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.
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 marketplace 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. Digital wallets allow users to store and transfer cryptocurrencies. Digital wallets are an essential feature of the transaction process.
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.
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!