Non-Fungible Token also known as NFT has been the current trendsetter in the digital market world. People have started to purchase and sell digital goods at the marketplaces to an astonishing extent. Everyone who is involved in the NFT world thinks that the digital goods we purchase would be sold for a huge sum like the traditional art, say, the painting of the Mona Lisa. But, where to sell and purchase NFTs? This blog will give you a detailed explanation about marketplaces and how to initiate your own custom NFT marketplace development platform.
WHAT IS AN NFT MARKETPLACE?
Unlike in Bitcoin, Litecoin, Ether and other Fungible tokens, NFTs cannot be traded directly, it requires a special platform to do so. These special platforms are called NFT Marketplaces. These marketplaces are a decentralized platform where buying and selling of Non-Fungible Tokens take place. The digital assets in the platform are sold at a fixed price or can be initiated through an auction. The majority of the marketplaces require the buyers and sellers to have an electronic wallet to proceed with the transactions. There are different types of marketplaces, some are more exclusive and most of the marketplaces are concentrated on creating and selling arts.
EXAMPLES OF COMMON NFT MARKETPLACE:
NBA Top Shot
HOW TO DEVELOP A MARKETPLACE:
Users can develop their own NFT marketplace. There are two methods to create an NFT marketplace, to create a custom NFT marketplace development platform or to integrate with OpenSea SDK.
Integrating with OpenSea SDK allows the user to develop a marketplace in a very short time but it imposes restrictions to the modification of the software development codes since it follows the OpenSea marketplace’s own SDK. Custom NFT marketplace development platform allows the user to develop SDK to their desired capabilities.
DEVELOP A CUSTOM NFT MARKETPLACE :
THESE ARE THE STEPS TO DEVELOP YOUR OWN MARKETPLACE:
To develop a successful marketplace, the developer needs to be aware of the digital market. The developer should concentrate on the vertical market rather than the horizontal market. Horizontal market suppliers sell everything to everyone, whereas in a vertical market, the supplier sells the products that meet the requirement of a specific type of target group.
To choose the user roles:
There are three types of user roles in the development of marketplaces, such as buyers, creators, and administrators.
The site development process begins with the documentation of the project. If the user is willing to hire full-time developers, project documentation is unimportant but to manage a remote development team, project documentation is one of the most important processes as it saves time and gives a detailed roadmap towards the next step of initiating a custom NFT marketplace creation process.
In the development stage, the user chooses the framework for their project, dedicated SDKs are used to ensure fast platform operation, good performance and reliability.
To implement Token Generators:
At this stage of development, token generators are implemented to generate smart contracts. Smart contracts are self-executing contracts with the terms and agreements between the buyer and the seller in the form of code lines. The code and agreement contained there exist across a distributed, decentralized blockchain network. The main function of this stage is to implement logic to the web page.
Test and Execute:
This stage helps the user to identify the bugs and fix them, it ensures the launch of the custom NFT marketplace development platform. Additionally, software testing ensures that the current project meets the requirements of the originally specified project. The main reason why this stage is very important because a properly tested software product provides reliability, security, and high performance.
BENEFITS OF DEVELOPING A CUSTOM NFT MARKETPLACE:
- The transfer during an exchange for an NFT is hassle-free.
- Blockchain Technology powers the NFT, making it authentic and prevent counterfeits.
- Changes in decentralized platforms are not allowed since the Non-fungible tokens have their own ownership rights.
WHY CHOOSE BLOCKCHAIN APP FACTORY AS YOUR CUSTOM NFT MARKETPLACE CREATION COMPANY?
We at Blockchain App Factory provide Custom NFT Marketplace solutions to clients who are interested in developing their own custom NFT marketplace development platform. We are globally recognized and have several years of professional experience in developing blockchain platforms and other NFT development services.
Our professional developers are highly skilled in creating a competing Custom NFT Marketplace platform based on future trends and customer needs. Our technical team works 24×7 to assist customer queries, easy customization and assist in trading techniques to better your business growth. The entrepreneurs and investors can avail of these services by contacting us!