The global mainstream economy has woken up to the growing trend of Non-Fungible Tokens (NFTs). Data from Coinranking website shows that there are a humongous 652,937 unique crypto-collectibles now with the trading volume (last 30 days) reaching a whopping $69.49 million. The current trends in NFTs revolve around digital artwork, augmented reality used in the media and entertainment industry, gaming and the launching of decentralized social networks with more powers to content creators. Let’s know about how to develop NFT Marketplace with VeVe clone.
However, the true credit for the resounding success of digital collectibles must go to different NFT marketplaces. According to Dappradar, there are 21 different NFT selling platforms currently in the cryptocurrency industry. Entrepreneurs are very bullish about the future of crypto-collectibles and are pumping in millions of dollars to launch various NFT marketplaces.
The market capitalization of NFTs crossed $29 billion and the trading volume surpassed $4.75 billion recently according to data provided by CoinMarketCap. VeVe is one of the popular NFT marketplaces where each sale of a crypto collectible is equal to the trading of 1 gem that equals $1. Artists are creating their digital collectibles just by spending around $70-80 on average but making huge profits by selling them for several thousands of dollars to buyers in the market.
Some facts about the big success of the VeVe NFT Marketplace
VeVe is one of the leading app-based NFT marketplaces selling premium and 100% licensed digital collectibles. Its app has already been downloaded more than 50,000 times by prospective investors. They sell different types of crypto collectibles like common, one-of-a-kind, and rare to the interested buyers.
The VeVe marketplace was launched in October 2020 by ECOMI, a technology company located in Singapore. It crossed $2.5 million in sales from in-app purchases at the end of March 2021. The leading brands can also sell their NFTs on the VeVe platform by sharing information of their nature of business, website, and total sales.
The VeVe online marketplace is built on the robust GoChain blockchain network. GoChain can process up to 1300 transactions per second and the network fees is just 10,000 times less than the Ethereum blockchain network. The $GO crypto token is needed to cover the transaction costs for utilizing the GoChain network.
Get started with the development of a VeVe Marketplace
What can the buyers of NFTs do on the VeVe marketplace for crypto collectibles?
The holders of NFTs bought from the VeVe online selling platform have various options like customizing, reselling, sharing on social media platforms, trading, and upgrading. The crypto collectibles are displayed in an eye-catching manner for the buyers on their devices through the use of advanced Augmented Reality (AR) technology.
Entrepreneurs aiming to thrive in the booming cryptocurrency space can launch a VeVe like NFT marketplace by partnering with the experienced developers of AppDupe. We will create customized and user-friendly Android and iOS apps, a modern web panel, and an advanced admin dashboard for controlling the daily business operations efficiently.
Different kinds of buyers who will be attracted to the VeVe like marketplace
Music lovers who are big fans of pop culture.
Gamers who regularly take part in various competitions and contests with other players.
Sports fans who keenly follow the performance of different stars and teams (both domestic and international).
Movie buffs who go gaga over collections of Adventure Time, Back to the Future, Batman, DC Collectibles, Fast and the Furious Jurassic Park, Star Trek, Superman, and Ultraman.
Procedure to be followed by content creators on the VeVe NFT marketplace
The content creators register on the VeVe clone NFT Marketplace by submitting the required information like crypto-compatible wallet, email address, name, and location.
They have to scan a media file of their digital collectible (GIFs, memes, photos, and videos) and upload it on the VeVe like marketplace.
Powered by AR, the content developers can move and rotate their crypto collectibles and make them 1:1 in size.
They can showcase their digital collectibles as a one-of-the-kind crypto asset or display them in a virtual showroom as a limited-edition collection.
The crypto collectibles are offered for sale in the secondary market of the VeVe like online platform.
Interested VeVe collectors will place bids in auctions to purchase the NFTs of the content creators by sharing details of different prices.
The content developers will view all the received bids after the end of the auction and select the best offer suiting their business requirements.
The NFT is travelled to the buyer after the required amount is received in the crypto wallet of the content creator.
The content developers can convert the sales proceeds of the crypto collectibles into $OMI tokens. They can store all the holdings in the ECOMI Secure wallet, which has safe cold storage facilities.
The ECOMI Secure wallet is fully compatible with ERC-721 tokens, 600 ERC-20 tokens, and supports the leading cryptocurrencies and stablecoins. It can also be integrated seamlessly with Binance Smart Chain (BSC).
The NFT trading deal gets concluded successfully on the VeVe like marketplace.
How does Appdupe develop the VeVe digital collectibles marketplace?
Realizing the business goals – and operational scope of the client enterprise which wants to get into the lucrative world of NFTs.
Researching other NFT marketplaces – like VeVe in the crypto industry, their buyer-friendly strategies, and overall style of functioning.
Developing the prototype – of the VeVe like marketplace. It contains all the important features for trading and reselling crypto collectibles, social sharing, interacting with the VeVe buyer community, and setting up crypto wallets.
Integrating the required functionalities – in both front-end and backend of the VeVE like NFT marketplace.
The QAtesters remove all glitches and vulnerabilities – from the VeVe clone like digital collectibles marketplace after analyzing its performance and speed.
Launching the final version of the VeVe marketplace – in the target market. The VeVe clone starts receiving bids from prospective buyers after the auctions begin.
Promoting the benefits of the VeVe NFT marketplace – across online cryptocurrency forums on Reddit and Quora and other leading social media platforms to get more business traction.
Development Cost for VeVe Clone
The budget of creating a VeVe Clone is dependent on different facets like the choice of technologies, the different operating platforms the online selling platform is going to be deployed on, the hourly/monthly rate paid to developers for their work, the kind of features, the level of customization, and the total time taken for development.
The emergence of NFTs has given more credibility and growth to the global cryptocurrency market as it keeps marching ahead with every passing day. Some crypto collectibles are getting sold for millions of dollars these days indicating how valuable the assets are. The skyrocketing numbers in investments, prices of digital collectibles, trading volumes and transactions reflect the new dawn of the blockchain-based economy.
Entrepreneurs can make millions of dollars from bidding charges, listing fees, minting fees, private sales, registration fees from content creators, and transaction processing charges by developing a VeVe NFT marketplace. Team up with Appdupe now for VeVe marketplace development and become a big shot in the cryptocurrency industry soon.
Overtake sales of other NFT marketplaces by offering VeVe digital collectibles
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