Similar to cryptocurrency, NFT has gained momentum since its inception in 2013. Remarkably, the popularity of NFT took a new turn in 2021 with unprecedented sales. The sales volume of NFT jumped from $94.9 million in 2020 to $24.9 billion in 2021. This has proven to be a significant increase in sales.
Thus, the desire to develop the NFT marketplace for trading digital assets has greatly increased. In light of this, tech entrepreneurs can take advantage of ongoing requests and deploy their platform on the go. If you have an ambition to be a promising entrepreneur and are eager to spread your own platform, then this blog is for you where you can get insights on that. Take a look at it at the moment!
Non-fungible Tokens (NFTS): An Overview of What It’s All About
To get started with this post, you first need to know a brief overview of what non-fungible tokens are. It is known simply by the term NFT that it is a digital asset that is completely different from each other, as it is built on the Blockchain network. Mostly, it’s all about exclusivity and the non-interchangeable elements.
What can be NFTs?
NFTs can be literally anything around us, like things from the real world. This may include:
- In-game items
- special sporting moments
- Tweets, etc.
Although there are many types of NFTs, there is potential to come up with new types of NFTs in the foreseeable future. And yes the revolution is underway!
Advantages of NFT for digital creators, including artists
Over the years, NFTs have become an essential part of people’s lives. Gone are those days when independent creators had to put a lot of effort into making their work accessible to the right set of audiences. But now, it is possible and easier when compared to the development of NFTs.
Take, for example, the immense popularity of irreplaceable symbols that revolutionized the art world. Largely, with the help of emerging technologies, artists can sell their creations by reaching a global audience.
Here is a list of the vital benefits of NFT for digital creators in general:
- Hassle-free global access
- Fewer barriers to entry
- Collector’s Comfort
- Income generating opportunities, etc.
Whereas, for collectors, here are the primary benefits of non-fungible tokens:
- Transparency and many more
NFT Marketplace: A platform for buying and selling NFT
Where do you buy and sell NFTs? It will be the next question that may arise. Here is the answer. NFT Marketplace is a digital and decentralized platform to enable users to mint, buy, sell and store NFT. The privileges of non-fungible tokens led to the emergence of entrepreneurs in the NFT market for trading. If you are interested in entering the field of NFT, then choosing the white label NFT market to publish will be important.
Get started with NFT Market Development
The usual way of developing an NFT Marketplace makes it possible by crafting it from scratch. Another approach is to choose NFT market solutions, those that are readily available and built with outstanding features, indicating typical capability. Do you want to launch such kind of platform? Approach a reputable and trusted NFT market development company with excellence in providing a customized solution that fits requirements.
A Brief Look at How the NFT Market Works
Before actually delving into NFT Marketplace development, getting some insight into how Marketplace works with typical features is completely advisory. Read on! Here is the gist of the workflow.
Smooth recording: Users, in general, both buyers and sellers, should set up their accounts with the required information. After the initial setup, users can go through the wallet setup procedure.
Portfolio setup: They can choose the wallets of their choice to link/integrate or the wallets supported by the platform. Crypto wallet is where digital assets will be kept. To reach your platform more broadly, be sure to provide integration support for popular crypto wallets. Few of them are MetaMask, MyEtherWallet, Coinbase, and WalletConnect.
Create lists of digital assets: Now, it’s time for sellers or creators (artists) to feature their work in the listings. During listing, necessary information such as name, description, price, etc. should be included. With options available to allow buyers to purchase or bid on the digital asset.
Buyers choose the digital asset to keep: After the lists, users of the platform can view those lists. Buyers, with the help of advanced search and filter options, can find the specific digital asset they are looking for without hassle.
Buyers buy digital assets and make payments: Once buyers choose the digital asset, they can either buy or bid.
Buy: The auction takes place and potential buyers start bidding. The person who bids the highest price when the auction ends will keep the digital asset.
tender: If the option to purchase is provided by the sellers, the buyers will continue the payment transaction.
After that, buyers have the option to choose the payment methods available on the platform and proceed in the same way.
Fee incurred: Finally, fees are incurred by buyers and sellers. This is when the deal happens. Despite this, there are many ways to do to generate revenue.
5 Key Features of White Label NFT Market
Well, with the clear picture to understand how the NFT market works, let’s have a look at the five essential features mentioned below.
- Interface shop: White Label NFT Marketplace with Storefront provides users with the ability to view required information such as NFT owners, quotes, price and other similar information. The concept of a storefront is quite similar to an e-commerce system where users can check the available products.
- Find your desired NFTs: The digital assets that are listed on the platform will be classified. Thus, the search option will enable users to find what they are looking for without any difficulty.
- Notices: Regardless of buyers or sellers, both should be updated with information related to trading. For example, sellers expect to be notified when users bid on their digital assets when they are put up for auction.
- wallet: It allows users to store as well as send and receive digital assets. For the convenience of the users, make sure to integrate the popular wallets on the platform so that they can link their wallets.
- Rating system: This feature is completely unavoidable in order to ensure the credibility of the traders on the platform. It will be helpful for users to know that the merchant is reliable. If negative feedback is received, the appointed seller must be terminated for the upcoming trading.
Technology Stack for NFT Market Development
Once you are sure of how it works with the choice of core features, the technology stack plays an essential role. Below is a list of the technology stack required for the development of the NFT market.
- Blockchain platforms – Ethereum, Flow, Cardano, and Tezos
- Storage platforms – IPFS, Pinata and Filecoin
- Front End Frameworks – React, Vue, Angle
- NFT Standards – ERC-721, ERC115, FA2, TRC-721, BEP-20, dGoods
The last touch
We hope this post provides enough information for you to know before you start developing the NFT market. If you want to take advantage of ongoing trends, publish your own white label NFT marketplace with must-have features built with the latest technology stack.