“The budget is not just a collection of numbers, but an expression of values and aspirations,” says a well-known quote. Crypto collectibles are the most remunerative financial assets in the world. It has a daily trading volume of $5.79 billion as per CoinMarketCap. One of the biggest plus points of Non-Fungible Tokens (NFTs) is that it has united artists, brands, and celebrities across the world. A huge change has occurred in the creator economy and middlemen are slowly losing their relevance. Where do digital collectibles trade in billions of dollars every day? Obviously, the buy and sell orders happen on blockchain-powered platforms. Let us analyze the cost of NFT marketplace development.
NFT Marketplace in brief
It is a real-time trading platform that functions on several blockchain networks. For instance, entrepreneurs can choose platforms like Binance Smart Chain (BSC), Cardano, Ethereum, Flow, Polkadot, Solana, Stellar, and TRON for building their NFT marketplace. Some of the popular ones are Decentraland, Foundation, Gods Unchained, MakersPlace, NBA Top Shot, Nifty Gateway, OpenSea, Rarible, Sorare, SuperRare, The Sandbox, and Vcent.
Platforms enable instant buying and selling of crypto collectibles via auctions. It also offers advantages like immutability, non-interchangeability, 24×7 business operations and user-friendliness. Further, artists get protection against copyright infringement and royalty if there is a resale of their unique work.
Why do entrepreneurs need to bet big on NFT Marketplace Development?
Digital collectibles have a vast trading market capitalization of $34.18 billion. It has attracted eyeballs from institutional and retail investors. Moreover, the industry is bullish now with the launch of new marketplaces, NFTs, and projects. The ever-growing metaverse is offering a golden opportunity for all cryptopreneurs.
Owners of an NFT marketplace will get auction fees, bidding charges, a commission from content creators on primary sales, gas fees, listing charges, minting fees, and transaction processing charges. Besides that, buyers purchased 74,035 crypto collectibles worth $568.31 million in August 2021 according to the NonFungible database. Therefore, entrepreneurs can enter this thriving sector and maximize their net worth.
The factors to consider before building an NFT Trading Platform
- Awareness about the asset standards like BEP-721, BEP-1155, ERC-721, ERC-998, ERC-1155, and TRC-721.
- Changes in government laws related to copyright, data protection, intellectual property, security, and taxation.
- Choice of the right blockchain network depending on the kind of consensus mechanism, the level of computing energy and scalability.
- Integration of smart contracts for automating the tasks like the acceptance of bids from investors, conducting of auctions, and the processing of peer-to-peer (P2P) transactions.
- Security measures to protect the artists, investors, and the NFT marketplace from hacking, phishing, and scamming attacks.
Analyzing the detailed process behind the development of NFT Marketplace
- Organizing a private discussion with entrepreneurs. This will help in knowing their business plans and operational scope.
- Studying the strategy of other NFT trading platforms. It involves collecting information about their collaboration with artists and brands. The extent of competition in the industry is known before taking a plunge.
- Creating a friendly user interface (UI) that suits all age groups and stakeholders of the creator economy (artists, gamers, filmmakers, meme creators, musicians, photographers, software developers, and sportspersons).
- Establishing the prototype of the NFT trading platform. It is packed with basic elements like an auction management dashboard, category-wise listing of assets, community guidelines, a help centre, hot collections, minting and listing of crypto collectibles, and top bids made by investors.
- Testing the prototype under predefined conditions. All the other features are integrated into the digital platform.
- Rigorous security testing is done to remove bugs and glitches. This will promote trust among content creators and investors. It will also lead to a safer trading experience in a fool-proof environment.
- Launching the final version of the NFT marketplace at an appropriate time. This will lead to a spike in registration from artists, speculators, and traders. In the long run, this contributes to greater sales and trading volume.
The core features to integrate into an NFT platform
- Easy holding of timed auctions (Dutch and English style).
- Integration with popular digital wallets such as Coinbase Wallet, Dapper, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, Torus, and Trust Wallet.
- Quick uploading of files (GIF, JPG, MP3, MP4, PNG, and WEBP).
- Real-time sharing of reports about market cap, prices, and trading volume.
- Round-the-clock technical assistance via Discord, email, live chat, and phone.
- A Search and locate option to find high-quality collectibles and skilled artists.
- Sharing of real-time notifications about the latest auctions, new collections, recently added digital collectibles, and updates to the protocol.
- A Verified Only Badge for acclaimed artists who regularly sell their work.
What are the new NFT marketplaces emerging in the industry?
“Competitors push you to achieve more”. Accordingly, the crypto space is buzzing with the launch of brand-new trading platforms. It comprises Autograph (by footballer Tom Brady), OneOf for Music, Tpunks (TRON), and WISe.ART (Polygon). This represents an exciting moment for entrepreneurs to make a significant impact in the market. They can harness the advantages of exclusiveness, indivisibility, interoperability, and scarcity.
What is the cost of NFT Marketplace Development?
Nothing is fixed in the world of digital collectibles. The number of use-cases is increasing with every passing day. Likewise, the expenditure for creating an NFT trading platform is not specific.
It depends on the choice of basic and premium features, cross-chain compatibility, the extent of customization needed by entrepreneurs, the location where it will be launched, the nature of the blockchain network, salaries paid to the front-end and back-end developers, and the type of tech stack.
Above all, crypto collectibles have an optimistic future ahead. Celebrities are coming out with exclusive collections and Venture Capitalists (VCs) are pumping in money on NFT trading platforms. Moreover, digital collectibles represent the future of ownership in several industries like art, e-commerce, entertainment, music, social media, and sports.
Besides that, Christie’s, a London-based auction house, will come out with a series of NFT curio cards on October 1, 2021. Importantly, cybersecurity and distribution of royalties will be the two focus points that will determine the future of crypto collectibles.
Entrepreneurs can stop being mere spectators. They can turn into a leader by contacting an NFT marketplace development company. This will contribute to an increase in total assets locked by artists and traders.