People are hyping up NFTs today. It is found that people spent over 9 billion USD on NFT and it would reach 17.7 billion at the beginning of 2022. It is said that the NFT market saw a 60 fold growth from 2018 in just three years. With NFT reaching the Masses people are rushing to know about NFTs before it’s too late.
NFT and NFT marketplace- Explained
What is NFT and why is it trending? Anything digital or physical assets can be tokenized as a non-fungible token and stored in a blockchain. To make it simple, any digital items like images, videos, music, and even a tweet can be an NFT. The first tweet on Twitter by Jack is made as an NFT and it was sold for 2.5 million USD. That’s how NFTs are wild right now.
NFT Marketplace is a forum where people can buy and sell their unique digital assets . In NFT marketplaces people can also buy and sell their unique digital arts, photographs, music, videos, sport, gif, and even memes. People’s craze for NFT collectibles is real and they are in search of rare collections. Since the boom of NFT entrepreneurs, these days are exhibiting their interest in NFT marketplace development.
Things to focus on while developing an NFT marketplace
There are a number of factors to consider before launching an NFT marketplace. Deciding these factors will give a clear picture and help the development process
Target Audience– There are many types of NFT marketplace that specialize in various types of NFTs. There are many promising fields from Unique digital arts, memes, videos, sports, superhero collectibles, etc.,
Blockchain– The network or the blockchain on which the NFT market functions. Blockchains like BSC, Ethereum, Tron, and Polkadot are some main blockchains of the NFT marketplace. Here in Appdupe, we offer you the choice to choose the blockchain you are comfortable with and we will develop a robust platform for you.
Security features – The key component of the NFT marketplace is security. Users always want an authentic platform that is flaunted by the security features. We are power-packed in handling the security measures and the platform goes through a series of 100+ tests before reaching the final stage. Some of the exclusive security features we offer are
- Google authentication
- End to end encryption
- Anti DOS
- Realtime Blockchain monitoring
- Intrusion detection
- Port management
There are other security features included in the package too. Ping us on WhatsApp to know more about it.
A Ready-made Customisable NFT marketplace for your hop in NFT is just a few clicks away
Connect on WhatsApp Working of an NFT marketplace
The working of an NFT marketplace depends on the type of blockchain it is built in. For example, in the Ethereum blockchain, the gas fee is levied for every transaction made in the marketplace. This price varies depending on the construction of the marketplace. The most frequently used transaction is the transaction of conventional money to ether in the Ethereum blockchain.
The sale procedure in the NFT marketplace is not so difficult to understand. The owner of the digital asset receives instructions upon conversions. After the conversion, the owner will receive a digital description of the asset, a fixed price, or auction details for the asset. The asset is then kept for auction and sold in exchange for cryptocurrency.
Features of an NFT marketplace
Exciting features always excite the users. We in Appdupe provide a number of innovative features for an NFT marketplace and we are open to your suggestions to add custom features of your choice. Features we offer,
- User profile
- Homepage
- Search and filter
- Product list
- Reviews and Ratings
- Shopping cart
- Payment gateway
- NFT management
- Etherum integration
- Authorization and security
- Inventory management
Cost of developing an NFT marketplace
This is where the whole process gets tricky. The whole process of developing the NFT marketplace from the UX/UI interface to the backend integrations takes up to 5 to 6 months approximately. The cost of the building might vary considering many factors. The interface, security features, and the blockchain where it is built make a lot of impact on the cost.
Going for a ready-to-install system will make it cheaper when considering the development from the scratch.
Make the process simple from the Cost of development to launch time. You can now get a quote for your dream NFT marketplace from our top-class NFT Marketplace Development Service.
Hit the treasure with your dream NFT project by launching your NFT marketplace
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
