Is this the Right Time to Launch an NFT Marketplace?

The dynamics of the crypto industry are changing. Non-Fungible Tokens (NFTs) are offering higher returns to investors than traditional financial assets.  The trading volume of crypto collectibles is a whopping $2.57 billion according to CoinMarketCap. Importantly, a quick way to become a millionaire is not to slog hard for several years.

The right choice for entrepreneurs is to initiate NFT marketplace development. They can earn unlimited revenue by owning a top-notch trading platform. A talented app development company will assist from start to finish to achieve the business objectives successfully.

What is the latest news related to NFT marketplace development? 

• TABOO, an entertainment and media platform, will offer NFTs for supermodels soon. Investors can purchase high-value digital collectibles representing culture, fashion, and 3D animation.
  
  Powersoft, which created the Enjin NFT marketplace, will handle TABOO’s ambitious project. Content creators and supermodels will sell both ERC-721 and ERC-1155 based assets. It will also integrate with the Binance Smart Chain (BSC) blockchain network.

• WeChat, a Chinese social media platform, will launch a new NFT marketplace for trading memes. Talented meme creators can upload both their photos and videos. They need to possess some $WeChatPay (digital currency) for paying the commission on sale and gas fees.
  
  The virtual currency will be a perfect mix of the Proof of Stake Authority (PoSA) and the Proof of Stake (PoS) consensus mechanisms. It can be stored in the Ledger hardware wallet and Trust Wallet.

• Binance’s new NFT marketplace will tokenize iconic paintings of legendary artists like Leonardo da Vinci and Vincent Van Gogh. Further, it will collaborate with the State Hermitage Museum in Russia.
  
  Eventually, the Binance NFT trading platform will become a hub for both art collectors and creative artists. Each artwork sold as an NFT has two copies (one each with the Hermitage Museum and the Binance NFT marketplace).

Why is NFT marketplace development a profitable business? 

• Guaranteed sales – Investors bought 58261 crypto collectibles worth $264.90 million in the last 1 week as per the NonFungible database. Further, the total NFT sales have crossed $458.80 million in the previous 30 days.  Hence, sales and revenue are directly related. Entrepreneurs will receive more commission and gas fees when there is a higher number of sales on their NFT marketplace.  

• Rapid expansion of business operations – Numerous NFT marketplaces like 4K, NFTically, Mintable.app, and OpenSea are raising funds from popular venture capitalists (VCs). This has helped them to focus on scaling their business activities. They are launching their NFT trading platform on multiple blockchain networks.
  
  Hence, artists benefit from low gas fees. Entrepreneurs are sorting out the congestion issue on the Ethereum blockchain. They are switching to other alternatives like Binance Smart Chain (BSC), Cardano, EOS, Polkadot, Polygon, Solana, Stellar, Tezos, and TRON.

• Strong dominance of several industries – For example, OpenSea and Rarible are well-known NFT marketplaces. They have a daily trading volume of $41.67 million and $276,630 respectively according to DAppRadar. These online platforms have become hubs for selling different kinds of assets. Likewise, they are ruling numerous industries like artwork, financial services, gaming, music, social media, software, and sports.

Get to know the different features of an NFT marketplace platform 

An advanced search and filter option – Prospective investors can discover their desired NFT with ease. They can filter their searches by entering the name of the creator or collection, price, and the type of asset. For example, the Rarible NFT marketplace allows investors to select numerous options. They can select (Cheapest, Highest Priced, Most Liked, and Recently Added.

Flexible conducting of auctions – The OpenSea NFT marketplace offers 3 types of auctions for artists. They can choose either Dutch Auctions, English Auctions, and Fixed price listings.

The seller has full freedom to finalize a rate for his/her digital collectible in a Fixed price listing. A Dutch auction is also called a Declining price listing.  The cost of the NFT keeps reducing over a period after the seller mentions the duration of the auction, starting price, and ending price.

English auctions involve the conversion of Ethereum into Wrapped Ether (wETH) on the OpenSea NFT marketplace. The seller chooses the buyer who made the highest bid. Investors receive an email and the NFT is quickly transferred to their digital wallet. 

Integration with hardware and software wallets –  Storage of valuable NFTs is very important for investors. They can utilize offline wallets like Ledger Nano S and Ledger Nano X.  Traders benefit from 100% control over their digital assets, cross-platform compatibility, multi-crypto support, and the absence of battery consumption.

Likewise, buyers of NFTs can back up their assets in online or software wallets. For instance, the OpenSea NFT marketplace offers integration with Coinbase Wallet, Dapper, Fortmatic, MetaMask, Portis, Torus, WalletConnect, and WalletLink. All digital wallets are safeguarded by passwords or private keys.    

Sharing of real-time notifications – Importantly, an NFT marketplace platform will share the latest updates with investors. They receive insightful alerts about brand-new collections, hot bids, live auctions, and top sellers. Users can opt for exclusive email updates or push notifications on their devices.

Social media sync mechanism – Artists can start selling their unique work quickly on an NFT marketplace platform. Generally, they can link their Facebook, Instagram, Spotify, and Twitter accounts. Accordingly, they can sell memes, music, photos, tweets, and videos for a high price in the market. 

What is the cost of NFT marketplace development?

Various aspects determine the budget of creating a cutting-edge NFT marketplace. It depends on the hourly/weekly wages paid to the front-end and back-end developers, the level of customization needed by the entrepreneur, the nature of basic and premium features, the time allotted, and the type of blockchain network.

Further, cryptopreneurs can utilize premium services like the addition of payment gateways, API integration, digital marketing, fixing of bugs and vulnerabilities, KYC/AML verification, layer 2 upgradation, smart contract auditing, software upgradation, and technical assistance.

Wrapping Up 

Above all, the scope of NFT marketplace development is vast. Crypto collectibles are finding new use-cases daily. Coca-Cola NFTs on Decentraland, Meme NFTs on Catecoin, Ronaldinho NFTs released by Influxo, and Steve Jobs NFT on Rarible! Undoubtedly, the world of digital collectibles is at an exciting stage now.  It is time for entrepreneurs to begin their rewarding journey!