Non-Fungible Tokens popularly known as NFT are growing on a streak, ever since their prices rose in 2021. According to numbers and stats, in 2021 approximately $41 billion worth of crypto was spent on the NFT marketplace, which indicates you can think of developing an NFT Marketplace.
Before discussing the development of the NFT marketplace you should be clear about what an NFT is, and other necessary elements that come together to develop a successful NFT.
What is the NFT Marketplace?
NFT or Non-fungible tokens in general are digital assets that hold a value according to the market standards and consumer demand, which can be sold. They are based on Ethereum Blockchain technology. The NFT marketplace contains NFTs made of paintings, doodles, photos, games, music, videos, and many other things that can be created digitally.
Also known as the flag bearers of the change in NFTs the growth of this space has been humongous. Talking NFT marketplaces, they are the platforms where the forms of NFTs can be stored, displayed, and traded. These marketplaces imply what Amazon is for goods i.e. a platform(the marketplace) for the goods (NFTs and Digital Art).
How Does the NFT Marketplace Work
In short, NFT uses smart contracts for transactions. These protocols allow the network to store the details of the NFT transactions to bridge the connection between the buyer and seller. These smart contracts ensure that the digital asset is non-replicable and unique. This enables specific and permanent identification of the assets which should meet the predetermined conditions of the marketplace so that the process of buying and selling becomes secure and easy.
Latest Trends of NFT Marketplace Development
To keep up to date with the growing market and demands and requirements you should know everything related to the NFT market. Be it the latest news, achievements, or trends you should learn everything to help you meet your business goals.
Here are a few trends described, to help you…
All we need is a Blank Canvas
For Art, all we need is a blank canvas. Gustav Klimt said, “Art Is A Line Around Your Thoughts”. Turning art into NFT is an emerging trend now and is growing exponentially. Everything that requires creativity is a form of art, which includes Audio, video, photos, doodles, images, collectibles, antiques, and many more.
Now you might be thinking of how this thing works… Let us explain that to you in detail.
People are trading the artworks from various people interested in creating art which leads the users to freely create artwork that represents their interest and passion. These artworks (in any form) are later sold in auction in the secondary market. The interested buyers there bid for the particular piece of work, and the user accepts the bid of the one he is interested in and is profitable.
The Universe of Metaverse
Wouldn’t it be fascinating that we will be able to immerse ourselves in the digital content rather than just viewing it. Metaverse is such a trend for the development of NFT. Gaming has been a profitable asset for leveraging both NFT and cryptocurrencies. One such example is Axie Infinity games where they tokenized the characters where the players had to purchase at least 3 NFTs before they start playing. Taking off with this trend ahead will be a grand revolution in the gaming industry as well as the NFT marketplace development.
Raise the Fundraiser Bar
Fundraising has become an essential part of NFTs. They have leveraged the growth of the NFT Marketplace and have the potential to grow more in the industry.
Using smart contracts to design NFTs to donate money for charity or good causes helps in opening up new opportunities with each transaction made. Alongside blockchain technology providing security to the NFT and Smart Contracts with transparency and traceability to ensure that the funds reach the respected organization for which the fundraiser was organized, this also results in lower transaction fees.
Develop your own NFT Website
People and companies are now becoming more interested in Crypto and NFTs, and this sounds like a profitable idea. To develop an NFT marketplace all you need to know is a basic understanding of NFTs, Cryptocurrencies, Blockchain, and Smart Contracts.
Also, make sure that you choose only some specific NFTs like crypto-collectibles, and digital art, according to the demand of the target audience and needs along with the development team to develop this project accordingly as per your requirements.
Must-Have Features of NFT Marketplace
Be it any mobile application, website, or other goods and services, the features make anything stand out in the marketplace. So in general, when developing an app or website for any business do not miss out on the features as they will determine how your business will take on the marketplace. Also, remember that plan the features according to the future requirements and the latest trends so that you can compete with other industry giants and make your base in the market. Below are a few features that we have listed for your convenience.
To let the user register and browse the app/website. This can be done via Email address, Phone number which later on can be logged in by validating the OTP. You can also integrate social media login if you are looking for an advanced feature for the same.
For storing and analyzing everything one needs to learn about the website/app. Like the number of digital assets (classified again into images, doodles, audios, videos, etc), listings, bids, and many more.
This will assist the seller to upload their digitally created assets along with all the details like the name, tags, description, and price.
This is an essential feature for the development of an NFT marketplace. Through this feature, the user can securely send, receive and store cryptocurrencies and NFT tokens.
To help you check the trading history which is beneficial for both the buyers and sellers. It has details like the name, price, date, time, event, seller, buyer, and other important information.
Enables the users to send push and email notifications through which they can know about the latest news and announcements, and make bids to the digital assets available.
Ratings and Reviews
This feature allows the buyers to learn about the seller's stuff with the help of ratings and feedback provided by other users.
Aids the users with the general queries regarding the marketplace development and also regarding NFTs.
To help users solve their problems if any.
Till now we have discussed NFTs, how it works, the latest trends in the NFT marketplace, and the must-have features that you should integrate into the marketplace development. Further, when talking about the development of the NFT marketplace you need to have a basic understanding of crypto, trading, smart contract protocol, and blockchain. Besides this, you need to conduct thorough market research and then find a suitable development company for your project.
Additionally, do not forget that the development of this marketplace might be a pricey investment depending on the features that you shortlist for your project along with the location of the development company.