Demand for NFT marketplace development services has increased as brands embrace NFTs. Market projections show that the NFT field will grow from USD 3 billion in 2022 to USD 13.6 billion in 2027. NFT marketplaces are also expected to expand to cater for the rising demand for non-fungible tokens. Recently, NFT projects such as Pak’s ‘Merge’ and Beeple’s ‘Everydays’ have attracted massive prices. This creates the necessary impetus for early-stage firms and established brands to penetrate the marketplace creation niche. However, creating an NFT marketplace isn’t a walk in the park. So, if you’re a beginner, the best option is to hire NFT marketplace development services. Here, we dive deep into the main steps to follow in NFT marketplace development.
What are the benefits of NFT marketplace development services?
The NFT marketplace development services occur in the blockchain environment. So, NFT marketplaces enjoy various benefits of blockchain technology. Here are the primary perks of NFT marketplace development services:
Openness: blockchain is a distributed ledger that allows each party in a transaction to see what happens. The decentralized database showcases the transactions on the marketplace in real time.
Decentralization: NFT marketplace development services allow you to build a solution that eliminates third parties from a transaction. Besides delaying transactions, intermediaries increase the cost of doing business.
NFTs are indivisible: every NFT has a one-of-a-kind identifier and unique features. Users can buy these NFTs via a marketplace. The rarity of NFTs makes them pricey and popular.
Liquidity: the need for non-fungible tokens keeps increasing. Many people love decentralization because of its lack of standardized rules. So, many are investing in these virtual assets.
Authenticity: a critical benefit of creating an NFT marketplace is earning users’ trust and allegiance to your brand. An NFT is a publicly available ownership register that users can verify. So, it’s impossible to duplicate a non-fungible token.
High safety level: NFT art marketplace development solutions come with enhanced security. The use of smart contracts helps to bolster the protection of marketplaces. Since smart contracts are immutable, it’s almost impossible to tamper with NFT information.
Earning: you can make some commissions when you build your NFT marketplace.
Marketing: the marketplace can help you to market your collections.
Cornerstones of an NFT marketplace
There’s more to NFT development than just coding. Developers look at various aspects of the product, including safety, business logic, and tech stack. The marketplace must be user-friendly with an intuitive front-end ecosystem to showcase your NFTs. Here are the four props of NFT marketplace development:
Crypto storage apps
When developing an NFT marketplace, you must incorporate a crypto wallet that points out the location of an NFT file. The NFT marketplace development services should create a platform that supports multiple wallets from different providers.
Auction & Sales
An NFT marketplace should have an auction and sales feature. This section helps sellers list their NFTs at fixed or auction prices.
Smart contracts
You develop smart contracts to expedite the transaction process and determine the rarity of your digital assets. Smart contracts hold predetermined conditions and execute when all parties in a transaction meet the rules. Once the transaction goes through, it’s impossible to reverse it.
Expenses of operation
The transactions that occur via blockchain technology gobble up vast amounts of power. Settlements via the platform attract high costs. So, during NFT development, you must include the running costs of the platform.
Step-by-step guide on NFT marketplace development
Here are the steps experienced NFT marketplace development services follow when creating an NFT marketplace:
Identify your goal/niche
Before you embark on the marketplace and NFT smart contract development, you must define your goals. This step helps you to figure out how your NFT art marketplace development process will appear.
At this point, you should decide the niche you want to focus on. For example, you can design and create an NFT marketplace for trading in-game items. Some trendy niches include music, sports memorabilia, and artwork.
Choose a blockchain network
A decentralized ledger supports an NFT marketplace. Multiple blockchain networks exist where you can create your marketplaces and develop smart contract for your collections. However, each platform has its draws and downsides. For example, ethereum has high gas fees and network congestion. You can surmount these challenges if you allow your marketplace to support different networks, like Solana, Polkadot, and Flow.
NFT smart contract development
Smart contracts are helpful when minting NFTs as they activate when predetermined conditions are fulfilled. NFT marketplace development services can help create smart contracts and test them to remove mistakes and vulnerabilities.
Interface designing
When developing your platform, you need to ensure that its interface is attractive and intuitive. An appealing interface can pull many users to your platform.
Developing
After designing your marketplace, the next step in your NFT marketplace development entails the creation of your solution. Besides basic coding, developers should also integrate digital contracts.
Implementing security features
The security of your marketplace is a critical aspect that developers should think about when developing your platform. The marketplace holds vital data that requires robust security. You can use various security mechanisms, such as data encryption and AI-guided scam detection. Also, developers should design and implement high-quality information backup protocols.
Integration of third-party solutions
A vital step to take when developing your NFT marketplace entails the integration of APIs. Marketplaces require various payment gateways. So, choose the ones that meet your business’s needs. The best payment gateway should approve multiple payment techniques, including cryptos and fiat currencies.
Testing phase
It’s critical to ensure that you deliver a pristine solution to the market. So, ensure that you carry out tests at different levels. Testing helps you to discover and remove mistakes, vulnerabilities, and bugs.
Release and support
This is the final phase of your NFT marketplace development. It entails deploying your solution to the cloud server. After deployment, you’ll keep an eye on the product to monitor how it performs. You can plan for further platform improvement by introducing the latest upgrades.
NFT marketplace development cost
The NFT marketplace development cost depends on various factors, such as whether you want to develop from scratch or use a white-label solution. Building from scratch can be costly but can deliver features as you anticipate. On the other hand, a white-label solution is ready-made and requires only minor adjustments to meet your needs.
Final words
Developing your NFT marketplace can help in promoting your collections. Furthermore, you can earn commissions from NFT sales. However, building your platform is a technical area that requires the support of experienced NFT marketplace development services. The NFT marketplace development services follow various steps to make your platform. Here, we’ve explored some steps developers follow when building the platform.
