Creation of NFT Marketplace

The introduction to NFTs happened back in 2014 but it saw its highest growth since 2017. NFT defines itself as non-fungible tokens which are unique in their nature and represent real-world objects and act as digital assets. The buying and selling of such assets happen online through NFT. One cannot interchange the value of these assets and they can be used in various ways or in fields to certify ownership over any particular property be it music, art, sport, tweets, memes, games, etc. The functioning of NFT is almost like a cryptographic token but unlike Bitcoins or any other cryptocurrencies, it prohibits mutual interchangeability owing to the unique digital signature. It is part of the Ethereum blockchain. The transaction records of NFTs are permanent.  NFTs neither contribute to the cash flow in the economy nor are real assets. For instance, an artist with NFT or his/her creation can achieve ownership rights for the creation and can easily access the international market and claim benefits. Leonardo da Vinci’s ‘Mona Lisa’ for example has one actual version but hundreds of numbered copies of the original artwork.

Being one of the leading NFT Development services providers, the Monkhub development team has explained the building of the NFT marketplace. So let’s get started.

NFT Marketplace :

NFT marketplace is a platform that is decentralized in nature which permits the users to purchase, sell or even store the non-fungible tokens. But before knowing more about developing the NFT marketplace, one should research well about the work procedures of the NFT marketplace.

How to use NFTs?

It requires one to sign up at the very beginning followed by the installation of a digital wallet to store NFTs. A user has the full liberty to choose payment tokens as the fee for his/her works. The next step requires listing items for sale and thereafter choosing a bid either for a fixed price or an auction. There are several NFT marketplace developments around NFT such as OpenSea, Grime’s choice, Nifty Gateway, etc.

Features of NFT Marketplace Development :

• Transparency is a prominent feature in NFT platform. The bug-free payment process offers a very smooth transaction.
• Smart Contracts are implemented here with digital signatures to prevent fraud activities.
• Decentralization enables data to be copied and distributed to various blockchain networks.
• Low traffic congestion.
• The in-built security secured by private keys protects from transaction loss.

In spite of all the features, NFT doesn’t enlist important details like bids, owners, price history, and preview. Other than this one NFT marketplace should have filters and wallets for storing and exchanging tokens.

Some popular NFT blockchain platforms

The following are needed to develop the NFT marketplace;

• Ethereum: One of the most popular platforms of NFT. This blockchain was the first to create a NFT as ERC-721 standard. The best feature of Ethereum is that the transaction history is publicly verifiable so it definitely gets very easy to settle ownership history. Also tokens remain available for sale around the clock.
• Flow: The makers of cryptokitties developed this. The functionality involves splitting to increase efficiency.
• Tezos: It belongs to the top category blockchain group. It is decentralized and self amending in nature and best for creating dApps.  LIGO smart contract languages are supported here.
• Rarible: Rarible was the world’s first designed community owned NFT marketplace created by Alex Salnikov and Alexei Falin. The cryptocurrency of this one is called RARI. Owner of RARI tokens gets the privilege to express their proposals in modification of the platform.

Apart from the above-mentioned platforms, there are platforms meant for storage of NFTs like;

• IPFS: It is a hypermedia protocol based on a decentralized network which helps in storing the media when media files cannot be stored directly on the blockchain.
• Filecoin: It is again one decentralized network meant for storing critical media files.
• Pinata: It works like a helping aid to IPFS. It helps in the uploading and managing part of media files on IPFS.

How should an NFT website function?

An NFT website should contain certain functionalities to deliver a user-friendly experience. The website must contain the following-

• Storefront
• Filter according to categories.
• Listing creation for uploading a file with name, description and tag.
• Listing status to help sellers know the verification details of their items.
• Auction watch list to track status of bids and expiration date in the forms.
•  Ratings as feedbacks to understand reliability of product before the purchase.
• Creation of wallet system to store, buy or sell conveniently. For example ‘Opensea’ allows different wallets like Metamask, Bitski, Fortmatic, Walletconnect, Walletlink, Dapper, Torus etc.

The expense of developing NFT marketplace :

Like any ordinary market, the price here depends on the requirements. For example, a handmade item requires more time, energy, and attention to detail whereas machine-made or readymade items are not that intricate. As a result, the latter is cheaper. The same formula goes with NFT marketplace development companies; a reliable software company will focus more on the functionality and design according to the requirement than the readymade option. The average time needed to design one NFT marketplace is somewhat around 1064 hours which includes UX/UI Development, creating user profiles, the home page, search and filters, authorization, and security, product page with rating option, payment option, notifications, NFT management, admin panel, buyer panel, etc.

The rise of NFTs has surely brought a drastic change to the monotonous routine of conventional markets and gives a promising start to newcomers in the world of digital currency. But it is always advisable to do research before investing or selling given the risk factors involved.

Ending Note:

As one of the top-notch non-fungible token companies, Monkhub also provides professional services for the NFT exchange platform development. Contact us for a free consultation if you have any queries.