By: Siddhartha Singh, Product Manager, TribalScale
The Non-Fungible Token (NFT) industry has great potential and developing an NFT Marketplace is a great idea for in-house product development. This market 35% The annual rate during the forecast period from 2021 to 2026 is $147 billion. of Evolution of NFTs Fast, unpredictable, and meteor. In all of that growth, his one common denominator shines through: business applications.
Businesses struggle to embed and remain relevant NFTs in the blockchain, metaverse, and Web3 waves that dominate traditional methods.But with that said, NFTs are already mainstream phenomenon. This trend can be explained by the growing number of influencers involved, the emergence of new gaming communities, and the growing demand for digital art. In terms of gaining traction, companies can either have their own in-house NFT marketplace or leverage their existing NFT as a Service (NFTaaS).
For an introduction to NFTs and how they work, check out the following blogs:
This blog explores the NFT Marketplace and NFTaaS.
Creatives are choosing to sell their intellectual property on NFT marketplaces, and those NFT marketplaces are growing, according to Consensys.
why is this important? This is essential as online marketplaces have grown to eliminate the idea of ’middlemen’. But there is still something. In a world of suspicion of counterfeits, copies and originality, you can confirm the provenance and legitimacy of rare works of art. Here are the top 2 marketplaces where you can create and sell NFTs: high seas When rare.
By using NFT tokens to represent their physical products, major luxury brands such as Dior, Adidas and Birkin can also take advantage of the NFT Marketplace to highlight and reduce the sale of counterfeit goods. Increase rarity while showing tangible proof of ownership. You can also take it a step further by setting up royalty payments for reselling products. Prada has already partnered with LVMH to create the Aura.is a blockchain platform that provides buyers with NFT tokens that indicate the origin, validity and manufacturing process of a product.
Developing an NFT Marketplace project involves defining the functionality of the platform. Here we need to consider both sellers and buyers of digital assets. We have selected the main features of an NFT marketplace that should at least be considered to remain competitive.
over the counter – The storefront is the most important element of the market. Here we collect all the information you need, including offers, detailed descriptions of each NFT, owners, rates and price history.
Advanced Token Search — This feature is useful when users need to find tokens quickly. Here, we need to classify the NFTs into categories such as music, images, and videos.
filter – Filters have similar functionality to Advanced Token Search, but include more categories. This tool helps users identify NFTs based on more than just type. There are also categories such as price, creator, asset popularity, and new offers.
Create a list — Allows marketplace users to create listings. These can be general lists or wish lists, for example. It would be nice to see information about the NFT in the list, such as the asset’s title, tags, price, and detailed description.
Listing status — This feature is essential for NFT authors. Thanks to that, they can keep other users up to date on the current status of their digital works.
Buy and Bid — No e-commerce NFT platform development is complete without bidding capabilities. Please add this option to your marketplace to help users easily buy and bid on his NFTs.
wallet – It would be helpful to integrate the wallet into the marketplace as well. As a result, the user will be able to pay and manage her NFTs without leaving the platform.
evaluation – Implement a rating system that tells marketplace users which tokens are most relevant. This feature is especially useful for beginners in the crypto field.
Auction – Auctions are also an attractive feature for users who are not yet ready to trade in the market. This function helps generate traffic for the platform.
To build your own NFT Marketplace solution, follow these steps:
1. Define your niche
The first thing you need to do is decide on the type of marketplace (universal or niche). A better option would be to list the different types of NFTs. This allows you to attract a wider audience.
2. Choose a blockchain
Choose a blockchain to build your marketplace on. Some of the most popular are Ethereum and Binance Smart Chain. Currently, the most popular NFTs are Ethereum 2.0 and Flow. The platform can also support multiple blockchains at once.
3. Decide on the UI/UX design for your project
Once you have decided on your blockchain and niche, you can start thinking about designing your NFT marketplace. Make sure your user interface is intuitive and easy to use.
4. Implement the smart contract
The core of all marketplace development is the implementation of smart contracts, so the next step is to develop smart contracts for the marketplace. To do that, you need to hire professionals who understand regulatory requirements.
5. Safe storage
This step requires NFT creators and buyers to decide where to keep their assets. Additionally, you should ensure that records of all transactions are stored securely on the platform.
6. Integrate Third Party Services
Building a successful NFT marketplace requires integrating payment gateways, crypto wallets, social media, and email services. These are basic tools from third-party providers, but you may need more. The number of integrations depends on your business needs.
7. Test your marketplace
After developing a basic version of the NFT Marketplace, test it. In this way, we can fix all the shortcomings of the platform and complete the product.
8. Launch NFT Marketplace
This is the final stage that includes the launch of the Marketplace and its ongoing support. We must constantly improve our platform and adapt it to the needs of our users.
NFTaaS is a cloud-based network built and managed by a third party for companies creating NFT applications. There could be many more services under NFTaaS, but ideally NFT should be centralized as a white label service. Similar to Blockchain as a Service (BaaS), NFTaaS is still a new development despite the rise of companies in the NFT space and the slow adoption of NFTs by older companies. However, the demand for NFTaaS companies and services has not peaked yet and will continue to grow as the Internet he fully transitions from Web2 to Web3.
How does NFTaaS work? It follows the same model as BaaS by allowing businesses to build and manage their own NFT applications using cloud-based networks and services. The parameters of the services covered by NFTaaS have not yet been set, but more pronounced limitations will emerge in the years to come as more companies require these services.
Setting up NFT applications is expensive and many companies cannot afford to be self-sufficient. For example, a company that provides NFT services may need software to help make payments more efficient. You don’t need to build a network if you can get the service from an NFTaaS company that offers it in exchange for a monthly subscription fee. Companies need his NFTaaS to avoid operating at high costs.
Few NFTaaS companies help companies transition to the metaverse by offering a branded NFT strategy for them. The service is categorized into five phases, each of which provides a major deliverable from conception to post-launch maintenance.
This stage is the planning stage and services include:
- Formulation of NFT strategy
- Configuring NFT Utilities and Designs
- Definition of NFT offers and perks
- Defining Loyalty Rules
- Defining the NFT design strategy
- Formulating a pricing strategy
Companies can expect the following deliverables from this stage:
- Strategic advisory on branded NFT strategies and NFT utilities
- NFT creation and release schedule
- Pre-launch and post-lunch plans for NFT
The design phase covers all key design aspects of the NFT brand, including:
- NFT design development
- Crossover collaboration with famous designers of crossover NFT
- Developing 2D/3D avatar designs for the metaverse
Expected deliverables at this stage are:
- NFTgraphic design
- NFT avatar design
- NFT 3D model
- Final artwork ready for casting
- brand storefront design
Companies are eligible for these services during the mint stage.
- Development of smart contracts
- Mining NFTs using the NFT mining protocol
- Submitting and Pre-Scheduling NFTs for Publishing on Your Brand’s Storefront
The casting stage deliverables of the branded NFT strategy journey include:
- Smart contract development
- NFT created on blockchain
- Schedule NFT issuance in advance
- Ready-to-sell functionality on the brand’s storefront, including payment details
During the launch phase, NFTaaS may provide the following services:
- Development of strategic NFT marketing and PR campaigns
- NFT promotion and marketing
- community growth
- Publishing and launching NFTs on branded storefronts
- Holding NFT auction sales and launch events
The deliverables at this stage are:
- NFTs exposed on brand storefronts
- Strategic NFT marketing and PR plan
- Community growth and marketing execution
- NFT auction sale
This is the final stage and post-launch stage services include:
- Provide a smooth user experience for NFT holders to redeem and redeem NFT offers
- NFT education and operation training for brand store staff
- Post-launch community maintenance and loyalty building activities
- Off-ramp crypto to fiat currency
The deliverables of this stage are:
- Technical interrogation of brands that terminate technology
- Branded White Label NFT Wallet
- Staff NFT education and operation workshop
- Post-launch community maintenance and loyalty building activities
- Crypto converted to fiat currency