Non-Fungible Tokens, the red-hot and skyrocketing concept, has stormed the crypto market in recent times. It’s just the fifth month in the present year, but the NFT market cap has soared to 1785%. This turned out to be an eye-catching technology for the majority of crypto investors in the market. This high-paced growth of NFTs influenced not only owners and investors but also the marketplaces in which they are listed on. Amidst a plethora of NFT business models, NFT marketplace development tops the list. Some of the well-famed marketplaces such as OpenSea, Rarible, NBA Top Shot, etc., are reaping a handful of profits by perfectly utilizing the NFT craze situations. Being the epicenter of high revenue-generating business models, it is clearly evident that the profits are high when compared to direct selling or creation.
If they have the potential to flourish with such a marketplace, why can’t you? This blog is exclusive for aspirants who yearn to kick-start their crypto business effectively. We’ll discuss right from the basics to the cost of developing a successful NFT marketplace. Keep the rhythm alive – Keep reading!
What Are Non-Fungible Tokens?
NFT is a one-of-a-kind token, a virtual collectibles asset that possesses some value as a form of cryptocurrency or art or culture. Unlike regular cryptocurrencies like Bitcoin, NFTs are unique tokens, which cannot be exchanged. To be more precise, two Bitcoins hold the same value and can be exchanged, while NFTs own different values, thereby making it non-interchangeable in nature. Let’s further look at what makes it more special than a run-of-the-mill crypto coin. Apart from this, they are interoperable, allowing users to trade across different blockchain networks. Also, the ownership of NFTs can be shared while the value remains as a single unit, which couldn’t be divided. It can be used to represent both tangible and intangible assets. The main purpose of NFT is to provide ownership rights to the users.
On the whole, NFTs can either be a form of virtual assets or a tokenized form of real-time assets whose innate nature makes it stand as proof of authenticity and ownership in the digital world.
An Outline On NFT Marketplace
In order to go deep into the business model, it is mandatory to know what NFT Marketplace is. We all would have heard of cryptocurrency exchange where users will be allowed to trade, lend, borrow, and stake various crypto assets. Quite similar to this, the NFT marketplace is an exquisite marketplace for participants to trade, hold, purchase, and sell NFTs through either auctions or direct sales. Here, the NFTs could be of any form – be it music, art, photo, video, virtual collectibles, digital accessories, and much more. Whenever the NFTs get traded among the traders, a percentage of the fee goes to the platform owners, such as service charge, listing fee, transaction fees, etc. It is a unique identifier that stands as proof of ownership and authenticity.
Blockchain Network And Its Token Standards
One of the crucial steps in NFT marketplace development is choosing the blockchain and its standards. The NFTs can now be developed across a variety of blockchain networks. Amidst multifarious networks, Ethereum is the most preferred blockchain platform to develop NFTs. While other networks include,
- Azure Blockchain
- Open Chain
When the blockchain is chosen, the next work is to make sure of the token standards. Each blockchain has its own set of regulations and protocols to shape the tokens. It encompasses,
ERC-721: It is a maiden standard developed for NFTs. It is a one-of-a-kind free and open standard that describes the development of NFTs in the Ethereum blockchain.
ERC-1155: The Enjin standard offers a great deal in serving the semi-fungible nature tokens. It is a new standard of creating non-fungible tokens as it allows much efficient trade and clustering transactions.
ERC-998: It can be called an extended version of the ERC-721 standard. It comes into the picture when a cluster of ERC-721 tokens and ERC-20 token are purchased together.
TRC-721: It is a token standard based on the TRON blockchain network. It is asserted to be entirely compatible with the ERC-721 standard. The unique infrastructure involved provides hassle-free deployment of TRC-721.
Functioning Of NFT Marketplace
- The primary step is to create an account.
- Set up a crypto wallet for preserving NFTs and crypto.
- Creation of NFT and establishes auction specifications.
- The created NFT has to be listed in the marketplace.
- The marketplace moderates items.
- It appears on the list for sales.
- The traders now place their bids.
- At auction close, sellers get to know the top bids.
- The marketplace handles the transfer of goods and funds.
Features Of Our NFT Marketplace Development
Some of the must-have features of our NFT marketplace development include,
Storefront: This is the section that assists users with data and information such as details, owner, bids, price history, and much more.
Search Optimisation: The marketplace aids the participants with a wide range of search optimization to meet their requirements.
Effortless Listing: It is an exclusive feature of sellers and it makes them list their NFTs effortlessly in the marketplace.
Efficient Auction: The marketplace has efficient auction practices that gives the users a provision to add bid amount, expiry date, bid status, and so on.
Wallet: This wallet permits users in sending, receiving, and storing NFTs. It gives space to either create a new wallet or to add the existing wallet.
Know The Price Of Your NFT Marketplace Through Cryptocurrency Exchange Script
Cryptocurrency Exchange Script is a pioneer in developing the NFT marketplace. Our assorted range of services makes us an industry-leading expert in the market. We are ready to disclose the cost of building your own NFT marketplace, but at the same time, the cost utterly depends on the customization you make. We cater for your needs with tailor-made features and functionalities to meet your business essentials. So it is these functionalities and features that play a major role in determining the cost of an NFT marketplace. In order to know yours,