One of the biggest questions in the minds of ambitious entrepreneurs is “How to enter the booming world of crypto collectibles?” Digital collectibles have a gigantic market capitalization of $20.55 billion as per CoinMarketCap. On average, investors purchase and sell crypto collectibles worth $6.89 billion daily. Hence, you can strike success in the crypto industry by initiating NFT marketplace development.
What is Non-Fungible Token (NFT)?
It is a one-of-a-kind digital collectible created on blockchain networks like Binance Smart Chain (BSC), Cardano, EOS, Ethereum, Flow, Polkadot, Solana, Stellar, Tezos, and TRON. NFTs sell in the form of artwork, domain names, fashion accessories, gaming weapons, memes, music, photographs, source code, sports goods, tweets, and videos.
All crypto collectibles are indivisible, interoperable, non-interchangeable, scarce, and transparent. Interested investors purchase NFTs through live auctions conducted on online marketplaces.
268,017 crypto collectibles valued at $228.95 million were sold in the last 30 days according to the NonFungible database. The top 5 NFT marketplaces with the highest overall sales are CryptoKitties (28,85,888), Sorare (419,631), Ethereum Name Service (173,707), Decentraland (127,940), and The Sandbox (99,380).
Why is it the right time to kickstart NFT marketplace development?
NFT marketplaces around the globe process buy and sell trades worth multi-billion dollars every day. They are attracting both institutional and retail investors. Crypto collectibles reflect the future of digital ownership and strengthen the creator economy. Artists, content creators, designers, musicians, and publishers can sell their work directly to the target audience. They need not depend on any intermediaries anymore.
Besides that, many new NFT marketplaces are launching in the industry now. It includes AMEPAY, Binance, BOAX, Efinity, Jambb, Mostexpensive.io, Musee, RareMall, and Refinable. Venture capitalists (VCs) are investing significant amounts in these online platforms. Hence, there are unlimited opportunities to explore the world of digital collectibles.
In particular, entrepreneurs like you can experience massive success by commencing NFT marketplace development. Cryptopreneurs can mint millions by concentrating on sectors such as artwork, e-commerce, gaming, music, real estate, social media, and sports.
The most famous NFT marketplaces in the industry
Axie Infinity ($17.54 million), OpenSea ($13.19 million), CryptoPunks ($3.81 million), AtomicMarket ($477,530), and NBA Top Shot ($314,350) are the top 5 NFT marketplaces in terms of daily trading volume as per DAppRadar.
Interestingly, the first 4 NFT marketplaces operate efficiently on the Ethereum blockchain network. Likewise, NBA Top Shot runs on the Flow blockchain network and attracts millions of sports fans across the world.
Art Blocks (8107), Ethereum Name Service (5915), Sorare (3486), The Sandbox (1840), and Avastars (1195) have sold the highest number of crypto collectibles in the last 7 days according to CoinMarketCap.
Investors can purchase both ERC-721 and ERC-1155 based digital assets from these platforms. All the above-mentioned 5 NFT marketplaces also execute trades and transactions on the robust Ethereum blockchain network.
Move faster than your rivals by starting NFT marketplace development
What are the top 5 features to consider while building your own NFT Marketplace
An advanced search and filter option
Interested crypto investors can discover their desired NFT by using the modern search mechanism. They can filter their preferred digital collectibles by entering details like listing status, name of the artist or collection, payment method, price, and recently added.
Flexible auction facilities
For instance, the Rarible NFT marketplace allows two types of auctions for artists. They can choose either single auctions or multiple auctions. The online sale of crypto collectibles will be executed at a specific time.
Further, the content creators can opt for either declining or fixed price listings. They should upload compatible files (GIF, JPEG, MP3, MP4, PNG, and WEBP). Artists must mention information like a description, payment methods, royalty in percentage, selling price, and title.
Integrated digital wallets
Investors require a safe facility to store their crypto collectibles. Our NFT marketplace development company offers seamless integration with several digital wallets.
NFT buyers can choose software wallets like Binance Chain Wallet, Coinbase Wallet, Fortmatic, MetaMask, Portis, Torus, Trust Wallet, WalletConnect, and WalletLink. The valuable assets are safeguarded by measures like end-to-end data encryption, private keys, and two-factor authentication.
Sharing of instant notifications
Many investors aggressively bid for purchasing NFTs through live auctions. Hence, you can share push notifications with buyers. It can contain information like airdrop programs, brand-new collections, hot bids, top sellers, and trending collections. Therefore, prospective crypto investors will make the right decision and will not miss out on a lucrative opportunity.
24×7 technical assistance
Entrepreneurs can sort out glitches and issues faced by content creators and users by offering round the clock technical assistance. Likewise, NFT buyers and sellers can resolve problems related to bidding, listing, minting, and payment processing. They should contact the Help Centre via email, Discord, live chat, and phone.
Steps to Build an Advanced NFT Marketplace?
Analysing the business requirements and operational scope.
Researching the current market conditions and industry competition.
Deciding the blockchain network for building the NFT marketplace. Factors like decentralization, scalability, and transaction processing fees are considered.
Creation of a friendly user interface. It will suit both amateur and professional artists irrespective of their age, economic status, and social background.
Developing the prototype of the NFT marketplace.
Integrating all the required features and functionalities in the online platform.
Setting up the blockchain explorer and the smart contract in the back-end of the platform. It stores all the data related to gas fees, hash rate, payments, and trades in an immutable manner.
Testing the performance and speed of the NFT marketplace. The QA team will remove all the bugs and glitches.
Launching the full-fledged digital collectible selling platform in the industry.
Conducting massive online promotional campaigns across email, forums, instant messaging platforms, and social networks. This will maximize the business traction of your world-class NFT marketplace.
What is Cost for MultiChain NFT Marketplace Development?
The total cost of creating an NFT marketplace relies on numerous factors. It depends on the choice of basic and premium features, cross-platform compatibility, the extent of customization needed by entrepreneurs, hourly charges paid to the developers and marketing specialists, the time allocated, and the type of tech stack.
NFT marketplaces need to be highly flexible and interoperable. For example, the MegaCryptoPolis platform operates swiftly on both the Ethereum and TRON blockchain networks. Moreover, it is integrated with DeFi platforms like JustSwap and Uniswap. It has also partnered with leading NFT marketplaces like CryptoKitties and OpenSea.
Further, we provide extensive post-deployment services. It comprises digital marketing, fixing loopholes and vulnerabilities, integration with hardware wallets and payment gateways, issuing software updates, maintenance of the mobile trading apps, technical assistance, and third-party API integration.
What is the expenditure for smart contract deployment?
Our NFT marketplace development company can integrate both Ethereum and TRON-based smart contracts. We use programming languages like Solidity and Vyper to establish Ethereum smart contracts. They operate effortlessly on the Ethereum Virtual Machine (EVM). Generally, buyers of NFTs pay gas fees for every transaction processed on the Ethereum blockchain network.
Likewise, our team utilizes tools like TRONBox and Tron Studio for deploying the pre-programmed smart contract on an NFT marketplace. It functions on the TRON Virtual Machine (TVM). Importantly, TVM is fully compatible with Ethereum-based smart contracts.
Each smart contract works on certain terms and conditions. Generally, the gas fees may increase if the blockchain networks are highly congested. Investors can purchase ERC-721 and ERC-1155 standard assets (Ethereum) and TRC-721 based assets (TRON).
The cost of smart contract deployment depends on the complexity of the blockchain network, demand from investors, and the performance of ETH or TRX cryptocurrency in the market.
The numerous revenue streams from an NFT marketplace
You should build your own NFT marketplace to become a multi-millionaire soon. Entrepreneurs like you will pocket auction fees, bidding charges, a commission for every primary sale of a crypto collectible, listing fees, minting charges, publishing of strategic advertisements, registration fees from new artists, and transaction processing charges.
Moreover, owners of a state-of-the-art NFT marketplace will earn a commission for conducting the private sale of digital collectibles to a small group of investors. Importantly, you can increase your listing fees for selling NFTs of popular brands and celebrities.
Unquestionably, NFT marketplace development is an exciting and lucrative business. The whole world is abuzz with the entry of new brands, the launch of new collections by artists and record-selling prices in auctions.
The craze is yet to stop as investors have bought 37,927 crypto collectibles worth $55.21 million in the last 7 days as per the NonFungible database. There are a total of 975,735 Non-Fungible Tokens NFTs) in the industry according to Coinranking. Importantly, it has empowered artists and content creators as they can command their own price and are not controlled by any powerful authority.
Hence, take full control of the crypto sector by joining hands with our qualified NFT marketplace development company. You will experience a significant increase in market capitalization, sales, and trading volume soon.
Monetize unique content with ease by tying up with an NFT marketplace development Company
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