NFT Marketplace Development: An Ultimate Guide

If you seek an industry that functions as a massive revenue stream for talented people like composers and artists, then NFT marketplace development can be the perfect match. NFTs’ integration of augmented reality and virtual reality is an innovation to the field that stimulates the appearance of new unique tech solutions. The NFT cap serves as great proof of an industry expansion; in 2022, it achieved the mark of $828 million.

NFT marketplace development is a unique opportunity for individuals to show up and represent their collectibles to encourage effective digital asset management. In this piece, OpenGeeksLab reveals all ideas you need to know on how to create an NFT marketplace. If you are only at the beginning of your journey, no matter whether you plan to use an NFT platform for creating, buying, selling, and auctioning non-fungible tokens or as your core business, read our A-Z guide till the end.

What Does a Non-Fungible Token (NFT) Mean?

When studying the NFT platform ecosystem, the primary thing to consider is its definition. Original identification codes and metadata make each of the NFTs different from the other. Since they’re digital assets, they can’t be exchanged or traded at an equivalent unit. NFTs can come in various artworks like photos, music, videos, and others.

Each NFT product has to be unique. Many features attract attention to them, unlike other digital currencies. These are the specific properties of NFTs:

• Indivisibility. It’s not possible to divide NFT tokens into tiny denominations.
• Authenticity. Every non-fungible token has an owner; the ownership can be verified easily.
• Non-interoperability. NFTs aren’t equal which makes it uneasy to exchange them as popular cryptocurrencies like BTC and ETH.
• Tradability. NFT tokens are available for purchase on a number of cryptocurrency exchanges. NFTs’ owners benefit from the improved trading platforms because its possibilities are practically limitless.
• Interaction with numerous blockchain ecosystems. The generation of NFTs for digital collectibles is possible with a couple of standards, ERC 1155 and 721.
• Liquidity. One can trade NFTs in a non-stop regime. That is why their liquidity is rather high. A great range of customers might have an interest in buying or selling these NFT tokens.
• Programmability. In the minds of many, an NFT platform stands for complicated mechanics that involve forging, crafting, and generating. This niche has an endless amount of chances and variations. It is a great space for creativity.
• Scarcity. Programmers can enforce various particular characteristics that are impossible to alter after once launched.

Besides, every non-fungible token is an original digital asset with a unique metadata set. Many artists and collectors can digitize their work and join e-commerce by tokenizing their goods. NFT marketplaces can work both ways as regular stores or auction platforms.

Get a better understanding by grabbing some samples. NFTs best-known examples include:

• Original digital piece of art
• Digital collectible
• In-game item
• Domain
• Music track
• Video
• NFT art app
• Essay/Creative writing
• Unique pair of shoes
• Pattern
• Ticket/Coupon

These are great examples of NFTs. If you possess any of them or look for specific goods, you know where to search. Now, let us guide you through NFT marketplace development.

General Info About NFT Marketplace Development Services

While some non-fungible marketplaces allow minting NFTs without paying fees, others accept exclusive cryptocurrencies and operate on other blockchains. They’re all different, with their advantages and disadvantages. NFT website development covers building two types of marketplaces: universal NFT websites and niche peer-to-peer platforms offering particular digital assets.

A bunch of different new NFT marketplaces will show up. They’re all fantastic opportunities for collectors to get more collectibles. These platforms may serve as a source of inspiration for everyone who will build an NFT marketplace.

1. OpenSea

It is the first name in the crypto NFT market among top non-fungible token companies. Users can find various NFTs like trading cards, pieces of art, sports, and more.

Plenty of rare, original assets are on this NFT platform: from Decentraland to ENS names. Collectibles and trading card games are among the leaders. You can get CryptoKitties and Decentraland at this crypto NFT market. As of early 2022, more than  600,000 users have registered on the site.

It’s possible to build personal goods with the help of the inserted minting instrument. Users can do that at no charge. If you are working on a blockchain smart contract for an app or collectible with original items on a blockchain, your chances of joining OpenSea are high.

2. Atomic Hub

Atomic Hub is a great NFT marketplace for digital art. As of today, 224.0M

NFTs have been created there. It occupies leading positions via Wax blockchain. Users are eligible to trade items for native Wax coins. Consumers who have registered can trade stuff worth 25 cents. It is really easy to create an NFT collection on this site. Users can craft their own items from scratch or use a common theme for their collectibles.

3. SuperRare

You can build an NFT marketplace based on one more example. This service is one of the latest innovations in digital crypto art. This service isn’t available for everyone. Only proven authors with notable works of art are permitted to publish and sell their masterpieces on SuperRare. Passing sign-up and verification procedures might be challenging. What’s more, you’ll need Ethereum to take part in exchanges.

4. Rarible

It is one of the top NFT companies. This service is owned by the entire blockchain community. It’s as easy as ABC to exchange NFTs with other creative people. Top sellers and customers do not stay without perks at Rarible. Active participants obtain rewards for their effort – a local coin known as $RARI. It allows for a quick NFT transaction. This NFT art platform is for talented artists willing to share their tracks, albums, videos, domains, images, cards, and metaverses components. The collections here impress!

These examples are great for NFT marketplace development. If you analyze them, you can see how successful projects in this category function.

Best Proof of NFT Marketplace Efficiency and Promising Future

We will prove that NFT marketplace development is a promising business. In 2021, the market for NFTs grew to $41 billion, coming close to surpassing the whole amount of the worldwide fine art market.

Making money this way is not that hard. Another great example of a successful non-fungible token is Jack Dorsey’s initial tweet, which he sold for roughly three million US dollars.

In 2021, these NFT tokens in gaming and art were worth millions of dollars.

If we are talking about the most successful and pricey examples, NBA’s Top Shots, a trading card system (TCS), is worth over $230 million.

One more cool example is Kings of Leon. Band members successfully sold their tracks for two million dollars in 2021.

Another pick is CryptoPunk #6965 sold for 1.54 million dollars in 2021.

OpenSea’s monthly sales reached over 95 million dollars in February 2021 alone.

Curiously, NFTs could have been out there since 2012.

While demand and prices for some goods are dropping, for others, they increase. It happened with NFTs for gaming and arts, respectively.

Huge name brands like Taco Bell have developed NFTs by suggesting digital items.

These stats showcase that the NFT marketplace development growth makes sense. While market capitalization (commonly called a market cap) is booming, more and more world-famous brands are joining this trend.

Factors That Define Non-Fungible Token Marketplace

From the video gaming industry to digital collectibles and assets, you may base this type of business on many items. NFT developers can make up an unlimited number of non-fungible tokens. The main properties of NFTs that make them appealing to crypto enthusiasts are:

• Rareness
• Unified tokens
• Unique tokens
• More ownership rights
• Transparency
• Compatibility

And combined with trustworthiness, indivisibility, easy and secure asset transfer, NFT marketplace development is attractive enough to jump right into it.

Find Out How Blockchain NFT Marketplace Works

A transaction protocol known as an NFT smart contract  is the heart of NFTs. Now, let’s have a closer look at this term.

Definition of a Smart Contract

In plain English, a smart contract is a program that acts as a self-executing contract that specifies the agreement between buyers and sellers. Its terms are executed as lines of code running on a blockchain (let’s say Ethereum). Data is encrypted and stored across a decentralized, distributed, and often public network. Bitcoin is the basis for smart contracts.

How Does a Smart Contract on a Blockchain Work?

NFTs run on smart contracts. Each one contains specific, original information encrypted and kept in a contract on a blockchain which makes it secure and immutable. These contracts run together via blockchain technology and self-generate to their potential.

For example, a buyer sends cryptocurrency for stuff they choose, and a seller should grant it the right to own it. If all parties meet the requirements, the smart contract independently handles the purchase and sale.

User Flow on NFT Marketplace

For NFT sites, the user flow appears to be the same. Visitors to your website should create an account by filling out all required information. They should either build a crypto wallet or link an existing one to save all their currencies in one location.

The next stage is to create NFTs. Those who have completed the registration process should provide digital assets representing their work. They may create full collections and sell artworks at a specified price or set up a bidding system where a buyer with the best and final offer wins and gets the desired piece.

No products will appear on the platform until they have been examined and approved. Moderation is essential. Customers will see NFTs available for sales/bidding once the system allows them. The auction begins. You can choose the desired cryptocurrency for trading. All parties receive notifications once everything is sold. Finally, the service keeps track of all transactions and item movements.

That is what a user flow typically looks like. You can use this process to navigate yourself through a full-cycle NFT marketplace development.

Launching Non-Fungible Tokens Marketplace as Personal Business

Would you like to have an NFT marketplace as your business? To launch it, you should target your audience. What’s more, you should detect challenges that you plan to handle. Those challenges depend on the issues of your potential customers.

After that, decide on the integral parts of your future NFT platform so as not to miss a thing, and pick the most suitable go-to-market NFT marketplace development strategy. If you are about to create a unique NFT marketplace from zero to hero, consider these stages:

1. Target Niche

Experts suggest betting on a vertical rather than a horizontal market. The first one stands for delivering goods or services that meet the needs and expectations of a certain consumer group. Amazon and eBay are not the best examples so far as they offer everything to everyone, being horizontal suppliers.

2. Propose User Roles

There are not many options but think carefully. Should they be buyers, artists, or admins?

3. Define Your Project and Design

The platform creation step starts with project documentation. It’s a routine, but you may risk wasting time in the future without documents at hand. By the way, an in-house team does not need those docs as much as offshore specialists.

4. Move to Creation

Once you’re ready with the NFT marketplace design concept, it’s high time to convert your idea into reality. Check out the available options and find a framework that will suit your business and technical goals. Some may think about hiring professional NFT developers or an NFT marketplace development company to guarantee excellent performance and credibility. They help save time and cut expenses.

5. Apply Smart Contracts Token Generator

If you decide to build an NFT marketplace, you should know that back-end development is different in this case. Most of the info is confirmed on a blockchain. If you want to make a decentralized app, pass internal logic to the decentralized part.

6. Examine and Deploy

The last but not least essential stage is testing and deployment. It’s about detecting any pitfalls and fixing them. Software check ensures that your digital product is running as it was planned. Post-launch support is also critical to eliminate bugs and confirm the system’s quality execution. Do not hurry to release the product until you check all functionality. Does the final NFT marketplace correspond to your expectations? Imagine how users would treat it. This stage is required to ensure credibility and excellent performance.

Before you start working on your NFT platform, remember all the must-have elements your service should have. Also, you will find out how to calculate the development price further in this article.

Must-Have Features of NFT Marketplace

Before we proceed with features, check out these main reasons why many people get interested in NFTs and NFT marketplaces. Blockchain technologies let creators enshrine all rights and make digital assets way easier to work with. You can also freely trade NFTs. More importantly, blockchain tech provides customers with confidence that they’ll receive what they want. Other vital features to include in an NFT marketplace development service cover:

1. Storefront

It is the most critical function. This option should hold information like previews, bids, owners, and price history, among other things.

2. Advanced Token Search

Consumers must get ultimate information about items they need ASAP and with minimal effort. All things should be sorted by different options (it can be, for instance, memes, images, videos, art, music, and many more). A quick and hassle-free search improves customer satisfaction.

3. Filters

This feature is similar to the previous one in that it allows finding the proper item quickly and easily. Divide all offers into multiple categories that influence the buyer’s choice in the majority of cases. For example, you can filter by prices, best-sellers, hot deals, new items, and others. As a result, consumers will be able to select the desired stuff more quickly, which may increase the chances of purchasing the assets.

4. Creating Listings

Provide your customers with the ability to send and create collectibles if needed. Help them do so rapidly and without facing any difficulties. Create a page where clients may provide a file and fill in the required information. Such data as title, description, and tags are all demanded.

5. Listing Status

This feature will assist those who deliver items and should pass the verification process. It enables them to track the confirmation status. This option comes in handy when there is a need to implement collectible verification.

6. Bidding Option

Every e-commerce project must give customers a right to buy stuff and bid on it. It draws in more consumers since some people are into flexible pricing and don’t want to purchase collectible assets at their starting price. Bidding is always an enjoyable experience. BTW, don’t forget to set a bid closing date. Interested buyers should be able to access information about the current status of their bids. Based on it, bidders can decide whether it is better to purchase a digital collectible now or keep bidding. Another vital feature is an auction watchlist.

7. Wallet

It is critical for consumers to have a secure and safe cyberplace to receive and store NFTs. The given solutions are not all the same, and some of them may have various types of threats that may affect the security of funds. That is why the NFT market service must have an initially set up wallet so that users can safely store and submit their tokens.

There is no more need to require consumers to sign up via other online wallets as you can create and offer a connected, “native” wallet. Make their convenience a top priority. But you should not build a wallet from the ground up. Think about something like integrating your service with Formatic, Coinbase, or other crypto platforms. Therefore, you may need to make a list of eWallets you most prefer and add them to your NFT marketplace. Do your best to make token storage, submission, and access in the easiest possible way.

8. Ratings

This feature is mainly for newcomers. Beginners may not have a clue about how to start, where to begin, or how the blockchain system operates. What’s more, it can be difficult for them to choose items fast. Knowing one’s rating and seeing what others think about this particular seller’s reliability may save the day. The ranking system is of great help for the platform’s new users when it comes to rating sellers and giving feedback based on the buying experience. This way, ratings help the parties see how credible everyone is. The highest-ranked users obtain attractive rewards.

Now that we’ve analyzed and determined the core NFT marketplace platform’s functions, you can spend some time considering some technology solutions. It would be great to decide whether you are up for applying ready-to-use services or building your own NFT marketplace solution from scratch, which may demand more time and money. Now, let’s take a closer look at what could work best for you.

Prepared NFT Marketplace Tools VS Custom NFT Marketplace Development

If developing an NFT platform is your goal, then pick one of the available methods. Individuals might pick certain instruments for more efficient and hassle-free operations. This method is less expensive, and a shorter time to market is its obvious benefit. Some prepared tools cover software as a service (SaaS), application programming interfaces (API), content management systems (CMS), and platform as a service (PaaS).

When it comes to NFT marketplace development, notably, the most common ready tools include OpenSea SDK. It offers a marketplace adapted to your original design. Companies may choose third parties offering such NFT marketplace development services.

Choosing a professional NFT marketplace development company is a proven option for creating a marketplace that will satisfy your needs and exceed your expectations. Experienced professionals will take care of the project, handling every element thoughtfully and following your requirements. Adding new features and upgrading the existing ones at any time is possible. This way, you can scale and attract a bigger audience therefore making a greater profit.

If you do not want to use ready tools as your NFT marketplace should be something special and very specific, think about developing your project from scratch without ready-to-use tools. It will be more challenging but has its clear benefits.

On top of that, people who choose tailor-made NFT marketplace development agree that security is their top priority, and such an approach can guarantee that. You do not deal with any third parties. The NFT data only belongs to your servers or blockchain networks. This issue is crucial for NFTs marketplaces since not complying with security and safety protocols might result in catastrophic consequences.

Want to Build an NFT Marketplace? What Would Your Price Be?

How much would it cost to create an NFT marketplace? For those who have limited budgets, this question is of great importance. The amount of work necessary to complete such a project determines your final price. Another factor that impacts the price is the platform you choose for your NFT project. It can be an OpenSea SDK or a custom NFT marketplace solution on Ethereum.

Ready-made tools might be more expensive but effective and time-saving. In the case of fully custom development, an individual estimate is what an NFT user needs.

Picking and applying pre-made templates is a great way to save time and money. Since it’s ready to set up, you don’t need to beat your head against a brick wall.

Specialized NFT development services will be more expensive than other solutions. Their professionals should create a user flow, features, and give out a finished product done on a blank page.

Complexity is another factor. How many features do you plan to add to your NFT marketplace? Should it have a complex interface and navigation? Difficulty makes its cost higher. This way, expect to spend time on and pay for:

• UX/UI Development
• Security
• User Profiles
• Main Page
• Product Page
• Rating Page
• Notifications
• Crypto Integration
• Buyer/Seller Panel
• Admin Panel
• Management (different types)

It’s possible that it may take more than 1000 hours to complete your project. A platform with the feature set we presented above may cost you over $47,000. Development teams from the United States and Western Europe charge the highest price for developing an NFT marketplace, whereas experts from Eastern Europe set up lower rates while meeting all quality regulations and standards. Last but not least, individual requirements and expectations define the cost of a project. Think carefully about what you plan to achieve with it and how fast.

Succeed with Your Custom NFT Marketplace

NFT marketplace popularity seems to go up in our age. Passionate collectors will be ready to do anything to gather the whole set, whether trading cards, postcards, or even digital art pieces. So, taking this into account, it’s a great idea to build an NFT marketplace or launch an NFT app since it aims at the pain points of its target audience.

Marketplaces based on NFTs have many outstanding features. You should know both how your platform should function and what various audiences of collectors are looking for. How much money are they willing to give in order to get exactly what they want? It’s critical to understand the value of each and every product presented on your NFT platform.

In case you wish to invest in blockchain marketplace development, you have some perfect options. Turning to NFT developers with a solid background in this field instead of doing everything all by yourself can be a great solution.

If you plan a project from scratch, then consulting OpenGeeksLab and using our services can be a good starting point. Contact us or book a free consultation with one of our specialists, and we’ll get to work on your tasks right away.