NFT Marketplace Development - Guide to Start An NFT Marketplace in just 6 Steps

Mid 2022 is the perfect time to start an NFT marketplace as marketplace platforms amassed $41 billion worth of crypto in 2021. The NFT market might witness a mature scenario in the upcoming years, for which 2022 will be the bedrock. More than anything, it’s wise to invest & start a business in an industry where value rotation is high. Would you have your business in an unstable industry?

Starting your marketplace platform is quite easy with an NFT marketplace development company on your side. Before hiring some company, let me give you a gist of the process.

NFT Marketplace - The Impetus of Global NFT Strategy

As Non-fungible Tokens (NFTs) continue to strive, NFT enthusiasts prefer easy-to-navigate trading platforms. As per multiple reports, most of them prefer to buy cross-chain NFTs to monetize. Do you wonder - why though? First and foremost, owning the cross-chain NFTs would be beneficial for the NFT community. There are various factors such as better cost, good optimization, etc.

It is pretty evident that NFT marketplaces have been at the forefront of the bulk of NFT happenings. Because, at its core, an NFT marketplace is nothing more than an e-commerce store where people can buy and sell virtual goods. There are some marketplace platforms available (as of now). However, for NFTs to become mainstream, there is a larger demand for more marketplace platforms.

Start Your NFT Marketplace in 6 Steps

If you wish to capitalize on the rising demand, then you’re at the right place. This A-Z guide on NFT marketplace development services will walk you through the vital steps. You must weave your strategy around these steps.

Step 1: Plan Your NFT marketplace platform

Every nine in ten NFT marketplaces are websites. Only a few like OpenSea and VeVe has their dedicated mobile applications. Building a marketplace would have to take the website route, obviously!

Before starting your online marketplace, you should first get a domain name. This section does not bother you too much. You can create an effective domain name in a few simple steps. Your marketplace will be ready for sales volume with such a domain name.

Try to get a domain name that goes along the lines of your brand objectives. And, don’t pick it for a short-term objective. Take OpenSea (for instance), which was a marketplace for CryptoKitties when it started. Then, the domain name became appropriate when it expanded beyond collectibles.

Step 2: Prototype Your platform

We can move on to prototyping the user interface once we have a basic understanding of the product roadmap (UI). You should already know if your users prefer mobile apps or a desktop experience at this point.

The prototyping phase is used to define user journeys, create mock screens for your NFT marketplace, and then flesh out and test the entire user experience (UX). You may want to update the design after testing to incorporate feedback from real users.

Step 3: Choose The Payment Options

“Enhancing The NFT Checkout Experience is Vital”

Having multiple payment options is one substantial way to enhance the experience. One is accepting crypto payments, while the other is embracing the traditional fiat payments.

Make sure to choose the correct crypto wallets (for instance like MetaMask) and fiat payment options like Stripe, PayPal, etc. Payment integration solutions make managing your online marketplace much easier. They combine various payment methods to give you the push you need to start your own online marketplace. Such options help you save both time and money.

Step 4: Development

Smart contracts play an important role in handling cross-chain NFT interactions. ERC-721 & ERC-1155 are two Ethereum-based smart contract standards. Whenever someone mints an NFT with your NFT marketplace platform, they create a smart contract with metadata.

With the need to develop smart contracts and a visually-appealing storefront, you must hire an NFT marketplace development company with the necessary expertise. The storefront is an important part of the NFT marketplace because it allows users to learn more about NFTs.

Step 5: Testing & Deploy

The importance of testing in NFT marketplace development cannot be overstated. Bugs, errors, and other defects can wreak havoc on the smooth operation of a cross-chain NFT marketplace. Before deployment, these should be tested, and troubleshooting should be done. If new bugs are discovered, or issues arise after the initial release, support may be required.

Step 6: Promote Your Marketplace Platform

Spreading the word on your built NFT marketplace is quintessential. Running a successful marketplace involves not just driving the NFT enthusiasts but also the first-timers.

You can drive the enthusiasts by hosting giveaways, referrals, and more. However, transforming a first-timer into a regular customer/buyer is the real success of NFT marketing.

Let me shed some light on someone actually doing it: CoinDCX (a Crypto Exchange platform) has incorporated the “learn” feature, where it educates the newcomers on blockchain, crypto & NFTs with layman’s language. If a crypto exchange could do that, why not an NFT marketplace?

From what I observed, there aren’t many marketplace platforms doing it. If you could manage, it could be an underrated marketing strategy.

Niches for your NFT marketplace to consider

NFTs are not just passing fads but inevitable that will be the foundational element of the Metaverse. The use cases of NFTs are not limited to art and photographs anymore. Its uniqueness is opening the door of opportunity for several sectors to take up NFTs and develop a dedicated marketplace for them. This is feeding several entrepreneurs to get started with the NFT Marketplace development. Here are some niches that would help you give a broader perspective of NFTs and the NFT marketplace.

Gaming

Gaming is always fun irrespective of age and it is more fun when you can earn from it. NFT games are the real buzz in the industry. Did you know, there are NFT games with more than 1 million users? The crypto gaming market is expected to reach a whopping $257 billion by 2025. These games in play-to-earn mode, require a dedicated marketplace that can host the exchange and trade of gaming collectibles. NFT Marketplace for gaming not only helps in better gaming but also with earning a passive income. With NFT games having their destination as metaverse on their roadmap, developing an exclusive marketplace for gaming grants assured success.

Fashion

Fashion always needs uniqueness and NFTs are the best they could have to give every unique design an exclusive right. Luxury brands like Gucci, Louis Vuitton, and other luxury brands have already given their grand fashion NFT launch. This has given the opportunity for other brands to come up with their unique NFT collections. You might have known NFTs are not just limited to luxury, many independent designers started to mint their fashion NFTs

Event ticketing

Did you know, that in the future, you will have to buy NFT Tickets to see your favorite NBA games? There are NFTs already existing that offer the holder get to see a game finale. Football clubs and other sports associations are taking up NFTs to give memberships and exclusive access to games and events to the fans. NFT event ticketing will be the thing in the future making it the new normal system for the fans to enjoy a unique ticketing experience.

NFT Community memberships

Though social tokens or community tokens do exist in the blockchain, NFTs are way more beneficial in taking up community memberships. NFTs can be actively used to depict the members of communities. The NFT trend is yet to grow more in this aspect and will provide a better community experience.

Takeaway

The White-label NFT marketplace is an undeniably inevitable opportunity to make yourself unique in the blockchain community. All you have to do is to get the right developer to bring out the blockchain platform of your dreams. It is always good to have a rough plan in mind, develop it step by step, question every step, and bring answers to every question that come up.

Author Bio

Jennifer Atkinson

Blockchain writer at AppDupe, an NFT marketplace development company providing end-to-end crypto and NFT development service to blockchain entrepreneurs.