Online marketplaces also ensure a hassle-free trading experience, apart from generating a synergistic effect. To say that marketplace websites like Amazon, eBay, and AliExpress had an everlasting impact is an understatement. What if the same concept applies to the evolving NFT space?
The examples are all over the place – NFT marketplaces like OpenSea and Rarible generating good revenue, sustainable business model, sell-on clause (commissions), gas fee, and much more.
In this blog, you’ll learn the intricacies of NFT Art marketplace development in a no-frills way.
But first,
Uncover the Basics of an NFT Marketplace
NFT (non-fungible token) is not rocket science but a blockchain-linked digital asset representing real-world music, text, video, or simply anything. NFT marketplace is a website/application where people can buy and sell an NFT. NFT Arts do not contain an image, but they specify Art’s ownership rights on the blockchain. NFT tokens, more often than not, follow the ERC 721 and 1155 standards. This ownership identification (token) remains different in value and identity because it is kept on a blockchain.
- In 2021, the NFT enthusiasts invested at least $26.9 billion worth of cryptocurrency on acquiring the non-fungible tokens, a report from Chainalysis revealed.
- Isn’t it a crazy amount of money spent?
- There’s a great chance that one in every three metropolitan residents bought or sold stuff via NFT marketplaces last year.
- That’s because small towns and rural areas still lack a strong knowledge of blockchain, let alone the non-fungible tokens.
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Connect on WhatsApp How To Find Ideas For An NFT Marketplace?
Every business starts with an idea. So, before you start planning your business model and choose the technology stack, you will have to analyze the potential of every niche and choose your bespoke one.
You know what? If we were speaking about an eCommerce marketplace, I would’ve said that all potential niches are bustling with players. Since it’s about an NFT marketplace, the space is largely unexplored. Take NFT marketplaces for art (as an example), which seems to be a promising segment as non-technical people generally associate NFTs with traditional artworks. As a result, leveraging the NFT art marketplace development will be a viable idea. Yes, it is!!
Here are several recommendations that will identify you an apt niche for the NFT marketplace:
- Narrow down every niche and analyze its ins and outs
- Analyze the market volume (of every niche) and ensure whether it fits your target market
- Ensure that your NFT marketplace platform solves a real problem
- Examine the competitors (in that niche) and ensure how you better them (in your offerings).
And, of course, not all perfect ideas transform into a successful business. What matters is how a business modifies its objectives and offerings according to the needs of the market.
Are Artists in dire need of NFT marketplaces?
Artists are the biggest beneficiaries of NFTs, retaining ownership of their artworks in the modern digital space. NFT marketplace for artists helps people from across the globe to converge, communicate, and generate revenue (through their art NFT sales).
Things are different with the NFT marketplace for artists and producers. An artist creates art and displays it for sale on the NFT market. Any collector interested in the artwork approaches the artist with a price in mind. The bargain is struck, and the art is sold if the artist is satisfied with the value.
Now, looking from an entrepreneur’s shoes, the traditional art industry enjoys a loyal fan base. The chances are that – while replicating and tokenizing a yesteryear artwork – you can enjoy similar traction. A tiny commission on each NFT sale may account for considerable revenue. It’s not just about art or artworks – because – you can amplify your NFT marketplace to much wider horizons (niches).
Conclusion
Ever visited a dull and humdrum online website that hasn’t been updated in ages?
That’s not what you want your NFT marketplace to look like when NFT enthusiasts start pouring in.
So, maintaining the marketplace platform (be it website or app) is more important than developing it. We, at AppDupe, offer development & designing, post-launch support, app store optimization (ASO) – everything in one package. All you need to do – Get in touch with us!
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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.
