Why Should You Have Your Own Community-centric NFT Marketplace?
With the popularity of non-fungible tokens on the rise post the NFT boom, projects have realized the need to run their own NFT marketplaces. Although NFT projects had been thriving well by doing business on third-party marketplaces, the increasing power of such platforms raised concerns. Such views resulted in the development of community-centric NFT marketplaces. Users can buy and sell NFTs of a particular project on these platforms. Also, for an NFT project owner, having their own community-centric NFT marketplace empowers them to know their followers well through various means. These platforms also help maintain the exclusivity of your project’s NFT collections, which can yield many benefits in the long run.
How is a Community-centric NFT Marketplace a New Way of Engagement with Fans?
In a community-centric NFT marketplace, fans can engage with one another easily. It becomes possible since everyone present on the platform is a hardcore fan of the NFT project. Project owners can also easily communicate with their fans through the platform by understanding fan pulse through analytics. Community-centric NFT marketplaces also prevent duplicate NFTs of projects from ruining their reputation by making the availability of NFTs exclusive to the platform. Such community-based NFT marketplaces also instill a sense of trust in NFT projects among people. It is also easy to implement new utilities for NFTs or native tokens when transactions are made through a community-centric NFT marketplace.
How Does a Community-centric NFT Marketplace Work?
Firstly, followers create their accounts on the platform and link their digital wallets. Then, they can buy the native tokens of the community-centric NFT marketplace (if it has one). After that, users can purchase their favorite NFT assets from the marketplace through an auction or fixed-price minting. Typically, utilities are provided alongside NFTs, and they can be real-world-based or virtual-world-based, depending on the scale and nature of the NFT project. If a user wants to sell their NFTs, they can post them for resale on the community-centric NFT marketplace platform. NFT project owners can benefit from marketplace fees, which go to them, and owners can decide how the money can be used.
Benefits of a Community-centric NFT Marketplace
- Project owners can decide the focus point of their community-centric NFT marketplace. It can be based on trading, utility, socializing, gaming, or people behind the NFT collection venture.
- Projects also have the freedom to determine the NFT marketplace's look and the vibrations it provides to the end-user. One can design the platform according to their business.
- Businesses can also create native tokens on community-centric NFT marketplaces that can present many utilities. Governance tokens can also be designed to ensure follower participation in decision-making.
- NFT collection projects can sell physical items backed by NFTs alongside digital collectibles. Presence in the real world through collectibles can serve as a business boost for businesses.
- Projects can utilize community-centric NFT marketplaces to educate people about their NFT collections and the Web3 technology in general. Gathering huge communities has been easy through educating them.
- In a nutshell, projects can even try out disruptive ideas through their community-centric NFT marketplaces. Normally, such ideas cannot be implemented through third-party platforms due to various reasons.
Features of a Community-centric NFT Marketplace
In a community-centric NFT marketplace, the homepage plays a major role as it serves as the face of the project. It looks similar to an e-commerce website’s homepage.
This is where users can hold their NFT assets, native tokens, and cryptocurrencies. The wallet can either be built inside the platform or externally linked by the users.
Here, prospective buyers can place bids on their favorite NFT assets and check the auction’s status. Once the deadline is reached, NFTs are transferred to the highest bidders.
NFT holders can resell the NFT assets through auction with a base price. The buyer’s end functions like the bidding portal with the funds transferred to the seller.
These make user experiences smoother in the community-centric NFT marketplace. Users can find NFTs that match their interests using one of these options programmed specially for the purpose.
In the mobile-savvy world, a community-centric NFT marketplace needs to have options to enable notifications. Users will be notified of new updates in the community.
The Role of Decentralized Autonomous Organizations in a Community-centric NFT Marketplace
As the name suggests, Decentralized Autonomous Organizations (DAOs) have changed the way community-centric NFT marketplace platforms work. DAOs are protocols that determine how a community functions. DAOs in Web3 are based on smart contracts that have all the conditions which the community needs to satisfy before a function can be executed. Running a community-centric NFT marketplace consists of various variable factors which at times might become hard. DAO-based smart contracts help in solving such problems easily as almost every authoritarian task is automated and the role of human members becomes minimal. DAOs can work everywhere in the community-centric NFT marketplace, including utilities, governance, security, etc.
Blockchain App Factory – A Pioneer in Crafting Innovative Solutions
Blockchain App Factory has been an industry leader in creating Web3 applications for more than half a decade. Our experts have constantly been getting acquainted with new advancements, including community-centric NFT marketplaces. We have always thrived on fulfilling clients’ requirements which have elevated us to the position we are in today. Our community-centric NFT marketplace development revolves around projects forging relationships with their followers and vice-versa. We can build your new community-centric NFT marketplace platform on the most popular blockchains, and our skill book only grows with time. Talk to one of us today to develop meaningful connections with followers as project owners with a community-centric NFT marketplace.