The digital economy doesn’t stand still and NFTs or Non-Fungible Tokens have become one of the latest achievements in this niche. The fullppp potential of NFTs is huge but if you hear this term for the first time, it may be challenging for you to properly evaluate the importance of these files in the modern business world. Well, what are NFTs? What is the NFT marketplace? What do NFT developers do? In this comprehensive post, we’ll answer these questions and what’s more, we’ll also provide you with the main directions on how to build NFT marketplaces and get the maximum revenue from this investment.
What Are NFTs?
Before we move on to the peculiarities of NFT development, let’s begin with the basics and analyze the meaning of this term. NFTs are valuable files that can be tracked by the blockchain technology that supports Ethereum or Bitcoin. The overriding objective of this method is to provide buyers and sellers with a reliable method that enables them to keep a record of file ownership. In other words, these are small pieces of digital content that are linked to the blockchain. In the modern digital economy, these files are associated with such items as videos, photos, or other digital files as unique items and use blockchain to prove the ownership. Simply put, these files are analogs to a certificate of authenticity.
Absolutely each NFT is digitally unique. Ultimately, you are allowed to copy an image, but the origin of this file undoubtedly remains secure. To understand the meaning of this term, let’s review an example. Just imagine as if you are in an art gallery and look at the original work of a well-known artist. You like it so much that you go to the nearest store and buy a print, a copy of this masterpiece. However, the original work still remains in a museum.
The Advantages of NFTs
We can see that the NFT technology is rapidly changing the world we live in and, of course, improving digital ownership rights. Let’s take a deeper look at the fundamental benefits of NFTs:
Security NFTs are considered the safest method to deliver confidence to art collectors. The thing is that digital works that are stored on the blockchain are protected from physical decay and censorship.
Authenticity and transparency NFTs provide us with an opportunity to attach ownership to digital assets. Beyond this, such transactions can be easily tracked so you can assure authenticity.
Accessibility Today, more and more people work remotely and digital collecting becomes more popular. Now, you don’t need a wall to display your art; you can enjoy your collection on your mobile device after you install a crypto wallet.So you see that NFTs are one of the most significant achievements in internet commerce. Moreover, their advantages have already become the most attractive selling factor for consumers.
What Are NFT Marketplaces?
As the popularity of these files grows, the same happens to the demand for NFT marketplaces. The main goal of NFT marketplaces is to provide users with a useful platform where they can buy or sell their digital assets, ranging from digital artwork to photos, games, or tokens. A reliable NFT marketplace must be a user-friendly environment for displaying and buying these files. Beyond this, they must also have a properly-designed back-end that supports the blockchain tech.
The most popular NFT marketplaces are as follows:
- Larva Labs;
- Axie Marketplace;
- Nifty Gateway.
So far, it’s a relatively new industry and therefore, it is highly competitive. If you are eager to invest in NFT marketplace development, you should be no stranger to the basic features of such platforms.
- An attractive front-end storefront that allows users to decide how much information to display for files;
- A user-friendly search function that simplifies and speeds up the buying process;
- An array of search filters to enhance a buyer’s experience;
- Clear guidelines on how to provide selling information;
- A few selling mechanisms;
- The listing status to know whether the file is offered for sale or it has already been sold;
- Provide users with an opportunity to work with different wallets;
- Ratings that allow users to earn a reputation in the marketplace.
It goes with saying that if a person wants to invest in digital assets, they want to use a reliable and powerful platform with a lot of options out there. Although this niche already has reputable NFT marketplaces, there’s still room for improvement. Therefore, investing in building your own marketplace might be a good idea. And this is where you simply can’t do without the NFT services provided by Owlab, a time-proven and trusted software development company with many years of experience in the area of software development.
Our NFT Marketplace Development Services
Choosing the right partner for NFT marketplace development is a challenging task as the market is overloaded with experts and you don't know how to make the right choice. The main distinctive feature of Owlab is that we have a strong focus on developing powerful fintech solutions. Simply put, we provide NFT software development services and help our clients to achieve success through digitalization.
Our team of experienced programmers and project managers will work with you through the whole development process. Once you define the key idea of your future NFT marketplace and understand the scope of your project, don’t hesitate to contact our experts. We have many years of experience under our belts and know how to build a user-friendly NFT marketplace crypto that perfectly works for both buyers and sellers. We’ll analyze your idea and provide you with the estimated cost of your project.
Our team of developers will choose the right and the most effective back-end and front-end resources that suit the needs of your business. Overall, if you are looking for a team that is up to speed on building such platforms, don’t hesitate to drop us a line and we’ll help you find a solution!