From infancy through maturity, we all have a fondness for collecting some form of accessories that touch our hearts. We always have a personal touch with these items, and it gives us pride in owning them. This emotional touch is the primary motivator for us to acquire souvenirs. Thanks to blockchain technology for taking this to an even bigger phase with the advent of Non-Fungible Tokens.
Here’s a primer on NFTs for people who aren’t familiar with them. These are one-of-a-kind tokens that store information on the blockchain network and provide immutable ownership rights for the massive collections. NFTs have transformed digital assets with the ability to tokenize any format, including pictures, videos, artworks, in-game assets, digital collectibles, and anything that makes humans feel unique.
What is an NFT Marketplace?
Every asset or a product needs a platform to connect with the right audience who are in need of them. Similarly, to all those who are fond of NFTs, a marketplace is the ideal destination to approach. NFT marketplace is a boon for people to engage, buy, sell, trade, and hold NFTs securely and confidently. Regardless of intangibility and non-fungibility, these tokens will offer monetary value to its holders, thereby making marketplaces the right place to trade NFTs. The marketplace can be either centralized or decentralized depending on its owners and allows creators to list their masterpieces for sale. The buyers, in turn, procure their favorite NFTs by participating in the auction sale or fixed price sale based on the creator’s listing.
What’s the Trend?
According to CoinMarketCap, the market capitalization of NFTs to date has skyrocketed to more than $46.05 billion USD as of 26 March 2022. These colossal figures depict the craziness of NFTs overall. Recognizing this demand, cryptopreneurs all over the world have turned their attention towards developing their own NFT marketplace. And guess what? This has been transformed into one of the hottest crypto business models in today’s crypto realm.
NFT Marketplace Development
The experts say that amidst a plethora of people showing interest to kick start their own crypto business, a significant proportion of them concentrate on non-fungible tokens. To be precise, NFT marketplace development is the most opted development service in recent times. We all know that the hype for the PFP (Profile Picture NFTs) is huge, and even traditional financial companies like Visa have dipped their toes into the NFT sphere by acquiring assets, such as Cryptopunks.
In spite of existing popular marketplaces, the burgeoning crowd creates a giant demand for developing brand-new marketplaces. Furthermore, the business model of these marketplaces seems interesting and revenue-generating.
Developing a marketplace involves a crucial decision of what form of NFTs to be included. It can either be created exclusively to concentrate on one form of asset (Eg: NFT Marketplace for Arts, NFT Marketplace for Music ) or a marketplace that supports an assorted range of assets (NFT Marketplace that accepts arts, music, in-game assets, etc.).
The Need to Develop An NFT Marketplace
We have slightly touched on this topic in the earlier part of our discussion. Let’s dive straight into the point to know why it is necessary to develop an NFT marketplace.
Rising Demand: The adoption of NFTs is surging every day, and it is very important for crypto preneurs to make use of this trend. The chances are phenomenal to become the next OpenSea or Rarible.
NFTs – The Future of Digital Assets: The use of hard cash (fiat currencies) has really gone down, and digital assets are getting their pace everywhere. Meanwhile, NFTs are the next-gen digital assets. So creating a marketplace will accommodate upcoming audiences and drive great traffic to form a fabulous community.
Lucrative Revenue Model: For every single transaction or minting of NFTs, the platform collects fees from the buyers/sellers. Apart from this, it also collects other forms of fees, which makes the owner get a profitable income.
Revenue Model of NFT Marketplace:
It is imperative to discuss the revenue model of the NFT marketplace as it is the heart of the NFT marketplace development. It includes,
Minting Fee: The platform may incur a small fee for allowing creators to mint the digital file into non-fungible tokens.
Listing Fee: Some marketplaces charge a minimal fee for allowing sellers to list their NFTs (fixed-price sale or auction sale) on the platform.
Transaction Fee: One of the common fees for any crypto platform. For all the transactions taking place on the marketplace, users will be levied with a transaction fee.
Miscellaneous Fee: The platform may levy other miscellaneous fees for other transactions happening on the platform.
Business Benefits of NFT Marketplace Development
Immutable Ownership Rights: NFT marketplaces will offer immutable ownership rights for the assets listed/traded.
Remunerative Business Model: The platform will bestow good returns for the owners as it has lucrative revenue sources.
Global Traction: Creating a business with NFTs will provide the platforms with global attention.
Brand Partnerships: As a genuine NFT marketplace with high tractions, the chances are high to get associated with eminent brands and individual creators/artists, which in turn will bring new audiences all over the world.
Almost Nil Maintenance Required: Once the application is developed and deployed with the required licenses, it will run smoothly without complications.
How to Develop your NFT Marketplace?
The first and foremost advice is to approach an NFT development company that is well versed in providing blockchain and cryptocurrency-based services. They would understand your requirements clearly and will aid you in developing your own NFT marketplace, right from the initial phase to the launch phase. Also, preferring a white label NFT marketplace would save your time and effort. These are ready-to-launch (pre-built) applications that can be customized to meet your requirements.
With no further delay, find the best NFT service provider to give life to your dreams.