Content creators have always demanded the absence of middlemen in the distribution network. They have to pay commission to these numerous intermediaries and also do not get fair compensation for their creative work. The emergence of Non-Fungible Tokens (NFTs) does exactly that by eliminating the role of intermediaries and handsomely rewarding content developers for their work. Artists, designers, gamers, musicians, photographers, and videographers have full freedom to set prices for their own work, retain ownership rights, and are also safeguarded from issues like copyright infringement and duplication. Let’s know more about how to create NFT Marketplace. Stay glued!
Let us understand What is an NFT Marketplace
The world of crypto-collectibles has exploded in a big manner now with a whopping 672.959 NFTs and a 30-day trading volume of $64.17 million as per data provided by Coinranking.com.
According to DappRadar, there are 21 different NFT marketplaces currently in the cryptocurrency industry. These well-organized online platforms take care of KYC/AML verification of investors, conduct buying and selling trades through auctions and bids, list the creative works of artists and gamers, and also process peer-to-peer (P2P) transactions securely.
NFTs continue to break new records every day with a current market cap of $29.61 billion and a trading volume of more than $3.92 billion as per data given by CoinMarketCap. The highly-demanded crypto-collectibles by investors now are THETA, Chiliz (CHZ), Decentraland (MANA), Enjin Coin (ENJ), and DigiByte (DGB). The prices and circulating supply of digital collectibles are increasing rapidly.
Some of the leading NFT marketplaces by trading volume
NBA Top Shot
The top 5 NFT selling platforms in terms of the number of traders
NBA Top Shot
Sorare and Rarible.
According to NonFungible.com, the top 5 NFT marketplaces to watch out for are CryptoPunks, Sorare, SuperRare, Decentraland, and Art Blocks. Crypto investors have bought 24616 NFTs (Primary Sales) and 9549 NFTs (Secondary Sales) recently.
Our expert team of blockchain and cryptocurrency developers provide clone solutions for several NFT marketplaces. It includes feature-rich and white label NFT selling platforms like Axie Infinity, Decentraland, GhostMarket, Gods Unchained, OpenSea, Rarible, Solible, Sorare, and The Sandbox. We also skilled business developers, finance managers, marketing specialists, project managers, QA analysts, technical support executives and UI/UX designers.
Core features of an NFT Marketplace created by Appdupe
The ready-made NFT marketplace consists of an advanced search and filter option for the buyers to discover new crypto-collectibles. The NFTs are divided into various categories like artwork, domain names, fashion accessories, games, metaverses, music, trading cards, photos, videos, sports goods, virtual world, and other utility assets.
The buyers can make the best purchasing decisions by accessing details like Hot Bids, Hot Collections, Live Auctions, Trending Collections, and Top Artists.
The NFT marketplace maintains a high level of transparency through the distributed ledger held on the robust smart contract and is also very secure with measures like end-to-end encryption and multi-factor authentication. Peer-to-peer (P2P) transactions are processed quickly through integration with multiple payment gateways.
The other features of the tailor-made NFT selling platform are instant sharing of notifications, integration with numerous digital wallets, the provision of 24×7 technical support, a rating and review system.
Commence the creation of a valuable NFT Marketplace now
Key factors that entrepreneurs must consider while developing an NFT Marketplace
It should comply with ERC-20, ERC-721, and ERC-1155 token standards of the Ethereum blockchain network. The guidelines of governments and regulatory authorities regarding cryptocurrencies and digital trading must be followed.
The content creators have to ensure a high level of protection for their work related to copyrights and intellectual property (IP). They have to also note down their royalty rights that arise when there is a resale of the crypto collectible in other secondary markets.
The investors should see to it that the NFT marketplace complies with the guidelines and rules of the General Data Protection Regulation (GDPR) regarding information privacy and security.
Popular NFT Marketplaces and how they are successful in the cryptocurrency industry
CryptoPunks – It is built on the Ethereum blockchain network and offers 10,000 unique crypto-collectibles for sale to investors. The CryptoPunks platform is fully compliant with the ERC-721 token standard. It has sold 9158 NFTs for a mind-boggling $481.73 million in the last year. Each NFT is a 24×24 pixel art image.
The CryptoPunks NFT marketplace is integrated with the MetaMask wallet. The buyers can purchase crypto-collectibles by investing in Ether (ETH) sold by the Coinbase cryptocurrency exchange. CryptoPunks has the highest trading volume ($6.21 million) in the market.
OpenSea – It acts as a popular peer-to-peer NFT marketplace with thousands of new digital collectibles listed every day. OpenSea is selling different NFTs of Lil Jon, an American rapper and Golden State Warriors, a famous basketball team now.
The names of other trending collections on the OpenSea platform include Apymon, Art Blocks Factory, Project Senpai, SuperZero, 3DPunks, and The Crypto Presidents. The OpenSea NFT selling platform has the second largest trading volume ($5.17 million) in the industry.
NBA Top Shot – It was launched exclusively for basketball fans and is owned by Dapper Labs, a Canadian startup. NBA Top Shot is built on the Flow decentralized blockchain network. It sells various NFTs themed on rare moments in basketball, players, and teams.
The buyers can build a strong collection of Rising Star players, Rookies, and Veterans. Exclusive rewards can also be earned by the investors by participating in different challenges. The NBA Top Shot NFT marketplace has the largest number of traders (25,167) in the crypto industry.
Rarible – It has 1193 active traders with a humongous trading volume of $1.64 million. The Rarible NFT marketplace also allows investors to purchase the Rarible Governance Token (RGT) which is embedded with decision-making powers and voting rights.
The online platform is highly transparent as it shows the list of hot collections, live auctions, and top sellers regularly. Payments can be made by the buyers on Rarible through Ethereum (ETH) and Wrapped Ether (WETH), an ERC-20 token.
BakerySwap – It is a popular NFT marketplace and also a Decentralized Finance (DeFi) on the Binance Smart Chain (BSC) blockchain network. BakerySwap has a current trading volume of $492,950.
The online platform sells audio and video-themed NFTs, poker cards, and 3D artwork. It is planning to come out with an exclusive Bakery Gallery for artists, launch new NFT art contests, an xDitto NFT Pool, 1Inch NFTs, and NEW TKO Pools soon.
The buyers can purchase the BAKE BEP-20 crypto token from the BakerySwap platform. It is integrated with the MetaMask and MyWalletConnect digital wallets. Gamers can also purchase various NFTs like BakeryCombos, BakerySoccer, Battle Pets, Pet Eggs, and Weapons from the online marketplace.
Entrepreneurs aiming to build a top-notch NFT Marketplace can partner with AppDupe for achieving their business goals easily. We can develop cutting-edge NFT marketplaces on different blockchain networks like Binance Smart Chain (BSC), Cardano, EOS, Ethereum, Polkadot, Solana and TRON.
How does Appdupe Create the state-of-the-art NFT Marketplace?
Acknowledging the business needs and operational scope planned by the entrepreneur to enter the field of NFT trading.
Studying the functioning of different NFT marketplaces in the crypto industry, their investor-friendly strategies, and policies for content creators.
Developing the prototype of a white-label NFT marketplace. It contains all the important features like uploading crypto-collectibles for sale, trading NFTs, integrating various crypto wallets, payment processing, and rendering technical support.
Adding all the required functionalities in the front-end and back-end of the customized NFT selling platform.
The QA testers extensively evaluate the performance and speed of the NFT marketplace and ensure that it is free from bugs and glitches.
Launching the readily deployable NFT marketplace in the cryptocurrency industry at an appropriate time.
Promoting the various advantages offered by the NFT selling platform on online cryptocurrency forums on Quora and Reddit and different social media platforms.
Cost to develop an NFT Marketplace
The total cost of creating an NFT marketplace depends on different elements such as the choice of frameworks, operating platforms, technologies, and tools, type of features, the total time devoted for development, the hourly or monthly rate incurred for the developers, API integration, and the level of customization demanded by the business firm to showcase its brand name, colour theme and logo.
How can entrepreneurs mint millions of dollars from an NFT Marketplace created by Appdupe?
The ambitious entrepreneurs earn huge revenue from various sources like listing fees to display the crypto-collectibles sold by the content creators, a commission on the final selling price of each NFT, auction charges, income from the private sale of NFTs to a small group of investors, minting fees, transaction processing charges, and bidding fees.
Entrepreneurs can reap rewards by attracting millions of retail and institutional investors by NFT marketplace development with dedicated assistance from AppDupe.
So, are you ready to create your own NFT now?
The NFT world is growing quickly with every passing day. The top brands and celebrities are also launching their own crypto-collectibles now in the market. It is being sold for several millions of dollars to their customers, fans, and followers.
These secure digital collectibles have contributed more credibility to the global cryptocurrency industry. It has also provided more powers and rights to content creators which was not present earlier in the middle-men dominated system.
Hence, Join hands with AppDupe for creating different kinds of crypto-collectibles, acquire white-label solutions of various NFT marketplaces and also avail of result-oriented NFT marketing services.
Move up the crypto ladder by establishing an NFT Marketplace soon
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