Ever wondered how you can build your own NFT marketplace? Well with this Idea Usher guide we will share some great insights about the NFT marketplace, how you can create your own NFT marketplace and its development costs. So let us begin!
What are NFTs?
Before getting into the complexities of NFTs, let us first understand what NFTs are and what makes them so unique.
NFT stands for non-fungible tokens. The term fungibility stands for a resource’s ability to be replaced with a similar, comparable resource without dropping its quality. So the unique aspect about NFTs is clearly depicted in its name.
NFTs are unique because they can’t be replaced.Each non-fungible token has a unique data value which is limited and transparent on the blockchain.
Furthermore, non-fungible tokens are also non-divisible. Whereas fungible tokens are often divisible and can be replaced by a comparable resource.
What are NFT Marketplaces?
As defined by Layman, ‘‘ NFT marketplaces are like our old school auction places.” NFT marketplaces play a very vital role in diminishing the gap between the sellers and the buyers.
Just like old-school auction places, NFT marketplaces allow people to put their NFT works (collectibles) for buyers to browse and buy them.
The buyers browse across the various artworks listed on the NFT marketplace. The buyers can buy these NFT works/assets through bidding.
Just like an auction, the person who bids the highest for a particular collectible/asset gets the asset’s right.
NFT marketplaces ensure profitable deals on collectibles, digital assets and other NFT artworks.
List of top NFT Marketplaces of 2021
Let us have a quick look at the top NFT Marketplaces of 2021.
- Ghost Market
- Hoard Exchange
Required Tech Stack to develop a NFT Marketplace
Let us have a look at the required tech stack for the development of a NFT marketplace. The required tech stack is composed of blockchain platforms, capacity platforms, front end frameworks and much more.
Some of best blockchain platforms of 2021 with regards to NFTs are as follows:
- IPFS – shared hypermedia convention that stores media content in a decentralized manner.
- Filecoin – decentralized stock piling network used to store the fundamental data.
- Pinata – transfers files on IFPS
Top front end networks for NFT marketplace:
So this was it for the required tech stack for the development of a NFT Marketplace. These tools and resources are also used by some of the top NFT marketplace companies to develop a highly functional NFT marketplace platform.
How to Create a NFT Marketplace? Step by Step Explanation
Now let us answer the most awaited question, i.e how to develop a NFT marketplace platform.
STEP 1: Niche Declaration
Define your niche to make your users aware of the current market status.
STEP 2: Define Panels on Platform
Define App panels on your NFT marketplace platform. A NFT marketplace platform consists of three panels. These three panels are as follows:
- Buyer Panel
- Author/Creators Panel
- Admin Panel
STEP 3: Project Documentation
Project documentation is the beginning of the development process. Define the user flow, functional and other non-functional requirements and features of your NFT marketplace platform.
STEP 4: App Prototyping
Work on app prototyping. Look how the app would feel once developed. It is a very crucial stage, since the users will interact on the app. Thus, you must ensure that the UI/UX of the app is easy to use and interesting.
STEP 5: Develop the App
The next step is the development of the app. Utilize SDK to increase the reliability of the app. Once the required framework is chosen for the app you can move on to the next aspect, that is, coding.
STEP 6: Integrate Token Generator
At the implementation step, integrate the token generator. This token generator will create small contracts. The terms and conditions on the contrac are mutually agreed by the buyer and the seller.
STEP 7: Rigorously Test the App
Rigorous testing of the app will make sure that the app is free from any bugs and errors. Furthermore, it will enhance the customer experience thus increasing the ROI of your app.
Development cost of a NFT Marketplace
The development cost of a NFT marketplace depends on many aspects. In this segment of our blog we will discuss each of this aspect and the approx time taken to integrate them in the marketplace.
- Blockchain platform integration
- NFT management
- Inventory Management
- Panel Integration (Buyer, Admin and Author)
- Authorization and Security
- Push Notifications
- User Profile
- Search and Filter Option
- Reviews and Ratings
So these were all the various attributes that you must have in the NFT marketplace development process. All these features in addition to the demographics and other factors contribute to the development costs of your NFT marketplace.
A NFT marketplace development can cost anywhere between 20,000 USD to 60,000 USD.The costs may even go up depending upon additional features and technologies used.
Furthermore, the development of a NFT marketplace is a complex and pretty daunting task. It can take upto 1000 hours to develop one NFT marketplace platform.
To wrap this all up, NFT marketplaces are still developing. There are new features, technologies, etc in the market all the time.
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It can be very profitable to invest in NFT marketplace development keeping in mind the growing popularity of cryptocurrencies and NFTs. Also read: How to make a Bitcoin exchange marketplace?