How much does it Cost to Create a NFT Marketplace – A Detailed Guide
Author NFT Marketplace Development, NFT Marketplace development cost
The crypto era has undoubtedly changed investor behaviour. More traders are purchasing lucrative Non-Fungible Tokens (NFTs) as part of their portfolio. They are preferring investment in valuable crypto collectibles than putting their money on financial assets like bonds, gold, shares, and real estate that offer low returns. This is the perfect time for entrepreneurs to kickstart NFT marketplace development. Importantly, digital collectibles have an enormous market capitalization of $16.99 billion along with a daily trading volume of $1.18 billion as per CoinMarketCap. Let us know about How much it costs to create an NFT Marketplace. Stay engaged!
What is an NFT marketplace?
It is an online platform that sells a variety of artwork, domain names, fashion accessories, gaming assets, metaverses, memes, music, photos, software licenses, sports goods, tweets, videos, and virtual property to interested buyers.
An NFT marketplace executes buy and sell trades on robust blockchain networks like Binance Smart Chain (BSC), Cardano, EOS, Ethereum, Flow, Polkadot, Stellar, and TRON.
Moreover, an NFT marketplace platform displays transparent information about hot bids, live auctions, top buyers and sellers (daily, weekly, and monthly), and trending collections.
Which are the well-known NFT marketplaces in the world?
The most popular NFT Marketplaces are
The leading 5 NFT marketplaces in terms of trading volume are OpenSea ($9.87 million), Axie Infinity ($4.86 million), NBA Top Shot ($1.91 million), CryptoPunks ($1.22 million), and Rarible ($643,740) according to DAppRadar.
The 5 NFT marketplaces with the highest sales are CryptoKitties (28,79,646), Gods Unchained (573,006), Sorare (384,158), Ethereum Name Service (155,350), and Decentraland (126,343) as per CoinMarketCap.
The popular NFT marketplaces with the largest number of daily traders are NBA Top Shot (36,279), AtomicMarket (26,267), Axie Infinity (9279), OpenSea (6325), and Sorare (1634).
How does an NFT Marketplace Work?
- It functions like an online crypto asset trading platform. Accordingly, artists, celebrities, content creators, designers, game developers, music composers, and sportspersons will showcase their NFT for sale.
- Before that, they will mint the crypto collectible in the form of audio, image, 3D artwork, and video.
- Sellers add details like accepted payment methods, banner image, deadline for bidding, selling price, a short description of their NFT, social media account links and unique properties of the digital collectibles.
- Prospective buyers place their bids on a real-time basis through auctions. Auctions (declining price listings and fixed price listings) are held for selling crypto collectibles.
- Later, sellers choose the best offer made by a specific buyer according to their business requirements.
- Likewise, buyers process the required payment for the particular NFT by transferring funds from their crypto wallet.
- They use digital wallets like Coinbase, Dapper, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, Torus, Trust Wallet, WalletConnect, and WalletLink.
- Finally, sellers transfer the digital collectible directly to the buyers after receiving the needed payment.
- Hence, buyers can own an exclusive crypto collectible in a hassle-free manner. Nonetheless, they can store their digital ownership rights on the immutable smart contract running on the sturdy blockchain network.
- Additionally, investors will receive the latest updates about the launch of new NFTs on the online platform.
The primary Features of an NFT Marketplace
Social media sign-up mechanism – New artists and investors can easily register on the NFT marketplace by syncing their Facebook, Clubhouse, Instagram, and Twitter accounts. Besides that, they can customize their online profile according to their convenience.
Access to exclusive airdrop programs – Buyers can get high-value NFTs for free by participating in airdrop programs. They will have to complete certain tasks like promotion of the benefits of the NFT marketplace and referring new users to own the rare crypto collectible.
Advanced search and filter mechanism – Buyers can discover their desired NFTs by using the advanced search and filter option. Further, they can purchase their favourite crypto collectibles based on the name of the seller, previous bids, price, status (buy now, new listing, and on auction), and the type of asset. Moreover, they can also view the recently listed digital collectibles initially to know the investor behaviour and market trends.
Governance tokens – Some NFT marketplaces like Rarible offer governance tokens to buyers. Investors get decision-making powers and voting rights by holding these crypto tokens. Similarly, they purchase these governance tokens from the leading crypto exchanges and DeFi rights. Hence, they play an important part in influencing the future development and growth of the NFT marketplace.
Provision of 24×7 technical support – Users can resolve their issues and technical glitches by contacting the dedicated Help Centre. Round-the-clock assistance is available for grievances related to bidding, payments, privacy, and security. Both NFT buyers and sellers can sort out their problems via Discord, email, live chat, phone, Telegram, and Twitter.
Access to informative articles – Entrepreneurs can share the latest updates with content creators and investors through insightful articles and blogs. It contains information like the benefits for sellers, the creation of crypto collectibles, and the safe selling of NFTs.
Emerge as the leader of crypto trading via NFT Marketplace development
Connect on WhatsApp The detailed process for NFT Marketplace Development
AppDupe implements a multi-pronged strategy for establishing a state-of-the-art NFT marketplace. It comprises different stages like
- Organizing a private meeting with the entrepreneur to know his/ her business requirements.
- Conducting a detailed market study.
- Finalizing the target audience.
- Creation of the User Interface (UI).
- Development of the prototype.
- Integrating all the needed features into the front-end and back-end sections.
- Testing the performance and security aspects
- Launching the NFT marketplace.
- Implementing massive promotional campaigns across multiple communication channels.
The Total Cost to create an NFT Marketplace
The total cost to create an NFT Marketplace depends on numerous factors. It relies on facets like the hourly charges paid to the blockchain developers and marketing specialists, the kind of basic and advanced features, the level of customization required by the entrepreneur, multi-chain compatibility, the type of frameworks and technologies used, and the time allocated for each stage.
Additionally, entrepreneurs should incur extra expenses on post-deployment services like digital marketing, fixing security vulnerabilities and technical glitches, maintenance of the mobile apps and the website, software upgrades, and third-party API integration.
How is AppDupe well-equipped in NFT marketplace development?
Our experienced blockchain developers allow artists to mint their crypto collectibles in the form of ERC-721, ERC-1155, and TRC-721 assets. We offer e-commerce based NFT marketplaces like (eBay and Sweet.io integrated with Shopify). Our developers create gaming-themed NFT selling platforms (Axie Infinity, CryptoKitties, Gods Unchained, and Polkamon).
Besides that, we offer virtual property selling NFT marketplaces such as Decentraland, Polka City, and The Sandbox). Further, our talented development team creates sports-themed NFT marketplaces (NBA Top Shot for basketball fans and Sorare for football fans).
We maximize sales for the NFT marketplace by sharing its advantages across emails, crypto forums, and social media networks. Our marketing team also prepares case studies, lead generation reports, and whitepapers.
Furthermore, we publish paid advertisements and press releases. Our team helps entrepreneurs to attract more investors by implementing airdrop and bounty programs.
Why should you hire AppDupe’s qualified developers?
Our NFT marketplace development company is well-versed in the new trends happening in the world of blockchain technology, cryptocurrency trading, and Non-Fungible Tokens (NFTs). We use the most advanced technology to ensure the best business results. Hence, cryptopreneurs can dominate various industries like e-commerce, gaming, publishing, real estate, social media, and real estate.
Above all, we assure you of a rise in average prices of crypto collectibles, trading volume, profits, and revenue. Likewise, our team will make your NFT marketplace the new leader in the fast-growing crypto sector.
Wrapping Up
Unquestionably, NFTs are the most preferred assets among both institutional and retail investors. Besides that, crypto collectibles that sell in the form of automobiles, certificates, copyrights, memes, paintings, photographs, patents, source code, songs, trading cards, and videos are a big hit in recent times.
Therefore, join hands with AppDupe and make a storm in the crypto collectibles industry by commencing NFT marketplace development now.
Impress millions of content creators by using our NFT Marketplace Development Solutions
Frequently Asked Questions (FAQ):
1. Can a buyer negotiate a trading deal with the seller before purchasing the NFT?
Yes, investors can interact directly with artists, content creators, and designers through the live chat option. They can request a change in payment methods and also for a lower price. The seller has full freedom to decide the terms and conditions of the NFT trading deal.
2. How does an NFT marketplace guarantee the safety of a user’s data?
An NFT marketplace follows the guidelines of the California Consumer Privacy Act and the General Data Protection Regulation. This ensures a high level of security and trust. Moreover, there is no chance of any hacking or phishing attacks on the crypto collectible selling platform.
3. Will investors get access to real-time statistics while buying NFTs?
Yes, interested NFT buyers can make the right investment decision. They receive information about the average prices and trading volume, ownership history, and the total collections available.
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