How to Create Your Own NFT Marketplace? The NFT stands for the Non-Fungible Token, a special type of cryptographic asset that contains unique information and has its own value and price. In other words, the NFT is a digital entry in the blockchain registry, a password-protected link to a work of art or another asset, a kind of certificate for the right to own a unique digital object that could be anything ranging from pictures/photos, audios, videos to the digital paintings, graphic design, luxury items, domain names, cut scenes from movies, musical works, or a game character, avatar or asset.
We can consider that NFTs like poker chips, which are not regulated in any way, are not money but have value, however. The NFTs cannot be counterfeited and their rights to them can be proven at any time. The NFTs are securely protected through special encryption. Since all the data related to NFTs is stored in blocks located on various devices (blockchain nodes) across the world, hacking an NFT is impossible. The NFTs allow the owners to earn good money. How to Create Your Own NFT Marketplace?
The NFTs are traded on special exchanges – the NFT marketplaces.
The NFT marketplace is a blockchain-based platform for the issuance, sale, and storage of Non-Fungible Tokens. At the NFT Marketplace, you can meet artists, designers, authors, and crypto enthusiasts who want to trade digital works of art or collectibles in cryptocurrencies. How to Create Your Own NFT Marketplace?
Here are the benefits of NFTs:
- The NFTs help content creators earn money.
- The NFTs offer copyright protection.
- The NFTs are secure alternatives to digital tokens or tickets.
- The NFTs add interactivity to the media content.
- The NFTs are a good investment option.
How to Develop an NFT Marketplace? A Complete Guide
In this blog, I have compiled a complete guide to How to Create Your Own NFT Marketplace. However, before engaging you with the different steps of NFT marketplace development, I would like to highlight the importance of choosing the right NFT Wallet & right NFT Standard.
Importance of Choosing the Right NFT Wallet
In order to trade on the NFT marketplace, the users require a wallet to send, receive and store their NFTs and cryptocurrencies. So, while choosing a wallet for your NFT marketplace, make sure that it supports your NFT protocol. The MetaMask, EtherWallet, CoinbaseWallet, and WalletConnect are the best wallet options.
Importance of Choosing the Right NFT Standard
In order to run a blockchain-based NFT, you need to use certain token standards e.g., ERC721, ERC1155, or BEP. Each of these NFT token standards governs the overall functioning of digital assets in a certain way. So, choose your NFT standard, accordingly.
How to Develop Your NFT Marketplace? 5 Simple Steps
Now, coming back to the main objective of this blog post, here is how you should develop an NFT marketplace in five simple steps.
Step 1 – Create Your NFT Marketplace Project Specs Document
The first step of the NFT Marketplace development is creating a project specification document covering the following information:
- Your Preferred NFT Niches
- Your NFT Sales Model
- Your Target Audience
- Your Preferred NFT Standard
- Your Preferred Tech Stack
- Your NFT Monetization Model
- Your Unique Selling Proposition
- Your Preferred Features & Functionalities
While creating your NFT Project Specifications Document, you should describe your ideas in the text and diagrams. You should also enlist the required specifications: features and functionalities.
Step 2 – Create Your NFT Marketplace – Front-End
How to Create Your Own NFT Marketplace? The second step of the NFT Marketplace development is creating its front end. The front end is related to the external appearance, user flow (navigation), and functionality of your NFT Marketplace. The main goal of the front end is to provide ease of management, reliability, and performance to the users. So, make sure that the front end of your NFT Marketplace is appealing and simple enough for everyone to use. Before creating the front end of your NFT Marketplace, you should first create its UI/UX through the Wireframes, Mock-ups, and Prototypes while describing the user flows (navigation) and functions. The tech stack for the NFT Marketplace Front-End Development is as follows.
- Web Languages: Angular.JS, React.JS, Backbone, Ember
- Mobile Languages: Java, Kotlin for Android, Swift for iOS
- Architecture: MVVM for Android & MVC, MVP, MVVM, and Viper for the iOS
- IDE: Android Studio for Android & XCode for iOS
- SDK: Android SDK & iOS SDK
Step 3 – Create Your NFT Marketplace – Back-End
The third step of the NFT Marketplace Development is creating the following back-end (server-side) parts of your NFT Marketplace:
- Develop the smart contracts & auction mechanism.
- Install & configure the blockchain database.
- Integrate the cryptocurrency wallet.
The tech stack for the NFT Marketplace Back-End Development is as follows:
- Blockchain: Ethereum & Binance Smart Chain
- Token Standards: ERC721, ERC1155, BEP-721, BEP -1155
- Smart Contacts: Ethereum Virtual Machine & BSC Virtual Machine
- Framework: Spring, Symfony & Flask
- Programming Languages: Java, PHP, Python
- SQL Databases: MySQL, PostgreSQL, MariaDB, MSSQL, Oracle
- NoSQL Databases: MongoDB, Cassandra, DynamoDB
- Search Engines: Apache Solr, Elastic Search
- DevOps: GitLab CI/CD, TeamCity, GoCD, Jenkins, AWS CodeBuild, Terraform
- Caching: Redis & Memcached
Step 4 – Test Your NFT Marketplace for Critical Errors or Bugs
The fourth step of the NFT Marketplace Development is testing your NFT marketplace for critical errors and bugs by performing several cycles of code testing and running several tests to make sure that the NFT Marketplace is error-free and bug-free. How to Create Your Own NFT Marketplace?
Step 5 – Deploy Your NFT Marketplace on Server or Cloud
The fifth step of NFT Marketplace Development is deploying your NFT Marketplace website on the server or cloud. Keep in mind that it is not the last step of the NFT Marketplace Development as you need the support and maintenance service on a regular basis. How to Create Your Own NFT Marketplace?
| How to Create Your Own NFT Marketplace? Get proof of authenticity and a certificate of ownership of your unique digital asset with Ramlogics – NFT Development Services. As India’s most promising NFT Development Company, we have all the skills and experience to convert any digital or real-world asset into an incredible Non-Fungible Token (NFT) – no matter, it’s a unique photo, painting, video clip, music, domain name, game character, digital avatar, or even your favorite luxury item.
Want to Launch Your Own NFT Marketplace?
NFT Based Frequently Asked Questions (FAQs)
What is NFT?
The NFT stands for the Non-Fungible Token, a special type of cryptographic asset that contains unique information and has its own value and price. The NFT also acts like a Certificate of Authenticity or Certificate of Ownership.
What are the different types of NFT Niches/Use-Cases?
How to Create Your Own NFT Marketplace? You can create an NFT for the following types of use cases or niches: Arts NFT, Music NFT, Sports NFT, Trading Cards NFT, Photography NFT, Games NFT, Metaverse (Virtual World) NFT, Digital Collectibles NFT, Video Clips (Unique Internet Moments) NFT, Characters/Avatars NFT, Events Tickets NFT, and Domain Names NFT, to name a few.
What is NFT Marketplace?
The NFT Marketplace is a special exchange platform for NFT trading.
What are the important features and functionalities of the NFT Marketplace?
The important features and functionalities of the NFT Marketplace include the NFT Marketplace Registration, NFT Wallet Registration NFT Catalogue, NFT Search Bar, NFT Filters, NFT Rates, NFT Trading History, NFT Ratings/Reviews, Latest NFT Notifications, and the NFT Helpdesk, to name a few.
Which countries have legalized the NFT Marketplace?
The NFT Marketplace has been legalized in Estonia, Lithuania, Cyprus, Malta, France, Canada, and the USA.
What are the most popular NFT Marketplaces?
The most popular NFT Marketplaces include Binance NFT, OpenSea, Rarible, SuperRare, KnowOrigin, Nifty Gateway, Treasureland, Blockparty, NFT Stars, NFTX, SuperFarm, and Mintable.
Which global brands have invested in NFTs?
The NFTs impressed several global brands like Visa (bought CryptoPunk NFT for $150,000), McDonald’s (created its first-ever non-fungible token in the honor of McRib’s 40th anniversary), Samsung (launched the world’s first TV screen-based NFT explorer and marketplace aggregator), Lamborghini (has launched its space-themed NFT collection), Coca-Cola (has launched first-ever Coca-Cola NFTs on the International Friendship Day, Pepsi (has launched Pepsi Mic Drop’ genesis NFT collection). Similarly, Nike, Adidas, Burger King, Ray-Ban, Gucci, Budweiser, McLaren, Lacoste, Time Magazine, Australian Open, Nickelodeon, NBA, and NFL are other popular global brands that have invested in the Non-Fungible Tokens (NFTs).
What is the cost of creating your own NFT or NFT Marketplace?
While the cost of creating your own NFT largely depends on the blockchain platform, the cost of creating your own NFT Marketplace depends on its complexity and desired features and functionalities. Anyway, you can hire blockchain developers to develop your own NFT or NFT marketplace for a fixed price and deadline or hourly basis.
How much time is required to develop the NFT Marketplace?
Just like the cost, the time required to develop an NFT marketplace also depends on the complexity and desired features and functionalities. Generally, the PoC of an NFT Marketplace takes 3-4 weeks and the MVC with the minimum set of features and functionalities requires 5-6 weeks. Launching an NFT marketplace usually requires 2-6 months depending on your project’s complexity, features, and functionality. How to Create Your Own NFT Marketplace?