The rise in popularity of NFT over the past few years has propelled this Web 3.0 phenomenon to extraordinary heights of popularity.
Today, every second company in the IT sector tries to develop its own “products” or a marketplace.
This article will examine the benefits of creating our NFT platforms and the necessary tech-stack.
What Is NFT?
These digital assets are the ultimate symbol of uniqueness, powered by unbeatable blockchain technology. In addition, NFT markets operate decentralized, ensuring all transactions are authentic and fraud-free. And if you’re a creator, NFT markets are the perfect platform to showcase your one-of-a-kind works and earn some serious dough!
What Functionality Should Be in the Marketplace?
Creating a comfortable environment for users is a crucial task for any platform. Most MVP features are no different from typical elements for this area. Among them, we can highlight the following:
- Decentralized Exchange: Integrating a DEX in an NFT marketplace can provide a trustworthy and guaranteeing the transparency and credibility of blockchain transactions.
- Security system: It’s necessary to cover you with top-notch security measures like encrypted user data storage, two-factor authentication for accounts, and secure transaction recording on the blockchain to keep fraudsters at bay.
- Automation: Automation plays a significant role in enhancing NFT trading. This includes user onboarding, account creation, and the deployment of automated intelligent contracts for secure and efficient transactions.
- User Interface: An ideal NFT marketplace should feature a user-friendly interface that facilitates navigation, asset search, and purchase. In addition, it should incorporate both GUI and GPL to enable developers to design bespoke platform functionalities.
The integration of these features and functionalities into an NFT platform can enhance the trading experience for users’ digital assets by providing security and ease.
The above is just the bare minimum to create a marketplace website. But we will not list everything, so let’s move on to no less essential but optional elements of the platforms.
Essential Points to Consider
It is advised to conduct thorough research on the technical aspects of NFT technology before establishing an NFT marketplace.
How to create NFT marketplace: technology stack
To establish a thriving NFT marketplace, one must have the appropriate technology stack consisting of the following components:
- Blockchain platforms empower developers to create stunning digital assets.
- Smart contracts will make the conclusion of transactions much more flexible and, at the same time, safe due to blockchain encoding.
- Front-end development tools are utilized to ensure a website’s visual appeal and user-friendliness.
- Back-end development tools are utilized to generate server-side logic for the management of user data and secure transactions.
- API integration services enable secure transmission of user data across multiple networks by facilitating communication between different systems.
Non-Fungible Token Standard
NFTS is a technical standard used to create and manage non-fungible tokens. This standard lets developers make unique, divisible, and transferable tokenized digital assets. It also sets rules for how the tokens can be used, transferred, and stored on the blockchain. Following these standards ensures that NFTs are secure and compliant with best practices in the field.
NFT Marketplaces’ examples
In order to better understand how to build a successful NFT marketplace, it is important to look at some of the success stories that have already occurred in the space.
CryptoKitties: CryptoKitties is an NFT marketplace that has achieved significant success. The platform allows users to buy digital cats known as “kitties” that are stored on the Ethereum blockchain. These crypto kitties have gained immense popularity, with some being sold for thousands of dollars.
Decentraland: Decentraland is a digital world that operates on cryptocurrency and allows players to purchase virtual land, goods, and services. The platform offers users the chance to invest and participate in various activities, including gaming and entertainment.
How to Make an NFT Marketplace
There are many aspects to consider to succeed in the NFT field. Here are some of them:
- Learn the technology: To create something new, select the technical model on which it will be developed.
- Implement a NonFungible Token Standard: A NFTS is necessary to ensure security and maintain copyright or owner rights.
- Test and launch the marketplace: As soon as the development phase is over, start testing, fixing bugs, and minor changes.
We should talk about the search for an IT vendor. If you do not have a team you are confident in and are ready to set such a difficult task, we recommend paying attention to outsourcing developers’ teams. We offer precisely the remote development format, which implies a much wider choice of specialists than the in-house type. Also, we should remember the price factor – outsourced/out staff development is often more profitable in terms of prices.
But be extremely careful and accurate, entrusting the project to third parties and ensuring their competence and professional skills. Unfortunately, even today, there are companies that “embellish” their abilities. To not give your project for development to such persons, we recommend that you take a detailed approach to viewing portfolios and reviews of certain companies.
It is worth looking for an IT vendor (or CTO) as early as possible. Otherwise, you can make mistakes in planning or early stages of development. Unfortunately, it is tough to fix this, it takes a long time, and there is a chance that you will have to start all over again. Trust teams of specialists exclusively with proven experience, preferably ask about them from past customers.