According to statistical analysis, the NFT market is currently worth more than 22 billion dollars. While 2021’s NFT boom is a major reason behind such skyrocketing figures within a few years, the boom itself resulted from the crypto community’s realization of the potential NFTs held. Among all platform models that carried out NFT transactions, NFT marketplaces have a special place as they serve as newbie NFT supporter’s hubs to get their first taste of these virtual assets. Another innovation – Sudoswap-like NFT marketplace development, is currently up in the NFT space that challenges the traditional Web3 business norms, which you will realize as we progress further.
Sudoswap: An Enlightener
Sudoswap is an NFT marketplace based on a novel model that borrows multiple elements from decentralized finance (DeFi). It was initially launched in July 2022 and garnered 10 million dollars worth of NFT trades within 35 days, while NFT ventures of several popular crypto names could not get anywhere near even after months. You should note that the rapid advancement occurred amidst what was called the “Longest Crypto Winter” at the time by Web3 experts. It runs on the Ethereum network, which provides the advantage of appealing to a broader user base. Blockchain App Factory’s skills in Sudoswap-like NFT marketplace development have resulted in a solution that can be modified to fit a business owner’s needs fastly and economically.
Magnificent Features of Our Sudoswap-like NFT Marketplace Platform
- Buy/Sell/Swap – Our output of the NFT marketplace development, like Sudoswap, enables one to purchase, sell, and swap NFT products in exchange for cryptocurrencies. It uses multiple methods to accomplish these processes efficiently, which we will see later.
- Automated Market Makers – The Automated Market Makers (AMMs) in the Sudoswap-like NFT marketplace platform help to provide liquidity for NFT items through immediate selling to the pools inside the application. Users can purchase the NFTs from these pools easily.
- NFT Listing – Apart from using AMMs, users on the platform can also list their NFT items on our resultant solution from NFT marketplace development, like Sudoswap, for fixed prices (similar to traditional NFT marketplaces). Then, they should wait for potential buyers to buy these assets from them for the mentioned price.
- Pools – Pools in the Sudoswap-like NFT marketplace development solution are where users (liquidity providers, “LPs” for the platform) can buy and sell NFTs. These pools can help to buy, sell, and perform both acts together. Completing these operations is quite easy as it has extensive user-end documentation.
- Bonding Curves – These smart contract-based algorithms determine the cost for NFTs sold to the pools by considering markets and slippage factors. These curves supplement the immediate liquidating nature of the platform. They also assist in varying the price of NFTs using variable elements known as “Delta.” These are two types: Linear bonding curves, which vary costs through additive operations, and Exponential curves, which vary costs through multiplicative operations.
- Pricing Elements – Trading NFTs here requires a start price and a variable cost “Delta” that goes through addition or subtraction for linear and exponential operations from the start price based on whether items are purchased or sold.
How Do Ventures Benefit with Sudoswap-like NFT Marketplace Development?
- The solution resulting from NFT marketplace development like Sudoswap incurs low gas fees for transactions as it uses automated market makers, which fasten the NFT selling process by eliminating extensive bidding.
- The platform also provides a better user experience despite its complex operational nature for handling NFT transactions. This makes users, particularly speculative traders, flock to the application.
- Such a solution also assists businesses in managing their software easily, as automated trading operations reduce the number of illiquid NFT assets lying idle in the marketplace.
- Integrating decentralized finance (DeFi) concepts into the NFT world has been the buzz of the day, making the resulting platform from our Sudoswap-like NFT marketplace development process earn recognition soon.
How Do Users Benefit from a Sudoswap-like NFT Marketplace Development Solution?
- Users of a platform based on NFT marketplace development like Sudoswap can easily sell off their NFT items should they wish for slightly lesser costs. That being said, they also have the option to list their NFTs and wait for buyers.
- People who buy NFTs need not pay creator royalties for NFTs bought from such a DeFi pool-based marketplace platform. It means spending the marketplace fee (typically less) and gas costs is only enough. Buyers can even find a rarer NFT at a lesser price in these pools if their lucky charm works out at the moment.
- Since all NFT transactions are carried out on-chain (Ethereum for Sudoswap), the process is wholly transparent, and no hidden costs can be involved for any reason whatsoever.
Earning Pathways for a Sudoswap-like NFT Marketplace Development Platform
- Marketplace Fee – The solution based on NFT marketplace development, like Sudoswap, can earn a lot through marketplace transaction fees. Even a small percentage is enough to gather a lot of fortunes as NFT trades will boom in the future.
- Brand Partnerships – The novel model of the Sudoswap-like platform will be advantageous for brands to list their NFTs that can have high liquidity through the application’s pools. Releasing brands’ NFT collections through partnerships greatly benefits both parties, and the platform venture can earn huge bucks.
- Personalized Advertising – While Web3 is about empowering end-users, providing user data based on incentives to provide personalized adverts will help the platform earn by levying advertisement fees.
How Does Blockchain App Factory’s Expertise Come to Help Here?
Blockchain App Factory has been at the forefront of innovating novel Web3 applications, including NFT marketplaces. Our NFT marketplace development, like Sudoswap, is the latest addition to the ever-expanding capabilities of our team of 100+ geeky blockchain developers. More than 350 professionals across various business domains are part of Blockchain App Factory who can assist you with consultation, planning, and promoting your NFT marketplace like Sudoswap to the masses. Should you wish to run such an application, consult one of our experts to begin Sudoswap-like NFT marketplace development for your new Web3 enterprise within the stipulated time and cost constraints.