NFTs have created commotion in the digital world. But what exactly are NFTs? Simply put, NFTs are digital assets that represent real-world objects. From music to simple tweets, anything digital can be turned into an NFT. NFTs have taken the world by storm because of their ability to establish ownership of works. In other words, anyone can buy a “print” of a Picasso painting, but only one person can own the original. If you want to jump into the NFT frenzy, the NFT marketplace platform is for you.
The White-label NFT Marketplace allows one to buy and sell NFTs using cryptocurrencies or fiat currencies. The global NFT trading volume rises to a whole new level, making NFT marketplace platform development the greatest investment for entrepreneurs looking to enter this lucrative field. As a leading White-label NFT Marketplace Development Company TurnkeyTown leverages our professional developers’ expertise and cutting-edge technology to help turn your ideas into great NFT marketplace platforms. Dive right into the blog to gain insights on NFT marketplace platform development.
Various Use Cases Of NFTs
A piece of land is unique and one of a kind. So it stands to reason that real estate can be converted into NFTs and sold to digital real estate collectors. Also, when turning NFTs into land, ownership can be easily traced. Best of all, the legal terms binding real estate transactions can be encoded into smart contracts that streamline digital transactions.
A true art collector needs a sense of ownership, and NFT can give it. Creators of NFTs may have artwork that they would like to sell to enthusiasts. Additionally, digital artists can use their NFTs to connect directly with buyers, eliminating middlemen.
In-game assets (avatars, characters, virtual lands, weapons, etc.) can be converted into NFT. Most game metaverses have already converted game assets into NFTs to give players and their business model a solid competitive advantage. Additionally, players can trade in their NFTs that are no longer in use.
Before the advent of NFTs, verifying ticket authenticity was a major challenge. From tackling speculative ticket sales to stopping ticket resale, NFTs can fundamentally change the ticket industry. Additionally, ticketing systems that follow the NFT principle can verify ticket ownership.
White-label NFT marketplace Platform Development:
Choose your target niche
The first decision when launching an NFT marketplace platform is choosing a niche. This niche can be digital art, video games, real estate, or anything else that can be traded through NFTs. The niche you choose greatly determines the course of development as it impacts the technical requirements, design requirements, and features of the software you develop.
Study your target audience
After identifying your NFT marketplace niche, you need to research your target audience.
Demographics, needs, habits, etc. This will help you understand what kind of platform you need to build (features, design, integration, marketing). For example, you can understand what devices your target audience (smartphones or computers) use, why they buy NFTs, and how comfortable they are with them.
After thorough research, we compile all the technical requirements, design, features, marketing strategy, and monetization for your platform and begin with the development process. Below are the factors in deciding on your white-label NFT marketplace platform development.
Decide on the Marketplace type
A trading platform can be a mobile or desktop application. Your Marketplace can be Decentralized, centralized, or hybrid. A decentralized NFT marketplace has no centralized authority for governance. They run on blockchain technology and operate on a network of nodes rather than being controlled by a single entity. In contrast, centralized marketplaces are run by a single entity or a governance authority that takes complete control of the Marketplace.
Blockchain and NFT standards.
The next thing you also have to choose is which blockchain and token standard to use.
Our developers are well-versed in developing NFT marketplace platforms on popular blockchains like Ethereum, Hyperledger Fabric, Cardano, Tezos, and other chains. Regarding NFT standards, you can choose from the following ERC 721, ERC1155, TRC 721, BEP-721, BEP-1155, etc.
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Main features of the Marketplace
The feature of the NFT marketplace platform determines the capabilities of blockchain, trading, and auction platforms to enable the production, storage, sale, purchase, and Marketplace of NFTs. Here is the list of core features:
It is vital to provide trading platform visitors with information about NFT sales. Details like the name, price, short description, visual representation (photo, video), owner, class of token (standard, blockchain), rating and reviews, and purchase method are to be mentioned.
We incorporate keywords, categories, and filters, which lets users find the right NFTs easily and quickly. Filter taxonomies and lists are niche dependent. For example, a marketplace that sells art objects includes images, photos, memes, videos, animations, 3D models, video games, and music.
For users to store and transfer non-fungible tokens, trading platforms require wallets that support the required cryptocurrency protocols. We provide you with an internal wallet or integrate a wallet of your choice, such as Coinbase Wallet, MyEtherWallet, Metamask, WalletConnect, possibly NFT wallet, or other services.
Our NFT marketplaces usually have an area that records a user’s entire transaction history, which the user can view in an account. A general bid history area can also be implemented on the site, allowing anyone to view data on lots sold (name, price, date, contractor, etc.).
Reviews and Ratings
Ratings and reviews help your platform visitors to the experiences of the previous users and help them decide whether it is the right choice for them. Ratings are typically implemented in the form of likes or numerical estimates. At the same time, after the transaction is completed, mutual feedback may be provided by all or only the counterparty.
This feature notifies users about important events such as lot sales, new messages, and platform updates.
A support feature helps users to raise their issues and complaints and provides you an opportunity to collect feedback from users. This can be done through an email or chatbot. As per your choice, we will integrate the required method.
Platform Monetization Models
Another thing to decide about your NFT trading platform is how to monetize it. The most common options are transaction fees, listing fees, minting fees, etc. But these aren’t the only strategies you can use.
Ready-made NFT Marketplace Development Solutions We Offer:
- OpenSea clone
- Rarible clone
- CryptoPunks clone
- Foundation clone
- SuperRare clone
- Bored Ape Yacht Club clone, etc.
How Do TurnkeyTown’s Products Stand Out Among Others In The Market?
- Enhanced Tradability
- Interoperability at its best
- Improvised Token Liquidity
- Market compliant product
- Effective Marketing Strategies
- Pre-Tested Products
Build an NFT Marketplace with TurnkeyTown.
It’s no surprise that NFT marketplace apps, despite being the next “in” factor, require expertise and resources that aren’t readily available. Therefore, most entrepreneurs prefer to hire the best white-label NFT marketplace development company for this service due to their skill, efficiency, and the vast number of features they offer. The topic of NFT continues to this day. Nevertheless, NFT trading is not a new development in the market. It has been operational for some time and has recently started growing. Instead, more and more people, companies, celebrities, and entrepreneurs are looking to create their NFT Marketplace, personalized and unique, to compete in this game and thus take an interest in the sector. The contribution of NFTs to digital assets is immeasurable. Now is the perfect time to dive into the NFT space and build your reputation.
TurnkeyTown has been a marketplace for blockchain and NFTs for the past few years. With a team of skilled developers, we are one of the first companies to move forward. Our experience in all aspects of blockchain technology is evidenced by the completed projects we have worked on.