The global reach of NFTs shook the world in recent years. Non-fungible tokens have a long history that has inspired millions of people across the globe. According to new report conducted by coin tracker website “CoinGecko” the global market of NFTs reveals that it has hit around $800 billion for the year 2024. The increased interest people have for NFT collections such as Bored Ape Yacht Club, and Matrix Avatars have led to a massive increase in their revenue. The digital collectibles are setting the pitch for investments in digital currencies.
When the scope for NFTs is this huge, then the NFT marketplaces will also have high peak benefits for the entrepreneurs. To answer all your what, why, and how questions, this blog will focus on NFT marketplace development.
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A Brief Chronicle If Non-Fungible Tokens
The tokenized digital assets constitute a part of blockchain technology. The concept of NFTs is completely based on ownership, and every digital asset will be recorded in the ledgers of the blockchain network. The ownership details of the tokens will also be mentioned in the network making it more secure for the creators.
The smart contract in the blockchain will store all records about the ownership, and through this, the owners can transfer their ownership to others. NFTs are mostly confined to trading, where people can trade NFTs in exchange for currencies. Since 2014, the term NFTs has been prevailing in the market. It was only during 2017 it took a massive shape down the market.
In 2017, the concept took shape when people showed keen interest in buying Cryptokitties which are merely digital cats. The digital avatars of the kittens were traded by people for several million. Followed by this, we witnessed the arrival of the NBA Top Shot blockchain space where fans can buy, sell and trade official videos and highlights from NBA tournaments.
Some Popular NFTs Traded In The Market
The most exciting part of NFTs is that they are unique and rare. When someone buys them, they should feel the authenticity of owning something new. That is what non-fungible tokens offer to people. Nyan is a cat that took the internet platform to storm in 2011. It was a popular meme material available in gif format. Nyan is one of the most popular digital collectibles that was sold for $587,000.
People’s digital arts always secure a special place in the NFT space. Beeple’s animated video featuring Donald Trump laying down on floors when people used to pass by was sold as NFT for $6.6 million. This created a new history in the NFT space. So far, Beeple’s NFT was the one that was sold at a high price of $69 million this year. NFT “The Merge,” sold on December 2, 2021, had a whopping number of 30000 collectors pitching together for a total cost of $91.8 million.
Perks Of Non-Fungible Tokens
Investing in non-fungible tokens are proven to be an interesting investment option for individuals. Let us examine the various benefits of owning NFTs.
- NFTs will let investors liquidate the tokenized assets. Liquidity in NFT means buying and selling NFTs within the network in exchange for cash. In general, liquidity refers to the efficiency in which an asset can be converted for ready cash without affecting the market shares.
- Owning digital assets gives a sense of ownership to the owners. They are free to do what else they wish to do with their digital collectibles. Unlike other assets, the ownership of the digital assets is recorded in the blockchain.
- They are the best ways to tokenize digital arts and physical assets. This will also help in avoiding duplication and manipulation of digital works.
- The NFTs are easily interchangeable or transferred more easily than any other digital collectibles. It gives owners a sense of trust and confidence when they buy these digital assets.
How To Proceed With The NFT Marketplace Development?
While developing your NFT marketplace, it is important to follow the following steps,
Choose your niche
When it comes to NFT marketplaces, there are several specializations implied in them. There are designated platforms for every specialization. The NFT marketplaces vary from the themes ranging from sports, games, music, and artworks. However, you can also aim to launch a general marketplace where you can feature different digital collectibles.
Be precise with the UX/UI designs.
While building your marketplace, it is important to provide an alluring UX/UI design for the same. It should be easy and comfortable for the users to access your marketplace. You can share your ideas with your team and developers. It will be pleasant if you go with a reliable front-end design for your marketplace.
Employ smart contract token generation
The back-end development of the NFT marketplace remains equally important as the front-end development. The NFT marketplaces are decentralized in nature; the data gets its authentication in the blockchain network.
Testing and deployment
This is the most important stage of development. Here, you have to test your platform rigorously before it goes into public. You can identify various issues and bugs in order to increase the functionality of your marketplace.
What Are The Things To Consider While Developing An NFT Marketplace?
While developing an NFT marketplace, it is important to consider a few things in prime. Let us see them in brief,
The NFT marketplace should have transparency that will help the users to understand what is happening within the platform. The platform should provide error-free payment assistance for the users so that the transactions remain transparent.
This powerful feature has more to do with the functioning of your NFT platform. It should provide the utmost security for the users. The in-built security standards will safeguard people from transaction loss and other fraudulent activities.
The decentralized platform will allow you to spread your information to whole new blocks of networks. At the time of the new network introduction, this feature will help your NFT marketplace.
The global market of NFT is fast-paced, and this makes people go crazy in trading digital collectibles. You can also become a part of this cryptoverse by initiating your own NFT marketplace. Join hands with the best developers and launch NFT platform successfully.