NFT Marketplace Development — A Simple Guide 2023

NFT Marketplace Development

The adoption of blockchain technology is rapidly increasing in recent years. Many startups and speculators are implementing the blockchain for various purposes. Besides, this technology is widely used in many sectors and for the development process. Such as crypto-token creation, crypto exchange development, DeFi token development, NFT development, and more. Speaking of which, NFT is now gaining more prominence in the global crypto marketplace. Traders, investors, and other individuals are showing more interest in non-fungible tokens right now.

NFTs stands for non-fungible tokens. The non-fungible tokens are unique items so you can not replace them with another token of the same type. For example, cryptokitties is an NFT but you can’t replace it with another cryptokitties. NFTs differ from fungible crypto tokens, which are often the same as each other. Another example, if you trade a bitcoin for another, you end up in the same position as to where you started. This is where you can feel the difference between fungible tokens and non-fungible tokens

As of now, most non-fungible tokens tend to be digital. This makes it easy for NFT developers to give something rare and unique to the NFT enthusiast in the NFT marketplace. Some NFTs like digital artworks and gaming assets are prominent in the NFT marketplace. So people are now collecting these digital arts like collectors who have collected physical paintings for many years. Besides, some of the non-fungible tokens have been sold for extraordinary prices in the NFT marketplace.

In some ways, the non-fungible tokens are more similar to Bitcoins and other altcoins, but the main difference between other cryptocurrencies and NFTs is that they are non-interchangeable and non-divisible. The first-ever non-fungible token is created using the Ethereum blockchain. It can store extra electronic information to distinguish their uniqueness. Currently, other blockchains like Tron and Binance smart chain are also offering the developers to make NFTs. Ethereum has two NFT standards now such as ERC721 and ERC1155. Tron has TRC721 standard and Binance also released standards like BEP721 and BEP1155 for NFT development. After creating NFTs, they would be listed in the NFT marketplace. So it’s important to know about the NFT marketplace.

In this article, we would see everything about the NFT marketplace and the top list of NFT marketplaces in the blockchain ecosystem.

What is an NFT Marketplace?

The non-fungible token marketplace is the platform where traders can buy or sell NFT’s in a hassle-free manner. One can also list their newly released NFT in the NFT marketplace with the help of the admin. The Non-Fungible Token marketplaces play a very important role in bridging the gap between buyers and sellers when it comes to NFTs. You must know that the non-fungible token marketplaces can also offer additional tools for creating a non-fungible token within a few minutes. Currently, there are different blockchain technologies used behind the NFT creation. So not all NFT marketplaces provide all types of NFT for buying and selling. Therefore, NFT developers will often choose an NFT marketplace that supports their NFTs for selling and buying.

The NFT marketplaces allow artists or any other creators to put up their NFT assets for sale. Buyers could browse the NFT marketplace for their desired non-fungible tokens and purchase the item through bidding. Therefore, any non-fungible token developer can go through the NFT marketplace and list their created tokens to ensure profitable deals on the artwork, collectibles, paintings, GIFs, or any other digital assets.

Why Do You Need an NFT Marketplace?

Every crypto enthusiast knows that blockchain technology and non-fungible tokens can provide a great opportunity for artists and developers to make money for their works. As we have an NFT marketplace for buying and selling NFTs, creators don’t have to depend on middlemen or third parties on auction houses for selling their NFTs. The owner of any collectible or digital assets can be easily sold to a buyer in the form of NFT in the NFT marketplace. This also helps the NFT creator in getting a vast amount of profits without any intermediate.

The non-fungible tokens entitle the original creator to a certain percentage of sales of the particular digital assets. Currently, many people are showing interest in finding the top non-fungible token marketplace so that they can start an NFT collection. Interested buyers and sellers will have a great opportunity for buying and selling non-fungible tokens. Let us figure out the things that help for selling and buying non-fungible tokens in the NFT marketplace.

1. First, the user of the platform needs a digital NFT wallet for storing, receiving, and transferring non-fungible tokens. Besides, you need to have a cryptocurrency to pay for transactions on your desired blockchain network.
2. Have a Crypto coin possibly Ether or any other currency supported on the selected NFT marketplace.
3. One can buy any crypto coin or tokens through credit cards on different trading platforms. Such as Coinbase Wallet, eToro, and Kraken.
4. Choose the NFT you want to buy and pay crypto for buying the NFTs. but before buying NFTs check the seller’s profile whether it is a verified account or not.

Growth of NFT Marketplace

The non-fungible tokens that are available in the NFT marketplace are different from fungible tokens. The majority of non-fungible tokens right now are in a digital format. So, the NFT developers can find innovative ways to provide something unique to their users or customers with new revenue streams. As per the report by renowned tech-tracking company and nonfungible.com in 2020, the non-fungible token market was worth more than $250 million. Apart from this, the report also reflected a more than 299% growth rate in 2020 in the NFT marketplace. In addition to this report, CryptoSlam suggests that NFT marketplaces have been successful in the industry by yielding more than $1 billion in terms of sales. Therefore, you can notice the reasons for the significance of non-fungible tokens and an NFT marketplace.

Characteristics of NFT Marketplace

1. Tradability
2. Standardization
3. Unified tokens
4. Rareness
5. Unique tokens
6. More power to ownership
7. compatibility
8. Liquidity
9. Transparency
10. Interoperable
11. Controllability
12. Scarcity

Different Types of NFTs You Can Get in NFT Marketplace

Here is the list of non-fungible tokens that you can get in all popular NFT marketplaces.

1. NFT for Art
2. NFT for Music
3. NFT for Video
4. NFT for Games
5. NFT for sports
6. NFT for Fantasy sports
7. NFT for accessories
8. NFT for real estate
9. NFT for infrastructure development
10. NFT for Domain names

Key Features of NFT Marketplace Development

Features play an essential role in the NFT marketplace development. Here is the list of outstanding features that will be available for the basic operations in the NFT marketplace.

1. Storefront
2. Filter
3. Auction
4. Listing status
5. Creating listings
6. Digital wallet
7. Ratings

Developing an NFT marketplace with these features will lead you to become a successful entrepreneur in the crypto space.

Now, let us see….

List of Top NFT Marketplaces in 2021

NFT marketplace is an integral part of the new trend in the blockchain industry. Every trader and crypto enthusiast around a non-fungible token marketplace raises one specific question:

What is the Top NFT marketplace? Top marketplace for achieving maximum value? Which NFT marketplace is safe for buying and selling NFTs?

It is kind of a hard task.

Because in recent times, we can see the profound growth in several NFT marketplaces and it is a noteworthy topic to be considered. I have done some market research and came up with the top 5 NFT marketplaces to reduce your burden. Here is a list of some of the best and top NFT marketplaces that could help the NFT enthusiast to explore new grounds in the non-fungible token landscape.

1. OpenSea

OpenSea is probably the best and top NFT marketplace as per the current market standards. It is also the largest one when compared to other NFT marketplaces. It offers various non-fungible tokens for users to buy and sell. Such as digital artwork, virtual worlds, sports, censorship-resistant domain names, collectibles, trading cards, and more. The interesting highlight of OpenSea is, this platform supports ERC1155 and ERC721 standard tokens.

OpenSea allows the users to purchase, sell and explore some prominent non-fungible tokens in the marketplace. Such as Decentraland, Axies, CryptoKitties, ENS names, and other NFTs. This NFT marketplace features more than 700 projects of distinct varieties. such as digital art projects, trading card games, name systems, and collectible games. However, OpenSea is the ideal NFT marketplace for developers to create their smart contracts for gaming or any other digital collectibles.

2. Nifty Gateway

Nifty gateway is one of the best NFT marketplaces in the industry. It is also a trustworthy NFT marketplace for trading non-fungible tokens by paying crypto coins. Nifty Gateway has a partnership with top creators, brands, athletes, and artists. So the partnership brings unique works to interested collectors of crypto art. When it comes to the crypto art marketplace, it is kind of difficult to deal with Nifty gateway. In this NFT marketplace, top artists, brands, and creators can access it easily. It is a top NFT marketplace, so it supports payments in credit/debit cards and Ethereum.

3. SuperRare

SuperRare is a promising NFT marketplace that comes with the best features. In this marketplace, users can trade in unique and single-edition works of digital art. An artist on the platform can create authentic artwork. Then the platform tokenizes the artwork in the form of a collectible, which is subject to ownership and trading. Many experts praise this NFT marketplace for providing an innovative approach for interacting with art, culture, and collecting on the internet. SuperRare supports Ether coin, the native cryptocurrency in the Ethereum blockchain network.

4. Rarible

When it comes to the top NFT marketplace, then it would be incomplete without the popular name — Rarible. It is a simple and user-friendly NFT marketplace with limited obstacles to being accepted as an artist. The exciting fact about Rarible is RARI, its own non-fungible token. RARI is used for rewarding active platform users. This platform runs on the Ethereum blockchain network and requires fees of 2.5% on every sale. It supports multiple crypto coins like WETH, ATRI, DAI, and ETH. Rarible is a reliable NFT marketplace because artists can select the share of profits they want from secondary sales.

5. Foundation

Foundation is one of the most notable and the best NFT marketplaces for many crypto art creators. The unique feature of the Foundation is the facility of community-curated collections. With a collaborative approach, creators, and collectors encourage new artists to participate in this non-fungible token marketplace. So, creators can easily access the “Creator Invites” feature after selling the first non-fungible token. This NFT marketplace supports crypto payments in Ether. Also, they have ideas and plans on introducing a new feature guaranteeing 10% royalty for secondary sales.

Final Words

From the above-mentioned platforms, you can find out the best NFT marketplace. Each NFT marketplace has different target audiences. Currently, NFT has great popularity and hype in the blockchain industry. So there is a great demand for the best NFT marketplace development in the industry. If you want to launch an NFT marketplace with ideal features, then hire a team of skilled developers from the reputed NFT marketplace development company in the blockchain space. They would assist you to build an NFT marketplace as per your requirements at a reasonable cost.