NFT marketplace is a platform to create, buy, sell and trade NFT tokens. The marketplaces are gaining immense visibility with a wide range of audiences, including developers, crypto enthusiasts, and investors. Millions of dollars flow through these platforms monthly.
Platforms like Rarible, OpenSea, Sorare, and Foundation are springing up rapidly. OpenSea is the largest NFT marketplace. It is home to anything from artworks to virtual lands, sports, and music. Its website consists of around 4 million items under 200 categories.
This article discusses the essential features of a marketplace and describes steps to develop an NFT marketplace.
What are the Possible Features of the NFT Marketplace?
Storefront
An NFT marketplace must have a storefront that must provide users with all the necessary information about an item, including bids, owners’ details, price history, and all other relevant information.
Search For Items
The marketplace platform must support category management and tagging to simplify finding collectibles for the users. Objects can be classified on the basis of their type: art, music, domain name, trading card, virtual land, game and utility.
Filters
If the platform has a lot of collectibles, filters help to navigate through the site. The marketplace platform must allow users to select items by category, listing status, and payment method.
Create Listing
The NFT creation and submission process must not be a time-consuming task.
Status of Listings
Listings assist users in choosing NFTs for purchase. Users must be able to search, sort, and filter to find the best suitable option faster and easier. It assists in informing sellers at what verification stage the items are.
Buying and Auction
Auction mechanism development is one of the crucial components of the NFT marketplace development. A user-friendly and efficient NFT buying system would attract more bidders to the platform. The auction watch list allows users to view the details about the current status of bids.
Wallet
The easiest way is to connect the users with the wallet they’re already using. There are various wallets, including Coinbase Wallet, MyEtherWallet, WalletConnect, Formatic, and many more.
Ratings
Ratings of NFTs help users decide which NFT to buy.
How to Develop a Custom NFT Marketplace?
Step 1: Business Analysis
It is the first stage of the development process where important decisions related to the project are made. Decisions are made related to the business parts of the project, including what features need to be implemented, for which product is being developed, or what user flows to build.
The target must always be to create a practical and straightforward marketplace architecture that supports all the necessary functionalities.
Step 2: UI/UX Design
The clear and straightforward user interface is the most required component of an NFT marketplace. UX/ UI designs provide the look and feel of the platform. It is strongly recommended to consult a professional for UX/ UI design.
Step 3: Smart Contracts Protocol Development
requires smart contract development that works on the Blockchain network. Ethereum, Solidity, and Flow, are used to create smart contracts, depending on the needs of the customers.
Step 4: Front-end development
Front-end development brings the back-end design to life. Developers implement all crucial features on the client-side and choose the best framework for the project. The critical task here is to ensure good performance and fast and reliable operations of the platform.
Step 5: Testing
Testing of the developed product reveals potential bugs in the system. It detects and fixes those bugs promptly and makes the product ready for launch. Testing ensures that the platform works as intended and meets all the project requirements.
Step 6: Launching and Support
After the launch, regular maintenance and updates are necessary.
NFTs are rapidly growing in popularity and attracting more and more users every day.
Creating a marketplace for trading NFTs has become the roaring demand of the hour. The NFT marketplace features and the methodology used by the NFT development company to develop it are briefly discussed in this article to provide the basic understanding and requirements of creating a marketplace.
