NFTs are the hottest topic of 2022 with major brands making an entry into this industry. In fact, it is expected that the market of NFT will exceed the market cap of $40 billion. NFTs are rapidly becoming the lifeline for content creators by helping them to gain legal rights over their digital content.
Moreover, many industries also use NFTs as tokens to back real-world assets. In this blog, we are going to learn about the key features that will make NFT marketplace development a great success.
Before we talk about the features, let’s learn a few things about NFT
What is an NFT?
NFTs or Non-Fungible Tokens are basically cryptographic assets that can be hosted on a Blockchain network. Individuals can make NFTs of any digital asset such as artwork, image, video, audio, gaming assets, etc. These assets can be then encrypted with the help of a unique code.
Unlike cryptocurrencies, NFTs cannot be replicated on a Blockchain, you can just change the ownership of NFTs. Moreover, NFTs can be also useful for representing real-world objects with digital tokens.
NFTs work with unique digital signatures or encryption codes which makes it almost impossible to get hacked, duplicated, or stolen.
These are some of the most popular examples of NFTs;
- Digital version of a physical artwork
- In-game item or artefact
- NFT digital art
- Creative writing
These are some of the Leading NFT Marketplaces in 2022
- Axie Marketplace
- Nifty Gateway
- Larva Labs
- NBA Top Shot Marketplace
- Theta Drop
What is NFT Marketplace Development?
NFT marketplace development is the process of developing a common platform where creators and users can buy and sell NFTs. Above all, Blockchain developers have to use innovative Blockchain technologies like Ethereum, Cardano, Binance, Smart Chain, Solana, etc.
Developing an NFT marketplace is not an easy task. You must consider these features in your NFT marketplace development to make a successful marketplace;
1. Build an Amazing Storefront
The storefront of your NFT marketplace must be visually attractive and feature-rich to help the users to navigate through the experience. Above all, the storefront will be just like any traditional eCommerce platform. Thus, you will have a lot of options to browse and choose from different design templates.
The dashboard itself should provide the users with complete information about the NFTs, their owners, details, pricing history, etc. In this way, the users can easily sell or purchase NFTs from the platform.
By taking the right NFT marketplace development services, you can implement diverse search options into your marketplace. For this reason, the customers will be able to browse and purchase their favorite items from the NFT marketplace with ease.
You can include various search filters to provide more specific and relevant search results. With the help of advanced search functionality, developers can also learn about the search intents and sophisticate the overall experience. However, this can impact the total NFT marketplace development cost.
Just like traditional eCommerce, you have to be very descriptive while listing an NFT on the marketplace. Providing sufficient information about the assets and tokens on your NFT marketplace can drastically improve the overall user experience.
In fact, you can also include compressive instructions about the delivery process, pricing, and ownership processes that can also uplift the experience.
Having push notifications on your app is always helpful to keep the users updated with the latest updates or offers. Similarly, you can implement intelligent push notifications to keep the buyers and sellers updated about the activities on your NFT marketplace. It is possible to inform the users about the new biddings, NFTs, purchases, and products.
You can also send custom notifications based on their Wishlist. Moreover, users can receive notifications whenever their favourite content creator updates something.
5. Interactive Digital Wallet
You must integrate a digital wallet into your NFT marketplace to create a more fulfilling experience for the user. Moreover, it will also help you in maximizing your revenue acquisition. This would enable them to have error-free, smooth, and secure cryptographic transactions.
Your NFT marketplace developers can effectively use private keys for authenticating the transactions made on your platform. Therefore, this would make your platform more secure and interactive for the users. The transaction flow would increase along with the storage facility for crypto tokens.
6. Include Ratings & Feedback Options
You have to allow your users to post ratings and share their feedback about your platform and NFTs. Above all, this would ensure more participation in the overall improvement of your NFT marketplace.
The two-way communication would also build the trust of your users on your platform. Thus, they would be more engaged and smoothly initiate transactions.
7. Better Scalability Options
You cannot possibly predict the growth of your NFT marketplace in the future. Thus, your platform must focus on features that can improve the user experience. You should be able to improve the core architecture of your application by adding the latest technological capabilities.
Transformation is quite rapid when it comes to NFT marketplace development. Effective decentralization accelerates this innovation rate.
8. Detailed Activity Log
The users of your NFT marketplace will be performing a lot of activities. Thus, it becomes important to provide a detailed activity log. The interface of this log should be clean and intuitive.
It should provide information about different activities and functionalities with dedicated time logs. You can also use activity logs for creating and launching innovative marketing campaigns.
9. Ease of Purchase, Auction, and Bidding
When you are building an NFT marketplace, you are basically creating an online store where users can buy digital assets. Therefore, the users of your marketplace should be able to easily buy and participate in auctions and biddings.
Whereas, the NFT owners should be able to determine the price of the NFTs and even participate in auctions. However, you have to maintain a level of transparency in the buying and selling experience for users.
10. Work on Token Generators
When you are working on NFT marketplace development, you also need to create token generators. This could be done by building tiny contracts known as smart contracts.
Moreover, these contracts would be completely self-executing. Thus, there’s no required involvement of any third party to ensure the fulfilment of these contracts.
In fact, you have to implement some predetermined terms & conditions to which the vendors have to agree. Ultimately, the code will be released through a Blockchain network. Thus, you will be able to ensure the logic of token generation for your platform.
NFTs have become a billion-dollar industry with the help of Blockchain technology. For this reason, many prominent companies like eBay, Mcdonald’s, Prada, Adidas, and others are investing in NFT marketplace development. You can also take this lucrative opportunity for your business.
However, building an NFT marketplace is not an easy task. It requires some prominent skills and years of experience with Blockchain app development.
However, building an NFT marketplace is not an easy task. It requires some prominent skills
and years of experience with Blockchain app development. Thus, it would be best if you hire a
leading Blockchain app development company to get started with your NFT marketplace.
They will be having the right professionals who can handle complex Blockchain development
Erma Winter is a professional Blockchain developer at MobileCoderz, a prominent mobile app development company. With over 6 years of experience with Blockchain technology, she and her team have helped dozens of clients to develop innovative Blockchain solutions. Lastly, apart from her professional life, she takes a keen interest in surfboarding and playing with her dogs.
articlebase.pk is very thankful to Miss Erma Winter for their contribution at our website.