“Everything has value” now. Is it because of the rising trading volume of crypto collectibles. Across blockchain networks, content creators, as well as, collectors are minting, launching, and dealing in digital collectibles in large numbers. Therefore, entrepreneurs can also move forward by beginning NFT marketplace development.
What is the meaning of a Non-Fungible Token (NFT)?
It is a unique virtual asset created by artists. Hence, NFTs can be in the form of drawings, paintings, fashion products, gaming weapons, memes, music, paintings, photos, trading cards, videos, etc. Content developers can integrate their rare assets on a distributed ledger held on a blockchain network. In specific, this process is known as minting.
Is it enough if the NFT gets minted? No, digital collectibles can be priced accordingly by creators and listed on numerous marketplaces. They can choose either a Fixed or a Declining Price auction. Interested buyers should place their bids within a certain duration. After paying the required fee, they will get hold of the rare asset if artists accept their offer.
Explore the typical attributes of NFTs
Overall, NFTs are packed with special characteristics like indivisibility, interoperability, non-interchangeability, and scarcity. There are various standards for Non-Fungible Tokens which vary from one blockchain to another. Content creators get ample flexibility as they can choose numerous options.
They can select BEP-721 and BEP-1155 (Binance Smart Chain), ERC-721, ERC-998, and ERC-1155 (Ethereum), HRC-721, and HRC-1155, and TRC-721 (TRON) standards for exhibiting their unique collectibles. Importantly, content creators retain complete ownership of their NFTs. The buyer will just get a copy of the collectible.
Where can Non-Fungible Tokens (NFTs) be traded?
Marketplaces operating on numerous blockchain platforms are the sole reason behind the rise of collectibles. The top 5 NFT marketplaces by daily trading volume are OpenSea, Axie Infinity, SuperRare, NBA Top Shot, and Hic et Nunc respectively.
They function on blockchains like Ethereum, Flow, and Tezos. Zero gas fees is a big advantage for artists on both OpenSea and Axie Infinity. This is because the famous NFT buying and selling platforms have integrated with sidechains like Polygon and Ronin respectively.
Apart from round-the-clock operations, transparency is the trump card for blockchain-powered marketplaces. Real-time information is available about daily users, the number of peer-to-peer (P2P) transactions, popular collections, primary and secondary sales, the total value of assets locked in smart contracts, and trading volume (daily, weekly, hourly, and monthly).
Know the significance of a Custom NFT marketplace
An NFT marketplace development company will create a blockchain-powered trading platform in a swift time. It will contain several features and functionalities similar to sought-after buying and selling avenues.
For instance, an NFT marketplace development solution provider will create clones of OpenSea, Axie Infinity, Rarible, SuperRare, Foundation, Sorare, NBA Top Shot, Nifty Gateway, Decentraland, Gods Unchained, Momint, Meebits, Solible, and The Sandbox.
Likewise, entrepreneurs can choose specific industries like artwork, gaming, real estate, sports, social media, etc for accomplishing their business goals.
How can content creators make their own NFT?
Creating a crypto collectible is a hassle-free process. Anyone in every nook and corner of the world can create their own NFT. They can be artists, celebrities, filmmakers, meme creators, music composers, gamers, rappers, scientists, singers, software developers etc. Check out the steps below.
- They need to register on a blockchain-powered marketplace.
- Content creators must enter details like descriptions of their collections, email addresses, names, and social media accounts.
- They need to select various file formats like MP3, MP4, JPEG, PNG, and WEBP for uploading their assets from devices.
- Artists must add information about color and size to the NFT platform.
- They should set a price for their collectibles. They can fix a value in cryptocurrencies like Binance Coin (BNB), Ethereum, TRON, stable coins like Binance USD (BUSD), Tether (USDT), and USD Coin (USDC).
- Later, they tap the Mint button and pay the gas fee.
- Their one-of-the-kind collectible is integrated with the blockchain network.
- Interested buyers receive real-time notifications about new auctions.
- They must submit their bids within a certain time.
- Accordingly, investors must pay a bidding fee. This will vary depending on the nature of the content, the popularity of the artist, and the type of platform.
- NFT enthusiasts must also sync their digital wallets to the marketplace. They can choose Arkane, Authereum, Binance Chain Wallet, Coinbase Wallet, Fortmatic, MetaMask, Portis, Torus, Trust Wallet, and WalletLink.
- Moreover, purchasers will benefit from user-friendliness by linking their email addresses, credit and debit cards, and social network accounts.
- They should process P2P transactions from their hot wallets.
- Finally, they will get hold of the NFT after paying the artist.
Why NFTs are the big trend in the market now
The total trading volume of crypto collectibles in the last 7 and 30 days is $308.13 million and $1.93 billion respectively. September 2021 has been an optimistic month for artists, collectors, and investors. Above all, the primary and secondary sales are 211,731 and 281,163 respectively as per the NonFungible portal.
Buyers continue to pump money into art-oriented collectibles. The highest-selling collections this month are Art Blocks, Bored Ape Yacht Club (BAYC), CryptoPunks, and SuperRare. Interestingly, all these NFT marketplaces and projects run on the Ethereum blockchain network.
Know the cost of creating an NFT Marketplace development solution
Everything has a budget and so does the curation of an NFT trading platform. It depends on numerous aspects like the hourly rates paid to the development team, the kind of features, the level of customization required by entrepreneurs, and the type of frameworks and technologies.
An NFT marketplace development company will also provide post-deployment services. It includes API integration, implementation of online marketing campaigns, layer 2 development, security checks, smart contract auditing, support for hardware and software wallets, and technical assistance.
Wrapping Up
With NFTs making inroads in every industry, it is the right time for entrepreneurs to make their first step. Moreover, the future of crypto-collectibles will focus on trends like a bundle on sale, integration with crypto exchanges and DeFi platforms, multi-chain compatibility, support from numerous brands and celebrities, and verified badges for artists.
Techpreneurs can get the early mover advantage by starting their path to glory now. Hence, they can reach out to an NFT marketplace development enterprise now and experience opulence.
