Which is the asset whose value is growing consistently over time? It is none other than Non-Fungible Tokens (NFTs). Crypto collectibles have a 24-hour trading volume of $5.59 billion as per CoinMarketCap. It has increased by 75.13% in just 1 day. The special characteristics of digital collectibles are indivisibility, interoperability, non-interchangeability, scarcity, and transparency. The Unique Selling Point (USP) of NFTs is that it is highly versatile.
Crypto collectibles are selling for high prices in the form of artwork, domain names, fashion accessories, gaming weapons, memes, music, tweets, wine, photos, software licenses, source code, sports goods, and videos. Hence, aspiring entrepreneurs can dominate the crypto era by initiating NFT marketplace development.
They can partner with a trustworthy app development company for fulfilling their business objectives. Cryptopreneurs will benefit from a rapid increase in daily active investors and trading volume.
Why is this a suitable time for NFT marketplace development?
OpenSea, an Ethereum-based NFT marketplace – has raised a whopping $100 million in funds recently. Its valuation has crossed $1.5 billion now. The OpenSea platform processes buy and sell trades worth $7.52 million daily according to DAppRadar.
NFTically, a new NFT marketplace – has launched in India now. It plans to attract 1000 artists in the next 3 months. The NFTically platform received funds from the CEO of Polygon Matic, Jaynti Kanani. In particular, content creators can set up their own online store with a unique domain name.
Minting of artwork is free on NFTically. The Indian platform will impose a 2.5% fee for sales done on the online marketplace and 1.5% for sales on the artist’s digital store.
4K, an NFT marketplace for luxury goods received $3 million – in funding. The peer-to-peer platform will allow customers to digitize their physical items on a blockchain network. Users receive a corresponding crypto collectible. Later, they can return the NFT and get back their physical goods.
Investors benefit from highly secure vaults, insurance for all their precious items, speedy processing of transactions, and transparency. 4K will focus on assets like artwork, property rights, sneakers, trading cards, watches, and wine.
What are the different NFT Marketplace Development Solutions?
Blockchain-wise NFT marketplace development
An app development company will build NFT marketplace platforms on various blockchain networks. Likewise, entrepreneurs can choose between Binance Smart Chain (BSC), Cardano, Flow, EOS, Ethereum, Polkadot, Solana, Stellar, and TRON.
Cryptopreneurs will get advantages like decentralization, flexible imposition of commission depending on the total sales, and real-time access to data (block size, gas limit, trading volume, and the number of transactions).
Industry-agnostic NFT marketplace development
New NFT selling platforms are emerging across multiple industries. Entrepreneurs can become a strong force in no time by launching their NFT marketplace in sectors like artwork, e-commerce, entertainment, fashion, gaming, social media, software, and sports.
Integration with digital wallets
Investors can store their crypto collectibles securely in software wallets. These online wallets protect the assets through passwords or private keys. They can deposit their NFTs on wallets such as Binance Chain Wallet, Coinbase Wallet, Dapper, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, Torus, Trust Wallet, WalletConnect, and WalletLink.
White-label NFT marketplace solutions
Importantly, a skilled app development company will offer clone solutions of popular NFT marketplaces. It comprises Axie Infinity, Bitski, CryptoKitties, Cryptograph, CryptoPunks, Decentraland, eBay, Gods Unchained, Meebits, NBA Top Shot, Nifty Gateway, OpenSea, Polka City, Rarible, Solible, Sorare, SuperRare, The Sandbox, WazirX, WENEW, and Xcad Network.
An app development company will assist in implementing promotional campaigns across numerous communication channels. This will help in boosting the credibility and popularity of the NFT marketplace. The benefits of the online crypto collectible selling platform will be circulated directly to the target audience. Generally, awareness will be spread through email, instant messaging platforms, online crypto forums, and social media networks.
How does an NFT marketplace function?
- Creative artists can register on the online platform. They can be artists, celebrities, designers, filmmakers, meme makers, musicians, photographers, publishers, and sportspersons.
- The admin approves the profiles of content creators after verifying their background and data. Later, the artists will undergo AML (Anti-Money Laundering) and Know Your Customer (KYC) verification.
- They need to upload their work in the form of GIF, JPEG, MP3, MP4, PNG, and WEBP files. Later, content creators can choose either single or multiple auctions. Likewise, they can accordingly select either a declining or a fixed price listing.
- They should possess some crypto like Ethereum (ETH), Tronix (TRX), and Wrapped Ether (wETH). Further, the artists need to integrate with any compatible digital wallet. The software wallets are cross-platform compatible and can be synced with social media accounts.
- Further, the sellers will list their NFT on the online marketplace. Accordingly, they will open an auction on a specific date and time.
- Interested art collectors and investors will make bids to purchase the crypto collectibles. Further, the person who makes the highest bid will get the exclusive digital ownership of ERC-721 and ERC-1155 NFTs.
- Importantly, copyrights and intellectual property protection is available for unique content creators. Hence, this prevents duplication and morphing of their rare work.
- The seller transfers the rare NFT directly to the buyer after receiving the needed payment. Moreover, artists also get royalties (in a specific percentage) if the investors resell their crypto collectibles on a secondary marketplace.
- The trading deal gets concluded successfully after satisfying the interests of both buyers and sellers.
The cost of Multichain NFT marketplace development
Flexibility is the need of the hour. The delay of the launch of Ethereum 2.0 has led to the large-scale usage of Binance Smart Chain (BSC), IOST, Polkadot, Solana, and TRON blockchain networks. Hence, entrepreneurs can win the crypto war by beginning Multichain NFT marketplace development.
The total cost of NFT marketplace development depends on the choice of basic and premium features, the extent of customization, hourly wages paid to the developers, the kind of technologies and tools used, and the time devoted.
Further, a professional app development company will offer an assortment of post-deployment services. It comprises digital marketing, fixing security vulnerabilities, maintenance, software wallets, technical assistance, and third-party API integration.
Above all, NFT marketplace development is the hottest business opportunity in the world. Moreover, the total sales of crypto collectibles in the last 7 days and 30 days are $68.32 million and $224.21 million respectively as per the NonFungible database. Further, the return on investment (ROI) on Non-Fungible Tokens (NFTs) are even higher than other assets like bonds, gold, real estate, and stocks.
Hence, upgrade your venture by initiating Multichain NFT marketplace development. Connect with a prolific app development company now and make a breakthrough in the crypto era soon.