6 Core Steps Explained to Start With NFT Marketplace

What if we say that the very first NFT sold was a tweet. 

“Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280”

Yes, NFTs have taken over the market and are growing day by day. The craze of buying non-fungible tokens has spread across each corner of the world. 

I have been asked this question many times – How to create an NFT marketplace? Let me give you a simple, straightforward, and short answer for the same.  

However, before proceeding toward the NFT development part, let us first understand a few points about NFT Marketplace. 

NFT Marketplace Explained in Brief

 An NFT marketplace is an online platform wherein you can either buy or sell NFTs. For buying NFTs you have two options, either to bid in an NFT auction or buy it at a fixed price. Besides that, you must have a crypto wallet through which you can buy or sell NFT.

On the other hand, selling NFT login into the NFT marketplace, enter the details asked, and share price and pictures.   

These marketplaces make use of some amazing protocols known as smart contracts. It is specially built to maintain a smooth relationship between the buyers and sellers. 

Follow These Steps to Start NFT Marketplace

Consider the following steps for developing an NFT marketplace. 

Step 1: Choose your niche

According to research and analysis, it is advised to focus on a specific niche for creating an NFT marketplace. Digital Arts, short clips, tweets, etc are some of the more focused areas of the NFT marketplace. 

Step 2: Decide on App Development Company

 You need to be very careful when choosing a Mobile app development company. Make sure you select a company that has experience in the niche.    

Step 3: Work on UI/UX Design

The UI/UX design plays an important role in the success of your application. Henceforth,  pay extra attention to them. Make sure your NFT marketplace is easy to navigate for the users. It increases the chance of users returning to your platform. 

Step 4: Technology Stack and API Integrations

Decide the tech stack of your platform. It is suggested to take the help of your software development company for finalizing the tech stack. API development and integration hold importance in your online platform. It eases many tasks and makes your platform smoother. 

Step 5: NFT Marketplace Development

The process of your platform development is conducted in this stage. The frontend and backend of the application are built in this stage. 

Step 6: Test and Deploy

As the final step of your NFT marketplace platform, rigorous testing is connected in order to make your platform bug free.   

Features to Include in Your NFT Marketplace

Key features that you must have in your marketplace are as given below. 

• Storefront
• Advanced Search Token
• Smart Filters
• Bidding Options
• Build Listings
• Purchase History
• NFT Wallet
• Status Listing
• Ratings and Reviews

The End Point – NFT Marketplace Development

NFTs will continue to grow in the future at a faster pace. Thus, it is the perfect time to get started with your NFT marketplace app and web development. 

Keep mining NFTs!!