Since 2021, the word NFT is in the air always that there is no break for it. Though there were reports saying the NFTs sales are becoming low, at the end of the 1st quarter in 2022, NFTs proved there is no slowing down. People thought Non-fungible tokens are techs that will lose their presence in time and will never get their value to surge in the future. By supporting the Metaverse, the evolving tech that is getting ready to revolutionize the internet, NFTs will stand invincible for a century and more.
What you should know before getting into developing NFT marketplace
NFT marketplace development is getting an overwhelming response not only from the entrepreneurs but also from many popular artists and celebrities. Having a dedicated marketplace for the NFT collection is now getting in trend. If you are someone looking forward to developing your own NFT marketplace, then this blog is here to give you insights on things you should look into before taking the first step.
The right Blockchain
If you are into the blockchain for a while you must have heard that Ethereum is the go-to blockchain for NFTs, which is indeed the first blockchain to host them as well. It is not an exaggeration if someone tells you around 95% of the NFTs are minted on the Ethereum blockchain. Ethereum is preferred by most of the NFT minters but yet it is struggling to overcome its high gas fees, low transaction speed, and other scalability issues.
Though Ethereum is the top player in this regard, there are many blockchains that are emerging in the industry screaming for attention for the creators. Some have even caught the attention and scaled up at a faster pace eliminating many issues faced in the Ethereum network. Some of them are Solana, Polygon, Avalanche, Binance, etc. Solana and Polygon are in the spotlight recently where Solana is evolving as an Ethereum killer and Polygon is evolving as the chain for NFTs next to the Solana. With Ethereum trying to scale up, people consider it the best to launch the NFT marketplace on Polygon as well.
The wallet Integration
Did you know, that Opensea the most popular NFT marketplace in the industry supports around 15 crypto wallets in the platform to store NFTs?
Crypto wallets are something that is necessary for a user to store the NFTs they have bought. There are platforms that accept their own wallet but many successful platforms integrate common crypto wallets like Metamask, Phanthom, coinbase wallet, trust wallet, etc.
By providing more options for integrating the wallet, it is possible to create a reliable environment for the users. They can be at ease by opting for any wallet they choose and have theory digital assets secured. There are several marketplaces that operate on their own wallet for security. So choosing between these two depends on the target audience. If you are targeting a global or a wider audience, it is better to give a few more options for the users to choose from.
Security of the funds is important for the users when they are paying on an online platform. In addition to that, it is important to have a faster and safer transaction. Even an online shopping site offers at least 3 different modes of payment in different payment gateways. When it comes to payment with crypto, it is still reaching people around the world. It is important to have payment gateways that help them pay through fiat currencies. On the other hand, it is also important to provide a payment gateway to pay through cryptocurrencies. Many NFT marketplace platform has their own native token for the payment.
For example, the Solana-based NFT marketplace has AART tokens that are supported in the platform to buy and sell NFTs. These tokens can be bought in decentralized exchanges.
Features in the platform are another important element that needs attention during the development process. The NFT market is growing faster. It is found that the NFT market size was 50.1 billion in 2021 and it is expected to grow to 147.2 billion in 2026 at this rate. This shows it will bring a lot of new users to the market.
The features should definitely include
- NFT storefront
- Explore option
- Search filters, ef
- An effective searching mechanism
- Direct buying
- Auction buying
- Bidding histories
These features must be given easy access so that the users feel comfortable using these features. On the other hand, it is also important to give instructions on the page for the users before they start to use the platform.
One of the most important elements that decide the success of the platform is the user interface. As already mentioned, NFTs are gaining a huge number of new userbases recently. It is also expected to have more new users in the future. Since NFTs are considered invincible tech that will stay in trend for a long time, it naturally attracts a huge crowd. So it is important to have a user-friendly user interface. Developing a transparent and user-friendly platform is one of the main reasons why NFT marketplaces are getting a grand success.
You can go through the user interface of many platforms right now like, Nifty gateway, Opensea, Solsea, Foundation, etc. you will get an idea for the interface and you can make the best out of it. You can also talk with your developer in this regard and make it as simple and useable as possible.
This blog should have given you an idea of what you should look into before getting exclusively into your NFT marketplace development. Following extensive research and consideration, experts conclude that launching the NFT marketplace on Polygon will benefit aspiring entrepreneurs with a futuristic approach. Sprinkling some ideas in an NFT marketplace to hit the market will be a rewarding way to enter the Blockchain industry. All you need to do is take the first step toward documenting your ideas and hiring an experienced developer. NFT marketplaces on various blockchain networks are also gaining traction in terms of demand due to the increasing userbase. Blockchain and NFTs will be unimaginably unique technologies that will usher in a new era of tech.