Significance Of Non-Fungible Tokens In The Crypto Space
The cryptocurrency mania has taken over the digital marketing world by storm. It has attracted a massive population of people into the digital marketing world. The crypto space has given birth to many new innovative technologies for gaining profits and enjoying a smooth trading process. Non-fungible tokens, also known as NFTs are one of those innovative technologies created by the crypto space.
Non-fungible tokens represent digital assets or the certification of their authenticity. NFTs are immutable tokens as each token possesses a unique value, thus allowing the collectors to trace back to the ownerships of their purchased digital goods. NFTs are built on blockchain networks, making it safe and secure for the users to initiate transactions.
The non-fungible token platform has become a land of opportunity for the general audience, anything that has the ability to be digitalized can be an NFT. For example, music files, video files, audio files, trading cards, artwork collectibles, domain names, etc.
Benefits Of Non-Fungible Tokens (NFTs)
These are the three primary benefits of NFTs.
Since NFT is built on a blockchain network, the transactions are tracked perfectly. Thus, it provides high-level transparency to the user.
Since non-fungible tokens are highly transparent, it provides good market visibility which serves as a positive factor for huge industries.
The blockchain network allows recovery of tokens by its distributed ledger where each node contains the data of the transaction. Thus, the data cannot be deleted.
NFT Marketplace Platform- A Detailed Explanation
Non-fungible tokens are similar to traditional cryptocurrencies. They can be traded in a common decentralized exchange platform. But, NFTs are commonly traded in an exchange platform called the NFT marketplace. It is an exclusive platform developed to initiate NFT trading. The NFT marketplace platform is built on a blockchain network. Thus, it secures all the transaction data from the platform. NFT marketplaces are primarily classified into two categories, such as open type and exclusive type.
Open-type platforms are the type of platforms that accept all formats of NFTs, such as video files, audio files, trading cards, artwork collectibles, etc. OpenSea and Rarible are the two popular NFT marketplaces under open type,
Exclusive-type platforms are the type of platforms that accept only a certain format of NFTs. The common format of NFTs in this type of platform is digital art collectibles. SuperRare, Foundation, and Nifty Gateway are the popular exclusive type platforms.
Features Of NFT Marketplace Platform
These are the common features of an NFT marketplace platform.
NFT marketplaces are completely decentralized, thus removing the involvement of third-party interference.
Traditional Currency Support
The NFT marketplace platform is built with the feature of supporting multiple currencies along with the traditional currency support platform.
The NFT marketplace is designed with the integration of simple protocols which removes the non-required protocols that lead to complexity
The incentives that are designed well tend to improve the performance of the marketplaces.
Advanced Token Use-case
The effective usage of the NFT marketplace improves token use-case. The improved token use case increases the utility of the token.
Create Your Own NFT Marketplace Like Nifty Gateway
We at Blockchain App Factory specialize in providing NFT marketplace services to the client. We have experience in creating NFT marketplaces by having an existing marketplace as references. We focus primarily on developing the marketplace based on the client’s specifications. At the present time, Nifty Gateway is still at its best, being an exclusive marketplace for trading digital artwork collectibles. The majority of the investors in the digital market are planning to develop their own NFT marketplace due to its rising popularity. Developing a marketplace with a reference is an easy way of deploying a marketplace with advanced features. We at Blockchain App Factory provide Nifty Gateway NFT marketplace development services to clients.
What Is Nifty Gateway Marketplace?
Nifty Gateway is a type of exclusive NFT marketplace that is built on a blockchain network. This marketplace is exclusively built for the trading of digital artwork collectibles. Nifty Gateway marketplace’s digital assets are also known as Nifities, where the NFTs are referred to as Nifities in the marketplace. This marketplace has shown huge investment potential to investors compared to other exclusive marketplaces due to its popularity among the general audience.
General Working Of Nifty Gateway NFT Marketplace
Nifty Gateway is a premier marketplace platform, due to its immense popularity, it has become a center of attraction for top artists and brands. This attraction allows the marketplace to generate high-quality Nifties. The generated collection of Nifities are dropped at a specific time and will be available for a certain period of time. Nifty Gateway NFT marketplace focuses on dropping Nifites once every 3 weeks, which makes the collectibles unique and increases their value. Nifty Gateway is also a centralized platform, whereas other NFT marketplaces are decentralized. Digital wallets like MetaMask are not required to initiate trading in this marketplace as it is a USD-based marketplace.
Transaction Process In Our Nifty Gateway NFT Marketplace
The users enter our NFT marketplace by signing up with their contact details and credentials. After the onboarding process is completed, the user can set up their account by providing the required payment details. After providing the payment details, the user account is activated and they are ready to upload, sell and buy NFT artworks.
Exploring the marketplace is a vital and exciting step in the process, the user gets to scroll through the list and scan all the NFTs presented there. Once the desired NFT is selected, the user places a bid on the digital artwork.
Once the user has placed their bid, the creator of that certain artwork is notified of the bid. The digital artwork will be sold to the user if the creator is satisfied with the price of the bid. The artworks presented in the marketplace can be also bought by initiating auctions. These auctions in the marketplace function as a traditional auction, the user who bids more, owns the artwork.
The selling part of this marketplace platform is similar to the other marketplace platforms. The creator builds their artwork and begins minting that artwork into an NFT. Once the minting process has been completed, the digital artwork is uploaded to our Nifty Gateway NFT marketplace and the final stage would be the approval stage, where the art collectible is examined and approved by the administrator and thereby listed for sale.
Our Non-Fungible Tokens Standards
We can build your Nifty Gateway NFT marketplace with different NFT standards, commonly used standards are listed below
Exclusive Features Of Our Nifty Gateway NFT Marketplace
These are the exquisite features that make our Nifty Gateway NFT marketplace special.
Advanced User Interface
Our user interface software is programmed and delivered in such a way that the users will not feel any complications.
Our platform is very handy, as it is available on the web and mobile platforms and it is easy to access on laptops, mobile phones, tablet devices, and computers.
We facilitate space for the users to showcase their own tokens either through STO or ICO.
We understand our user’s requirements and specifications and build their NFT marketplace. Our marketplace includes all the necessary custom-made functionalities and features.
Our NFT marketplace platform is constructed with top-notch port management, network security, and a firewall. We utilize DDOS and DOS to prevent fraudulent activities in the marketplace.
Why Hire Blockchain App Factory As Your Premium NFT Marketplace Developer?
We at Blockchain App Factory are one of the best NFT marketplace developers. We are specialized in developing blockchain technology and cryptocurrencies-based products. Our development services have assisted investors in generating high-volume profits in the blockchain field. Blockchain App Factory is a pioneer company in the field of developing NFT marketplaces and we develop NFT marketplaces that are similar to Rarible, Nifty Gateway, OpenSea, etc. Our primary aim is to provide security, transparency, support, and customization to the marketplace. We have professional experience in developing the marketplace on different blockchain platforms such as EoS, TRON, Ethereum, etc. We provide high-level cross-chain integration services as we integrate the platform with the Polkadot protocol. Our top priority is to make sure that the client receives the best services we could provide in the company. We always provide post-deployment services to our clients and help them stay ahead of the competition in the crypto space.