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NFT Marketplaces Developed
The next-gen internet, or the fondly called “Web3”, is stupefying people with its irrefutable virtues like decentralization, transparency, and immutability. Under the kingdom of Web3, NFTs are probably having more predominance as other Web3-based use cases are still in their nascent stages. If you look into the market size of NFTs in the Q2 of 2022, it values at around $8 billion. The NFT market size is directly related to the trading volume of NFTs. If you’re preparing to harness the steadily growing NFT market by deploying an NFT marketplace, have a close look at the trends and the trading volume of NFTs periodically.
NFT marketplaces, in general, will host NFT trading, where the NFT creator will list his NFTs and wait for a buyer to close the sale. Once a buyer is interested, he will make the payment and get it transferred to his wallet. Whereas in a Sudoswap like NFT marketplace, there happens an automatic execution of finding buyers from the liquidity pool. You will look into more of how this AMM-backed NFT marketplace works in the upcoming sections. We do have similar NFT trading platform solutions in the name of a white-label Sudoswap NFT marketplace that help NFT sellers quickly find the trading pair.
There are two traits that make Sudoswap a distinctive NFT marketplace when compared with most of the existing marketplaces. Firstly, the in-built AMM protocol automatically identifies the trading pairs and executes the trade, thereby ensuring zero waiting time. Another notable trait is that Sudoswap doesn’t support royalty payments; hence, the NFT buyers don’t have to pay royalties when they sell their NFTs on the secondary market.
One of the typical purposes of creating NFTs is to honor the NFT owners with royalty advantages that will bring in passive income even after their creation gets sold out. The NFT creator will specify the percentage of royalty (5% or 10% probably) in the smart contract during the time of minting.
So, whenever the smart contracts get executed and the sale happens, the royalty percentage is automatically deducted from the sale and transferred to the original creator. However, these days NFT trading has become more of a money-making way, and prices of NFTs are sky-high. Simultaneously, the royalty fees also get fueled, which in turn affects the sellers. Hence, NFT marketplaces like Sudoswap, Solanart, and Yawww have ruled out royalty benefits.
Sign UpThe sign-up process is similar to any other NFT marketplace. The user should connect their NFT wallet account with the marketplace.
Contribute To The Liquidity PoolSudoswap like marketplaces, requires users to provide liquidity to the pool. So, those who want to sell NFTs can add their NFTs to the pool, and those who want to buy NFTs can add crypto tokens to the pool.
Buy NFTsUsers interested in buying NFTs should first select the collections, choose the NFT they want to buy, and add that NFT to the cart. The AMM will execute the transaction and transfer the NFT from the pool to the buyer’s wallet.
Sell NFTsSellers will go to their NFT collections and choose an NFT or NFTs they wish to sell. Once they confirm the sale and the NFT gets sold, the seller will receive the equivalent crypto tokens.
Be it a cryptocurrency exchange platform or an NFT marketplace, if it is configured with the AMM protocol, then liquidity is assured. Initially, the marketplace users will contribute crypto tokens (can be ETH or any) to the liquidity pool. The tokens get accumulated in the pool. Also, the price for the NFTs is automatically decided on the basis of the supply and demand by the AMM. So when NFT owners put their NFTs for sale, they are mapped with a buyer in a double-quick time. To sum up, both buyers and sellers will be able to close the trading in a minimal time.
View CollectionsOur white-label Sudoswap NFT marketplace features the collection of NFTs available for trading. We can customize the UI of the marketplace or any features based on your requirements.
Search Users can search the collections on the marketplace by entering the name, symbol, or address of the NFT rather than going through the whole sort of collection.
Crypto WalletTraders will have access to multiple crypto wallet options, and they can choose the one they’ve already signed up for. The crypto wallet is the storage medium for the private keys used to operate cryptos.
Create PoolUsers can contribute to the liquidity pool by creating one and adding their desired amount of crypto tokens or their NFTs. Those who add liquidity are referred to as liquidity providers.
Your CollectionUsers of the marketplace who own NFTs can view their collections using this feature. Every user will have their own collection of NFTs.
Analytics DashboardThe analytics dashboard will comprise all the trading activities and the volume of trades that happened on the platform.
Knowledge BaseUnder the knowledge base, you can include FAQs, help manuals, and everything you need to educate your users about the platform.
Multi-payment GatewayLet traders choose a payment gateway for transactions from the multiple payment gateway options we incorporate.
Cross-Chain IntegrationWe can customize your marketplace with cross-chain integration if you want to provide interoperability and efficient trading.
Brainstorming Workshop Our ideal brainstorming session comprises understanding your NFT marketplace development requirements, budget, and timeframes. During this session, you will get to engage with our developers, analysts, and subject matter experts.
Demo SessionIf you opt for our white-label Sudoswap clone, we’ll show you how our solution will function and the features it has to offer through a demo session. If you want to add any specifications to our pre-built solution, you can tell us how you want them to be, and we’ll incorporate them.
Custom-Design & Development The next phase is about appending the specifications you requested during the demo session. Our developers will first get a draft of your customizations, and post-confirmation with you, they’ll bring it live.
Testing Our testing team will take over and perform intense testing and validate whether all the requirements are mapped. Overall, they will ensure that your custom-built marketplace doesn’t malfunction.
Launch & Maintenance The launch phase is where your marketplace will go live on the platforms you specified in your requirements checklist. Additionally, we offer post-launch maintenance services.
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