The hype behind NFTs has been soaring over the years, and subsequently, individuals capitalize on NFT marketplaces to join the NFT race. On average, 8 million NFTs are minted every month. The estimated number of people owning NFTs ranges between 5 million to 9 million people. It is clear that the NFT industry is magnificent and lucrative. Turn the table in your favor with NFT marketplace development, entitling crypto enthusiasts a platform to buy, sell and discover NFTs.
What is an NFT marketplace? What are the types of NFT marketplaces?
An NFT marketplace is a platform where people can buy, sell, trade and store NFTs. A wide variety of items can be minted and sold in an NFT marketplace. Artworks-Physical/digital/pixelated, Music, Video clips, In-game items, Plots of metaverse land, Profile picture (PFP) images, Accessories and Wearables, Antique collectibles, Web domains, Play earn games, Memes, etc. are some of the items that are available on an NFT marketplace.
Types Of NFT Marketplace:
Exclusive NFT Marketplace
This type of NFT marketplace is created for purchasing and trading unique NFTs. The tokens are released in small quantities, or a single copy is sold on the exclusive NFT marketplace. Since the tokens are limited, the price is very high. The major disadvantage of this type of NFT market is that the trade volume is very low, as many do not participate or invest in this type of NFTs. Popular examples of exclusive NFT marketplaces are SuperRare, Foundation, etc.
General NFT Marketplace
This type of NFT marketplace is the most common type that is widely used. Any NFT can be sold on this type of marketplace. NFTs of different styles, prices, quantities, and features, can be minted and sold on this type of market. Some popular general NFT marketplaces are OpenSea, Magic Eden, etc. Since these are popular and widely used platforms, the trade volumes are very high, making way for more liquidity.
Specific NFT Marketplace
In a specific NFT marketplace, all NFTs sold are of a particular theme or segment. They can be sports-oriented NFT marketplace, Music NFT marketplace, or any other theme oriented. This type of marketplace makes it easier for users to trade assets, track the market trends of that particular segment, and trade accordingly. A popular example of such an NFT marketplace is NBA Top Shot, which solely sells NFTs based on NBA events.
You can choose from the above marketplace types. To help you understand better and decide on the most appropriate NFT marketplace, let us see the trending NFT marketplace models.
Trending NFT Marketplace Business Models
Some of the trending NFT marketplace ideas are as follows.
- NFT Marketplace For Arts – NFTs help to shape the digital world, especially revolutionizing the art world. OpenSea has marked its place as the largest web3 art marketplace in the town. Catch up with us for NFT art marketplace development like OpenSea.
- NFT Marketplace For Games – Blockchain-based games have gained traction with an increased user base. A few of the top NFT games include Axie Infinity, Gods Unchained, The Sandbox, etc. Focus on giving a better user experience to gamers with your NFT game platform.
- NFT Marketplace For Sports – The best way to relive childhood memories is with a collection of sports cards, memorabilia, etc. Go for NFT sports marketplace development to let them cherish. One such sports-based NFT marketplace is NBA Top Shot, with a collection of NBA moments.
- NFT Marketplace For Music – Music creators are rapidly adopting NFTs. This is the best way for music artists to stay connected with fans. Fans can also support their favorite artists by investing in their NFTs. This is the right time to launch an NFT music marketplace and make handsome returns. Async music is an example of music focused NFT marketplace.
Before you begin with your development process, it is important to have sound knowledge of the stages involved in the development of an NFT marketplace.
Get A Highly Secure And Scalable NFT Marketplace Development Solution
NFT Marketplace Development: A Complete Guide
There are two most common methods of building an NFT marketplace. You can build a marketplace from scratch or choose a white-label solution that can be customized to your needs. Let us now see the steps involved in developing an NFT marketplace.
Before starting the development process, discussing your project requirements and how you need your NFT marketplace to look is important. TurnkeyTown will understand your business niche and provide you with best development practices.
Deciding on the blockchain:
This is a crucial step in the whole process. Ethereum, Binance Smart Chain, Solana, Cardano, and Polygon are the most commonly used blockchain networks. Based on your project requirements, you can choose the best blockchain.
It is important to have a unique and eye-catchy user interface as it is the first thing to impress the platform users. In an NFT marketplace development user interface is designed with utmost attention to provide users with the best user experience.
Smart Contract Integration
Smart contracts are a set of predetermined conditions that get executed automatically when these predetermined conditions are met. All the processes in an NFT marketplace begin with smart contracts. The developed smart contracts get incorporated into the chosen blockchain network.
Testing and Deployment:
Testing is done at various levels, and multiple tests are run to launch a glitch-free and bug-free NFT marketplace. Developers check whether the smart contract is getting executed as per your requirements. The developers eliminate any error and provide a smoothly running NFT marketplace if any error is found. Once all the testing is completed, the next step is to deploy the NFT marketplace and make it go live.
Ready-Made NFT Marketplace Development Solutions We Offer:
- OpenSea Clone
- Rarible Clone
- CryptoPunks Clone
- SuperRare Clone
- Bored Ape Yacht Club Clone
- Magic Eden Clone
- Nifty Gateway Clone, etc.
TurnkeyTown is backed by world-class experts to provide you with highly secure and scalable NFT marketplace development solutions. If you are looking for the best NFT marketplace development company, contact us and build a thriving NFT marketplace and bring your envisioned dreams to reality.