Despite the NFT industry seeing a sharp decrease in value in the last six months, with many collectors and investors alike abandoning the markets, recent data analysis shows that NFT marketplace revenues are still predicted to reach an all-time high by the end of 2022. This just goes to show that NFT marketplace development is a reliable investment, as these platforms have survived the year-long bearish market where other businesses have not. Many leading companies like Nike, Gucci, and Budweiser have even started to invest their prized funds into NFTs. Given the variety of intriguing rivals in the market, one might conclude that, unlike many other technologies, NFTs are here to stay!
NFT Marketplace - A Quick Overview
If you're thinking of creating an NFT marketplace, you likely already know what it is. But in case you don't, here's a brief rundown. From a bird's eye view, an NFT marketplace is an online platform where people can buy, sell or even create NFTs. The only thing that may seem perplexing here is NFT. A non-fungible token (NFT) is a one-of-a-kind asset that cannot be replaced with anything else. NFTs can be anything from games, and audio files to anything that can be stored digitally.
NFT marketplaces are gaining popularity in areas including gaming, art, social networking, and music, and are on their way to conquering practically every industry that deals with digital assets. Another factor influencing the ever-increasing traction of NFT marketplaces is the entry of Metaverse. An NFT marketplace enables worldwide NFT minting and trading, while blockchain, as its underlying technology, assures openness and everlasting records of the digital assets and trading process.
Why Launch An NFT Marketplace In The First Place?
The realm of NFTs is still in its early stages, and there are several possible applications that have yet to be explored. If you are looking for a way to tap into a profitable market, starting an NFT marketplace of your own is the way to go. In addition to that, an NFT marketplace can be a reliable space for both collectors and artists. You can make it easier for consumers to trade NFTs and discover the pieces they're seeking by bringing buyers and sellers together in one convenient spot.
The NFT market has seen tremendous growth in recent years. In 2020, NFT marketplaces grossed around $16 million. In just one year, that figure surged by an outlandish 15,000% to hit $1.57 billion in 2021. Although growth stalled in 2022, revenues still leaped by a massive 60% year-over-year to $2.52 billion. The next few years are also set to witness double-digit growth, with Statista expecting the revenues of NFT marketplaces to jump by another 46% to $3.6 billion in 2023.
The popularity of NFT marketplaces has dramatically increased in recent years. According to Statista, the number of users will reach 50.3 million in 2023 and steadily increase to approximately 60 million by 2025. All of these statistics show us that even though the cryptocurrency market is struggling right now, businesses and entrepreneurs still believe in the potential of NFTs. This is why launching an NFT marketplace right now makes total sense.
Checklist To Be Followed For Developing A Proficient NFT Marketplace
Prior to starting the NFT marketplace development, it's crucial to give some thought as to what would make it distinctive and remarkable. By doing so, you can identify a niche and target a specific group of customers who are more likely to be your potential consumers once your product gets launched in the global market. Success in this situation depends on having a clear aim. Let’s take a deeper dive into the checklist you will need to follow to develop a revolutionary NFT marketplace in 2023!
Research Your Target Audience
It's important to do your research and understand your target audience before you start building your platform. This way, you can tailor your platform to their specific needs and wants. Knowing your audience will help you create a more personalized experience for them, which will ultimately lead to better engagement and conversions.
Set A Catchy Domain Name
Your domain name is a representation of your business, so it's important to choose one that is unique and will set your business apart. Talk to a domain hosting service provider to help you choose the best domain name for your business.
Stunning UI/UX Design
For every NFT marketplace, UI/UX Design is crucial. First, choose your technology partner and develop a distinctive look for your marketplace. Start investigating your market and request a clear prototype and blueprint of your marketplace from your software vendor. This will assist developers and designers in creating a marketplace that is in line with your vision.
Pick Out A Blockchain Model
The blockchain is the most critical component of the NFT marketplace. It guarantees the security of transactions and other strategic processes. As a result, it is critical to select the best Blockchain platform after thoroughly evaluating its strength and dependability. The most crucial determinant will be blockchain models with a robust community.
Finalize On The Services
You must have examined your target audience by now and comprehend what they are interested in geographically. It is time to start making crucial decisions on the product and trading services that your NFT marketplace will provide, based on your findings.
Choose The Features Carefully
Your software providers will assist you in integrating the functionality you require into your NFT marketplace. There will be some basic features, but the majority will be dependent on the sort of services you offer. Implement features that will benefit your consumers.
Proceed To Creation
Once you've finalized your NFT marketplace’s design, features, and other requirements, it's time to turn your vision into a reality. Examine the various alternatives and select a framework that will meet your commercial and technical objectives. To ensure outstanding performance and trustworthiness, some may consider employing experienced NFT programmers or an NFT marketplace development company. They help minimize time and money.
Make Use Of Smart Contracts
Smart contracts are computer programs that are maintained on blockchains. When a preset set of criteria is met, such a program is automatically executed. They are commonly utilized as token generators in the NFT marketplace. Because smart contracts are not like traditional coding, you should only recruit developers with the required expertise for the back-end development of your NFT marketplace.
Go Integrate A Digital Wallet
If you're looking to integrate a digital wallet into your business, there are plenty of options available. MetaMask, D-wallet, and a few other providers are rumored to be successful, so they're worth exploring.
Time To Test & Deploy
Testing and deployment are the concluding but most important stages. It is about identifying and correcting any flaws. The software check verifies that your NFT marketplace is operating as intended. Post-launch assistance is also essential for removing issues and ensuring the solution's flawless execution. Do not rush to launch the product before you have thoroughly tested its functionality. Is the final NFT marketplace in line with your expectations? Consider how users will react to it.
Congratulations! You have successfully developed and launched your NFT marketplace. It’s time to sit back and relax.
Features To Consider When Creating An NFT Marketplace
While following the steps outlined above will result in the development of an NFT marketplace, there is another factor to consider: will it be successful? That is largely determined by the features of an NFT marketplace. Here is a list of crucial NFT marketplace features that you should consider incorporating into your platform.
NFT Storefront
The first thing users will notice about your NFT marketplace is the storefront. It's nothing less than an educational dashboard for consumers. Make certain that it includes all NFT asset-related data, such as owners, bids, and history, to mention a few.
Digital Wallet
Integrating digital wallets into your NFT marketplace is paramount. By integrating digital wallets, you can allow your users to store, transmit, and manage cryptocurrencies and NFTs seamlessly.
Ratings
The ultimate goal of ratings is to assign values to digital collectibles. This allows customers to see the digital items they want to buy and also helps them to choose the best digital collectibles available on the NFT marketplace.
Listings
Compiling and submitting digital collectibles should be a rapid and simple process for your users. To guarantee a seamless workflow, design a collection manager that will keep track of all the objects and collections. This will keep the collection list current and durable.
Filter Option
NFT marketplace filters help consumers traverse the platform more easily, especially when there are several collectibles to choose from. Give users the freedom to explore items by category and payment method, selection, listing status, or both.
Bidding & Auctions
Auctions are regarded as one of the most important aspects of any NFT marketplace. Your NFT marketplace should provide bidders with an easy-to-use and risk-free platform for purchasing NFT. The auction watchlist allows users to examine information about the current auction.
Push Notifications
Your users should be notified immediately of the most recent developments, such as a new NFT listing in your NFT marketplace. This feature provides users with alerts based on their search and transaction history.
The Bottom Line
Building an NFT marketplace can be a terrific way to start a lucrative business while capitalizing on NFTs' rising popularity in 2023. Whatever your area of expertise, you can always discover a relevant niche to launch a lucrative NFT marketplace. All you need to concentrate on are the features and development approach described above. Hiring the appropriate developers can make the entire process a breeze!
Looking for an experienced NFT marketplace development company for your forthcoming project in 2023? Browse Clarisco Solutions' extensive list of professional services and solutions. Satisfied? It’s time to contact us and get started right away. Also, for a better understanding, have a peek at our portfolio. You won’t be disappointed!
