NFT Marketplace is a place where all the NFTs are displayed for sale. Creative creators around the globe can display their art pieces for sale. Opensea and Rarible are the famous NFT Marketplaces that work on the Ethereum blockchain network. These marketplaces are built with the Ethereum blockchain network. Ethereum was the first blockchain network, introduced the NFT Marketplace. As the future will be virtual the NFTs will prove to be a major shift in the virtual world. The creator can list the NFT in any marketplace it is all based on the interest of the creator. The creators mint NFTs and then list them on the NFT marketplaces for auction or open bids in exchange for the cryptos. The NFT Marketplace is now a billion-dollar market. There are great chances for the investors to pay their considerations in accomplishing the investment opportunities in the NFT marketplace. This platform can prove to be a game-changer for creative investors.
Whether you are planning NFT marketplace development from scratch or focusing on white label exchange. Let us guide you through the NFT marketplace development process to get started on your NFT journey with Hashlogics. Most of the clients want to start from Ethereum, Binance smart chain, Solana, Cardano because they offer a wide range of features. Contact with Hashlogics to unbox the full utility features of these marketplaces. Our experts help you go deeper into the benefits of the NFT marketplaces.
There are some non-fungible token marketplaces that offer you free minting. Different marketplaces offer different functions, pros, and cons.
WHY NFTs GAINED HUGE POPULARITY
NFT development is not a too old phenomenon it guides huge popularity in the last three years. With the rising popularity through social media tweets and after impressive global transactions experience enormous rise. The rapid growth increases the interest of people in terms of investment. Open sea marketplace proves out to be the best selling marketplace with a record 92.4 million monthly sales in the month of Feb while in January it reached 8 million. As the NFT marketplaces earn through transaction gas fees when NFTs are sold through these marketplaces.
Get a better understanding by grabbing some samples. NFT’s best-known examples include:
- Original digital piece of art
- Digital collectible
- In-game item
- Music track
- NFT art app
- Essay/Creative writing
- Unique pair of shoes
These are great examples of non-fungible tokens. Now, we are going to give you complete knowledge about the NFT marketplace.
BEST KNOWN MARKETPLACES
NFT marketplaces are gaining huge popularity with the rising trends of NFT development. The best-known marketplaces for selling your creative masterpieces are given below.
- Open sea
- Nifty gateway
- Binance NFT
- Super rare
- Async art
- Makers place
- Known origin
HOW NFT MARKETPLACE DEVELOPMENT OPERATES
- Choose the blockchain
- UI creation
- Smart contracts
- Storage and integration
- Testing the process
CHOOSE THE BLOCKCHAIN
The development of most of the NFT marketplaces tends to be built on Ethereum, Binance Smart Chain, Solana, Cardano, and polygon. Now the first step could be finalizing with blockchain network where you want you to start your journey.
User interface creation is an integral part that should be user-friendly and attractive as UI will be the first impression of your marketplace when the user visits your marketplace. Presenting you an attractive UI with easy to use interface will gain you more new active users with the best experience and long-term engagement.
Smart contracts are integral to performing all the transactions in the Best NFT Marketplace Development. Smart contracts play a pivotal role in this regard. It grants the more secure way in decentralizing the are the main cause for all the operations that take place in a decentralized platform. Thus, the development of the smart contract is a basic objective that should be done on a priority basis.
STORAGE AND INTEGRATION
After completing the user interface and finishing the minting of NFT. These NFTs are stored in IPFS and all the other information of the NFT are stored in DB. After storing information and creating NFTs the front-end settings will be amalgamated with the backend.
TESTING THE PROCESS
After successful integration, the next phase came to be the testing of the whole process. Which involves finding and fixing the errors. It can help you in reducing the errors and impediments to the success of the project. An error-free NFT can increase the chances of your growth.
Implementation involves the deliverables of the project after compilation of all the steps involved in the development of NFT. In this phase, you can post your NFT on the marketplace for selling.
Launching your NFT marketplace can benefit you with rising growth in NFTs creation and selling. Marketplace development no doubt is a trending phenomenon to offer entrepreneurs with the evolving growth trend in terms of revenue generation.
With the increasing volume of creative NFT and monthly revenue stream, Open sea experiences the highest number of transactions in a month. Thus, developing the marketplace requires the expert’s opinion and efforts. We at Hashlogics offer our expert’s opinion to help you get started your dream marketplace into reality. Contact us to initiate your marketplace development journey.