How To Build Your Own NFT Marketplace – Crypto Mode
Being a well-known technology, blockchain has entered many industries. Its adoption also allowed NFT to exist and develop with immense speed. While blockchain has long been here, NFTs are a recent trend that only starts its way in various domains. NFTs or non-fungible tokens are digital assets that can’t be changed or copied but bring value to the owner.
Even though the NFT market has experienced short-term fluctuations, the global market is suggested to grow from $3.0 billion in 2022 to $13.6 billion by 2027. That is because investors, creators, and businesses consider NFt space an excellent opportunity for their art pieces, marketing strategies, and funds.
In contrast to cryptocurrencies, the NFT space constantly experiences skyrocketed prices from the start of the industry, attracting attention from startups and established companies that want to step into NFT marketplace development. One of the easiest and most profitable ways to enter the NFT space is the NFT marketplace – a digital marketplace where users can buy and sell their tokens for further use.
This article will showcase how to build your own NFT marketplace through stages.
What Is NFT Marketplace?
Before diving into the development process, let’s first explore what the NFT marketplace means. To put it simply, it is a digital platform for buying and selling NFTs.
Some people don’t know what NFT means and why it is so popular. That is because almost everything digital can be named NFTs. The truth is that NFTs or non-fungible tokens refer to unique assets that can’t be replaced with something else. These items can exist in real life and be turned into digital assets or can exist only in the digital world. NFTs can be art pieces, music, photos, sneakers, social media posts, and much more. The key thing here is that NFT should be in a digital format.
How Does NFT Marketplace Work?
Once you build an NFT marketplace, you give users the following opportunities and features (depending on the marketplace type):
- Browse the available NFTs for sale;
- Mint (create) NFTs;
- Store and sell their NFTs;
- Add a payment method (fiat & crypto);
- Buy and sell NFTs directly for a fixed price;
- Participate in an auction;
- Connect with creators;
- Join the community.
When a user buys something on the NFT marketplace, the blockchain records the transaction showing the change of ownership. While you will need to explore blockchain technology, its challenges, and its rules, users won’t need to learn anything about blockchain to use the NFT marketplace.
Steps to Build NFT Marketplace
Step 1: Start the Project
Before starting your project, you will need to either create your team or use blockchain application development services. If you hire an experienced team of blockchain developers, you will