Benefits To Develop The NFT Marketplace

• By Emma Hazel
• 25-04-2023
• Technology

If you are interested in building your own NFT Marketplace but are still determining whether it will be a wise decision to invest in it, this is a post for you. With this article, you will get comprehensive information covering the top benefits of NFT marketplace development so that you can make an informed and confident decision with no ifs or buts.

The humble request I have for you is to read the post patiently and carefully, and you will be able to make the right decision by yourself without any help from anyone else.

Projections About NFT Industry’s Growth

The NFT industry is one of the fastest-growing industries in the world, and its global market size is expected to reach more than 231 billion USD by 2030. The consulting and research firm VMR released a 202-page report on the NFT market with its projections.

This projection may seem difficult to believe if you read about some high-profile scandals in this industry last year that shook the confidence of most investors and created doubts in their minds. There is no doubt that 2022 shocked the industry. However, it is also true that investors and the industry have matured from shocks and are now more cautious about their decisions. The industry has already taken many steps to handle the challenges that have shaken investors' confidence and to bring more transparency to get confidence back in investors.

The NFT industry has not been the only one to experience scandals in the market. Other sectors have also seen many. Some of the top scandals are the Tyco scandal of 2002, the AIG scandal of 2005, and the Lehman Brothers Scandal of 2008. These scandals affected their related industries heavily by shaking investors' confidence, but they couldn't destroy them. With time, the associated industries improved significantly.

Due to the multi-fold growth potential of this industry, many companies are planning to enter it. Several big names have already established themselves in this industry and are pursuing ways to exploit the opportunities available on this platform. We can name Starbucks, eBay, Mcdonald's, Coca-Cola, Porsche, Cloudflare, Samsung, Nike, and Formula 1 as some of the top companies.

Big companies don’t make investment decisions overnight. However, they have access to the most qualified research and development professionals and economists, who conduct comprehensive research to create a detailed investment plan report. Therefore, large organizations must be confident in their growth and future if they invest in this domain.

NFT Marketplace - A Brief Introduction

An NFT marketplace is similar to an eCommerce platform. eCommerce websites allow sellers to list their products for sale while buyers browse the platform to find the right product for their needs. In the same way, an NFT marketplace is an online platform on which owners of artworks, music, videos, video game assets, sports-related items, collectibles, virtual lands, memes, domain names, ticketing, NFT fashion, and a lot more enlist their products and their followers buy those products. However, the critical difference between an eCommerce website and an NFT marketplace is that eCommerce allows transactions only in actual currencies, while NFT platforms only support digital currencies – NFTs.

Most Popular NFTs

After discovering how NFTs differ from cryptocurrencies, you would also be interested in knowing the top NFTS. Here are some.

MANA – Decentraland

Based on blockchain technology, it is a virtual environment and community to create and buy virtual lands, characters, and other NFTs. Hosted by the ETH blockchain, the NFT holds a fully diluted market cap of $1,705,506,795. You can use it to acquire a lease, create virtual experiences, and host digital events at digital venues.

Sandbox

Built on the Ethereum blockchain, Sandbox is a virtual Metaverse and an ERC-20 utility token used for value transfers. It allows users to create, control, and monetize their game experience. Three products, VoxEdit, Sandbox Marketplace, and Game Maker, are interlinked to it and provide copyright ownership using smart contracts on the blockchain.

XTZ – Tezos

Tez (XTZ) is the native coin of the Tezos blockchain and is used to pay fees, interact with decentralized apps, and for staking and governance purposes. It is used in high-performance and low-cost transactions.

THETA Token – Theta Network

Supported by some of the top technologies, such as Google, Sony, Samsung, and Binance, THETA Token is the best choice for Media & Entertainment. Users can use this token to pay for content delivery networks.

AXS – Axie Infinity

AXS or Axie Infinity is recognized as the best gaming token. Based on the Ethereum blockchain, Axie Infinity enables players to handle their virtual assets and rewards players to reach a higher level. In addition, it allows users to create their goods on an NFT Platform and make them available for sale.

Benefits of Building NFT Marketplace

Having learned so much about NFT marketplaces, we now need to know why you should build them. They can benefit your business in many ways. Some top benefits are listed here.

Transparency in Transactions

Tell your mobile app development company in advance that you want a transparent system for transactions so that you can create trust in the users of your marketplace. They will create a smart system that will ensure all transactions must be visible to the users. Since fair transactions are the biggest concern for most users, you can win the trust of all visitors by adding this feature to your NFT marketplace.

Strong Security

An NFT marketplace boasts vital security features because it is supported by blockchain technology. Strong protection ensures all transactions are fully secure, and nobody can steal any digital assets or scams. The security measures have been strengthened after some scams were reported last year. Also, the security measures will prevent scammers and hackers from accessing the confidential details of any users.

Liquidity

Investing in NFT marketplace development is the demand of the time due to the rising demand for NFTs. In addition, the decentralization feature of NFTs drives investors to invest in digital assets that increase liquidity. Also, NFT marketplaces have many exciting liquidity features which allow you to exchange your NFTs for other assets.

Easy Transfer of Assets

NFT allows ownership of your digital products and ensures you can sell them quickly to anybody interested in them.

Decentralization

Hiring a mobile app development company to create your NFT marketplace is about building a decentralized platform. As your marketplace is based on blockchain technology, the users don’t have any dependency on traditional financial institutions or regulators.

Instant Payments

An exciting feature of NFT marketplace development is that your marketplace will not ask users to enter their personal information or credit card details to perform a transaction. Hence, users feel confident in making instant payments at any time.

Validation of Ownership

The use of blockchain technology allows users to trace and verify NFT ownership. Also, users can prove the uniqueness and worth of the NFT. This feature helps brands to make sales in large numbers.

Higher Level of Independence

Since an NFT marketplace is decentralized, the rules which apply to traditional marketplaces don’t apply to it. As a result, your marketplace provides greater flexibility and independence to users in buying, selling, and exchanging digital assets.

Growth Potential

Many big and small companies are looking for ways to take advantage of the potential available in the industry. The industry has a lot for your gains as well.

Things to Consider Before Starting NFT Marketplace Development

Before you contact a mobile app development company to build your NFT marketplace, it is essential to have a clear understanding of the development of your product because NFT marketplace development is a challenging process full of complexities. Once you have a clear mindset, you get the product of your choice.

Assess the Market Demand

Before investing even a single penny in a product, it is crucial to research the market demand for that product in the present and future. A little mistake in assessment can result in a big financial loss and break your desire to do anything new since NFT marketplace development demands a big investment. So, do the market research properly without making any hurry.

Analyse Existing Marketplaces

Competition analysis is the second most crucial step after finding you have scope in the market. Your analysis helps you find the strengths and weaknesses in existing platforms, and then you can make their weaknesses your strength to drive people to use your marketplace.

Design of Your Marketplace

Before you reach a mobile app development company to build your NFT marketplace, you have a clear idea in your mind about the design of your product. If you don’t know what design you need, you will be entirely dependent on the recommendations of your service provider. On the other hand, if you know what exactly they require, you can tell them your design idea and ask them for their suggestions. This way, you can ensure a user-friendly marketplace design that will also benefit your business.

Platform Features

It is important to determine the product feature in advance. When you know what features your product must include, you must tell your mobile app development company about them immediately. Hence, they create your product with those features. Some key features that you must include in your NFT marketplace can be referred to as a live auction, filters, listing status, trends, notifications, and customer support. As these are just a few to your help, take your time and prepare a comprehensive list of features your marketplace must have.

Legal compliance

Your NFT marketplace must comply with all laws and regulations. For example, Know your customer (KYC) regulations and anti-money laundering (AML) laws. In addition, you must tell your requirements to your mobile app development company and ask them to adhere to them because any violation can result in unnecessary bans, penalties, and litigations.

Security

You cannot compromise on security measures when it comes to NFT marketplace development. It is crucial for you to ensure your marketplace is equipped with SSL encryption, multi-factor authentication, regular security audits, and everything that can make your marketplace the safest marketplace.

Payment Processor

You must have a clear mindset regarding your payment processor for your NFT marketplace. Some top options are Coinbase, Blockonomics, Coingate, Spectrocoin, and Coin payments. See their features, fees, and reviews, and then make your choice.

Support & Maintenance

Suppose your marketplace goes down for any reason or any bug corrupts it. In that case, you must immediately work on the issue and fix it because it can significantly impact your market credibility. So, you must ensure the service provider you hire provides real-time support and maintenance services. It will be great to look for a mobile app development that works in your time zone and includes support 24*7.

Conclusion

The importance of NFT marketplace development must have become apparent to you by now. So, you can now search for a reliable mobile app development team. The good news is that you don't have to waste your time on this task since you have already found a reliable service provider. With more than 12 years of experience in the industry, we are recognized among the most trustworthy names in the industry. Having successfully met the expectations of more than 1000 clients from more than 50 countries, we strive to deliver you an unmatched product and help you establish yourself in the NFT industry.