NFT Marketplace Development: A Guide To Get You Started

At any given point in time, one can rest assured that there is always something new in the tech industry. Some are passing fads, but others stand the test of time… The latter is a class of innovation that has the potential to make a lasting impact on the way we interact with others online. One such development is, of course, the blockchain. As it continues to scale great heights, innovations based on the technology grow and evolve… And primary among these are non-fungible tokens or NFTs. 

NFTs witnessed an unprecedented boom in 2021. This is something we all know because it was then that they became something of a household name. However, when the crypto winter struck, the market did witness a downswing. But undeterred, recent developments suggest that NFTs are here to stay. With celebrities, brands, and even government authorities eager to explore the potential of digital collectibles, NFT marketplaces have become a lot more mainstream. 

In fact, the market size for NFTs is projected to grow by USD 147.24 billion from 2021 to 2026. With this being the case, it is little wonder that brands are keen to invest in NFT marketplace development. After all, it provides them with their own ecosystem to launch their digital collectibles – a great marketing strategy! If you’re looking for a place to begin, read on to find out how you can develop your very own NFT marketplace. 

Must-have Features of an NFT Marketplace

From the user’s perspective, a marketplace is best when it is intuitive. But to create this seamless experience, a lot of meticulous thought and effort needs to go into developing the NFT marketplace. Here are a few features that are the foundation, nay, the requirements of a marketplace. 

Storefront

A storefront is one of the most imperative features of an NFT marketplace. This provides information regarding the description, owners, bids, price, purchase methods, and other aspects of the collectibles. In some cases, information about the smart contract itself is displayed, allowing users to establish the authenticity of an NFT. The storefront, therefore, plays a crucial function in how an NFT marketplace functions. 

Search and Filter

Any good platform comes equipped with a search feature. When several NFT collections are listed on a marketplace, this becomes more vital than ever. With so much to choose from, it also helps to have a filter that lets users quickly navigate to what they want. Criteria can be listed to make the experience much easier. This culminates in a listing feature that lets people glean information and purchase an NFT.

Purchase Methods

As with any platform focussed on trade, purchase options are a foundational feature in NFT marketplaces. A plethora of options is possible, including timed auctions which are facilitated by smart contracts to give elevated ease and security to the user.

Digital Wallet

One cannot own an NFT without first owning a wallet. It is essential for the platform to provide integration with the most popular wallets. Security and privacy, too, are key aspects of a digital wallet that need to be addressed flawlessly. 

Developing an NFT Marketplace from scratch

It goes without saying that there needs to be a tremendous amount of effort that goes into building an NFT marketplace. Here are a few steps to get you started.

Outline your requirements

First of all, you would need to build an overview of what you need. This could include your long-term objective as well as business requirements that could be addressed by creating an NFT marketplace. Analyze competitors in your field and see what they have done or are doing to get a general idea. After designing a strategy, it’s time to get a lot more specific. This would include deciding which features you would want to incorporate and the extent of customizability you need. While the latter might not be the easiest, it definitely has the potential to launch your business into the Web3 stratosphere.

Hire an NFT Marketplace Development Team

The next step in the process would be to turn your vision into a reality. Design your UI/UX in a way that is simple, elegant, and intuitive. This approach can already set you ahead of the curve. Integration of smart contracts and, of course, development of the frontend and backend call for a lot of expertise with the technology. Working with an experienced NFT marketplace development company would give you access to a number of experts with a wide range of skill sets required to bring your NFT marketplace to fruition. 

Checks and Testing

Once the basic framework is in place, it is imperative to test the marketplace and make sure it is debugged and fit for release. Any issues and errors need to be identified and rectified at this stage to give the end users the best experience possible. Once this is done and you are satisfied, it’s time to open it up!

Continuous Maintenance

The work is far from done once the marketplace is launched. To ensure smooth operations, maintenance must be conducted regularly and updates rolled out based on community feedback. Post this, it is best to build a community that will continue to support your project in the long term. 

Closing Thoughts

NFT Marketplace development is far from easy. But as brands are increasingly exploring the space, investing the time and effort may just pay off to give you an edge. Not only does it give you an opportunity to monetize creations and artwork, but it’s also a great way to boost your brand awareness and give your company some PR mileage! 

After all, the whole point of marketing and advertising is to be where your consumers are… And with the GenZ audience already in the Web3 space and aware of NFTs, there may be no time like the present to foray into it. Developing your very own NFT marketplace adds an element of exclusivity to your endeavor and allows you to create customized functionality that can build and even reward your community with utilities! So DYOR and get going with building your NFT marketplace to showcase your brand’s extraordinary prowess!