“If today you do not know about NFT Marketplace app development, then it is fine, but after 5 years in 2026, if you still do not know about it, then it will be a very unfortunate thing.”
The digital world is transforming the way we used to trade. Payment through paper currencies is decreasing, and online payments are increasing. In 2022, we can find a QR code in every store where customers can pay without using paper currency. But, banks are involved in this kind of transaction. What if a user wants to store currencies in digital assets?
NFT is a similar concept in which users can store or sell digital tokens modifying their virtual wallets in cryptocurrency. NFT marketplaces are growing where users trade these digital tokens. The owners of NFT marketplaces earn a significant amount of profits.
Entrepreneurs continuously seek NFT marketplace guides to inform themselves about the trending concept before incubating and accelerating their idea into the practical world. Luckily, this blog has everything they need about NFT Marketplace, development, features, launching, and benefits. So let us start with the basic concepts involved in NFT Marketplace.
What is NFT?
Non Fungible Tokens or NFTs are digital tokens based on blockchain technology, providing a platform for users to buy and sell assets in Cryptocurrency format. The tokens can be in the form of collectible digital assets like music, art, images, Metaverse, videos, and other forms. They all have a token address and Cryptocurrency value determined by the sellers and platforms. NFT will be an effective exchange method soon since more and more people are indulging in it. Let us look at the stats evolving in the Crypto world and NFT’s.
- According to Crpyto.com, global crypto users can reach 1 Billion in numbers by December 2022
- BTC owners have reached from 128 million in July 2021 to 176 million in December 2021 (Source: Yahoo Finance)
- NFT users registered 2,80,000 unique buyers & sellers by August 2021 (Source: Statista), and the most expensive NFT sold was $532 Million (Source: influencer marketing)
The mentioned numbers reveal the popularity of the NFT market and Crypto owners, proofing that the NFT marketplace will acquire more users in the coming future. So, working on this idea is decisive action. But, first, let us learn about the NFT marketplace.
What is NFT Marketplace?
Assets or products require a marketplace where they can be listed, sold, and purchased. Similarly, NFT Marketplace is where NFT’ ‘s are listed for sale from creators worldwide. Buyers and sellers sign in to provide a trading platform to the hosting market. OpenSea and Rarible are some of the famous NFT marketplaces. Both the markets are built on a blockchain network with the base trading exchange on cryptocurrency.
Millenials have been using the marketplace more for the last two years. As written, “The majority of people interested in NFTs (14%) are between the ages of 18 and 24. Followed by 25 – 34-year-olds where 8% of respondents are interested in NFTs” (Source: Colormatics). NFT is already a billion-dollar market in 2022, allowing entrepreneurs to kickstart their businesses.
Since Millennials use mobile apps regularly, NFT marketplaces can be offered on mobile apps for a smooth and more convenient experience. Below are the top 3 NFT apps that entrepreneurs can use while blueprinting prototypes with the NFT Marketplace app development company.
Best NFT Marketplace Apps
Many apps operate as a marketplace for NFT’s where the audience can buy or sell their digital assets.
- Sketchar: An artist app available on iOS, Android, and galaxy store. Artists can design their arts in the app, and it has its own NFT marketplace where they can sell it. Sketcher doesn’t link with other marketplaces, which is its major drawback. It has how to draw with tutorials from doodling to actual sketching. App developers take 5% on your first sell and 1% after the first sell.
- PixelChain: A significant advantage of this app is that users can buy and sell on multiple channels since it converts pixel art into NFT. It is a browser-based app and does not have a mobile app version.
- NFT Go: The app also provides multiple marketplace channels but is expensive to use. Users can download it on iOS platforms only.
After going through the apps, you must be ready to create your idea’s blueprints. But, what does a marketplace development process looks like? RipenApps is more than happy to give you a general overview of the development process of the NFT marketplace straight from our NFT marketplace development experts.
NFT Marketplace Development Initial Phase
The central part of NFT marketplace development is deciding whether to start from scratch or take blueprints from already created platforms evolving in the following pointers:
- Development Decision: It is a complex decision to decide whether entrepreneurs should choose scratch development or choose white-label NFT marketplace development
- Choosing Blockchain Network: The most used blockchain networks are Ethereum, Binance smart chain, Solana, Cardano, and Polygon. Entrepreneurs have to decide which technology to choose by discussing it with the NFT marketplace app development company.
- Budget and Resources: Development from scratch costs more money, time, and resources, making a unique marketplace with its own branding in the NFT marketplaces. On the other hand, those new to NFT and Crypto can use the white-label market. It is a budget-friendly method, ready-made in nature, and 100% customizable according to requirements.
Finally, entrepreneurs can inform themselves about a few pointers mentioned below about the complex development phase essential while monitoring your project with the NFT marketplace development company.
Development Process- Significant Phases
The development process presents the NFT marketplace process, in which entrepreneurs can inform themselves about what phases their project will go.
- Selecting Blockchain Network: The blockchain network on which marketplace to be built. For example, Solana, Cardano, Polygon are some blockchain networks.
- Designing the UI/UX: The overall design must be user friendly, attractive, easy to understand, and navigate to gain more engaging users
- Robust Smart Contacts: All operations in the marketplace must go through smart contracts programs handling contracts and transactions because it’s a primary task and the main cause of operations in NFT marketplaces.
- Storage: IPFS lets users fetch and store NFT’s detail, and the rest of the user based info is stored in DataBase
- Integration: Backend and frontend integration are essential. The DBS management deployed on the server must work smoothly from frontend to backend.
- Beta Testing: Testing the bugs is a vital component because, in the testing phase series, all issues on the platform are solved.
- Deployment: The final process is deploying the NFT marketplace, which can be web or app-based. The whole world can use it once it becomes live.
Now you have understood about the NFT, NFT Marketplace, and App Development process. What are the futuristic benefits involved in NFT Marketplace?
Benefits of Launching NFT Marketplace in 2022
NFT marketplace is a futuristic approach, and sooner or later, the world will be involved in NFT in some format. It offers two influential benefits:
- Metaverse Enabled: Virtual assets will enter in Metaverse, and NFT will integrate for seamless trading in the virtual world. Hence, having a marketplace idea allows entrepreneurs to align with futuristic technology.
- Millennialist: Millennials are the new tech people, and entrepreneurs have to work with millennials’ trends. We have seen how millennials are involved in the NFT marketplaces, and it is high time to work on this idea to engage with millennials on a massive scale.
It is undoubtedly a trending topic and promises scale and growth in the future as more millennials join the platforms. As a result, entrepreneurs working on the idea of the NFT marketplace may have to look for certain features to offer in their marketplaces for a better user experience.
Features to Focus on in your NFT Marketplace
An efficient marketplace focuses on several features to determine a satisfying experience for the users. Below are some of the features entrepreneurs mandatorily improvise and implement in their NFT marketplace.
- Storefront: One of the key components is the store’s main page. It should be attractive and elegant in design that converts passive users to active users on the marketplace.
- Auction Feature: Marketplace assets can be based on auction, fixed, or fluctuating prices. An efficient implementation of auction feature with no bugs leads to more audience in the marketplace.
- Security: Market places are online, and security is primarily for buyers and sellers. NFT marketplaces have to secure their market from DDOS, CSRF, and SSR to prevent online attacks from hackers.
- Integration: The audience looks for flawless integration between different services. NFT marketplace should provide flexibility with other marketplaces. Sellers could import various collections from different platforms, and buyers could use the same wallet at different marketplaces.
- Wider Platforms: A wide availability on different platforms makes the market platform-independent. Wide platforms can include web, iOS, Android with hybrid app development solutions so that users can enjoy their NFT marketplace on any device.
- Clone Scripts: New NFT marketplaces can use clone scripts to launch their peer-to-peer NFT marketplace directly. OpenSea clone script is one of its examples.
Entrepreneurs can provide a more pleasing experience with the aforementioned features to their audience. But, how an NFT Marketplace looks like for buyers and sellers? Let us find out.
How does NFT Marketplaces Look from the Buyer’s End?
NFT Marketplaces are built with a simple approach that everyone can understand. It is like an online market with the below process for buyers.
- Users have to create an account to register an account or log in with their existing credentials.
- After Login, users have to set up their Crypto wallet to hold digital assets. Wallet connects accounts from websites and exchanges. Some Wallets are compatible with as many chains as possible.
- Users have to transfer funds to their wallets, and once the digital currencies are stored in the wallet, they can start trading.
- NFT’s can be bought at fixed prices or auction prices as provided by the seller
- While buying digital assets includes gas fees and market charges depending on the supply and demand forces of the trading world.
How does NFT Marketplace Look from the Seller’s End?
NFT marketplaces provide different features to the sellers as compared to buyers.
- Sellers can import existing collections from different platforms making their trade flexible
- Marketplace for sellers is more like a central space of collecting, controlling, organizing, and designing NFT’s for trade and exchange.
- Sellers fill in essential details like NFT price, key metrics, token allocation (proving buyer’s ownership and authenticity), and NFT category (image, gif, or video).
- Sellers mention the Payment method they accept and lists sale on the market.
- On the marketplace, Sellers can select from time auction (runs for specific time frame), unlimited auction (seller can stop auction anytime), and the fixed price selling.
That’s how the final product looks from the buyer and seller’s end. With the blog, the entrepreneurs can take all the necessary information about NFT Marketplace before contacting any NFT marketplace app development company. RipenApps incorporates ideas into reality, and blockchain technology is one of our expertise. We are always looking to work on unique ideas and futuristic technologies to transform how we interact with digital currencies and assets.
To get the related information, place your curiosity at [email protected] and let your business grow with us.
FAQs about NFT Market app development
How much does the NFT marketplace app development cost?
NFT Marketplace app development follows a regular app development cycle. The minimal cost for NFT Marketplace app development cost in 2022 depends upon the requirements from the clients and the complex features involved in it. Meanwhile, it integrates blockchain technology, so the accumulated cost varies.
How do I create an NFT marketplace app, or what is the process of NFT marketplace app development?
NFT Marketplace app development process starts with a development decision where you have to choose either from scratch development or white label NFT Marketplace. Further, if you want to create an NFT marketplace app, you have to decide what blockchain network you want to choose and the budget of the project. Finally, you can approach NFT Marketplace app development companies in USA, Australia, etc. and discuss the NFT Marketplace app development project.
Can you make money with NFT?
Of course, you can make money with NFT or NFT Marketplaces. NFT Marketplace apps are all about trading, and trading involves money. Artists create NFTs in the form of images, videos, gifs, and other digital assets. If you are an artist, you can create your own digital assets, sell them to interested buyers, and add money to your crypto wallet. Or, if you are an entrepreneur, you can make your own NFT Marketplace app and make money with NFT Trades by approaching the expert NFT Marketplace app development company.
What is the best NFT marketplace app?
There are many of the best NFT Marketplace apps available on the android and iOS platforms. Axie Marketplace, Rarible, OpenSea are a few of the best NFT Marketplace apps you can explore and engage in the NFT marketplaces. All of them have their own features, so you can use them and decide which is the best NFT marketplace apps on your own.