The popularity of online marketplaces for digital collectibles is increasing day by day. If you also want to enter the market, you need to develop a marketplace on your own. We are already aware of Blockchain technology, different cryptocurrencies and many people use various marketplaces to purchase or sell products.
According to NonFungible.com, in the first quarter of 2021, the general capitalization of major NFT projects increased over 2100% (in the past year the total market growth was only 300%). Many NFT tokes are sold instantly, and the most popular ones were sold approximately for 70 million dollars. Moreover, various celebrities support the market by transferring their music, pictures, memes, videos, logos, codes, etc. into NFT.
The most benefit is the websites, which work as platforms for NFT trading to simplify the purchasing and selling of the NFT. If you are wondering how to develop an NFT marketplace app like OpenSea, read this blog. We have covered everything you should know while creating such a marketplace. We will shortly discuss what is NFT and where it can be applied, how to develop your own NFT marketplace, and how much it costs.
What is NFT?
Non-fungible token, or NFT — is a digital token that is designed to work as a digital certificate of proprietary rights for physical or virtual assets, such as photos, videos, tweets, codes, etc. Each NFT is a unique, non-fungible, indivisible digital asset. This means that NFT is different from Bitcoin and Ethereum, so they can not be traded or used as a payment method.
What is an NFT Marketplace?
It’s a platform that enables you to preserve and trade NFT or Non-Fungible Tokens easily. You can usually buy or auction these tokens at a fixed rate. You must have a crypto wallet to make transactions and store your tokens to use such a marketplace. OpenSea is a marketplace where you can buy or sell NFT artworks.
An NFT marketplace allows users to build an account, upload digital artworks and make sales. Generally, niche marketplaces are higher in demand than standard ones, as they offer all that clients may need, specialize in selling some online artworks, and contain a specific target audience.
How Does an NFT Marketplace Work?
To use a marketplace, you should register and connect the crypto wallet to your account. Next, you need to follow some steps:
- Create an NFT and define all preferred parameters.
- List your digital goods for sale and wait for the completion of the moderation.
- Buyers put their bids when auctions occur.
- When auctions are complete, the marketplace transfers cryptocurrency and digital products.
An NFT marketplace utilizes particular transaction protocols known as smart contracts. These protocols regulate the connections between the seller and the buyer. Moreover, these smart contracts contain identifying data associated with an NFT. Hence, the process of buying and selling tokens becomes user-friendly and convenient.
Top Features to Include in an NFT Marketplace App
Here are some of the features that you can include in an NFT marketplace app:
A thriving NFT marketplace usually has a storefront that works like a dashboard. It provides users with all data needed for an asset:
- Value history
2. Advanced Token Search
Consumers should get complete information on products they need urgently, without effort. Your NFT marketplace app should contain every product arranged with some features (for example, art, images, music, videos, memes). Faster search boosts client satisfaction.
Using filters is highly beneficial. Moreover, it becomes easier to undergo a website. If you want to create an NFT marketplace platform for collectibles, add this feature. It lets users freely choose assets by category, payment method, due time, and listing status.
4. Bid and Buy
A marketplace must allow customers to buy and provide NFTs recorded on the platform. Their offers should include a bid validity date and enable them to see information on those offers’ current status.
5. Create Listings
Allow your consumers to create and send digital collectibles. Make sure they need minimum effort to do it. Please create a page where they can submit files, typing in the detailed product description. Information like tags, title, and description is necessary.
Your NFT marketplace should contain a wallet that allows customers to store, send and receive NFTs and cryptocurrencies. You can create your own wallet or integrate existing wallets like Formatic, Coinbase, or MyEtherWallet into your platform.
7. Listing Status
Listing status is beneficial for people who provide products and pass the product authentication process. It permits checking the position of the confirmation process. It helps execute collectible verification.
It’s a feature for beginners who don’t know where to begin, select products quickly, and how the system functions. Checking someone’s rating helps users understand whether the particular seller is trustworthy. On an NFT marketplace, participants can rate others and give feedback depending on their experience. It allows others to check the credibility of a user.
Things to Consider When Building an NFT Marketplace
Following are the factors you should consider while creating an NFT marketplace app like OpenSea:
Your NFT marketplace must have transparency to give users a clear view of all transactions. The Blockchain network makes sure an error-free payment procedure provides a seamless transacting experience.
It’s a powerful feature in an NFT marketplace about the transaction of tokens among traders. The in-built security safeguards traders from transaction loss and other unnecessary functions.
It allows you to copy and distribute all information to different Blockchain networks. At the time of a new block’s introduction, the network updates its Blockchain for making changes.
4. The Monetization Model
It would help if you considered this element while creating an NFT marketplace. For instance, OpenSea does not charge a fee for listing. However, during sales, the platform deducts 2.5% from the product cost.
5. Smart Contracts
No commission fee is necessary for initializing smart contracts. You can do this by signing the contract online to prevent fraudulence and reduce intermediaries.
Technology Stack To Build an NFT Marketplace
- Blockchain: Ethereum, Binance Smart Chain.
- Token Standard: ERC721, ERC1155, BEP-721, BEP-1155
- Smart contracts: Ethereum Virtual Machine, BSC Virtual Machine.
- Frameworks: Spring, Symfony, Flask.
- Programming languages: Java, PHP, Python.
- Databases SQL: MySQL, PostgreSQL, MariaDB, MS SQL, Oracle.
- Databases NoSQL: MongoDB, Kassandra, DynamoDB.
- Search engines: Apache Solr, Elasticsearch.
- DevOps: GitLab CI, TeamCity, GoCD Jenkins, WS CodeBuild, Terraform.
- Cache: Redis, Memcached.
- Programming languages for web: Angular.JS, React.JS, Backbone, and Ember.
- Programming languages for mobile: Java, Kotlin for Android, and Swift for iOS.
- Architecture: MVVM for Android and MVC, MVP, MVVM, and VIPER for iOS.
- IDE: Android Studio and Xcode for iOS.
- SDK: Android SDK and iOS SDK.
Approximate cost of the NFT Marketplace Development
|Scope Of Work||Rate (in USD)|
|Login / Security|
|Search bar, Categories, Filters|
|Reviews & Ratings|
|Super Admin Panel|
|Total Cost (Approx. Value)||$1,55,000|
The cost and duration depend on the performance of the marketplace. If you want to create a complex platform, you must invest more money in developing the NFT art marketplace.
If you use a readymade solution, there is no assurance of security, and the product’s dependency will be on the platform from where you receive the key. However, the cost will be lower in this scenario.
On the other hand, you may hire a software development team to create a custom app for you. After all, our specialists at SYMSWEB will create a user flow, build the functionality, add features, and design the marketplace from the beginning. Hence, the price may increase a little more.