NFT, NFT, NFT it’s everywhere in the world right now and trending all over the globe. If your main aim is to be in the market and generate massive revenue then my friend NFT is there for you. Well first of all the basics of NFT:
NFT is the perfect overall integration of augmented reality and virtual reality, which suggests extremely unique web solutions and technological solutions. People know how to make something unique, but they just don’t have an idea that where and when they should do this.
There is numerous marketplace around the globe such as OpenSea, Binance, and Rarible but still, but there is also some NFT marketplace which has gained a reputation in the market. So NFT marketplace has a market for everyone.
In this particular guide, we will go through different things such as developing an NFT marketplace from scratch and its revenue model of it. So without further ado get started on this.
Before we go ahead take a look at these numbers of NFT. We all know that OpenSea is one of the biggest markets of NFT. In August 2021 it has gained $3.4 billion in trading volume. Well, astonishing is that it did not have 800% less trading volume in previous months of that year.
Between 2018-2020 the NFT market has uprisen and noted the increase in revenue to 10x and it will definitely grow in upcoming years. The global market value of NFT was $40.96 million in 2018 and in 2020 it became $338.04 million.
The NFT marketplace could be easy for crypto newbies as it works on the technology of blockchain. When someone buys art with crypto, there are also some financial aids that come with that. The instruments are mentioned below.
- Crypto Trading
- Investment, Trading, Staking, farming
- Loans and Browsings
NFT generates good business revenue We all know about DappRadar, No? Let me introduce you to DappRadar, it is a website or a brand that tracks the sales of multiple blockchains. They have noticed that the sales volume of the NFT marketplace has uprisen from 13.7 million dollars to huge 2.5 billion dollars.
Enterprises generate revenue from the NFT marketplace. But from where do these marketplaces generate their revenue? They earn money from the monetization model, two of them are mentioned below.
- Listing Fees: Marketplaces charge their users for listing the NFTs on the portal.
- Gas Fee: Gas fees and transaction fees are somewhat the same, but the main difference is that it all happens in the NFT marketplace.
How Does This NFT Marketplace Work?
There are steps in which the NFT marketplace works. A new user who has just visited the NFT marketplace will face several things mentioned below. Let’s find out.
- Sign up for your NFT account
- Setup your wallet (Don't forget to update your wallet pin)
- Upload Asset and content on the NFT Marketplace
- Mint NFT
- Validation of NFT and Approval
- List of the NFT available in store
- The bid of the buyers
- Owners acceptance on whatever bid
- NFT getting transferred to buyers' account
So now here is a step-by-step guide that how you will build a successful NFT marketplace.
1) Do Market Research
You will have to ask certain questions yourself to do the market research. First of all, you will have to know your targetted audience and then you will target them with maximum effort.
The questions you should ask are mentioned below
- Who is your targeted audience
- Your key niche to the NFT marketplace
- What are those features which will attract the most of the customers to your NFT marketplace?
Which blockchain platform will you use for your NFT Marketplace.
- Identify your competitors.
- Identify the trends.
As soon as you get all the answers you are ready to develop an NFT marketplace.
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2) Create A Futuristic Marketplace
You will have to build the marketplace with certain features. Those features will decide your fate on customers. If you have easy-to-use and some extraordinary features then it will be easy for you to take out the market on your own.
So what are those features, you must wonder? Wait! Let me tell you.
- Advanced search and Help
- Listing of available NFT items
- Buy and Bid
If you take care of these 8 aspects in your NFT marketplace then it will grow like Hell.
3. Development Process
Every website and application goes through its development process. It is not a big deal but you will also have to take care of it. The technical implementation takes place in the development process of the NFT marketplace.
So what are those things you should take care of when you are in the development process of the marketplace? Blockchain platforms, Storage platforms, front-end technologies, and NFT Standards.
These are some commonly used NFT standards
4. Testing And Launch Of The Marketplace
Before you launch the marketplace it is needful that you do certain tests on it. The testing will help you find bugs or some functional defects. The marketplace will go through a process of testing and the issues will be addressed properly. As soon as you do this you are all set to launch your own NFT marketplace.
It is popular to invest in the NFT marketplace but it is extraordinary to build your own NFT marketplace to attract people to invest in it. Yes, there are so many marketplaces all around the globe but yes it is not true that they are 100%. So you can build a 100%, can’t you? Also, Non-fungible tokens have some outstanding features so you will be getting access to all these things in one go.
You just have to build an NFT Marketplace.