Well, do you want to rule the digital asset market? There is no better option than owning a NFT marketplace. While cryptocurrencies are failing, many are making huge profits using NFTs as digital assets. So far, an average user can easily make $115 daily in the NFT market.
NFT markets like Opensea and Rarible are reliable but only allow minting NFTs. The world needs a dedicated marketplace where users can freely explore and exchange NFTs under a central authority.
Imagine a platform where collectibles and digital assets aren’t just admired but owned! Do you agree with this vision? So why miss such a chance when you can make millions by creating a profitable NFT marketplace? To your surprise, we are here with NFT Marketplace Development services that cater to your unique vision!
Let’s start the journey to having your own NFT marketplace as we discover the fundamental concepts of NFTs and more!!
What Does An NFT Mean?
A non-fungible token has two main attributes. One is its non-exchangeable properties, and the other is the cryptographic token representing unique NFTs. Here are the common NFTs you must know:
a) Digital collectibles
b) Music tracks
c) Gaming items
d) Web domains
e) Digital contents
f) Digitized products
g) Coupons and e-tickets
Tokenizing these tangible digital assets makes digital trading more efficient and profitable. Plus, NFTs allow integration with blockchain technology to enhance asset security.
Now, let’s disclose the current characteristics of NFT marketplaces!
What is an NFT Marketplace? How Does It Work?
Don’t confuse it with other trading platforms! It is a digital platform where you can enlist, auction, and trade your Non-Fungible Tokens at a fixed rate. You can upload and trade your digital assets to generate sales. Every NFT has a unique token, so nobody can misuse the NFTs after replicating.
According to Statista, the NFT market is up for generating $1,601 million this year. As it is almost tenfold growth in revenue, take advantage of such an opportunity! Make use of the current dynamics as you plan to build your own NFT marketplace! But, for that, you need to know every bits & pieces!
Understanding The Architecture Components Of An NFT Marketplace
The NFT marketplace architecture comprises both client-side and server-side components, including:
a) Digital Wallet: Each user has one to manage his NFTs
b) NFT Metadata: It contains information about the digital asset.
c) Blockchain Integration: It secures the NFT transactions.
d) Smart Contracts: These programs run on blockchain technology.
e) Token Minting: The user needs to mint the token and validate it.
f) IPFS (Interplanetary File System): It stores the digital assets with the metadata.
Now that you are familiar with the architectural components, it will become easier to understand the steps involved in creating an NFT marketplace. Let’s get into the details!
How To Build An NFT Marketplace From Scratch?
If you want to begin the NFT Marketplace development from scratch, embrace yourself to cope with the challenging process! From combining all development components to creating the final product, here is how to complete the development milestones successfully!
1. Conduct Market Research & Define The Purpose
When creating an NFT marketplace, you need a clear vision of the ultimate goal! You should undertake extensive market research to explore what your competitors are doing. Consider searching for the answers to these questions that describe the current NFT market situation:
a) What is the primary purpose of your NFT Marketplace?
b) Who are your target audience?
c) Which features should your NFT marketplace provide?
d) Which Blockchain platform should you choose?
e) Is following the current crypto industry trends helpful?
f) Can your idea have the potential to beat your rivals? How?
Eventually, you will determine a clear goal statement that defines the project objectives of your NFT marketplace. Such a clear vision will simplify the future steps of developing the marketplace platform.
2. Create A Checklist & Finalize The Platform Features
Next, you must begin with finalizing the features and capabilities for your marketplace. Here are some of the crucial features that you should consider including:
a) Sign-up Option: A well-defined process to register new users on the platform.
b) Storefront: A central dashboard for the users with all options to manage their NFTs.
c) Advanced Search: A search bar for users to find their desired products.
d) Wallet Integration: A digital payment system that accepts cards and wallets.
e) Create Listings: An easy-to-follow option to enlist digital collectibles.
f) Buy/Bid: A product feature for users to sell/buy the listed NFTs on the site.
g) Trading History: A list of old transactions conducted by the user in the past.
h) Ratings: An NFT rating system to mark the hot sellers and most-viewed items.
Well, these are the platform’s must-have features. You can extend the feature checklist by incorporating more intriguing features that set your platform apart from other NFT marketplaces!
Assign Essential Roles Among Software Development Teams
Moving on, you will need a capable and well-experienced development team. Consider selecting the right people with the required expertise for the following development roles:
a) Project Manager: He administers the entire NFT platform development process.
b) Blockchain Developers: They build the platform features, smart contacts, and other platform functionalities from scratch.
c) Front-End Developers: They create visually stunning designs of the User Interfaces.
d) Back-End Developers: They handle the platform’s server-side functionalities.
e) DevOps Engineers: They handle the Continuous Delivery pipelines and software releases.
f) Quality Assurance (QA) Engineer: He performs QA Analysis to detect bugs and errors to fix.
Even though it’s your responsibility to control the development team, you can always choose an NFT Development Company instead of having an in-house team. Whichever you choose, you must approve of every development activity and closely monitor the progress.
Now, let’s start developing!
Work On The Development Process
Brace yourself, as this is the most technical implementation step. While the software development team will initiate the work, you must participate in deciding the technology stack. Listing some of the best technology stack options for you:
a) Blockchain platforms: Cardano and Ethereum
b) Storage platforms: Filecoin, IPFS, and Pinata
c) NFT Standard: ERC 721 & 1155, TRC 721, FA2, etc.
d) Front-End Tools: Angular, Vue, React
e) UI/UX Designing Tools: SQL, CSS, HTML, etc.
f) Database: MySQL, MongoDB, and IPFS
g) Smart Contacts: Solidity
Once you finalize the development toolset, your developers will follow a pre-defined development process. Thus, you can maintain the uniformity in the codebase and modify it based on future market changes!
Focus On Excellent User Interface (UI) Designs
While your development completes building the platform functionalities, you must focus on designing the most intuitive user interfaces. We hope you know why this step can make or break your NFT marketplace launch. If your platform fails to make a lasting impact in the first place, it will be a difficult job to overtake other NFT marketplaces in the long run!
But don’t worry! You can motivate the team of UI/UX designs with the following approach:
a) Develop a Wireframe: It’s your platform’s visual framework with all conceptual layouts.
b) Select Style Guides: Choose a unique style with a unique color pallet for all UI interfaces.
c) Create a Prototype: It overviews how the end user will see your website/app.
Try this most effective yet easy-to-follow strategy to make your NFT Marketplace stand out. You can always play with different styles to find the best fit for your platform.
Build Smart Contracts
While many consider this step the most important for an NFT marketplace, you should also build Smart Contracts. You require a suitable blockchain technology like Ethereum to develop them from scratch.
A smart contract is an agreement between your NFT platform and its users. Instead of manually managing contracts, you can use smart contracts to automate the entire NFT buy/sell process.
Encrypting all transactions will add an extra level of marketplace security and transparency. For your NFT contracts, you should use protocols like ERC-721 or ERC-1155.
And that’s it; your NFT platform setup is almost complete. Now, let’s finish the reaming work!
Prepare For Launch and Promotion
It’s time for your QA engineers to test the platform performance with the following:
a) UAT testing: It ensures the NFT marketplace aligns with user expectations.
b) Regression testing: It confirms the development quality after checking for code defects.
c) Functionality testing: It evaluates all platform features to verify the performance.
After several testing rounds, you can be sure it’s ready for a public release. You need to fix a date for the launch and actively promote it across digital platforms. Your team of marketers will create promotional campaigns across social media that target the right audience. You can take an extra step by contacting the NFT community and informing your competitors of your revolutionary platform.
Now that your platform is ready, you may miss something important! The next segment gives a detailed overview of what to consider while developing your NFT platform.
Additional Consideration For Building an NFT Marketplace
You must consider all of them while developing your NFT platform. Here is the list of top considerations for you!
Always determine the total development cost before starting the development. You should know these cost calculation tactics:
a) Anticipate the size of the marketplace and the probability of your platform to stand out.
b) Check the overall price of selecting and licensing different development toolsets.
c) Consider the development team’s size to finance in-house developers or hire a development company.
d) Calculate the cost of developing responsive and intuitive user interface designs.
e) Fix a budget to run marketing campaigns and promotions for the platform release.
This way, you clearly understand the project’s ideal budget.
The Monetization Model
Once you build your NFT marketplace, you must implement a solid monetization mode using these tips:
a) You can change the buyer’s percentage of the NFT pricing.
b) You can implement a subscription-based model for sellers.
c) You can offer added security features at higher pricing.
If you can implement a profitable business model, it will be easier to establish your goal successfully!
Handling the security of digital assets and user information is mandatory in the case of NFTs. So, you must consider high-security aspects. Use encryption protocols to package user data and transaction details. Implement secured blockchain technology to ensure your Smart Contracts are well-protected from cyber thefts,
Conclusion: How Will Algoworks Help in Developing Your NFT Marketplace?
The current NFT Marketplace has big players like OpenSea, Axie, CryptoPunks, and more, wherever every platform has distinctive features. To compete with all such competitors, you need a partner who is well aware of the current situation of the NFT market, like Algoworks. With an expert team of NFT platform developers, Algoworks can help you in the following ways:
a) Expertise: You will receive the professional’s opinion about your vision and how to drive better outcomes.
b) Customization: The developers will cater to your feature requirements to customize the platform based on your unique vision.
c) Cost-effective: You require much less investment than having in-house developers and designers.
d) Platform support: While the Algoworks team will look after the platform’s health, you can focus on finding future improvement areas.
So, if you’re ready to start from square one, contacting Algoworks for a consultation is the best choice! Once you finalize the Mobile App Development Services, we will immediately take over the NFT Marketplace Development!
About Us: Algoworks is a B2B IT firm providing end-to-end product development services. Operating chiefly from its California office, Algoworks is reputed for its partnership with Fortune 500 companies such as Amazon, Dell, Salesforce, and Microsoft. The company’s key IT service offerings include Mobility, Salesforce consulting and development, UI UX Design Consultation, DevOps, and Enterprise Application Integration. For more information, contact us here.