In the first quarter of 2021, the aggregate market capitalization for large NFT projects increased by 2,100%. Over the past year, the market grew by 300%. Most NFTs sell out instantly, and the most famous NFTs sell for around $70 million. This hype is supported by celebrities tokenizing their music, paintings, memes, short videos, logos, computer code, and so on.
The main beneficiaries of the NFT market are platforms that provide users with the simplest possible and most secure experience possible when purchasing and selling NFTs. In this article, we will briefly explain what NFT marketplaces are, how to develop them, and how much it will cost you.
What is an NFT?
An NFT (non-fungible token) is a digital token stored in a blockchain that acts as a unique certificate. It proves ownership for physical or virtual items such as audio tracks, photos, videos, etc.
To put it simply – NFTs are crypto assets. And while an NFT is not a cryptocurrency, which you can immediately spend, it is an object that has passed verification, ended up in a blockchain, and now belongs to you, which means it can be sold. An NFT cannot be destroyed or replaced with another token. The owner of a token becomes the owner of the unique object that it represents. And this property is reliably protected – after all, all transaction records are in the blockchain system for that NFT.
How does the NFT Marketplace Work?
The NFT Marketplace is an adaptive online platform that provides access to offers for the sale and purchase of non-fungible tokens.
To purchase and sell NFTs, you need special platforms that allow you to issue, store, and trade non-fungible tokens. Today, the market is dominated by OpenSea, Rarible, Superfarm, and Mintable. These marketplaces create NFTs using smart contracts which add unique information and parameters to tokens.
A well-designed NFT marketplace will allow you to establish a close relationship between the seller and customer. Users have access to a digital catalog and a personal account, with the help of which, it is possible to carry out safe and fast transactions. Non-fungible tokens can be sold at a fixed price or through auctions.
An NFT marketplace works like any other online store. The customer registers on the platform, creates a digital wallet, and after that, can store NFTs and cryptocurrencies.
Development stages of your NFT Marketplace
Phase 1: Discovery
The Discovery phase is the most important one when commencing development on your NFT marketplace. During this phase, you and your development team have to figure out the initial details of your project and assess its technical feasibility and viability. Here are some examples of questions to ask yourself:
- What’s the niche you want to work in? How well do you know it?
- Who are your competitors and audience?
- How exactly will you monetize the platform?
- Which token protocol will you be using?
- What technology stack will be used?
The preliminary points when considering platform structure, roles, the back-end and front-end, and DevOps operations should be discussed as well. Involving experienced business analytics and software architects in the process will allow you to get a comprehensive SRS, Vision, and high-level architecture documentation with a detailed description of the technology, how it will be implemented, and what kind of hosting will be used.
Phase 2: Development
With the Discovery phase in the rearview mirror, development is ready to commence.
Business analysts and designers develop the wireframe, layouts, and prototypes of an NFT marketplace’s user interface. The key to this is accurately describing the user flows and features of the website.
UX/UI designers are responsible for the navigation, look, and feel of the interface that makes the first impression of your platform to users. Make sure your design team has a good understanding of your requirements, market trends, and the needs of your target audience.
Back-end and smart contracts are a huge part of the work concentrated on the server-side of your platform. This part includes working on business logic, marketplace functionality, blockchain, smart contracts, wallets, the auction mechanism, and so on. The internal interface and structure of the site should be intuitive for the user. There should not be complex algorithms that can alienate the client who first came to the resource.
Front-end is the external part of your NFT marketplace platform that handles the interactions with your customers. During this phase, the main task is to ensure the platform’s ease of management, reliability, and performance.
Phase 3: Testing
Your QA team should perform several stages of code testing to ensure that everything works exactly how you intended it as well as make sure that the code is free of bugs. Also, your team has to check the content of the pages along with the platform’s usability, safety, and performance in all possible scenarios.
Phase 4 (and 5): Deployment and Support
At this stage, your team is ready to deploy the NFT marketplace on the server. After this, you should look into organizing the work of the support service to help your users cope with possible bugs and confusion when using the platform. It is also recommended to consider the further development of the marketplace to satisfy current market trends and ever-changing user expectations.
How much does NFT Marketplace Development Cost
Note that the prices below are approximations, considering the level of experts involved in a project and the country of its implementation.
|UX/UI Development||42 hours||$1500 – $4000|
|Authorization and Security||72 hours||$2500 – $7000|
|User Profiles||42 hours||$1500 – $4000|
|Home page||84 hours||$3000 – $8500|
|Search and filters||96 hours||$3500 – $10000|
|Product page||42 hours||$1500 – $4000|
|Reviews & Ratings||48 hours||$1700 – $5000|
|Shopping cart||48 hours||$1700 – $5000|
|Payments||42 hours||$1500 – $4000|
|Notifications||32 hours||$1100 – $3000|
|Etherium incorporation||96 hours||$3300 – $9000|
|NFT management||96 hours||$3300 – $9000|
|Inventory management||42 hours||$1500 – $4000|
|Buyer panel||64 hours||$2200 – $6300|
|Author panel||132 hours||$4600 – $13000|
|Admin panel||85 hours||$2800 – $8000|
|Total||1063 hours||$37200 – 102800|
Get Support for your Project
Want to get involved in the booming NFT-driven market, but unsure how to make the biggest possible splash while avoiding setbacks? Try getting in touch with a reliable and knowledgeable technology partner.
Creating an NFT marketplace is a process that should be supported by crypto experts with the proper tools. Unicsoft can provide everything you need to deliver easy-to-use, transparent, and feature-rich NFT marketplaces or adopt NFT for your existing marketplace.
Unicsoft offers a team of experts in blockchain, Ethereum, ERC-721, ERC-1155 protocols, eCommerce, cybersecurity, web and mobile application development, and DevOps for building an accessible and robust NFT marketplace that guarantees sustainable income and high ROI.
Unicsoft is at your side at every stage of your project.