The constantly market-penetrating NFTs have gotten much wilder and carefree with their new collections, like Goblin Town NFTs, Doodles NFTs, etc. The marketplace is showing a significant rise in the web as they are so close to reaching its $80 billion goal in 2025. It is commendable that a rather new platform for commerce has grown so big that it is seen as a step further into the future. The amount of NFT trading has just got increased by 704%. 

Now, why abruptly talk about the stats? The obvious reason you are here, the cause of all this development, web 3 will be the nexus of this blog. Let us take some time to glance at the buzz creator’s root cause, Web3 NFT marketplace development.

Web3 NFT marketplace development – Insight into their functionalities

Technologies have gone from being utilized to gather information to where all the utilities can be met within a single portal within a few decades. All this is thanks to blockchain technology’s innovation, ensuring the web3 space remains sustainable and reliable throughout its life. So, the web3 space behaves as a hub for a lot of different things in the industry, like cryptocurrencies, Non-fungible Tokens, Decentralized finances, and so on. Out of these, the most important one is the NFT marketplace. As the statistics above represent the significance of the market, it is our responsibility to say that the changes bought into the platforms keep the platform rising up. 

Let us get an overview of the web3  NFT marketplace development stats!

• The year began with a huge luck to the market with an income of a huge sum in NFT sales, $5 billion in just January. 
• Crypto Wallets registered with the platforms went up from 545,000 in the previous year in 2020 to 28.6 million in 2021. 
• The stats of the traders in the NFT market in January 2022 were recorded to be 759,145 for sellers and 910,611 for buyers. 
• The Return On Investment from male traders so far in the market is 39% and 40% for females.
• Highly customizable NFT marketplaces of niches like fashion, e-commerce, arts, games, etc., offer users a profit like never before. 

For a cryptopreneur to create an NFT marketplace on web3 to immerse users in its platform, they have to have unique, trailblazing features. These features are the ones that will make a difference in the platform. The importance of these features can be simply put as these are the ones that will intrigue the investors. 

Attractive features for the Web3 NFT marketplace platform

• Storefront 

The storefront is the major feature of an NFT marketplace that will provide the users with some of the much-required information. These will be about the list of NFTs in the platform, the NFT bids, the artists and the owners, and many more. Another interesting characteristic of this specific feature is that it will give the user access to verify the authenticity of any asset using the smart contract. 

• Search Filters

With the addition of search boards, filters are inevitable in a platform. In the web3 NFT marketplace development, search boards assist users in accessing a seamless shift from one collection to the other. And the Filter option, however, aids them in reaching their desired NFT from varied sectors or collections from the millions of them in the forum. 

• NFT listings

NFT listing as a feature added into the NFT marketplace is an inevitable asset where the user is going to have the user-end information about the non-fungible tokens and other crypto assets in the platform. 

• Auctions and Buying 

Auctions and buying as a core of the marketplaces assist the user has a convenient and much-automated bidding process. 

• Crypto wallet

If NFTs are the brains of the platform, then the digital wallet integrated into the platform is the heart. These crypto wallets are used for crypto transactions and also to store assets and their private keys. 

• Smart contract 

A smart contract is the addition that is pushing the marketplace to be automated with all its activities. This makes the user-friendly interface much more intuitive and interactive. 

• Push notifications

Last but not least! Having the Push notification in the platform gives the user a better experience on the forum; receiving instant notifications of any new events that are added to the market keeps them on trend. 

Web 3 is brimming with corporates and brands launching their unique NFT collectibles that take up the internet by storm. But it is a hard and tedious process to build and develop the NFT marketplace that will yield the profits you wish to gain. As you have already begun the read, you might as well get the steps to develop the marketplace that will soar up in the crypto space, just like OpenSea and Rarible. 

What is the course of action to create an NFT marketplace on web3?

Specify the Niche of the NFT marketplace development on which the NFT collectibles and the platform is going to be focussed. Some of the niche instances are music, digital collectibles, in-game assets, sports memorabilia, etc. 

Settle for a blockchain network where the entire platform is going to be suspended. The NFTs hosted on the blockchains available with us like, Ethereum, Solana, Cardano, etc., adhere to a platform with a significant name and reputation even before the launch. 

Integrate an automated Smart contract

Web3 Smart contracts for an NFT platform aids the user to have the sales, trades, and transactions automated without any error or miscalculations. The blockchain that carries the smart contracts records all the data on their nodes for future reference. 

UI/UX design development 

The user interface and the user experience design development is the most important part of the development as they will become the users’ interactive zone. The UI is the one that will directly communicate through the interface with storefront, designs, etc., while the UX development has indirect communication with logical operations like crypto payments, etc. 

Plug in the payment gateways

Heart of the NFT marketplace development is plugging in the NFT marketplaces in the platform, They will be the portal to have both the traders and the sellers transact with and as well as to pay fees incurred by the platform like minting fee, gas fee, etc. 

Determine the security standards

One of the reasons to opt for the NFT marketplace is their impenetrable marketplace developments. Determining storage software and integrating it into the platform ensures heightened services to the users and implement the cyber security mechanism. They can be asymmetric data encryptions and many more. 

Testing and deploying of the platform 

The next stage of the NFT marketplace development on web3 is testing. Where the project developed is put into multiple software tests and comes out with the result, error-free. After that, the project is deployed upon the user’s satisfaction and made live with time-to-time intervention for any support from our round-the-clock working development team!

Appdupe’s Tech stacks to create NFT marketplace on Web3

The architecture of web3 gets deeper as it goes, for they have complexity intricate within their walls. That is, to develop a web3 NFT marketplace development, the user has to be aware of all the components that are going to make them coveting. One of the first things to take care of is the web applications for the traders to access the platform. The next is the wallet which can make crypto payments and exchanges convenient. The IPFS storage system allows the platform on the blockchain to consume less energy and the metadata stored in it. Below given are the tech stack that we at Appdupe utilize to deliver an error-free, unique, feature-rich NFT marketplace development. 

1. Blockchain Platforms 

• Ethereum 
• Flow
• Tezos
• Cardano
• Solana
• Binance Smart Chain                           

2. High-end Storage platforms

• InterPlanetary File System (IPFS)
• FileCoin
• Pinata and more.

3. NFT standards 

• ERC-721
• ERC-1155
• FA2
• dGoods
• TRC-721

4. Front-end Frameworks

• React 
• Angular
• Vue and so on. 

5. Programming Languages

• Python
• Solidity 
• Java
• PHP, etc. 

Wherefore Appdupe?

The NFT platform accommodating all the outgrowing industries’ digital assets in web 3 requires a blue-ribbon agency. Appdupe, as a service-providing agency, offers the cryptopreneurs innumerable opportunities and facilities to enjoy the development of their unique, immersive platforms at much more cost-effective criteria. 

Our zealous team of developers puts their heart and soul into creating an NFT marketplace on web3. Developing the NFT marketplace on your favorite blockchain, with our impeccable suggestions and development, makes a great pair. Are you on the lookout for developers with quick hands? Or are you interested in making a new update on your platform? Building anew to bringing it to the trend, give our support team a call!