Increasing NFT growth is an emerging trend with swift goal-setting objectives. People have become more obsessed with buying art pieces. This indicates the growing demand for NFTs and their role in the blockchain era. The potential growth of the NFT marketplace has marked the spark in the digital world.
It is the right time to dive into the world of NFT development if you are planning to do so. However, you need to understand the entire process involved in creating an NFT marketplace.
Here in this article, we are going to discuss the development process of NFT Marketplace Development. This article will explain the complete process of marketplace development with different objectives. Hashlogics make sure that you will end up with a detailed development process at the end of this blog.
Table of Content
Detailed Introduction To NFT Marketplace
In this section, we will dive into the pool of the NFT marketplace to get a more comprehensive understanding of this term. A non-fungible token is a unique non-interchangeable piece of data that is stored in the blockchain. It is an art piece that is minted on a blockchain.
In simple terms, NFT is a piece of digital art. It can be an image, digital file, music, video, or any game item. You might wonder if the idea of NFT could be anything around the world. It’s a kind of digital token that you cannot replace with any other thing because it has its own unique identity. To get a clear picture of this term, check out some exciting features of NFT that make it different.
The minted NFTs enlisted on the marketplaces for buying and selling. The world is shifting towards the digital edge. A clear example of this transition is that there was a time when people used to buy things directly. Now, they use digital mediums to sell and buy.
Though the term NFT is not new around us, we have been familiar with it for almost the past 7 years, but it gained widespread popularity in 2021. Market growth for NFT is expected to reach $1 billion by 2022.
The unique features of NFT are listed below:
- Uniqueness
- Authenticity
- Originality
- Location of existence
- Integration
1) Uniqueness
You cannot exchange one NFT with other because each NFT possesses a unique value that cannot be changed.
2) Authenticity
Every NFT has an owner who has all the rights reserved to sell the NFT.
3) Originality
The idea of NFT should be unique enough to catch the attention of buyers. The unique idea is the more original piece of art you will have.
4) Location Of Existence
NFTs are minted on the blockchain. An NFT is part of Blockchain and has the right to create new forms of investments as well as the NFT marketplace.
5) Integration
NFTs Cannot Be Broken Down Into Different Parts.
Why Are NFTs Popular?
As per the reports, the following figures have become known for the immense popularity of NFT.
- The trade volume of NFT has witnessed a huge strike within a short time. The largest NFT marketplace noticed a 2.4 billion trade of NFTs within the month.
- NFTs are collected by 23% of millennials in the United States.
- In Asia, NFT adoption is highest (the top 5 countries in Asia are from Asia).
- The average volume for 2022 has been around $687 million per week.
Popular NFT Marketplaces
NFT marketplace is where artists can display their unique pieces of art. It’s a place where buyers can buy a variety of art, as well as artists can exhibit their artwork to get them sold.
There are a lot of NFT marketplaces to buy, sell and display your art pieces on the digital network. The OpenSea is at the top of the list of NFT marketplaces. The OpenSea is the oldest marketplace.
Here is the list of popular marketplaces:
- OpenSea
- Rarible
- Nifty gateway
- Async art
- Super rare
A Complete Guide to Developing the NFT Marketplace
Development of NFT marketplaces includes the step-by-step guide to developing the NFT marketplace.
Developers develop NFT marketplaces either from scratch or as a White Label NFT Marketplace, depending on the needs of their clients. NFT marketplace creators choose Ethereum, Binance Smart Chain, Solana, Cardano, and Polygon blockchain networks because of their features and advantages. These blockchain standards are used based on the features list that the owner wants to integrate into the NFT marketplace.
Steps involved in NFT marketplace development:
- Ideation
- Selection of niche
- Finalize your UI/UX design
- Developing smart contracts
- Testing and deployment
1) Ideation
Finding the idea of NFT marketplace development is referred to as creativity.
2) Selection Of Niche
When you start a new project, you should first choose a niche because it defines the whole project’s direction and goals. Niche selection is therefore crucial for development. For this, you can do extensive market research or discuss it with developers, who will give you the result-oriented niche to start your project.
3) Finalize Your UI/UX Design
UI/UX design is one of the most important aspects of getting more attention from people in the marketplace. An enticing niche design is an important part of the marketplace development process. This is because the design is the most important aspect of converting audiences’ interest.
Niche designs should be straightforward and persuasive and convey the full meaning of your niche and offerings. There is no doubt that a good UI/UX design helps in enhancing the user interest and growth parameters.
4) Smart Contracts
Because the blockchain is a decentralized network, it works on the parameters of smart contracts to ensure the security and reliability of transactions. As a result, smart contracts are an important component of NFT marketplace development to ensure transparency.
Smart contracts ensure the authentication of NFT marketplace development. NFT marketplace development is mainly based on smart contracts for authentication.
5) Testing and Deployment
Testing is the final stage of implementing the product. It ensures the error-free functionality of the product. A successful allows the product to be deployed.
Summing Up:
Your NFT Marketplace will be a thriving business with unprecedented growth in the near future. Entrepreneurs and others interested in starting a business can access the NFT marketplace or its white-label version in the crypto sphere.
As the world’s leading blockchain development company specializing in NFT marketplace development, Hashlogics has built over 50 NFT marketplaces for customers around the world. Contact us to make your NFT marketplace for global users.