There is always something up the sleeve of the digital applications that fuel the revolution within the digital world. Non-fungible tokens are no stranger to this phenomenon; they have been around the corner for a long time, and the feats that were achieved by this domain are nothing short of brilliance.
Non-fungible tokens are so dominant that they are being utilized by various business sectors around the world. For example, the art and real estate industries are taking advantage of the NFT domain to the fullest extent.
With every business adopting this innovative technology, now is the right time to enter the NFT domain and experience immense profits and rewards for the future. Our NFT development company, Infinite Block Tech, is the perfect choice for enabling NFT marketplace creation for your business and avail of its seamless benefits.
What Are Non-Fungible Tokens?
Non-fungible tokens are digital assets that are bound by the concept of uniqueness and rarity. As the name suggests, they are non-fungible; they cannot be traded among themselves since they are unique. The assets that are represented as NFTs possess the ability to be digitized, and they can be either tangible or intangible assets. The most commonly used assets as NFTs are image files, domain names, art collectibles, real estate, trading cards, etc.
Characteristics of Non-Fungible Tokens
- Proof Of Authenticity
The authenticity of the digital assets can be easily verified and produced to the buyer if it’s a representation of an NFT. This is possible because of the storage of ownership in the blockchain network.
- Unique Digital Assets
Non-fungible tokens are unique by default. Hence, they cannot be interchanged with any other NFTs. Therefore, it possesses non-interoperability.
- Seamless Tradability
They have the ability to be traded over various NFT marketplaces. The act of bundling, selling, and bidding have been offering optimized opportunities to the NFT creators.
The ability to trade at an instant increases the generation of liquidity of the digital asset. Additionally, NFTs are exposed to a larger audience, from beginners to professional buyers.
NFTs always possess high market value because of their ability to be rare. This is achieved by limiting the supply of the NFTs to a certain extent by programming the smart contract accordingly.
How To Create Your Own NFT Marketplace?
NFT marketplace is a special platform that is used for trading non-fungible tokens on the power of blockchain technology. There are two types of marketplaces; open type and exclusive type. The open-type marketplaces trade all types of non-fungible tokens, whereas the exclusive-type marketplaces trade only a certain type of non-fungible tokens.
NFT marketplace is vital for businesses that are involved in the digital space. Thus, creating your own NFT marketplace is a smart move towards business success. At Infinite Block Tech, we have two primary types of development methods that are selected by you depending on your requirements.
Key Points to Remember Before Creating your NFT Marketplace
The development of the NFT Marketplace is crucial for business growth and the improvement of the marketplace. Below are the key factors needed to consider before developing the Platform.
Selecting the Business:
You have to select the business and know your projects and how they will benefit the market and the users. Your business project should be helpful and simple enough for the marketplace’s users.
Understanding the Market:
It is crucial to be aware of the market before launching the marketplace in the digital world. It will improve your decisions and help you improve your business with the current market scenario.
Design the Model:
Designing plays an important role. The marketplace design should be simple and effective to bring in new participants from the digital world. It should allow the investors to trust the marketplace.
Select the Blockchain Technology:
There are many blockchain technologies currently available in the market. Every blockchain has its pros and cons. You have to select the blockchain that supports your business idea and will improve the user’s experience in the digital world of NFTs.
Developing the Marketplace:
This is the main process, and there are two ways of developing a Marketplace. The first is creating the marketplace from scratch with a development team capable of executing all the requirements. It takes more time and effort. Second is the simple and effective way, i.e., using a white label solution to develop and launch a marketplace.
Test the Marketplace:
Testing the developed marketplace is important since it assures the developers and users that the marketplace is reliable and secure to participate in and trade.
Create NFT Marketplace From Scratch
- At IBT, we use meticulously crafted development stages for creating your NFT marketplace from scratch.
- Develop an appropriate UI design for the platform.
- Initiating a set of programming codes for the implementation of the required features.
- Based on the core functionalities of the platform, the smart contract is developed.
- After the development of the smart contract, auditing is done to ensure that the bugs are fixed.
- Utilizing the smart contracts to place them on the frontend and backend.
- Initiating the platform to various evaluation stages to test for efficiency.
- The final product, the NFT marketplace, is delivered to the client.
Whitelabel NFT Marketplace
Whitelabel NFT marketplace is a market-ready marketplace. We have numerous white label products for your marketplace with various blockchain technologies, such as Ethereum, Binance Smart Chain, Matic, etc. This development method enables you to customize your platform to the fullest, which includes blockchain, smart contracts, and even post-marketing services are provided. Therefore, it is an excellent development method for instant launch into the market.
How To Start Your Own NFT Collection?
To start your own NFT collection; creating your own NFT is mandatory. As mentioned above, non-fungible tokens are assets that can be digitized. The process of creating NFTs is simple, digitize your asset and upload it in an NFT marketplace, and proceed with the minting process. The minting process converts the digital asset into an NFT, and by doing it repeatedly, you can create your own NFT collection and gain enormous profits by trading them on various NFT marketplaces.
Benefits of Developing an NFT Marketplace
The Marketplace provides an additional income for the marketplace owner. The marketplace is an automated system and does not need supervision from the person or intermediaries. Therefore will help you make an additional income.
If you are already doing a business, the marketplace will help you with business expansion in the digital world. You can use the marketplace to expand your business.
Part of the Digital era
By launching a marketplace, you become a part of the digital era. And since the digital world is increasing its active participants from around the globe, it will benefit your business and the marketplace to grow.
By participating in the blockchain network with the decentralized NFT marketplace, you expand your business in the decentralized environment. It will benefit you and your business.
How Much Does It Cost To Create NFT Marketplaces?
The cost for creating an NFT marketplace varies depending on the type of development stages that are being implemented on the project. For example, developing an NFT marketplace from scratch costs more than a white label NFT marketplace.
The costs for marketplaces are dependent on various factors; smart contracts, blockchain, development company, post-marketing services, etc. Thus, predicting the cost for creating an NFT marketplace is highly difficult since it depends on various internal and external factors.
Why Creating Your Own NFT Marketplace With Us Is A Right Choice?
The first and primary reason for hiring us is because Infinite Block Tech is a pioneer in the domain of non-fungible tokens. We have extensive experience in providing NFT creation to our clients. Our reputation for developing NFTs is beyond boundaries, and this is the reason why we are being approached by numerous business sectors that want to make it big in the crypto field. Our services do not stop at just developing your NFT platform but also expand the services towards the post-marketing domain; social media marketing, content marketing, e-mail marketing, forum marketing, etc.
Infinite Block Tech ensures that your NFT marketplace is developed with seamless features and at an affordable price. Our priority is to make your business bloom in the digital market. Hire our NFT development company for unlocking these exceptional beneficial factors to your business.