The digital marketing world has been transformed into a profit-yielding field due to the arrival of non-fungible tokens. Non-fungible tokens, also known as NFTs, are digital products or the certification for the authenticity of those digital products. Non-fungible tokens are built on a blockchain network that secures all the transaction details. NFTs are represented as any physical asset that can be digitized, such as trading cards, music files, audio files, domain names, virtual real-estate lands, etc.
Non-fungible tokens are traded in a decentralized exchange platform known as the NFT marketplace. It is a commonly used platform that is specially designed for the trading of NFTs. The popularity and the attractiveness of NFT, caused many business models to build their own NFT marketplace development platform. It is said to yield more profit for the business model when the model uses its own NFT marketplace development platform.
NFT Marketplace- A Complete Explanation
Non-fungible tokens are traded in a special platform known as the NFT marketplace. It is a platform where all the transactions of the digital assets known as NFTs take place. The users can sell, buy and exchange their digital assets. The marketplace is built on a blockchain network, thus, the ownership of the NFTs that are bought can be traced back to their original owners. The creation of NFT marketplaces has increased due to their immense popularity. There are many varieties of marketplaces like open type and exclusive type.
In an open marketplace, all sorts of Non-fungible tokens can be traded. Popular examples are OpenSea and Rarible. In an exclusive marketplace, only a selected group of NFTs are traded like digital art collectibles or sports files. Popular examples are SuperRare, Nifty Gateway, and NBA Top Shot.
How does an NFT Marketplace work?
The user has to upload the digital asset into the marketplace, after the uploading process, the minting process takes place, as the digital asset is converted into an NFT. After the minting process, the user is granted the option to add a description to the newly minted NFT. After adding a description to the NFT, it is listed on the platform for purchasing. The buyer can purchase the chosen NFT through the respective cryptocurrency of that blockchain. The user can also buy NFTs by initiating an auction on the platform.
Types of NFT marketplaces
There are several types in the NFT marketplaces. Though they are built with the same blockchain technology, their usability and target audience differ. They are mainly differentiated based on the type of asset they possess. And in the NFT, all of these marketplaces have huge competition within their market, and every kind of marketplace is making revenue in millions of dollars. Here are some major NFT marketplace types,
- NFT marketplace for art
- NFT marketplace for Sports
- NFT marketplace for games
- NFT Marketplace for Music
NFT marketplace for art is a place where many arts, designs can be found, and they can have both tangible and intangible assets. Opensea is one such famous NFT art-based marketplace. And it raised about 100+ million dollars as crowdfunding.
Sports are already an emotional connection to most people. Bringing NFT into sports will eventually have a grand opening. For example, the NBA Top Shots NFT sports marketplace owned by the NBA has made millions of dollars in a brief period.
The gaming industry is centralized primarily, and users have to pay for the In-game assets, which will be used only inside the game. NFT gaming changed their way and made everything decentralized where it is adopted.
The Music Industry has seen many transformations over the years, and its latest form is NFTs. Music artists consider it pure bliss as they can make a lot of money by tokenizing their unique music creations. NFT Marketplace for music enables the creation of an exclusive digital stage that offers a sense of ownership for a musical work.
Salient Features Of NFT Marketplace
NFT marketplace is equipped with a feature called storefront which holds the complete information and description of the digital assets, such as, the preview bid, information regarding the owner, and the price values.
The filtration feature is specially introduced in the NFT development platform, making the browsing process easy for the users. The filtration feature allows the users to filter the search based on the price range, type of digital asset, and the listing process.
- Auctions and purchasing
The NFT marketplace is provided with an auction portal that allows users to undergo a smooth bidding process. The auction portal is fixed with an expiration date of the bid, which gives more leverage to the users to initiate the bidding process.
- Digital wallet
The NFT marketplace platform is integrated with an in-built digital wallet similar to the Binance decentralized exchange platform. NFT Digital wallets allow users to store and transfer cryptocurrencies. NFT Digital wallets are an essential feature of the transaction process.
Attractive Benefits of NFT Marketplace Development
Unparalleled Level Of Security
Security is considered an essential feature of the NFT Marketplace platform. The built-in protection is used for carrying out token transactions in the market, and it protects you from all kinds of transaction losses and other unwanted actions as private keys safeguard them.
High Level of Transparency
Users are permitted to witness every transaction in the NFT Marketplace platform. The blockchain network in the marketplace platform assures risk-free payment methods and supports smooth transactions. This feature is regarded as a crucial feature that works to better the platform.
Implementation of Smart Contracts
Smart Contracts are generally initiated by digitally signing an agreement to sidestep all kinds of fraudulent activities and eradicate the presence of intermediaries. Smart Contracts are written in lines of code to automate the process further.
Users need not have to share any of their personal information like credit card details and other details to enter the NFT marketplace platform. All major payments and charges on the marketplace platform are made in cryptocurrencies.
NFT Marketplace Development Process
At Infinite Block Tech, we provide many modes of NFT marketplace creation. Our NFT marketplace development solutions are one of the best in the domain. There are three types of NFT marketplace solutions are provided for the creation. Custom-made NFT marketplace platform, integrating with OpenSea SDK protocol and white label NFT marketplace platform.
Building from scratch
A custom-made NFT marketplace is a specific mode of marketplace creations, where the user can customize and build their NFT marketplace from scratch. This marketplace can be customized from the development of the type of blockchain technology to choosing the mode of crypto payment. This process provides complete customer satisfaction when compared to other marketplace development processes, but this type of creation process consumes more time to create and deploy.
Integration of OpenSea SDKs
Integration of OpenSea’s software development kit into a basic NFT marketplace is an easy process. The development of the marketplace is done in less time compared to the custom-made NFT marketplace. This type of marketplace cannot be customized to the user’s requirements as it implements only the respective SDK that is being developed,
White label NFT marketplace
White label NFT marketplace is an in-built marketplace. This marketplace is easy to deploy into the digital world as it is already built by the development company. Upon the request of an NFT marketplace platform, the development company immediately deploys the white label NFT marketplace. This development process of this platform takes less time compared to the other two modes. But, the only drawback is that the Whitelabel NFT marketplace platform can never be specified according to the customer’s requirements as it is already pre-built by the development company.
Revenue Generation Options and Features of NFT marketplace
Every blog about the NFT on the internet talks about the millions and billions made in the NFT marketing but do you have any idea about how they are monetizing the marketplace? What revenue sources do they have?. Without knowing where revenue comes from, building an NFT marketplace will either keep you idle or let you see the deep down.
The revenue option from NFT marketplaces are mainly from
- Transaction fees
Other than the above-mentioned, NFTs have various integration and branding fees. Advertisement in the marketplace will also give considerable revenue to the owners of the NFT marketplace.
Features of NFT marketplace
The NFTs are built with token standards like ERC-721, where they don’t restrict any communication between different networks,
Though the NFTs are echoing everywhere, there are still many vacancies for the most reliable and stable NFT marketplace. The development is still highly valued,
Since the blockchain makes NFT marketplaces a decentralized environment, everything will work under certain conditions. No intermediate can barge and tamper the contents.
NFT marketplaces have specific standards in common, like ownership authentication and transfer support.
Other than above mentioned NFT, marketplaces have various advantages like liquidity, crypto wallet support. The decentralized marketplaces allow the users to have a privacy friendly and anonymity afforded space where they are comfortable in purchasing the NFTs. NFT marketplace development is one such business model that has very good future potential.
Why Hire Infinite Block Tech As Your NFT Marketplace Solutions Provider?
Infinite Block Tech is one of the pioneer development companies in the crypto space. We have provided NFT marketplace solutions to many business models in the past, ranging from small-scale to large-scale business models. We specialize in creating NFT marketplaces based on the customer’s desired blockchain technology. The blockchain technologies we created for NFT marketplaces in the past are, Ethereum, EoS, Binance Smart Chain, Tron, etc. We have a wide range of marketplace development modes, the customer can choose the desired one and can avail of our services. We strongly believe in providing post-deployment services for the customers, we assist them till their NFT marketplace becomes a complete entity in the NFT domain. Our development team is one of the best in the NFT market, we have high-level expertise and knowledge in developing the marketplace. In order to reach us for the development of your marketplace. Contact us soon!