What is an NFT Marketplace?
An NFT marketplace is a digital platform or Web3-enabled website that provides NFT sales, auction, and listing services. Some of the features of an NFT marketplace include the option of minting an NFT directly to the marketplace and listing it for sale. There are a wide variety of NFT marketplaces around the world, with some of the most popular marketplaces making millions of dollars in sales revenue. NFTs have taken the world by storm in the past 2 years, with trade volumes entering the multi-billion dollar range.
As a result, there is plenty of room for businesses and entrepreneurs to grow in this industry by developing an NFT marketplace and meeting the needs and requirements of artists, collectors, businesses, and industry partners who want to fill a niche in the NFT marketplace world.
Developing an NFT marketplace can be a complicated and long, drawn-out process that requires extensive programming and coding, depending on the blockchain types you want to support. Here at Itech Soft Solutions, we have a range of options available to develop an NFT marketplace so that you can achieve your goals. An example of some of the top NFT marketplaces are:
- NFT Launchpad – Recently launched Marketplace
- Binance – Marketplace attached to a crypto exchange
- OpenSea – One of the world’s first and largest NFT marketplaces
- Crypto.com – One of the largest NFT marketplaces
- ByBit – A popular metaverse NFT marketplace
- FTX – Up and coming NFT marketplace.
More and more marketplaces are being developed to meet the growing demand for marketplace infrastructure so NFT artists and developers can offer their creative work for sale.
Buying and Selling NFTs
Your marketplace can provide creators the opportunity to buy and sell their NFTs using a variety of options, including:
- Fixed Price
- Open Auction
- Other Bidding Options
- Offers and Trades
- Multiple Cryptocurrencies as Payment
- Categorical and Thematic Sales
- Royalties
- Taxes
- Payment Gateways
- Other Smart Contracts
Your marketplace can support just a single blockchain currency or a variety of currencies to allow customers greater ranges of freedom in selection and payment for NFTs. We can assist in this process to give you a fully customizable option for developing an NFT marketplace.
Developing an NFT Marketplace
Developing an NFT marketplace will require you to answer some basic questions about the nature of the marketplace services you want to provide. At a general level, you will have to decide on which blockchains you want to support in your marketplace. For example, there are a growing number of blockchains that support NFT development and as these NFTs are developed, there will be a need for marketplaces to showcase them. Some of the most popular blockchains for developing NFTs are:
Once you have chosen the blockchain or blockchains you want to support, it is time to begin the coding process, which is where we come in. We help you choose your blockchain and then establish the back-end server with file storage, organization, and API so that you can easily begin to start the growth of your NFT marketplace. Often, NFTs are categorized into themes or styles to make it easier for customers to navigate through the collections on the NFT marketplace. You can sort the collections by blockchain type, as well as different categories, which allows for more efficient browsing and shopping. On the left, you can see how OpenSea has categorized its NFT marketplace to make it easier for people to navigate through the collections. Some of the categories you may want to include on your NFT marketplace may be similar, such as
- Collectibles
- Trading Cards
- Photography
- Art
- Sports
- Utility
- Virtual Worlds
- Domain Names
- Gifs
- Travel
- Digital Creations
- And More
Making these categories available during the minting process on your marketplace will help keep the NFTs organized on your marketplace.
Growing Your NFT Business Online
Once you have your basic marketplace up and running, you will be able to grow your NFT business online by attracting more artists and creators, as well as buyers and collectors. This will help grow your business online by creating an ecosystem of supply and demand that revolves around the NFT marketplace activities as it grows and scales. We can help with the growth and scalability of your NFT marketplace by improving marketing and development, as well as adding new forms of payment options using cryptocurrency gateways and adding new blockchain types so that you can enter new markets.
How Do NFT Marketplaces Work?
NFT marketplaces are online platforms where creators, artists, and NFT collectors can showcase their digital works. The ownership of the NFTs is tracked using blockchain technology and linked to blockchains so that sales can be achieved and ownership registrations tracked. Customers can come to the marketplace to simply browse collections or for specific sales. Creators and collectors can also share links to their works across social media or other platforms to increase exposure to their products. Customers can connect to the marketplace directly using a Web 3 interface with their wallet with the blockchain of their choice and purchase an NFT directly by exchanging cryptocurrency funds from their wallet in exchange for the NFT. The conversion, or sale, is done through a smart contract on the blockchain so that buyers can secure ownership of the NFT and have it displayed in their wallet. The cryptocurrency for the purchase then goes to the seller’s wallet, and the transaction registers on the blockchain as part of the public ledger’s accountability process. Blockchains can handle 100s to 1000s transactions per second, allowing for high volume sales across NFT marketplaces, making them very effective merchant platforms.
How to Create an NFT Marketplace?
Creating an NFT marketplace requires a basic development plan and requires some basic steps that must be adhered to. For starters, you need to decide what blockchain, or blockchains, you want to support on your NFT marketplace. Since not all blockchains support NFTs, you must select a compatible blockchain. Once you have selected your blockchain for your NFT marketplace, you will need to develop the Web 3 interface using a programming code that is compatible with the blockchain you selected. This will allow buyers and sellers to login to the NFT marketplace and creates a business environment. Once you have designed your marketplace, it is time to grow your marketing and outreach to attract buyers and sellers so that your sales volume can increase. As you get more NFTs on your marketplace, you will need to organize them into categories and expand your business as needed.
Key Features of an NFT Marketplace
There are some similar features that buyers and sellers will come to recognize as they bring their NFT development to light:
- NFTs are specific to their blockchain.
- NFTs are classified by category type for easier management.
- All NFT sales are minted to the blockchain as registry records.
- NFTs can be bought or sold anonymously using Web 3 wallets.
- NFTs can be uploaded and minted for a fee (gas price/minting fee).
Once you have identified the key features for your development, it will be time to work with us to develop a scoping document so that we can develop your NFT marketplace to your liking.
Key Things to Consider for NFT Marketplace Development
Again, the most important thing to consider in your marketplace development is the choice of blockchain. This is important as it will impact the costs of minting an NFT, transaction fees in buying and selling, and overall programming code that is required for the NFT marketplace development. Other things to consider are the types of content that you will showcase on your NFT marketplace and the types of categories that the data will fit into. Other things you will have to consider are the file storage and server data storage capacities that you will need to house the NFTs and how this will fit into your budget. Once you have designed your budget and the scope of your project, including the blockchain, or blockchains, you want to use, we recommend that you reach out to us and let us help you develop your customized solution.
Prepared NFT Marketplace Tools Vs. Custom NFT Marketplace Development
While we provide a range of custom solutions, there is also a range of prepared NFT marketplace tools, such as pre-programmed smart contracts that allow customers to mint NFTs on the marketplace, as well as prepared Web 3 solutions that allow users to login to the marketplace. While the prepared NFT marketplace tools are available for a variety of blockchains, there is a custom component to each of our service solutions. Customized marketplace development usually includes pertinent information such as brand details, pricing, and other custom development that is unique to each client.
Challenges in Creating NFT Marketplace
Once you have designed your brand and decided on the blockchains you want to use, it is time to begin testing the programming code to ensure that your marketplace meets its functional requirements. The challenges with designing and developing your marketplace are vast, as you will need to meet many different aspects of the NFT marketplace ecosystems. Some of the challenges you should consider when developing your implementation framework include the following:
- Defining the Web 3 login parameters of the blockchain you want to use and what information you want to collect during the registration process (email, name, phone number, etc.)
- Designing the categories for the art and digital creations by theme so that customers can more easily navigate your marketplace.
- Developing a tokenomic model if you plan to have a native token on your marketplace.
- What payments will you accept for the minting NFTs, as well as the payments for buying and selling, and if you want to use a payment gateway?
- Whether you want to list your marketplace on tracking sites like CoinMarketCap and report sales volume as part of your API.
How Much Does It Cost to Create an NFT Marketplace?
The cost for an NFT marketplace can vary from package to package and client to client, depending on the requirements needed for the job. The project should have a budget and consider the aspects of development that need to be tended to. A basic package will cost a few thousand dollars, while a larger customized branding package can run upwards of ten thousand dollars. We encourage you to reach out to our service team with some of the basic goals you want to achieve with your NFT marketplace and then decide on what solutions work best for you.
Develop an NFT Marketplace With ITech Soft Solutions
Has your business already run the gamut of minting and developing NFTs? Perhaps you want to bring your business to the next level by opening an NFT marketplace. Consider working with us to achieve your NFT marketplace development goals by selecting our NFT marketplace development service.
With 100% customer satisfaction and a dedicated development and service team waiting to assist you, we are ready to help you develop an NFT marketplace across a wide variety of blockchains so that you can begin hosting NFT auctions, NFT sales, and NFT minting directly on your platform. Without further adieu, let’s take a look at how we can support you in developing an NFT marketplace by reviewing the process and considerations required for developing an NFT marketplace.
Choosing to develop an NFT marketplace with Itech Soft Solutions is a great place to start for your project goals because it gives you a solid ground for NFT marketplace development. This guide should have provided much of the necessary planning information and beginner steps for your project so that you can have a project outline ready to present for development. Beginning the development of your project will require some basic branding elements to get your website set up and Web 3 solutions initialized through smart contract programming. Depending on your timeline goals, we can have the process started right away. Ready to get started?
- Develop your project timeline, budget, and proposal
- Reach out to ITech Soft Solutions and get a free quote!
We look forward to helping you develop your NFT marketplace in a professional, safe, and secure manner and have helped many clients achieve their goals. Let’s get started today!
