How to Build an NFT Marketplace and Ride the Wave
If you're asking this question, you might know how popular the Decentralization trend is getting nowadays. But let us talk more about numbers and details. The development of blockchain technology is progressively enveloping our lives. Such areas as decentralized finance (DeFi), cryptocurrencies and non-fungible tokens (NFTs) are increasingly attracting interest. As for the NFT, the annual growth of market capitalization alone for 2022 grew by 138% and this is not the limit. We invite you to join the trend of NFT marketplaces and ride this wave with us.
The Potential of NFT
If we parse the abbreviation, we get that NFT is Non-fungible tokens. It is something that cannot be faked, replaced or stolen. You may have heard on the news about users selling their NFTs for a million dollars when they could either make their own or buy for a few dollars earlier. And it is true. But not always NFT on the markets is digital art, you can often find unique items for video games, collectible tokens and domain names. Many companies are already creating their collections and are looking for platforms to sell them. Buyers know that after analyzing the NFT collection, it can be assumed that in time the price will increase significantly. Everyone is interested in this process: buyers, sellers, and a platform that serves as an intermediary. If you want to be in the last group, join the world of NFTs, we will help you to develop your own NFT marketplace!
What are NFTs?
Any digital file, even a photo of your animal, can become a non-fungible token. After that, the NFT begins to be tracked using blockchain technology. Cryptocurrencies like Bitcoin and Ethereum work on the same principle. All transaction information is visible and open to everyone. This method allows buyers and sellers to keep a clear record of file ownership.
You might think that this makes no sense, because everything can be faked and a screenshot taken. But, unfortunately or fortunately, this will not work. We all know the painting "Mona Lisa" by Leonard da Vinci. You can even put it as a wallpaper, print it, but this picture will not be of value. Everyone knows that the original is in the museum and it's cost is more than 860 million dollars ! This is a good example that a copy will never replace the original.
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An Introduction to NFT Marketplace Development
There are different categories of NFTs. Some marketplaces include many categories at once, while others choose their own niche and develop specifically in it. One marketplace deals only with high art, another deal with game skins, and the third one includes all categories.
A list of popular NFTs:
- Digital Artwork
Essential Points to Consider When Creating an NFT Marketplace
If you are seriously thinking about creating an NFT marketplace, you should study the basics and technical details. Since NFT technology is quite new and is only gaining momentum, you should be aware of all the details.
How to make an NFT marketplace step by step
Let us write down the following steps, which are important to know, since the development of an NFT marketplace is a complex and lengthy process.
- Step 1. Determine the scope and category in which you will create an NFT marketplace. It can be a site about works of art, make an NFT marketplace with quests and bonuses, or a platform in which you will communicate and receive requests from users.
- Step 2. Select a development company that can create an NFT trading platform. You need a team of experienced professionals in different industries. Outsourcing or fulfillment companies can help you.
- Step 3. Define the UI/UX design with the design team for the future platform. Quality design is an important part of building an NFT marketplace, it is the first thing that users take into account.
- Step 4. Monitor the development of your NFT marketplace at the stage of frontend and backend.
- Step 5. Test and fix issues of the developed NFT platform.
- Step 6. Release your own NFT marketplace and enjoy winning.
How to Make an NFT Marketplace: Mavinx Experience
For more than five years, our MavinX team has been launching various projects in many areas. Our team consists of specialists in their field who are strong in mobile and web development, including DeFi.
As for our latest DeFi projects, we have been working on NFT marketplace. The main goals were to attract users from new niches and allow them to take advantage of the NFT auction. The projects turned out to be easy to use, visually beautiful and useful for users.
We want to present you in more details each project so that you could plunge into the atmosphere of the marketplaces and get inspired for your own project in which we can help you.
Case 1: WeedWars
WeedWars is an NFT Collection, DeFi module and future play-to-earn game based on fantasy characters leading an idealogical struggle in an alternate reality. Be an early adaptor and join the community because the story doesn't end here. You can stake your NFT's to get rewards in $WEED token which you can trade on cex/dex and in the future use it as an in-game currency.
Case 2: PayRue NFT
PayRue is a decentralized financial platform that allows to collect, buy and sell NFT assets. Here you will find different categories and collections of NFTs to any taste and color. Moreover, you can create your NFT right here! Everything that users are looking for on various marketplaces, they can find here, in one place.
Case 3: NFT Wallet (Concept)
After purchasing your NFT, it needs to be stored somewhere. Especially for this, we have created a concept in which NFT storage will be safe, and you will be satisfied and calm. It is important that NFT Wallet is done in the modern style, and the desired action can be completed in a couple of clicks without wasting your time. Everything is clear and beautiful here, don't you agree?
Case 4: Crypto Wallet (Concept)
And of course, we couldn't forget about the crypto wallet. In this concept, you can see the unique style and design. The wallet allows users not only to store their coins, but also to track profit over periods, the dynamics of tokens and analyze a profitable deal. In this application, the user gets access to many features, thereby choosing it among other similar applications.
The development of blockchain technology does not plan to stop, its advantage is growing every day, and you probably already felt it. A great option for today is to develop your own NFT marketplace for an existing business or to create a new one. While the market is not filled with a huge number of NFT platforms, create your own to be ahead of the competition and get your benefits.