How to start an NFT Marketplace app in 2023?

Quick Summary: NFT is becoming mainstream and one of the most trending things in the crypto world. NFT marketplaces make billions of dollars by letting people sell and purchase digital assets. 

Are you planning to invest in developing an NFT Marketplace for your business? But you need proper knowledge and guidance on how and where to start. We are here with this detailed guide blog on How to start an NFT Marketplace app like OpenSea, Raible, and Super Rare?

What is an NFT?

NFTs ( Non-Fungible Tokens) created using a public blockchain platform like Ethereum digitally represent a unique asset, tangible or non-tangible. NFTs are non-fungible means they are one-of-a-kind and cannot be replaced with anything else. Blockchains are fungible; one can exchange one bitcoin for another and get the same bitcoin in exchange. But, this is different for NFTs. They are unique and, thus, are gaining so much buzz. 

NFTs can represent digital art, a physical painting, a digital image, or an advertisement. The list is endless, and these unique tokens are stored on the blockchain as a data unit. NFTs can be an image, audio, or video. 

Everybody can copy an NFT picture, but only one person can have the original painting of a great artist. One can have ownership of something completely non-physical. With NFTs and blockchain technology, users can quickly bid and purchase unique digital collectibles and keep them for years. 

Why Should You Invest in NFT Marketplace App Development?

People love digital art and assets and spend billions to purchase these digital assets. Developing an NFT marketplace is a great way to let people sell and purchase digital assets. The best part is that you can make revenues for your business in millions. Look at the 

  • In 2020, Global NFT transactions exceeded $300 million. 
  • In 2020, NFT transactions saw an increase of over 8x from $40.96 million in 2018 to $338.04 million in 2020. 
  • The Merge NFT became the most expensive NFT and was sold for over $91 million. 
  • 29% of US adults want to get involved with NFTs 

Largest NFT marketplaces based on all-time sales volume as of November 11, 2021 

(in million U.S. dollars)

What is an online NFT marketplace? 

An NFT Marketplace is a platform where people can sell, buy, trade, and preserve NFTs. The online NFT marketplaces allow users to make an account, create a crypto wallet, and bid and make transactions to buy or auction NFTs. The NFTs are hosted on Blockchain network platforms. Some of the most popular NFT Marketplaces are OpenSea, Raible, SupeRare, Foundation, Myth Market, etc. 

How does an NFT Marketplace Work?

A step-by-step process of an NFT Marketplace: 

First, users must register on the marketplace and connect their crypto wallet to the account. The crypto wallet should be compatible with the blockchain network supporting the NFTs. If you want to buy or sell NFTs based on the Ethereum blockchain platform, you need an Ethereum wallet-compatible wallet. 

Second, the Users have to create an NFT. The users usually purchase NFTs directly for a fixed price or through an auction. However, buyers can submit offers to the NFT owners and attempt to negotiate a better price.

Third, Upload and list the NFTs you want to sell onto the marketplace and enter a fixed price or opt to sell the NFT via an auction. The platform will verify the NFT and be listed for sale if approved.

Fourth, Buyers can bid for the digital asset during the auction, and when the seller accepts a bid, the marketplace transfers the NFT or digital asset from buyer to seller.

What are the Top NFT marketplaces? 

OpenSea

Founded in 2017, OpenSea is one of the top-rated and largest NFT marketplaces. The platform offers different digital collectibles for purchase and selling, including artworks, trading cards, digital collectibles, etc. The platform supports 150 different payment tokens. 

The users can register on the marketplace, create their items on the blockchain using the minting tool and make a collection and NFTs for free. Most importantly, no need for a single line of code. 

Rarible

Raible is another Ethereum-based popular NFT marketplace for digital art and NFTs. It facilitates the creation, sale, and purchase of digital art via non-fungible tokens (NFTs). Raible uses two NFT token standards: ERC-721- for creating unique items and ERC-1155 for creating multiple editions of an item.

SuperRare

SuperRare is the online marketplace platform built on Ethereum for digital art. The marketplace offers standard features of registering on the platform, creating digital artworks, purchasing, auctioning, and selling them. 

Axie Marketplace

Axie Marketplace is the online Ethereum-based platform to sell and purchase mythical creatures in the video game Axie Infinity. The Axie Infinity tokens are called Axie Shards and are built on the Ethereum blockchain. The mythical creatures known as Axis can be bought and trained to play against other Axis to earn rewards. The Axie Marketplace allows players to buy Axis and other items as NFTs for use within the game.

Ghost market

One of the world’s first NFT gateway marketplaces is Ghost Market. With Ghost market, users can open, buy, and sell NFTs on NEO blockchains and Phantasma. Phantasma offers many built-in NFT features as it is developed keeping NFT in mind—for example, chasing, batch chasing, dispatch, etc. 

How to start an NFT Marketplace like OpenSea, Rarible, Decentralized? 

Developing an NFT Marketplace app from scratch helps you build a unique NFT trading platform for your business. A leading NFT marketplace app development company can help you with app ideation, market research, tech stack selection, etc. 

NFT marketplace app development is a complex process and involves a considerable investment. Thus, it is good to take expert guidance from a reliable tech partner. 

Here are the steps to build a NFT marketplace app:

Step 1: Choose Niche

The NFT marketplace applications have different niches. Which niche do you prefer for your NFT marketplace project? 

So, the first step to building your NFT marketplace is determining a niche. If you are an expert in a specific niche, go for that and use your expertise best. If you seek help or expert guidance, our NFT marketplace consultants and engineers can guide you well. 

If you know whom you want to target as your audience, then choosing a niche for your NFT marketplace app is more effortless. You can decide on a niche on your own or seek advice from the NFT marketplace app development team. 

Step 2: Choose NFT Marketplace Development Company

So, have you decided on a niche for your NFT marketplace app? You will surely need expert guidance, whether the answer is yes or no. 

So, the next step in building an online NFT marketplace app is to find the right development team. A reputed and reliable NFT marketplace app development company like Upsquare technologies can help you with end-to-end NFT marketplace app development. 

Step 3: Wireframing & UI/UX Designs

By now, you must have decided on your app niche and picked a trusted NFT marketplace app development company for further procedures. 

The next step is to decide on the interface design and create the wireframes for your app design. The UI/UX designers from the team will create the wireframes per your app’s niche and requirements. Make sure to keep the interface designs simple and user-friendly. 

Step 4: Front-End Development and Smart Contracts

Once wireframes are ready and you get your approval, the time is ripe for turning these wireframes into the frontend design of your NFT application. The design should be appealing enough to grab people’s attention among several other NFT marketplace apps on the app stores. 

Create Smart Contract Tokens

Another element of an on-demand NFT marketplace application is Smart Contracts. The Smart Contract operates in the backend of your NFT application. It relies on Blockchain and is a must to authenticate your NFTs.

Step 5: Test and Plan to Launch NFT Marketplace

Once all the elements of your NFT marketplace application are ready, it’s time to take a quality assurance test. If your app is slow or not free of errors, then it’s not worth launching the application. Users get irritated with the apps with frequent errors or breakdowns. 

Things to Consider While Hiring NFT Marketplace Developers

Non-fungible token standards

The NFT Marketplace app relies on the fundamental standards that ensure the standard ways to interact and deal with NFT assets. Since you are investing in an NFT Marketplace app development, you must be aware of these standards. 

  • ERC721: The standard allows permission for transferring assets. It represents the owner of the identifier.
  • ERC1155: This standard is more effective than ERC721. It represents a class of assets, while ERC 721 represents a single asset. For instance, if you aim to sell 50 armor sets, ERC721 requires you to write 50 smart contracts. While for ERC1155, you will need to write one contract and state the quantity.

Non-fungible Token Metadata

It enables users to locate the owner of a Token as it refers to them by the name “OwnerOf.” 

Legal documentation

Ensure to complete all the legal documents for your NFT marketplace app development. Seek the help of a lawyer for hassle-free completion of all the legal documents.

Hire An Experienced NFT Marketplace App Development Company

Developing an NFT marketplace application is complex and involves many elements and stakeholders. Further, it requires knowledge of blockchain technology as the backend of the NFT marketplace app relies on blockchain technology. 

So, ensure to outsource your NFT marketplace application to one of the top NFT marketplace app development companies. Browse different agencies online, and check their previous works and the experience of their team. You need to hire NFT marketplace developers who are experienced in NFT and blockchain technology. 

Security & Transparency

When you’re creating an NFT marketplace, there are several vital standards that you need to follow. In essence, your platform should be secure, transparent, and decentralized.

Security

The next concern before developing an NFT marketplace application is Security. Your NFT marketplace application should be transparent, secure, and decentralized. For security reasons, choose cloud security solutions so that the complete information is safe and protected. 

Transparency

The next thing to consider is the transparency of operations and payments. The payment process should be transparent, smooth, and error-free. Blockchain technology is the most reliable payment option, as you can keep track of every transaction in real time. 

Decentralization

The following fundamental concern about the NFT platform is decentralization. Decentralization recommends and involves the distribution of data over different networks. If all the data is in one place, there is a greater risk of data loss or cyber-attacks. In a way, the decentralization of data also contributes to the security of your NFT marketplace application. 

How much does it Cost to Build an NFT Marketplace App?

So, after addressing all the concerns of developing an NFT marketplace application, we have reached the biggest concern. How much will an NFT Marketplace app development cost? 

The answer to this question is no less complex than the NFT marketplace app. 

The cost depends on the amount of input required in developing the application—for example, the number and complexity of features, technology, etc. 

Another consideration is how much your NFT marketplace app development company will charge. The developer’s hourly rate varies per the location and experience of the outsourcing agency. Here are all the factors that may affect the cost of building an NFT Marketplace app:

  • NFT marketplace development company Fee
  • Location of NFT App development company
  • UI/UX design of your NFT platform
  • Technology Stack
  • Third-party API integrations
  • Number & Complexity of Features

So, approximately, the cost to develop an NFT Marketplace application ranges between $80k to $100K. It may go higher in case of more complex application or higher rate of the development company. 

Why Should You Hire NFT Marketplace developers from Upsquare technologies?

NFT Marketplace app development involves using advanced technologies like blockchain and cryptocurrency. Further, these technologies evolve each day with new trends or changes. 

So, it would help if you had an NFT Marketplace development team that is well-versed with these next-gen technologies and keeps pace with the changing trends. 

At Upsquare technologies, we hold a dedicated team of NFT developers and engineers who are experienced and adept at using technologies like blockchain and cryptocurrency. 

You can hire dedicated NFT Marketplace developers from Upsquare technologies at flexible costs and hiring models. We ensure to keep you updated with the latest updates in the NFT economy. 

FAQs

Why choose Upsquare technologies as the reliable NFT Marketplace development company?

Upsquare technologies holds extensive expertise in developing custom NFT marketplace solutions. With a team of experienced NFT marketplace developers, we have developed many NFT marketplace solutions for clients across the globe.

Is it possible to tokenize anything to NFT?

Yes, it is possible. Anything that a user creates and offers with distinct features can be tokenized to NFT. It will help increase its value.

How much time will it take to develop an NFT app? 

The cost of developing an NFT marketplace application depends on the app’s complexity and requirements. Generally, an NFT marketplace app takes around 40-45 days to develop.

Can anyone copy NFTs? 

No. It is impossible to copy NFTs as they are secure with blockchain technology. Blockchain technology identifies the owner and stores the NFT code in an immutable form. Thus, no one can duplicate them. 

Conclusion

NFTs are one of the most trending and demanding assets currently. Be it a meme, painting, song, video, or trading card; the NFTs are the biggest hit. 

So, we assume after reading the blog, all your queries related to the question- how to start an NFT Marketplace application are resolved. Still, if you have any queries or need expert guidance, call us now at (+91) 079-4602-9221 to book a free consultation. 

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