- What are the benefits of a game NFT marketplace?
- Steps of creating a game NFT marketplace
- Do background research
- Pick an NFT gaming development firm.
- Develop a decentralized unit from the start, or pick a white-label
- Determine the features to integrate into your solution
- Select a monetization plan
- Determine the UI/UX design
- Choose the tech stack
- Evaluate and deploy
- Promote your solution
- Final words
The demand for a game NFT marketplace has increased due to the popularity of blockchain-based games. Entrepreneurs in blockchain games take advantage of the high demand in the market to create a game NFT marketplace that attracts many. However, creating a marketplace for NFT in-game items is a technical task requiring the input of an experienced NFT game development company.
Are you wondering how you can develop a game NFT marketplace and start generating income? If so, you have come to the right platform. Here, we dive deep into the steps to follow when creating a game NFT platform.
What are the benefits of a game NFT marketplace?
A game NFT marketplace is a website developed on the spine of a decentralized ledger that facilitates purchasing, trading, and selling NFTs. A gaming NFT platform expedites the minting and merchandizing of all forms of game properties like armory, racers, and warriors. By allowing non-fungible token minting for one-of-a-kind collectibles, the gaming platform makes a game more enjoyable and valuable.
Unlike classic games, where in-game items belong to developers, blockchain game collectibles belong to players once they buy them. Here are the main benefits of a gaming NFT marketplace:
- Possession: in an NFT platform, gamers can tokenize their in-game assets or purchases and enjoy their rights over their in-game collectibles. The decentralized ledger retains a verified record of the owner.
- Decentralization: a gaming NFT marketplace resides on a blockchain network. So, it enjoys multiple perks of decentralization, such as enhanced safety.
- Use of the assets in multiple marketplaces: a single-game NFT marketplace can link with numerous decentralized gaming websites. These allow gamers to have an all-inclusive playing experience as they can use their in-game items on various interconnected games.
- Data safety: NFT gaming platforms are backed by storage technologies like IPFS. These solutions guarantee the security of information.
Steps of creating a game NFT marketplace
Do background research
Before you start developing an NFT gaming platform, it’s critical to do some background research to understand your target audience’s tastes and preferences. The insights you get from this study can help you to understand the features to incorporate into your marketplace solution. Furthermore, your research can help you understand the gaps in the current market and how to address them through your solution.
Also, research is essential because it can tell you the most profitable digital currencies and the best blockchains to develop your game NFT marketplace. From the analysis, you can determine additional services you can offer through your marketplace.
Pick an NFT gaming development firm.
Game NFT and marketplace development solutions are technical services that need the support of an experienced NFT Agency. A game development company has the expertise and technology to help create your solution.
There are multiple game development companies in the market. However, a few can offer the best solutions. Thus, before choosing an NFT Agency, ensure it has the experience and tools to provide the best solutions.
Develop a decentralized unit from the start, or pick a white-label
Each approach you use has its pros and cons. Building a game NFT marketplace from scratch can take time and needs massive amounts of money. It’s the best approach for those who have enough resources and are not in a hurry to enter the market.
So, you need to evaluate the drawbacks and benefits of each option before choosing the right one.
Determine the features to integrate into your solution
An essential step of your development is to decide the features to incorporate into your solution. While there are standard features for all NFT marketplaces, you can select some that can make your solution stand out from the competition. Here are some features that you can integrate into your NFT gaming platform:
The storefront you create should be detailed and appealing to your potential audiences. You should integrate essential elements like previews, bids, and rates.
The search feature helps your customers quickly find the in-game items they’re looking for. It should have multiple filters and other top-notch features like voice search.
Bid & buy
This feature determines how customers will sell their in-game NFT items. You can either use the bid option or the fixed-price framework.
Customers should mint their in-game NFTs and add them to the marketplace for sale. The feature has various options, such as product details, tags, etc.
Select a monetization plan
Are you wondering how you can make money from your game NFT marketplace? If yes, here are the primary monetization plans you can use:
- Listing charges: the NFT platforms receive a listing fee when sellers post their in-game items.
- Settlement fee: each transaction on the platform attracts a specific charge that goes to the marketplace owners. For example, Rarible takes 2% of each sale on its platform.
- Bidding commissions: bidders pay a specific amount for each bid they present.
Determine the UI/UX design
A vital factor to consider when creating a marketplace is the UX/UI design. For any online marketplace, UI/UX must be carefully considered as this would affect the user’s buying decision. You must design a platform that provides users with a seamless navigation experience. Background research will help to determine the best designs that would make sense for any users
Choose the tech stack
There are two phases of your game NFT marketplace development: backend and frontend. The backend development is concerned with the server aspect of your platform. On the other hand, the front-end aspect entails the development of a graphic user interface. You should choose an attractive design to pull potential users.
Evaluate and deploy
Once you’re through with developing your game NFT marketplace, you must test the solution to remove any errors, bugs, or vulnerabilities.
Quality testing is a must to ensure your game NFT marketplace provides a great user experience. After testing the solution, you should introduce it into the blockchain ecosystem.
Promote your solution
At this stage, your platform is live. So, you must move to a crucial step: marketing your platform. Because promoting a platform can be challenging, hiring an NFT Marketing agency is essential. The agency has the experience and resources to deliver a successful NFT Marketing campaign.
A gaming NFT marketplace is one of the best ways of making money in the blockchain industry. The popularity of blockchain games is on the rise. Many gamers will be trooping to the marketplace to look for unique in-game items. Entrepreneurs can leverage the demand and develop platforms where people can mint, sell, and trade NFT game items. Here, we’ve explored the steps to follow when creating an NFT gaming platform.