NFT Marketplace Development: A Comprehensive Guide
Last Updated on: April 27, 2023
Blockchain technology serves as one of the most popular use cases in the financial industry and also catalyses NFT marketplace development and currency trading.
Along with blockchain-based trading, digital art pieces are also getting popular and this is exactly where you might have heard of something called Non-Fungible Tokens (NFTs). NFTs are distinctive and immutable and have ample potential use cases like crypto art, digital identity, finance, trading and licensing.
Now you must be wondering how one would trade and regulate these NFTs. NFT marketplaces have been the talk of the FinTech space. As per the 2023 bitcoin.com report, the top five NFT collections earned sales of approximately $242.56 million in January. Other than this, the total sale of NFTs in January 2023 has been $997.53 million.
Let’s now dive into the details of NFT marketplace development. This article will help you understand the process of NFT marketplace development and its tech stack comprehensively. Without further ado, let’s get started!
- Defining NFT marketplace
- Features Of NFT marketplace
- Technical Suite Of NFT marketplace development
- Systango’s Innovation As An NFT Marketplace Development Company
Defining NFT Marketplace
NFT stands for “non-fungible token”, a type of digital asset that’s unique and can’t be exchanged for something else of equal value, unlike say, a dollar bill or a bitcoin. Now, an NFT marketplace is a platform where people can trade these unique digital assets.
These assets can include digital art, blockchain game collectables, music, videos, and even tweets! It uses blockchain technology to verify the ownership and authenticity of each NFT, so buyers can be sure they’re getting the real thing.
Think of an NFT marketplace like an online auction house, but instead of bidding on physical art or collectables, people are bidding on one-of-a-kind digital items that can be stored on a computer or other device.
It’s a new and exciting way for creators and collectors to buy and sell unique digital assets, and the popularity of NFTs has exploded in recent years.
With the constant change in trends, NFT marketplaces have evolved in a sink with the latest blockchain upgrades. If you are familiar with blockchain trading, then you might have also heard about cross-chain trading.
Contemporary marketplaces have addressed the point of cross-chain trading with features like niche-specific NFTs, cross-chain bridges, diverse metaverse projects compatibility and NFT swapping.
A few things that you must consider before you initiate your NFT marketplace development:
- Blockchain protocol
- NFT storage
- Architecture design
- Backend & frontend tech stack
Now that you have a clear picture of what an NFT marketplace is, let’s move ahead and take a look at its features in the next section.
Features Of NFT Marketplace
Before you proceed with your NFT marketplace development, always ensure that you opt for the right set of NFT marketplace platform attributes. Some of the fundamental features of the NFT marketplace are as the following:
A captivating storefront constitutes the fundamental details like name, bids, history and NFT value.
The search bar should have proper search filters to help the users find their first NFT item, collection or the listed accounts on the platforms.
Ensuring an efficient search is a strategy for you to offer your marketplace users an effortless search experience, therefore, promoting business sales.
Always make a point to add bidding options during your NFT marketplace development.
Bidding helps creators to fetch revenue and bidders monitor the trend of bidding fluctuations. Bidders can wait and bid as per the increase and decrease in the price of collectables. Add the bidding tenure so that the process of bidding becomes more valuable in timely NFT auctions.
NFT Listing And Monitoring
Registered users on the platform have the ability to create and publish their own artwork listings in their personal data, allowing customers to easily sort artwork by artist or specific pieces.
Additionally, creators can monitor their artwork’s sales and potential buyers, keeping track of their prospects.
Decentralised Wallet In NFT Marketplace Development
Let me tell you one important thing about your users, they will look for a secure space to store their NFTs. And, on that note, nothing is safer than offering a decentralised wallet to your NFT marketplace users.
You can implement various wallets for storing and submitting tokens on the NFT marketplace. This will support your users to sign in instantly with their choice of wallets instead of signing up with complex online wallets.
Smart Contracts For Trade Automation
To facilitate hassle-free trade on your platform, always implement a bug-free smart contract on your platform. Also, ensure a timely audit of your smart contracts to check for code bugs if any. This will help you optimise the functionality of your smart contracts.
Smart contracts will, thus, act as a legal clearance of the trading process, surpassing any breach of trust between the NFT owners and buyers.
By providing financial motivation for creators to produce high-quality NFTs and remain invested in the platform, royalties can encourage long-term growth and ensure that creators are compensated fairly for their work, regardless of how frequently their NFT is resold.
Additionally, the establishment of royalties can foster trust between users and the platform by demonstrating a commitment to fairness and the support of creators.
Ratings In NFT Marketplace Development
Try to include the feature of ratings on your NFT marketplace platform, as they help the newbies comprehend the actual worth of digital collectables.
Using the rating feature, past marketplace participants can talk about their experience to convey to others about the NFT seller’s reliability.
All these core NFT marketplace features will provide the infrastructure and tools for your NFT creators and collectors. It helps them participate in the trending digital art and collectables marketplace.
NFT marketplaces, thus, help regulate new forms of artistic and cultural expression via crypto art, digital collectables and tokenised assets., for the global growth of the digital economy and trading.
Now that you know the core features, let us further understand the technology stack behind integrating these core features during an NFT marketplace development in the next section.
Technical Suite Of NFT Marketplace Development
The tech suite of any NFT marketplace development depends upon the market niche you are focusing on while creating a trading platform.
Isn’t it interesting how you get to choose your relevant tech stack and customise your marketplace to keep up with the latest NFT trends?
For your easy comprehension, we will break down the tech suite of an NFT marketplace development into four core sections.
The first part of an NFT marketplace development constitutes selecting a blockchain network. There are various blockchain networks like Flow, Cardano, Solana, Tezos and Ethereum.
Then the next section constitutes NFT storage platforms. You cannot store NFT-related files directly on blockchain platforms.
Hence, the storage platforms like IPFS, Filecoin and Pinata give you decentralised data storages to upload and manage NFT-related data securely.
NFT Standards In NFT Marketplace Development
Then the third section constitutes various NFT standards. Now you must be wondering what is the purpose of NFT standards on a marketplace.
A standard for NFTs establishes a common set of rules and guidelines for how NFTs should be created, managed, and exchanged. This includes standards for metadata, ownership, and transaction history, among other things.
By adhering to these standards, NFT marketplace development becomes seamless and offers an efficient ecosystem for NFTs, allowing users to easily trade NFTs across different platforms and services.
In addition, having standards for NFTs can also help ensure their authenticity and provenance, which is an important consideration for both buyers and sellers.
Standards can help establish clear ownership and provenance of NFTs, which can help reduce the risk of fraud and enhance the trustworthiness of the marketplace.
The last section of the NFT marketplace development tech suite constitutes front-end frameworks. These frameworks play a crucial role by providing a set of pre-built tools and components for building user interfaces and web applications.
Front-end frameworks make it easier and faster to develop a high-quality user interface for an NFT marketplace, allowing developers to focus more on the business logic and functionality of the platform.
Frameworks like React, Angular, and Vue.js provide a variety of components and tools to build responsive and interactive user interfaces. They can be customised and integrated into the NFT marketplace’s design, making it easier to create a consistent and cohesive user experience.
In addition to providing pre-built components, front-end frameworks also offer features like state management, routing, and data binding.
Now that you are familiar with the technical suite of an NFT marketplace, let’s understand what an NFT marketplace development company like Systango does in the following section.
Systango’s Innovation As An NFT Marketplace Development Company
We have a set process of NFT marketplace development as mentioned below:
- Discovery phase: Finding out the niche market for NFT marketplace development
- Assembling a team: Selecting and deploying a team of tech experts for NFT marketplace development
- Development: Developing the back end and the front end of the NFT marketplace
- Testing and UAT: Reviewing the marketplace’s performance and fixing bugs if any
- Post Launch Monitoring: Getting the NFT marketplace tested by a QA team
- Final Launch: Making the NFT marketplace live for public NFT trading
Systango as a blockchain development company has innovated a unique marketplace called Veraticket.
It is a platform that seeks to create a distinctive marketplace to eradicate black markets, increase revenue for artists and event organisers, and ensures equitable prices for ticket buyers.
Veraticket also endeavours to provide royalties to organisers and artists for each resale.
To meet the client’s requirements, we as an NFT marketplace development company innovated a blockchain-based NFT ticketing marketplace. This NFT platform enables event organisers and artists to list and promote their events, while users can purchase NFT-based tickets.
The creation of NFT-based event tickets is also intended to stimulate users’ interest in owning or trading them as collectables.
Systango offered end-to-end development support for the Veraticket platform.
Our team of blockchain development experts analysed various blockchain platforms and tools to select the appropriate blockchain development platform, features, functions, and design for Veraticket. They assisted stakeholders in developing the desired platform on both the front end and back end.
Additionally, our QA team conducted extensive pre-launch testing of all deployed programs.
NFT marketplaces have emerged as important platforms for creators and collectors to exchange digital assets, offering a new and innovative way to monetise and invest in digital content.
For creators, NFT marketplaces like SuperRare, Rarible, Veraticket and OpenSea provide a way to monetise their digital content, such as artwork, music, and collectables, while establishing provenance and authenticity.
For collectors, NFT marketplaces offer a unique opportunity to invest in one-of-a-kind digital assets that can appreciate in value over time.
Overall, NFT marketplaces hold the potential to bring about a revolution in our understanding of digital ownership and the value of creative content in the digital age.
Are you looking for white-label NFT marketplace development? Contact us now and get your marketplace built by our NFT development experts!