What’s The Shortest Way To Build an NFT Marketplace?

Editorial Team

Shortest Way To Build an NFT Marketplace

We bet you have probably been surprised by these stories about people whose art became popular and brought them fantastic profit due to disposition on the specific marketplaces. Even if you are not an artist or designer, you can make money in a niche that is growing with incredible speed. And possibly an idea to create an NFT marketplace has already visited your head? There are so many still unused opportunities to turn it into a thriving enterprise because the trend is at the very beginning.

If you have no idea what type of application can be designed in order to attract users, lean on the experience accumulated by the Purrweb team. The specialists prepared a step-by-step guidebook on the process of accessing ideas and implementing them into reality. So, if you need a helping hand thinking of how to create an NFT marketplace, listen to the specialists’ recommendations and take onboard the best.

What makes the NFT marketplace a particular place?

Let’s overview its functionality. Like an ordinary marketplace, it connects people who intend to exchange values, but in this case, we’re talking about uncommon values. When we’re talking about NFT marketplace, we mean a platform that is honed for collecting, selling, or buying products known as non-fungible tokens which belong to diverse owners. People who can create something unique offer their creations to buyers on the particular services that were built using blockchain technology. While some users draw illustrations or write new melodies, others buy them, collect and resale. To equip this audience with actionable tools, it’s an obvious decision to create an NFT marketplace.

But if you delve into the issue, you’ll discover that all these platforms can be subdivided in diverse groups in accordance with their type of blockchain, monetization schemes, the set of opportunities for users, etc.

Where to start in order to build an NFT marketplace?`

Let’s draw the ladder leading you to the aim.

  1. Examine the market and take the cutest ideas for your own solution.
  2. Get in touch with a like-minded team in order to discuss a project, make an estimation, and determine the monetization strategy.
  3. Build a prototype of the product. So, you’ll be able to access its look and convenience.
  4. Attract investment and turn the prototype into a fully functional product.
  5. Launch and maintain the product, polish it, add new features and get real feedback.

If you’re on the edge to create an NFT marketplace, you’ll definitely find a large target audience. Blockchain was an innovative technology several years ago, but these days more and more people trust their savings to blockchain tools. People are interested in secure digital assets, and the idea to collect non-fungible tokens for this aim seems to be growing in popularity. Owners of unique assets, as well as sellers, need a platform to make exchanges fast, convenient, and safe. To equip users with unsurpassed tools for juggling their assets effortlessly, examine the existing solutions in order to create an NFT marketplace that unites their benefits and avoids their drawbacks.

The thought of it being too tricky can keep you away from starting to create an NFT marketplace. But if you delve into the issue, you’ll see there’s a clear path leading to the purpose.

Which are the features to be implemented in an NFT marketplace?

Let’s consider which features are irreplaceable for a product’s performance.

To create an NFT marketplace responding to all the requirements your potential visitors have, explore the platforms in the market and determine which features suit your project idea. As a rule, the core functionality coincides with and includes:

  1. Personal account

The place where the user can see all the information regarding personal sales and purchases.

  1. Search bar and filters

Buyers need to have tools in order to select assets depending on the author, collection, and other parameters which will help them to find exactly what they want.

  1. NFT listings with necessary details

When a user finds something suitable, one should have access to the price, volume, and other descriptions of the collectibles. So, the buyer can assess the popularity and potential rewards from purchasing the token.

  1. Feature for making a bid

Along with the functionality honed to sell and buy collectibles, users need the opportunity to make a bid for the chosen tokens.

  1.  Payment services

Every purchase should be displayed in the personal account or in the crypto wallet. And it makes sense to take care to equip users with the opportunity to pay for NFT goods in diverse cryptocurrencies or in fiat. 

In case you create an NFT marketplace enforcing people to launch their own collectibles, think of the next functionality:

  1. Embedded tools to create new NFT.
  2. Templates for the launch of NFT in the market. Add hints if necessary to speed up the process of NFT launching: this helps inexperienced users to stay on the path.

As for the other features, you can foresee the work of the platform on various blockchains simultaneously. Such an approach will enable your project to be sustainable and grow impetuously.

You can also provide the possibility to take part in specific programs and gain rewards for registration, purchasing, or other actions.

As you see, on the way to create an NFT marketplace you’ll discover a range of issues to be resolved. But at the very beginning, you can avoid overpaying for the project if you focus on the core functionality and escape from excessive features: MVP can save your budget and help check a business idea.

Some words about the specifics of technology you need to create an NFT marketplace

If you’re targeting to satisfy the expectations of the new generation that values freedom, flexibility, and simplicity, create an NFT marketplace in the form of a mobile application. The rewarding way to make a platform is to use React Native – the tool that empowers developers to perform versions for various devices simultaneously. To cut corners in terms of budget and time, this platform allows the most appropriate opportunities for top-notch product development.

If you think of a more conservative solution in the shape of a web application, examine React.js and Node.js: their toolsets are sufficient to create an NFT marketplace as a contemporary platform with a fast working interface and intuitively guided navigation.

The bottom line

If you’re passionate about the idea of presenting an innovative tool to buyers, sellers, and collectors of non-fungible tokens, discuss the project with a professional agency in the industry. The experts can shed light on the miscellaneous issues you worry about and help you to determine the strategy of product creation. For example, the Purrweb team has proven expertise in the area and the experts can provide you with a free consultation as well as a preliminary estimation of the product: you’ll clearly see which steps to make in order to reach the purpose.