How to create a roadmap for an NFT marketplace development project

The global NFT marketplace is expected to grow significantly in the coming years. Businesses looking to enter this market will need to plan and execute their development projects carefully.

As reported by MarketsandMarkets, the global NFT market size is expected to grow to USD 3.0 billion in 2022 and will grow to USD 13.6 billion by 2027, at a CAGR of 35% from 2022 to 2027. This increase can be attributed to the NFT's demand worldwide for various applications.

With a recent explosion in the popularity of non-fungible tokens (NFTs), many businesses are looking to develop their own NFT marketplace. NFTs are unique digital assets based on Ethereum blockchain technology that cannot be replicated, making them perfect for use cases like collectibles, gaming, art, metaverse, and real estate.

What is the NFT marketplace and how does it work?

An NFT marketplace is a platform that allows users to buy, sell, or trade NFTs. There are many different types of NFT marketplaces like Opensea, SuperRare, Nifty Gateway, etc - each with its own unique features and purpose. In general, an NFT marketplace allows users to list their tokens for sale, set a price, and handle all the payments and transactions through the cryptowallet.

To use a NFT marketplace you must know it's working.

Why do you need a roadmap for the NFT marketplace?

A roadmap for the NFT marketplace will serve as an essential tool for any development, as it provides a clear overview of the project timeline, milestones, and deliverables. A well-crafted roadmap will help keep the project on track and ensure that all stakeholders are aware of the project's progress.

This article will show you how to create a roadmap for an NFT marketplace development project. So, let's get started!

Defining the scope of your marketplace

The first step in creating your roadmap is to specify your target audience, and to do this, you'll need to answer the following questions:

• Who will be using your marketplace?
• What type of NFTs marketplace niche will it cater to?
• What is the purpose of your marketplace?
• Who are your competitors?

Some other factors to consider when defining the scope of your marketplace include the geographical location of your users and any regulatory requirements that need to be met.

Creating a features checklist

Once you've defined the scope of your marketplace, you'll need to create a features checklist. This will help you determine what features are essential for your marketplace and what can be left out. Some features that you might want to consider include:

• Storefront
• Token search
• Filters
• Building listings
• Listing status
• Bidding option
• Wallet
• Ratings

Ensuring high-quality UI/UX design

Though it is essential to follow the roadmap, a high-quality UI/UX design will make sure to engage the users on the platform. It should be interactive and easy to use so that even first-time users can understand it with ease and have a great experience.

Below listed components of the design include:

Layout: The layout should be such that it is easy to find what the user is looking for without searching a lot.

Design: The colors, fonts, and icons used should be according to the brand guidelines and give a pleasant look to the eyes.

User Experience (UX): Every step in the user journey should be considered while designing the UI so that there are no hiccups or confusion while using the marketplace.

Developing the platform

Once the UI/UX design is finalized, the development team can start working on the project. They will need to build the front-end and back-end of the marketplace and integrate it with any third-party services required.

Also, transparent communication between the development team and other stakeholders is essential to ensure that everyone is on the same page and that the project stays on track. Even though coding is a significant part of development, there are other aspects to consider such as testing, deployment, and documentation.

Testing

After the development phase is complete, it's crucial to test the marketplace thoroughly before launching it. This will help identify bugs or issues and fix them before they cause any problems for users. Various types of testing can be done, such as unit testing, integration testing, and user acceptance testing.

Launching the marketplace

Once the marketplace is developed and tested, it's time to launch it! This is where all the hard work comes together, and users can finally start using the marketplace. To ensure a smooth launch, it's essential to plan and prepare for any potential issues.

After the launch, it's also essential to monitor the marketplace closely and gather feedback from users. This will help identify any areas that need improvement and make sure that the marketplace meets the users' needs.

Creating a roadmap for an NFT marketplace development project is a critical first step to ensuring the project's success. By following the steps outlined in this article, you can ensure that your marketplace is well-planned and on track for success.

Author Bio

Sudeep Srivastava is the CEO of mobile app development company "Appinventiv", is someone who has established himself as the perfect blend of optimism and calculated risks, a trait that has embossed itself in every work process of Appinventiv. Having built a brand that is known to tap the unexplored ideas in the mobile industry, he spends his time exploring ways to take Appinventiv to the point where technology blends with lives.