NFTs have been in existence for at least half a decade (That is, since 2014). Yet, these non-fungible tokens exploded in popularity just a while ago (during the latter half of 2021). NFTs suddenly found themselves spoken across the social media universe as major celebrities whole-heartedly supported the emerging technology. Also, the credit goes to NFT marketplace platforms that recorded huge revenue through sales of NFT assets. Some of these platforms earned fortunes through various means of trade. As NFTs can be anything ranging from art to physical assets, they are here to exist for a long time; so do the NFT marketplace platforms. In this blog, we will see more about creating a multi-chain NFT marketplace, which might prove to be a game-changer.
What is a Multi-chain NFT Marketplace?
A Multi-chain NFT marketplace is a platform where NFTs can be traded in multiple blockchains under the same portal. This can make things easy for users as the interface remains the same irrespective of the network, and handling remains the same. OpenSea and Rarible are some popular marketplaces operating on two blockchains, although no NFT marketplace truly works on multiple chains. There are a few aggregators that seem to resolve the issue; still, the concept of a multi-chain NFT marketplace differs contrastingly.
Features of a Multi-chain NFT Platform
Shopfront – The shopfront of any multi-chain NFT marketplace looks like any online trading website with items listed under different categories. Descriptions for individual NFT items can be accessed easily through the feature. Sometimes, information on the blockchain protocols of the item so that a user can verify the originality of the NFT.
Search and Filter – A multi-chain NFT marketplace portal should have a searching feature where users can easily find the product they want to buy. The search feature must also include filtering options to make navigation across the portal easier for the user.
Digital Wallet – A marketplace selling NFTs on multiple chains needs to have a wallet for transactions from buyers and sellers. Some platforms allow the integration of existing external crypto wallets such as Metamask or Coinbase for an enhanced customer experience. Others have built-in crypto wallets in their portal in which users can credit in cryptocurrency to carry out trades.
Notifications – For a multi-chain NFT marketplace portal to succeed, it is essential to notify users about the latest updates through emails and push notifications.
Customer Service -. A devoted customer service functioning round the clock should be one of the necessary features of a multi-chain NFT marketplace. This is since it would be the first go-to place for users when they face trouble with the portal. Hence, it is important to have people who understand NFTs as customer care serves as your business’s face.
Truly Multi-chain – This feature stands between making a marketplace another one in the space or a unique one. Incorporating multi-chain functionality means there must be two, preferably more chains where the portal can work seamlessly.
Benefits of a Multi-chain NFT Marketplace Portal
✔️ Seamless Connectivity – A multi-chain NFT marketplace ensures that connectivity is seamless across blockchain networks and results in efficiency for buyers and sellers.
✔️ Traverse Across Networks – Such an NFT marketplace working on multiple blockchains ensures that a user can easily switch between networks and trade accordingly.
✔️ Capture Uniqueness – Such a NFT business platform can cover all the unique aspects of the blockchains it is able to work. This serves as a huge edge over other NFT marketplaces in terms of incorporating capabilities.
✔️ Low Gas Fee – Working as an NFT marketplace with multi-chain functionality assures low gas fees on blockchains as transactions can be adjusted accordingly.
✔️ Trading on Multiple Networks – Trades on a multi-chain NFT marketplace can be made on multiple blockchains, thus, making the process easier for sellers.
How to Build a Whitelabel Multi-chain NFT Platform?
◾ Before building your new multi-chain NFT marketplace, it is important to have all the things planned. The first planning phase involves deciding the direction your new business would be heading and forming the roadmap. The roadmap later gets shaped as the whitepaper for the NFT marketplace business venture.
◾ After this, you can customize the user interface and user experience for the marketplace platform from the existing software. This can be done through in-house developers or a development company with relevant experience. A visually aesthetic design and an engaging user experience would ensure a wide reach for your NFT marketplace platform.
◾ Back-end development comes next, which plays a huge role as great work here ensures security and robustness for the portal. It would be feasible to work with a development firm with the necessary experience since hiring blockchain developers is difficult. A Whitelabel multi-chain marketplace software would need back-end development to enable enhanced security and robustness features.
◾ In a multi-chain NFT marketplace platform, software errors can affect smooth functioning. The portal should be tested for, and mistakes must be resolved before opening for business operations. Additional support might be needed if new defects are found in the initially released version.
◾ As user engagement increases and more software problems get reported, frequent updates are mandatory. Such actions help the business to be up-to-date with the current trends.
A Concluding Note
Building a multi-chain NFT marketplace can feel like a daunting task. But this can be made easier by utilizing a Whitelabel solution for your NFT marketplace venture. Getting such a solution would be possible if you hire an expert firm in developing such blockchain-based applications. While easy to create and quickly deployable, the Whitelabel multi-chain NFT marketplace solution comes at a fair price. So, utilize the golden period of NFT products like the saying that goes, “Make hay while the sun shines.”