the next-generation NFT movement powered by multimedia creators.
The Future of Multipurpose NFT Marketplaces
As we have seen above, an NFT marketplace solution with multiple purposes can come in handy for businesses with increasing competition in the space. Although one might say social and streaming NFT marketplaces are niche-based, they are worth considering as they present an opportunity for people to do something else apart from trading NFTs.
Thinking of what the future holds for these NFT marketplaces, businesses running these platforms can become industry leaders if they do the right things, such as outreach and partnerships. Also, the number of new ventures planning to create NFT marketplace applications with added utilities could increase as entrepreneurs nowadays want to have backups for backups.
Why Should Businesses Create NFT Marketplace Platforms with Multiple Purposes?
Businesses should create NFT marketplace applications with multiple purposes to ensure community engagement in the platform even when NFT trade volumes decrease. Such provisions can especially be helpful for businesses during unprecedented scenarios as users still have something to engage with, out of which ventures can gain remuneration.
The NFT market projections for the next decade or so are bright, and with competition levels expected to get only higher, providing unique value propositions could aid businesses in establishing themselves. These platforms could be utilized as mediums to foster mainstream adoption, a vision the Web3 space has been aspiring to accomplish for a long time.
Final Thoughts
Thus, we have seen extensively about a multipurpose NFT marketplace solution and why businesses should create NFT marketplace platforms based on such propositions. The value multi-faceted marketplaces bring to the NFT space is immense, witnessed by the dominance of such applications in the market. Are you curious about launching an NFT marketplace with multiple purposes? This might be the perfect time to begin building as NFTs are set to soar anytime soon.
