NFT Marketplace development could be a good fit if you are looking for a sector that provides a significant source of income for creative people like musicians and artists. Despite an increase in purchases of high-end digital art, the majority of purchases are for lower-cost files such as domain names, collectible tokens, and one-of-a-kind video game items. Since there are already so many NFT Marketplaces, this market niche may be difficult to fill. You can develop NFT Marketplace from scratch – Blockchain DApp, a unique platform to attract new users if you have an experienced team on your side.
In short, you can start your own NFT Marketplace if you want to get into the NFT industry. These statistics about NFTs and their popularity will make you go wow!
The NFT cap is expected to reach $828 million by the end of 2022
- The NFT cap, which is expected to reach $828 million by 2022, demonstrates the industry’s rapid growth.
- Since the non-fungible token market has enormous potential, the establishment of an NFT Marketplace makes sense. This market is expected to grow at a 35% annual rate between 2021 and 2026, reaching $147 billion.
- In 2021, the market for NFTs will be worth $41 billion, nearly equaling the total value of the global fine art market.
- In 2021, these NFT tokens in gaming and the arts were worth millions of dollars.
- One of the most popular and expensive examples is Top Shots, an NBA trading card system (TCS) with a market value of more than $230 million.
- Another great example is the Kings of Leon. Band members were able to sell their songs for $200,000 each in 2021.
- Another option is CryptoPunk #6965, which sold for $1.54 million in 2021.
- In February 2021, OpenSea’s monthly sales will exceed 95 million dollars.
- NFTs could have been available as early as 2012.
If you thought NFTs were a passing fad, think again. They have quickly proven to be profitable, immutable, and tradable Blockchain assets. Users with diverse professional backgrounds, ranging from artists to scientists, want to amass fortunes. OpenSea’s trading volume in August 2021 was $3.4 billion, a nearly 800% increase over the previous months. So, there is no better time than now to know how to develop NFT Marketplace for your crypto business enhancement. Let’s get the groundbreaking!
Further Reading: Cryptocurrency Exchange Development: Cost, Working & More
Why Do NFTs Need Specific Marketplaces?
NFTs, like cryptocurrencies, exist on the Blockchain. They cannot be traded on exchanges that deal in popular digital currencies such as Bitcoin, Ethereum, and Ripple. This constraint exists because NFTs lack flat rates for direct fungibility. Each NFT has a unique value. As a result, it is difficult to trade it against another currency. An NFT Marketplace development company will be required to resolve this issue. They can develop marketplace apps to assist users in navigating the NFT trading functionality. At Pyramidion, we develop NFT Marketplaces keeping all these and the current crypto trends in mind!
Insights About NFT Marketplace Development
The points listed below offer some insights into the NFT Marketplace development.
- The process includes planning, designing, developing, testing, launching, and maintaining an NFT Marketplace. Each of these steps is critical to the success of your NFT Marketplace business and must be carefully planned ahead of time.
- To be considered an NFT Marketplace, a platform must have a few basic characteristics. Sign-up/login portals, listing and bidding portals, cryptocurrency wallets, storefronts, homepages, user-end portals, search engines, filtering, and sorting options are some examples.
- Some NFT Marketplaces include unique features such as native tokens, governance tokens, DAOs, and DeFi functionalities such as lending, borrowing, mortgaging, staking, and more to attract more users.
- NFT Marketplaces can be built from the ground up or by rebranding existing products, each with its own set of advantages. The platform method you choose will have a significant impact on how much time and money you spend developing your NFT Marketplace.
How to Develop NFT Marketplace? Key Steps
The first two steps in the development of the NFT exchange platform are the design and deployment of the marketplace. The developers create the project blueprint after selecting an appropriate Blockchain. They develop front-end features and execute smart contracts to make transactions more seamless. Developers must configure NFT metadata storage and complete the necessary integration steps before final deployment and testing. Each of these steps requires a strategic plan of action as well as technical proficiency to be successful. Here is a briefed version of these steps,
Carry Out In-depth Market Research
Conducting extensive research on your target market, top competitors, and current crypto industry trends is the first step in establishing an NFT Marketplace. Answer the following questions to fully comprehend the current market situation,
- Who are your ideal customers?
- What is the primary market niche of your NFT Marketplace?
- Which features must your NFT Marketplace have in order to provide the best possible experience to your users?
- What Blockchain platform is best suited for asset tokenization?
- What services do your rivals offer to market customers?
- What are the latest cryptocurrency crazes?
Make a Checklist of the Features
After conducting extensive market research, you should begin by identifying the key market features. If you want to outperform your competitors, you must have the following elements in your NFT Marketplace,
Key Features in an NFT Marketplace
It is the most crucial feature. This list should include previews, bids, owners, and price histories, among other things.
- Advanced Token Search
Crypto users must be able to obtain the most accurate information about the products they require quickly and easily. Everything should be organized according to various criteria: it can be, for instance, memes, images, videos, art, music, and many more. Customers are happier when they can complete their searches quickly and easily.
This feature makes finding what the user is looking for simple and quick. Sort all offers into the categories that will have an impact on the buyer’s decision. Prices, best-sellers, hot deals, new items, and other criteria can be sorted, for example. Customers will be able to select the desired items more quickly as a result, potentially increasing the likelihood that the assets will be purchased.
The NFT Marketplace must provide a positive experience for the users (both buyers and sellers). When it comes to listing a file, well-designed NFT development provides an easy path. Both forms requesting selling information and clear uploading instructions should be available on the marketplace.
- Buy and Bid
This feature allows users to purchase and place bids on NFTs on the platform. The feature will show the status of the bid and the respective expiration date.
- Wallet Integration
To send, receive, and store non-fungible tokens, give users access to a wallet. Users have the option to integrate their preferred wallets if they so choose.
Both buyers and sellers can benefit from ratings. Business transactions are more likely when a reputation is strong. A rating system can discourage dishonest behavior such as lying or canceling a transaction before the smart contract takes effect.
Determine the UI/UX Design
After you have decided on a Blockchain and a niche, you can think about NFT Marketplace design. Make your user interface as straightforward as possible.
Use Smart Contracts
Create smart contracts for your marketplace as the next step. It is wise to hire professionals from Pyramidion who are familiar with regulatory requirements for this.
This step should determine the location of the assets of the creators and purchasers. You must also ensure that all transaction logs are securely stored on your platform.
Establish a Prototype
Prototypes are used to determine how your NFT Marketplace will function. These are comparable to the test versions available in your market.
Test & Launch Your NFT Marketplace
Following the completion of NFT marketplace development and design, a battery of tests must be run to detect bugs or other functional flaws. To ensure the smooth operation of the market, it will go through a series of testing phases in which various issues will be addressed. Once all testing is completed, the marketplace can be made available to users worldwide.
Working Procedure of an NFT Marketplace
An NFT Marketplace operates in a few straightforward steps, which are outlined below.
- Users must first sign up for an NFT platform.
- The platform’s next step will be to develop a cryptocurrency wallet for storing non-fungible tokens and digital currency.
- The users then build an NFT and set the auction parameters correctly.
- The collection will currently be on the market.
- The platform of choice then moderates the items.
- After that, the non-fungible tokens are added to the auction list and made biddable.
- Buyers place bids in the auction.
- The top bids from buyers are communicated to the sellers following the auction.
- The platform then handles the exchange of products and crypto assets, effectively completing the transaction.
NFT Marketplace Development Cost: Approximate Estimation
It is difficult to predict the final cost before the NFT Marketplace is developed. The overall NFT Marketplace development cost is influenced by a number of factors. However, the following are some of the most important ones influencing market price development,
What Does It Cost to Build an NFT Marketplace?
Size of the Marketplace
The complexity of your market has a significant impact on the estimated cost. The number of features in your marketplace has a large impact on its size. As the size of your market grows, so will the price.
Development Team Expansion
The price will also vary depending on whether you hire in-house developers or a Blockchain development company. Pricing may also be affected by the inclusion of specialized or niche developers.
UI Complexity of the Marketplace
The user interface design has a significant impact on the cost of developing a marketplace. If your marketplace lacks a visually appealing user interface, it will fail to attract enough attention. As a result, the theme and appealing graphics will have an impact on the price.
Location of the Development Team
The total cost of a Blockchain development company or a developer varies by location. The resources, knowledge, and experience of the company vary greatly depending on the county.
Prices range between $20,000 and $30,000. An NFT Marketplace clone script’s core components typically cost between $100,000 and $500,000. This is just an estimate rather than a precise figure.
Principal Advantages of the NFT Marketplace
NFTs, like cryptocurrencies, use Blockchain technology. The same is true for non-fungible token markets. Every Blockchain feature helps your NFT digital platform succeed. Let’s go over the main benefits.
Every NFT transaction, according to Blockchain technology, should be recorded in a distributed database. Consider it a transaction book that displays all activity on your marketplace in real-time.
The creation of an NFT Marketplace necessitates the creation of a decentralized platform that allows users to freely trade assets without the involvement of traditional financial institutions, regulators, or other intermediaries. The use of Blockchain technology enables this decentralization.
Each NFT has a distinct digital ID in addition to a distinguishing feature. Your marketplace provides users with instant access to exclusive assets. Given this scarcity, indivisible tokens are extremely valuable.
Cryptocurrencies and NFTs are extremely popular. People actively invest in digital assets because they value decentralization and the absence of uniform regulation. Many users believe that the NFT market has become more liquid as a result.
Authenticity and Unique Ownership
Another advantage of creating an NFT Marketplace is the opportunity to gain your users’ loyalty and trust. A non-fungible token is a publicly accessible record of ownership that can be verified as needed. That is why it is impossible to imitate an NFT.
Blockchain-based NFT Marketplaces can benefit from high-level security features. Cryptography and consensus algorithms are two examples.
Taking into consideration all of the above, NFTs and their potential applications are still in their infancy. Young entrepreneurs all over the world are focusing on Blockchain-based business concepts. Their current focus is on developing the NFTs or NFTs Marketplace in order to successfully launch a business.
Pyramidion is an industry expert holding experience in creating NFT business models and marketplaces. You can create your own NFT Marketplace or use one that already exists. All you have to do is connect with our Blockchain experts, share your requirements, and kick-start your project!