How Much Does It Cost To Develop An NFT Marketplace?

Non-fungible tokens are making history around the world. All this trend started off in recent years. Blockchain, which is a broad technology adopted by various industries for its excellence, made its way to NFTs in 2017. Ever since there has been a great boom in the market. People started expressing their interest in buying and selling NFTs in the market. The NFT trends prevailing in the market set the doors open for entrepreneurs to come up with exciting ideas for their NFT ventures. 

If you are someone with the aspiration to start your NFT venture, here is a blog that will share your exponential ideas about NFT marketplace development.

NFT – Why This Sudden Trend In The Market?

For any layman, the first question that arises in their mind is – Why all of a sudden these NFTs are getting this attraction in the market? Non-fungible tokens are digital certificates that are offered as a proprietary right for physical or digital assets, such as videos, memes, images, music, tweets, etc. Each NFT has its own value, and no NFTs can be the same. These NFTs are indivisible, which means they cannot be divided into segments. An NFT can only be sold as an entire token to the buyers. They can be traded in exchange for fiat currencies or Cryptocurrencies. 

Here the major thumb rule is that the NFTs cannot be exchanged in return for the other NFTs. This is because each NFT has its own value, which cannot be substituted for the other one. The Ethereum supported NFTs cannot equalize the one developed with the TRON blockchain. This is the reason why these NFTs cannot be exchanged with one another. Such is the uniqueness of the NFTs! NFTs are predominantly built on blockchain technology which makes it even more difficult for any hackers to recreate the original standardized NFT. 

How Do NFT Marketplaces Are Paving The Way For People To Trade Their NFTs?

When discussing NFTs, it is important to debate how they are traded in the market. Like any other product, NFTs, too, need a forum for trading. And that platform is known as the marketplace. The marketplace is a destination for any products to be traded among individuals. The NFT marketplace is a perfect place where the NFTs can be created, bought, sold, and traded by the public. To name a few popular NFT marketplaces in the market are OpenSea, Foundation, Rarible, etc. 

These NFT marketplaces are decentralized in nature, and it does not require any governing body to track its activities and functionalities. The decentralization feature is supported in the platform by smart contracts. Smart contract codes will help in supporting the functionalities without any third-party intervention as every activity will get recorded in it. The data stored in smart contact cannot be erased or manipulated. 

It also plays a major role in trading the NFTs in the platform. The smart contracts will first receive the details about the digital assets and match them with the potential buyers. When everything is touted to be decentralized, the buyers and sellers will also be matched with each other by smart contracts. 

NFT Token Standards Used In NFT Marketplace Development 

The non-fungible tokens come with different values and standardizations. Let us together discuss the popular standards set forth on the NFTs,

ERC-721 – It is an Ethereum standard used in NFT development. It supports smart contracts and provides a standard safe transfer function. This is known as a safe transfer form that has the capability to categorize both safe and unsafe transactions. 

ERC-1155 – This is a standardization that can be followed to develop both the fungible and non-fungible tokens on the Ethereum blockchain. The adequate standardization and optimization make it even more efficient for ensuring safe transactions. 

BEP – Binance, the emerging Crypto exchange, came up with launching a new blockchain Binance Smart Chain. It also supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM). BEP-721 and BEP-1155 are the NFT equivalents for ERC-721 and ERC-1155. 

Supreme Features That Should Be Embedded In An NFT Marketplace 

The NFT marketplace should have enormous features to support its functionality of the NFT marketplace. Here is the list of features to include in the NFT platform development, 

• Firstly, the users have to register themselves with the platform. They can create an account for themselves by submitting their login credentials. 
• The creators can mint their NFTs and list them on the platform for sales. They can fix their price and add their own description for others to view them.
• The platform should have a storefront to provide various information about the lot. It should contain information like the name of the NFTs, description and ownership details of NFTs, payment methods, ratings, etc. 
• The advanced search option should enable the users to sort the listed NFTs into categories. This will help the users to narrow down the search from the pool of NFTs listed in the marketplace. 
• The NFT wallet can be downloaded by the users, and they can link them with the NFT platform. This will help them to store, send and receive the NFTs. 
• The trading history of all the users will be recorded on the platform. They can view their profiles to check their transaction and NFT history. 

How Much Does It Cost To Develop An NFT Marketplace?

Every major project starts with a foundation for which you have to plan well. Understand your target audience and decide your niche. When it comes to the cost of developing an NFT marketplace, there are several factors that affect its pricing. Technological stacks like your UI/UX will also have an impact on the overall cost of your NFT marketplace. Developing an NFT marketplace right from the beginning is a challenging task. There are ready-made white label NFT marketplace solutions with which you can create an NFT marketplace. 

These pre-built solutions will save your time and money to several extents. So opting for this will be a great start for your NFT business. However, there are several blockchain development firms with expertise in offering white-label solutions. You can approach them and adopt one for your NFT venture.