The NFT Marketplace: How to Buy and Sell Non-Fungible Tokens

Do you need a platform to preserve and trade NFT or Non-Fungible Tokens through which you can buy or auction these tokens? Then you need to develop your NFT Marketplace. If you are wondering how to develop such a marketplace and how much does it cost to create an NFT marketplace, read this blog as a detailed guide for you.

As you know, the popularity of the online marketplace for digital collectibles is growing rapidly in modern times; you need to enter into this digital platform. In the NFT marketplace, Non-Fungible Tokens are the representations of your assets. But before creating your NFT Marketplace, you must decide what kind of digital assets you are interested in buying, selling, or creating. It can be anything digital such as the written word, videos, video games, art, music, collector’s items, and many more. You can be tokenized all these digital assets on an NFT Blockchain network.

Know About Non-Fungible Tokens

NFTs are the piece of digital content that is linked to Blockchain. These can be texts, images, digital artworks, audio recordings, trading cards, game items, etc. It is called non-fungible because these are all unique pieces of art. You cannot replace a token with another. These tokens work on the Ethereum Blockchain, and for their creation, the ERC-721 standard is used. The standardization of NFT depends on the ability of blockchains to interact with each other. Some of the best-known examples of NFT are:

• Game characters
• Texts
• Sports
• Digital Artworks
• Music
• Tracks

How Does an NFT Marketplace Work?

Non-fungible tokens are implemented in the marketplace via smart contracts, where each item comes with unique metadata. Blockchain technology protects these data. These protocols regulate the connections between the seller and the buyer. The process of buying and selling tokens becomes user-friendly and convenient on how to create an NFT marketplace.

Types of NFT Marketplace:

NFT marketplace is mainly of two types.

• Niche Peer-to-Peer Marketplaces: These marketplaces mainly offer particular digital assets mentioned in a niche. For example, Glass Factory is a hologram marketplace. Another example is Valuables, where one can sell or buy tweets.
• Universal Non-Fungible Token Websites: Here, you can sell or buy any digital asset, whether digital art or a domain. Examples of this type of NFT marketplaces are Raible, OpenSea, Mintable, etc.

Why Opt for an NFT Marketplace?

There is no denying that the NFT marketplace has been growing by leaps and bounds in recent times, especially with the outbreak of the COVID-19 pandemic, which is followed by the lockdown. It results in a closedown of all museums and galleries. As a result, the market for physical art has dramatically dropped. It has triggered the demand for digital or token-based art sales. NFT marketplace is profitable for both buyers and sellers. How? Find out the reasons below:

• Limitless Expansion: An NFT marketplace is a place with a huge transaction that takes place every day. Though it is still not mature enough, it can be the future digital marketplace for artists.
• Non-traceable: Being a virtual place, it does not have any physical presence or is a non-traceable platform. The transaction model of this platform is digital money.
• Usability: The working function of NFT is very straightforward. The users can easily understand the process of the NFT marketplace. It makes them eligible to make the transition in the market.
• Authentic Platform: It is impossible to buy or sell any item in the NFT marketplace without a user account. It ensures the authenticity of the platform.
• Affordability: The most important reason the young generation is now passionate about becoming an NFT artist is its affordability. It is neither too costly nor too cheap.

Steps to Create an NFT Marketplace:

Though NFT Marketplace is comparatively a new platform, it is gaining popularity among developers and entrepreneurs as it enables you to build an account, upload digital artworks and finally make sales. Thus it has become popular mostly among young artists. They set up niche marketplaces to offer clients what they may need, specialize in selling online artworks, and contain a specific target audience. Now the question is How to Create an NFT marketplace? Can you build it on your own? Find out all your answers below.

If you want to use this marketplace, the first thing that you have to do is to build an account, then register and connect the crypto wallet to your account. Then there are following steps to follow if you want to develop an NFT Marketplace on your own:

• Create an NFT and define all preferred parameters.
• List all your items for sale.
• Wait for the completion of the moderation.
• When there is a possibility of any auction, the buyers will put their bids.
• Then you can make your auction according to your demand by transferring cryptocurrency or any digital products.

But suppose you want to make your NFT marketplace more efficient and profitable. In that case, you need the help of professional developers who can create a unique marketplace by setting up your niche and more functionality by applying their updated strategies.

• Define Niche: A specific niche will help you start your NFT marketplace more efficiently, by which you can target a vertical market. Again, if you have a concept, you can discuss it with the developer to hire to implement it successfully in your marketplace.
• Choose UI/UX Design of Your Marketplace: Make sure you choose a straightforward UI while building an NFT marketplace, as it enhances a platform’s overall presence and usability.
• Opt for Front-End Development: You must have your design idea as an artist. If you want to execute it, then choose a reliable framework. This task will be much easy and more effective by hiring an expert developer. Once the framework is chosen, the developers then move on to the coding stage. Here the developers implement the functionalities in your app.
• Use Smart Contract Token Generators: As the NFT marketplace is a decentralized platform, it is better not to look for back-end development. It is because most of the data of the NFT marketplace gets authentication on a Blockchain.
• Test & Deploy: It is one of the most important steps of creating an NFT marketplace app. It is time to identify any backlog so that you can solve it. In addition, software tests are also needed to ensure that your project is running correctly.

What Are the Basic Functionalities that an NFT Marketplace Should Have?

It is sure that now you have gathered some basic knowledge of How to Create an NFT marketplace. Now you should know about some of the extra features you can add to your NFT marketplace to offer an excellent user experience to your website visitors. Here is a list of some recommended features of a professional NFT marketplace:

• Storefront: Your NFT marketplace place should have a storefront like any other marketplace.
• Convenient Search: It can help the users to find a collectible of their interest from several categories such as Art, Photography, Domains, Music, Games, Memes, etc.
• Filters: Filters help users navigate an NFT marketplace and select their required items. A filter may include several sections like Highest Price, Lowest Price, Recently Listed, Most Viewed, etc.
• Listing Creations: You should develop your NFT website so that the creation page should be able to upload a file and enter the required token information.
• Listing Status: As a seller, you can be benefitted from this verification process. It will help you check the stage of the verification process of your items.
• Buying & Auction: One of the most important functionalities you can add. An auction system will help you sell your product most profitably. Make sure you set the expiration date in the form.
• Rating: By adding this feature to your marketplace, you can help new users to choose NFT.
• Wallet: This functionality makes it possible to store, send and receive cryptocurrencies and non-fungible tokens. It allows the NFT marketplace users to connect their preferred wallets.

NFT Marketplace Development Cost:

To answer how much does it cost to create an NFT marketplace is problematic. It is because; there is no fixed pricing for it. For example, if you decide to use a ready-made solution that is ready to use, the cost will be cheaper. Again, if you prefer to build a customized NFT marketplace with the help of an expert team, the cost will reach higher. In addition, there are some factors on which the NFT marketing cost depends, including:

• The types of basic and advanced features are included in the NFT selling platform.
• The type of technologies used for setting up the front-end and back-end development.
• The process of auditing.
• The hourly rate differs based on the locations, skills and work experience.
• Additional services like bug-fixing, maintenance, and software update.
• The customization cost.

Now, look at the table to get a rough idea of NFT marketplace development cost:

How Much Does NFT Marketplace Development Costs:

Features	Time(hours)	Cost/hour ($15- $60)
UX/UI Development	42 hours	$630 – $2520
Authorization and Security	72 hours	$1080 – $4320
User Profiles	42 hours	$630 – $2520
Home page	84 hours	$1260 – $5040
Search and filters	96 hours	$1440 – $5760
Product page	42 hours	$630 – $2520
Reviews & Ratings	48 hours	$720 – $2880
Shopping cart	48 hours	$720 – $2880
Payments	42 hours	$630 – $2520
Notifications	32 hours	$480 – $1920
Etherium incorporation	96 hours	$1440 – $5760
NFT management	96 hours	$1440 – $5760
Inventory management	42 hours	$630 – $2520
Buyer panel	64 hours	$960 – $3840
Author panel	132 hours	$1980 – $7920
Admin panel	85 hours	$1325 – $5100
Total	1063 hours	$15,995 – 58,020

The Bottom Line:

Since NFT’s popularity is increasing day by day, the present COVID-19 pandemic condition is the best time to create your NFT marketplace and develop your digital presence as an artist. Recently many artists, musicians, and creators have dived into the trading of NFTs to turn their passion into income with the emergence of a huge market to purchase crypto-collectibles. By listing the NFT’s sales, you can attract the leading brands and celebrities. However, the main reason for the massive success of NFT is its emergence of various marketplaces that can manage the execution of trades. So if you are a passionate artist, an NFT marketplace can be a good platform for your income to break the new record. But it is important to know how much does it cost to create an NFT marketplace before you decide to choose your NFT platform.

FAQs:

1. What Are the Benefits of Creating an NFT Marketplace by hiring Digital Infoways?

NFTs are gaining much attention day-by-day because of their several business benefits:

• It can generate more ROI for a business.
• If can help to obtain a high user base.
• NFT marketplace has emerged as the most preferred business idea by Crypto Entrepreneurs.
• It offers constant business growth in this digital marketing era.
• NFT marketplace does not require much maintenance.
• With the NFT market, you can contribute to the Global Revenues and more.

2. How Long does it Take time to develop an NFT marketplace?

The average time to develop an NFT marketplace is approximately 4-6 months, though there are several factors on which the NFT marketplace time depends such as:

• Level of complexity
• Features and functionalities
• Platforms
• Expertise

3. How much does it cost to create an NFT marketplace?

The cost of creating an NFT marketplace depends on various factors including:

• Strategy
• App functionalities
• Device compatibility
• Security
• Maintenance
• Testing
• The agency you choose

4. What are the things to consider While Creating Your NFT Marketplace?

Here are several factors that you should consider while creating an NFT marketplace:

• Transparency: Your NFT marketplace must include transparency so that it can offer the users a clear view of all your transactions. The Blockchain network provides an error-free transaction experience.
• Security: An NFT marketplace is featured with in-built security. It can safeguard traders from transaction loss and other unnecessary functions.
• Decentralization: The decentralization of the NFT marketplace allows an artist to copy and distribute all information to different Blockchain networks.
• Smart Contracts: There is no commission fee to initialize smart contracts. What you have to do is to sign in the contract to prevent fraudulence.

5. What is the best platform for NFT?

Some top NFT platforms are:

• OpenSea
• Axie Marketplace
• Larve Labs
• NBA Top Shot Marketplace
• Rarible