NFT-making websites appear here and there at the current moment. Companies and individuals strive to attract clients with new technological features: developers and users like the simplicity of use, safety, and many other aspects.
Do you consider developing your own or corporate NFT marketplace? Find out how you can benefit from it and will the effort be worth it.
NFT, or a non-fungible token, is a digital asset. It can be sold or bought as any other physical item. A seller establishes the number of purchase copies and a price for one piece.
How does it work in practice? For example, a tattoo artist can sell tattoo templates NFT through website for printing. They can restrict the number of sales, so each sold one will have its value. A creator, in this situation, controls the scarcity level and chooses between a higher price and a higher number of sold copies.
Many industries already apply NFTs widely. It increases the safety level and provides a new concept of independence for creators and companies.
These are only a few examples, and the possibilities of using this technology get more comprehensive daily.
How does NFT technology work, and why is it different from regular online sales? It all starts with the concept of uniqueness. Each NFT is a single part you cannot split, resell, or copy without the author's permission.
Buyers are often confused about the cost of NFT. How can a digital asset cost something if it doesn't exist IRL? The answer is the scarcity system. Creators regulate the number of copies they want to sell. It makes each copy unique and then valuable. It is shown in the best way with music albums and artworks.
The next discussable aspect is the purchasing process. Blockchain technology, the basis of tokens, makes it transparent and confirmable. A customer can check whether their NFT is valid via publicly accessible records of sales and money transfers.
The current development of blockchain and token technologies makes the whole system highly compatible. The technology of decentralized ledgers guarantees the impossibility of forgery.
Why do customers choose an NFT making website as an alternative to traditional payment processes? The first reason is the 100% authenticity. Non-fungible tokens technology allows proving the originality of each sold copy quickly.
The next aspect that NFTs easily prove is ownership. After a customer makes a purchase, the digital asset connects with their account only. One token cannot belong to a few people. It is how the concept of rarity works with virtual belongings.
The next technology that supports trustworthiness is smart contract usage. Smart contracts provide a fair trade under specific conditions, just like the written agreement. This agreement operates in a decentralized way, without third-party involvement. It makes the process independent of anybody except the seller and the buyer.
NFT marketplace is a web-based platform allowing users to sell, buy, exchange, and operate with their non-fungible tokens in other ways. These platforms usually have a narrow specialization. For example, they can only sell artwork, music, games, or in-game assets. All NFT marketplaces work with some kind of cryptocurrency.
An NFT marketplace can operate with almost any industry and company, from digital to real-life-based. Even Nike has presented their non-fungible pair of shoes. They named it CryptoKicks and created a design similar to the Dunk model.
The pair of CryptoKicks can be used in a metaverse and worn by a person's avatar. NFT-based shoes are available to the owners of Clone-X avatars who have purchased Monolith tokens from Nike.
It is only a single example! Ways of application range widely and fit almost any idea.
In many other industries, sellers and purchasers only start to make a NFT website and discover non-fungible technologies. NFTs are slowly coming to real estate, academia, and fashion sales. The development is continuing right now.
The architecture of such a marketplace allows different ways of interaction. The seller regularly establishes the token's cost and the number of copies. Then, clients purchase these copies for a designated amount of cryptocurrency. In other situations, purchasers can bid on slots like in an auction.
Many companies and individuals can make a NFT website in the last two years. Your business can benefit from it too! It can be an addition to your current project or an utterly new development.
Start with defining the amount of money you will spend and the list of features you will need. After you create a plan and imagine an architecture, you can move to more detailed budgeting and actions.
The first choice is between a ready and a custom NFT marketplace. With a ready-made solution, you will save a lot. It provides you with essential functions and solves the main problems that projects of your kind may have. A custom-built website will cost you much more time and money but will perform specific tasks if your project has them.
The market of blockchain development offers you a wide variety of instruments and professionals who are going to implement your ideas into life. Expect to spend from $30,000 to $50,000 on developing a common platform with various essential functions.
The price may get higher for rare and specific function development. Even implementing a ready-made solution is not a quick automated process. Expect to spend plenty of time on the full-stack development of an NFT making website.
Now you know what average sum you will spend to make a NFT website. The next stage is figuring out details about your plan and establishing steps to go through. We have created a short list of possible questions to ask yourself and understand the process better.
NFT through website for specific assets, such as NBA card collections or film soundtracks. You can develop a platform for the particular needs of your industry. We have examples of successful narrowly specialized marketplaces.
For example, users of Sorare only sell and purchase football cards. The platform works as a virtual collecting game in which teams of players participate in matches. The success of each team and a single card will depend on the success of a real-life footballer.
The marketplace co-signs agreements with actual famous clubs, such as Real Madrid, and players, such as Andre Schurrle. Currently, more than 280 teams perform in virtual matches in Sorare.
On the other hand, a platform can be widely applied and multifunctional for diverse types of digital assets. It is more difficult as you don't have a formed target audience, so you have to start selling everything to everyone.
Catching you from many different platforms won't be easy for users. On the other hand, a more versatile marketplace can attract more users and has many variants of development. How strictly do you want to specialize your platform at the end?
The next step is to understand how you can earn from your startup. Web services have a few traditional schemes of monetization. They work for NFT marketplaces as well.
Some marketplaces and web services combine different monetization models to get a stable income. For example, you can develop paid premium functions and use a commission model by default.
Now you have a general concept and understanding. However, you are not the only competitor in this market. How are you going to stand out from everyone else? Clients will only come to you if they like your specifics and see your options as exclusively beneficial.
Your first step is to build trustworthiness and gain an audience through social nets and targeted advertising. Here are some aspects customers and investors find important while seeing the project.
Protocol cryptographic tokens allow developers to use the underlying protocol service and can be of different kinds. We will name the most popular ones and describe their specifics.
The difference between protocols can be not so visible from aside. The primary function of this variety is to provide diversity in interacting with a blockchain. Developers choose a specific protocol according to the use cases they expect to work.
Ethereum is the most popular cryptocurrency after Bitcoin. Its creators have developed smart contracts and introduced them to the world of crypto technologies. Ethereum offers three different types of popular standard protocols.
It is an upgraded Binance Chain protocol. In February 2022, developers revealed the next evolution stage and united these two protocols into one. Its name is BNB Chain, and you can also integrate it into your platform.
Binance Smart Chain is popular among DApps developers because it lowers transaction costs and supports Ethereum-compatible contracts. Another benefit of BSC is the appliance of different protection to eliminate attacks.
The current safety standard name is Proof-of-Stake-Authority. It involves Proof-of-Stake and Proof-of-Authority technologies. BSC also applies slashing technology to reveal malefactors and eliminate double write-offs.
Developers and businessmen highly recommend Tron as a corporate-fitting solution. It is a decentralized blockchain network applying the TRX token. This protocol aims to connect content makers with consumers without a third party. The critical values of Tron are productiveness, openness, and complexity.
The Tron blockchain platform's mission was to store content in a decentralized manner that is economically efficient. Now it has become a standard platform for DApps development. It is worth choosing it because of its trustworthiness and stable position on the market.
The price for the FLOW token has risen by 103% after Meta revealed its plans to include NFTs on Instagram. FLOW supports NFT making website and DApps and suits crypto games in all forms.
The benefits of NFTs by Flow are high speed and developer-centric character. It allows the creation of different types of digital assets. We have already discussed the NBA Collection service, which operates on Flow, as CryptoKitties does.
Wax, or Worldwide Asset eXchange, is a blockchain for games and NFT creation. A DPoS safety method allows to exclude the commission and lower the price of each transaction. Since its start in 2017, WAX has gained 12 million active users.
Wax has a patented technology that connects NFTs with natural objects and implements cryptocurrency into video games. It is currently at the top in the P2E (pay-to-earn) games industry and has collaborated with famous companies such as Sony's Funimation.
Solana is popular on the DeFi market thanks to the high speed of transaction processing, low commissions (only $0,00025 for each), and a trustworthy decentralization level. The critical goal of Solana Labs is to attract 1 billion connected users.
Solana is the second most popular independent NFT blockchain based on smart contracts, standing right after Ethereum. Its protocol is Burnt. They attracted $3 million of investigations in May 2021. More than 250 projects are currently running on Solana.
High speed allows this protocol to compete with complex centralized systems. The low transaction cost is available thanks to consolidating nodes on a single computer instead of letting each node run on a single computer.
Owners apply XTZ-tokens in industries of digital art, decentralized financing, and gaming. The key specification of Tezos is an ability to self-develop and simplify updating of the blockchain.
Smart contracts written on Tezos use the unique Michelson language. Tezos applies an improved Proof-of-Stake algorithm called Liquid Proof of Stake. A self-developing platform can quickly adapt itself to fast-changing technological conditions.
Tezos is currently applied to check financial transactions with minimal trust levels. Another option is to transfer ownership of illiquid assets such as real estate, art, and jewelry. It has already proven its usability for businesses and governmental tasks and continues to develop.
Stellar is a decentralized open-source protocol allowing to transfer of assets between different pairs of cryptocurrencies. Stellar's cryptocurrency is called Lumen (XLM).
All completed transactions go to the public list with free access. The consensus mechanism realization goes with a unique technology allowing to achieve agreement in a few seconds.
Stellar is worth mentioning as it works as a global net for financial operations processing. It can already process thousands of operations per second. While the main problem of tokens is the high cost and long time of transactions, Stellar makes them fast and cheap.
Microservice architecture is now the most operable one. The point is to create many independent services that are not connected tightly but still make the app work. In this case, a single bug in one of the services won't make the whole app break down.
As a result, developers can fix the bug without re-deploying the whole architecture and save hours. Companies with a worldwide reputation, like Netflix or Uber, are using this architecture successfully.
There are a few undoubtful qualities that attract clients to new marketplaces. Think of improving them in your project.
Working out a technological stack involves all main technical characteristics besides the standard protocol. We suggest some main details you should consider at the development stage.
Choose a platform to keep all NFTs of your NFT making website. There are trusted and popular platforms like Pinata, Coinbase, Filecoin, Metamask, and others. Some have connections with certain currencies which may provide additional features for your project.
As we already mentioned, many standards exist, and each one has benefits. The most popular ones are ERC-721 and ERC-1155. Discuss the suitable choice with your developers and come to a consensus.
The blockchain platform will be the basis for your marketplace. Most of the standards in the blockchain connect with platforms. Ethereum has the most considerable popularity among developers for its' trustworthiness and high-security level.
Other popular variants are Tezos and Flow. They are comfortable and developers will have fewer difficulties supporting the workable state of the environment.
The choice of the front-end framework depends on your developers' skills and the expected needs of a platform. Here are the possible variants.
Back-end development includes solving basic tasks such as storing user profiles, proceeding with transactions, choosing the payment method, etc. After creating a back-end structure plan, you should understand technological features and how to move forward to the next development stage.
Back-end makes your platform run stably, with all required safety and functional specifics. The front end makes it comfortable for users' interactions. Also, the suitable front-end characteristics make a platform dev-friendly. It helps to improve the speed and the quality of development and teamwork.
We advise you to choose program frameworks as far as they provide a project with:
When all technical stuffing is ready, it comes to focusing on the visual part. Front-end development involves creating a non-fungible tokens marketplace. Think of the impression and values you want to translate. An NFT platform should look understandable and beginner-friendly. At the same time, it should show trustworthiness and a serious approach. In which way would you like to show that?
Now you've worked out both technical and visual parts of the platform. How would you know it works properly? Only testing will help you with detecting problems and eliminating them. Testing may require a few stages to figure out every single situation. It will provide a smoother start.
Suitable security measures will provide trustworthiness to your NFT marketplace. The security auditing process is similar to the smart contract auditing we explained.
Auditors can also consult you about cross-border transaction issues. It is crucial that while cryptocurrencies become more popular and experience governmental regulations, you must follow them.
Now it's time to show your project to the world. How would this process look? You can come to launching and releasing differently.
Of course, developers don't stop their work after launching the platform. They must work great for a smooth workflow, especially at the start. When the number of users grows, A development may need additional help. Also, a team should work on regular updates.
Off-the-shelf tools mean ready-made software templates that have essential functions already worked out. It simplifies the development process and saves time on certain stages. Also, it makes your platform more economical.
On the other hand, it won't provide you with the unique features that your project may require. Of course, some parts of the architecture will be custom, but the whole construction will be standardized.
Creating an NFT marketplace is not an easy job. Custom development is even more complicated and time-consuming. On the contrary, you will receive an ideally functioning platform that suits all your specific needs. A custom approach is also more attractive for clients tired of traditional and standard templates.
Creating an NFT marketplace from zero is a big deal. Also, as with any other project, it takes time to succeed. It is an excellent experience with many stages of work and incredible feedback. It is worth trying if you think you are ready.