While blockchain technology took the world by storm in 2021, NFTs also gained momentum. During 2021, almost everyone heard about NFTs; they became part of the culture. Now, NFTs are not only a way of self-expression through digital art but also a financial tool.
NFT marketplace development has become a fundamental task that almost anyone can handle. Of course, it is only possible to buy and sell NFTs with an intermediary, which is where trading platforms come to the rescue.
In this review, you will learn how to create an NFT marketplace, its advantages, and how to make money on it. You will also learn what tools to use to create your own NFT marketplace and how much it costs.
Basic Information about an NFT Marketplace
An NFT Marketplace is a platform where users can buy and sell non-contested tokens. NFT tokens are a way to transfer blockchain-specific items from the real world. This could be photos, memes, audio and video content, or even real estate.
NFTs can be purchased and interacted with thanks to cryptocurrency. The most popular currency for interacting with NFTs is Ethereum, but a number of platforms also accept other virtual currencies, such as Bitcoin, Dogecoin, and others.
You can store cryptocurrency in various electronic wallets or directly on the platform. The NFT marketplace app provides high liquidity and reliable protection and offers ample opportunities for users.
Different Types of Marketplaces in NFT Technology:
- Classification by goods placement type. Open (anyone can place tokens) and closed (restricted to some developers).
- Different forms of ownership. Public (created by a group of users) and private (opened by an individual, company, or small community of like-minded people);
- Classification according to posted content. Universal (any content), thematic (for example, only game items or paintings/art), and curated.
Regardless of the type of marketplace, NFT trading is carried out without restrictions.
How to Make an NFT Marketplace in 5 Steps?
You can create an application yourself even if you have no experience or skills, but it is labor-intensive and time-consuming and can lead to programming errors. If you own a start-up company with cool ideas for development and need technical assistance, we recommend turning to professionals.
Now, take a look at our NFT marketplace development guide:
- First step. Analyze the project. Tell the developers what you think, define your target audience, select the app features you want to include, and set a budget and development timeline.
- Second step. Create a design. Find references to your favorite designs to set your expectations for future apps, and create your own NFT marketplace wireframe with your UI design team.
- Third step. Develop a web and/or mobile application. Find developers who work on client-side and server-side architecture and interfaces.
- Fourth step. Test the application. The QA team must find and fix as many bugs as possible before releasing the application.
- Fifth step. Launch your NFT marketplace to get feedback from your first users. Based on this, consider options for improving the application.
Following these recommendations, it will be easy to create an NFT marketplace. However, you need to carefully evaluate the available technologies, determine your budget, and look at examples of competitors.
Technologies Used for Building an NFT Marketplace
To make an NFT marketplace, you can choose a mobile application or a web version. Below is a more detailed description of the advanced technologies of these two solutions.
- Use the React Native mobile app. This framework is used to create mobile applications. Developers can build one app that works on both Android and iOS. React also has an update function for system optimization and a user-friendly interface.
According to most developers, these are the most effective and convenient development tools to make an NFT marketplace.
How to Make Money Using the NFT Marketplace?
The NFT market is usually lucrative. You can combine several monetization models or choose one of them.
- Commission. The trading platform charges a commission of 0.1-1% of turnover, as well as a gas fee for issuing an NFT or an entire collection.
- Platform token. Some NFT trading platforms, such as Raible, have their own governance tokens.
- Registration fee. On popular and large platforms such as OpenSea, you may be charged a fee to register for an account.
- Advertising. With the help of advertising, the market helps new artists and projects receive audience fees. Advertising third-party resources on the NFT platform is also possible and brings tremendous profits.
Be aware of all the possible pitfalls that may arise in the process and carefully study the niche.
Best Practices in Developing an NFT Marketplace
As with any application’s development, there are pitfalls when building an NFT marketplace. To get around them, use best practices when creating a service:
- Choose companies that already have the necessary experience in the relevant niche. Otherwise, building an NFT marketplace will take longer;
- Use a flexible approach to develop an appropriate model. This will give you even more control over the process itself.
- Test the app before launch with a target group of users (beta testing) and collect their feedback.
These are just some recommendations you can trust professionals in your niche to follow.
Features of NFT Marketplace Promotion
To draw attention to the new platform and increase the number of visitors, you should use standard promotion methods, such as SEO and content marketing, and also look for new solutions that will help make the marketplace more effective.
Over the past few years, the question of how to make an NFT marketplace has become very popular. However, as demand grows, the number of competitors in the market naturally increases. Promotion of NFT marketplaces includes:
- SEO. Internal and external site optimization is carried out to improve rankings and traffic growth. To do this, key queries are selected and entered into the text, meta tags are written, and links are added. If the marketplace has relevant pages, that is, they meet the audience’s needs, search engines will bring the platform to the top, which means it will not go unnoticed.
- Blog. Publishing high-quality content that is interesting and useful to the audience will attract more users to the site. You can post articles with tips, life hacks, reviews, trends, earning opportunities, training materials, etc.
- Media. Having the marketplace or the unique tokens listed on the platform mentioned in the press leads to increasing trust for the site, which in turn affects its position in search results.
- Influencers. Collaborating with well-known influencers in cryptocurrency and digital art will help attract new people to the platform and arouse their interest in products.
Also, SMM is always relevant in any area. Maintaining pages on various social networks allows you to expand your audience, increase traffic to the NFT marketplace, and boost user loyalty and trust.
Where to promote your NFTs:
Fans of tokens usually create groups on these platforms, where they share news and other information and also run advertising campaigns.
The Cost of Creating an NFT Marketplace
Developing an NFT platform is a labor-intensive process since it is necessary to create not just a website but a complex project with broad functionality, impeccable usability, unique design, and various integrations. The development cost depends on the type of marketplace, the number of pages and sections, functions, and design features. On average, a simple platform for selling tokens will cost $3,000–$5,000, and creating a complex platform from scratch will start at $20,000. However, all figures are approximate and may vary depending on many factors.
Final Thoughts on How to Create NFT Marketplace
We hope this guide gave you all the tools necessary to make your own NFT marketplace. Naturally, creating a web or mobile application for a marketplace takes work. But many experts and designated companies are ready to help you with this. With professional support, the process will be easy to understand and fun. Many startups have already begun their journey in the cryptocurrency and content market.
Don’t be afraid to broadcast and voice your ideas. Thanks to a clear plan, you will be able to design the interface and develop and launch the application. If you dream of conquering the NFT market, then go for it. Get professional support and improve your business capabilities.