The NFTs started covering the world with their multi-million dollar showcase. According to nonfungible.com, NFT shopping malls have grown 2100% since 2021. The most famous NFTs have been sold for around $75 million. So what is NFT? Why is it selling for millions of dollars?
All in all, NFT Marketplace is a trading platform for various digital artworks. On the NFT market, you can easily hold and trade NFT tokens.
Alternatively, you can also buy or auction these tokens. However, to trade and hold your NFT tokens, you must have a crypto wallet. The wallet will allow you to easily access different markets.
Moreover, it allows users to not only exchange but also create them.
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How does the NFT market work?
As mentioned earlier, to access any market you will need a digital wallet. You can use it to create NFTs and sell them. Once you have registered your wallet, there are several steps you need to follow:
Step 1: Create NFT and set all relevant parameters
Step 2: List your NFTs for sale and wait for moderation to complete
Step 3: Let buyers place their bid when you set up the auction
Step :4 When the auction ends, the market will transfer the cryptocurrency.
What makes NFT so popular and which markets are the most popular?
The concept, specialty, and “irreplaceable” properties make NFTs so popular. Furthermore, an individual can use NFT to view them in formats like JPEG, GIF, MP3, video, etc.
Most Popular NFT Marketplace
OpenSea is the most popular NFT Marketplace. The OpenSea NFT Marketplace allows users to sell and buy both NFTs and Cryptos.
Here are some statistics to prove the popularity of OpenSea NFT Marketplace:
Because OpenSea is the platform with the most active users. The contribution to the NFT market is also notable. A few months ago, OpenSea’s valuation reached VND 13.3 billion.
Current estimates for the NFT market suggest it will grow from $1
.02 billion in 2021 to $21.33 billion in 2022 at a compound annual growth rate (CAGR) of 52, first%. The market is expected to reach $82.
3 billion by 2026 at a CAGR of 0.2%.
Now it is important to understand that you will need to include some basic features or we will say must-have features in your NFT Marketplace
Must include features in an NFT Marketplace
Feature #1 Storefront
This feature is nothing more than your NFT Markets dashboard. It displays and provides the user with all data about the content:
Feature #2 Item Search
NFT Enthusiasts Will Easily Easy to get comprehensive information about different items. Thus, a search option will provide all the data related to the products available in your market. This will definitely increase user engagement.
Feature #3 Filters
Features Filters are important when growing the market for NFTs. They allow users to select assets by category, listing status, payment method, and maturity. In fact, if your market is focused on collectibles, this is a must-have feature.
Feature: 4# Listing
Listing helps users to know how to choose NFT to buy and sell. It will also allow your customers to create and submit digital collections. Make sure customers can navigate easily. Alternatively, create a page where users can submit files, as well as sort, filter, and search for a specific NFT.
Feature #5 Wallet
Without a wallet user, customers will not be able to trade, store or buy NFTs. Therefore, make sure to provide Wallet functionality. It is not necessary to create a new one. You can easily integrate several existing wallets like Coinbase, Binance, and MyEtherWallet into your Marketplace.
Feature #6 Listing Status
Include a listing status that benefits users who provide the product and pass the product validation process. It allows verifying the location of the validation process. It helps to perform collection verification.
Feature #7 Review
All in all, this feature is for beginners who don’t know where to start. Therefore, checking other people’s ratings helps them understand whether a particular seller is trustworthy.
In addition, it helps them quickly select products and see how the system works. In the NFT market, different participants can rate each other and provide feedback based on their experiences. It also allows others to check the user’s trustworthiness.
Apart from features, there are several factors that need to be considered when developing the NFT market.
Factors to consider while Building an NFT Marketplace
Transparency should be given the highest priority when building an NFT marketplace. It provides the user with clarity on the terms of the transaction. The Blockchain network ensures that it provides a transparent and error-free payment process.
This is a strong element. Built-in security provides merchants with protection from transaction loss or other unnecessary functionality.
Decentralization makes it easier to copy and distribute information across different blockchain networks. So when there is a new block, the network updates its Blockchain to make the changes.
#4 Monetization Model
If you consider this factor when developing your market, you can get a certain percentage of the asset value after selling or trading NFT. Like OpenSea does not charge a registration fee but deducts 2.5% from the product price.
# 5 Smart Contracts
Smart contracts are one of the influential components of the market for NFT. The operability of markets is based on smart contracts. No commission is required to initiate a smart contract. You can achieve this by signing a contract online.
How to create an NFT Marketplace?
Choosing a niche will help you start growing your NFT market. Discuss your ideas with developers and strategize to set progress. Once you’ve established progress, the development team can focus on describing features and aspects of your Marketplace.
Step 2: UI/UX Design
UI/UX Design is very important to your Market. It will attract customers if it is simple and intuitive. A good UI/UX design will also ensure customer satisfaction.
Step 3: Integrating Smart Contracts
Data validation on the Market will take place on the Blockchain. Smart contracts provide proper verification while executing market transactions.
Front-End and Back-End Development
There is no distinction in the framework that you can use to create an NFT marketplace. Here are three of the most popular frameworks for the NFT platform:
The UI is where the software and the user interact. It generates and sends user requests to the server. The main goal is to provide the market customers with an enjoyable experience. Therefore, NFT developers must select the most appropriate technologies for each project.
The back-end has many of the same choices as the front-end. NFT development includes the following back-end technologies:
Stage 5: Testing
During this phase, your developed market goes through different stages of testing. The ultimate goal of testing your NFT Marketplace is simply to identify errors and fix them.
Step 6: Deploy
After testing, you must select the services to deploy. Generally, NFT projects are deployed on AWS in Erbis because their service offers the best value for money. But you can choose any other service that suits your market and respects your budget.
NFT is here to stay! Therefore, building your website or the NFT Marketplace app is a good idea. This market will help you strengthen your business ambitions.