Non-Fungible Tokens (NFT), the most used term in today’s crypto world, is on its way to revolutionize the entire industry. An interesting stat would make you recognize the current trend of NFTs. It is said that the total value of non-fungible token transactions in 2020 stepped up by 299% when compared to the last year. It literally surged past $250 million, and the total count of dynamic wallets facilitating NFT transactions peaked by 97%. The experts believe that all these are the positive signs that NFTs will drive the economy in the near future. As a cryptopreneur, you must make use of this platinum opportunity to take your business to the next level. Build and launch your own NFT marketplace to turn this trend into a fruitful crypto business. We stand by your side to make you understand the various steps involved in creating your own NFT marketplace. Keep reading!
What Is NFT?
We all would have heard about Bitcoins. The introduction of Bitcoins in the market brought alongside the fear of trust and virtual depletion while utilizing it. In order to overcome these shortcomings, the non-fungible tokens came into existence. These are also termed crypto-collectables, which are unique, indivisible, and most importantly, non-exchangeable in nature. It can be used to denote both tangible and intangible assets. The protocols of these virtual tokens will be managed by smart contracts. This data makes each token unique, thereby making it non-exchangeable in nature. This means unlike normal fiat currencies or other cryptocurrencies, one NFT could not be exchanged with another NFT as both will not hold the same value. Also, it doesn’t permit the user to send a part of its value, thereby making it indivisible in nature.
In short, NFTs can either be a form of virtual assets or a tokenized form of real-time assets. Its innate nature makes it stand as proof of authenticity and ownership in the digital world.
There are various crypto exchanges where you can easily trade cryptocurrencies like Bitcoin, Ether, etc. But NFTs could not be traded in such exchanges. These tokens belong to dedicated platforms called NFT marketplaces, and it is these decentralized platforms that permit you to trade NFTs effectively. It is mostly traded through auctions, and the traders would require a crypto wallet to carry out the transactions. OpenSea, Rarible, and SuperRare are some of the top marketplaces. These marketplaces allow anyone to convert their work into NFTs – be it art, photo, video, music, virtual cards, etc. There are also certain marketplaces that allow only certified creators. Foundation is one among them. So it is now evident that you should be clear in preferring the kind of marketplace.
Steps Involved In Creating Your Own NFT Marketplace:
Various steps involved in Creating Your Own NFT Marketplace process include,
Understanding Your Business Model: This is the first stage in the development process in which our experts will discuss with you to know your essentials and requirements. It makes us understand who our target audiences are, features that are to be included, and, on the whole, an effective and simple platform for users without complexity. This is a crucial step as the further development process is entirely dependent on this business analysis stage.
User Interface: The next stage concentrates on the user interface of the marketplace. It is only this UI/UX design that seizes the attention of users and makes them come back again. It has the potential to give users a seamless experience of trading and makes them adore the marketplace instantly.
Smart Contract Protocol Development: It is another critical stage where the codes are developed to make the marketplace work productively. This back-end logic in standard custom development processes will validate the data on a blockchain as it is a decentralized platform. These protocols define each process and ensure trust between the traders.
Front-End Development: This is the stage that adds colors, designs, and other appealing factors to the platform. Prefer the top-class framework for your marketplace, and our developers lend their 100% support in turning your thoughts into reality. Add your custom features and functionalities to take it to the next phase. Rapid workflow, enhanced performance, and reliable nature make it a good marketplace.
Testing: Once the development process is done, it is carried forward for testing. In this process, we discover all the temporary bugs or issues in the product. We will conclude only if the product satisfies the requirements for which it is built. We go through umpteen test cases and beta versions among the chosen users to hear back the comments as well as suggestions. We strongly believe that accurately tested projects render reliability, security, and good performance.
Launch Of The Product: Once all the comments and suggestions are solved, we confidently step into the last stage of the process – The launch of the product. The developed product will go in live and reach the target users in the proposed period. Undoubtedly, it becomes one of the user-friendly marketplaces in the market.
Merits Of Developing An NFT Marketplace:
- Hassle-free trading experience of NFTs
- Community-run guidelines
- In-built wallet support
- A bridge between the Defi community and NFTs
- A plethora of collectibles could be traded.
Why Prefer Cryptocurrency Exchange Script?
It is now time to discuss whom to prefer for developing a world-class NFT marketplace. The answer would be pretty simple. It is definitely Cryptocurrency Exchange Script. Our expertise in the field of blockchain technology and crypto service is deep, and we serve as one of the market leaders all these years. Get to know the ways through which we can lend our hand in developing an ideal NFT marketplace.
Versatile Experts: Our skilled crew consists of various professionals, developers, and advisors who take care of the technical aspects to make your business reach sky high.
Round-The-Clock Support: We render our full support 24/7 to make you stay away from the troubles and issues.
Post-Launch Support: Even after launching your product, we assist you with your needs to make it a great platform.
White-Label Solution: Our white-label solutions will save your time and capital in a huge manner. Launch your product readily.
Marketing Support: We are ready to aid you with our tested and proven marketing strategies to enhance the visibility of your product.