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How could you develop an NFT marketplace of your own?

Mariyana George
How could you develop an NFT marketplace of your own?

Let's Get to know what NFT is:

Non Fungible Token, is the market that would sell original digital artworks of the artists that are usually unique. In recent times the rising popularity of cryptocurrencies, the interest in people's ideology of collectibles changes to the online platforms and NFT makes it the best way those requirements are met.

NFT Marketplaces that are in demand:

There are few popularly known NFT Marketplaces that offer these digitised art, trading cards, sports, virtual world and other unique collectibles





to name a few..

How do they Work?

In order to understand their working pattern, it is important to know the products each site has to offer. OpenSea, claiming itself to be the best in the market, sells the arts, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles. It is important to find the suitable buyer who would be ready to spend a fortune for the product and this is done by fixing the price, creating  a declining price listing, and auction listing.

How do you save the authenticity of the product?

Since the digitalised works can be easily and endlessly copied, a question might arise on how to identify the original content from the counterfeit.

It follows a complex algorithm of hashes where the original digital signature of the artists is preserved and is entered in the database of the blockchain and the blocks are linked with another block that follows a particular order.

Since several blocks are connected, any alterations done in the database in a particular block would alter the hashes in the next block.

Thus we know, there is no place for counterfeit.

Are NFTs really a Thing?

It's funny how people are willing to take their passions to a whole new level. 

An animated Gif of nyan cat, which was once a popular meme of 2011 was sold for more than $500,000.

Can you believe if I told you that the first tweet by the CEO of Twitter found $2.5m worth of cash!

It would be crazy to claim the ownership of a tweet, that one could normally do without paying a penny. And yet, people are very much invested in the thought of owning the rarest of items. It's that excitement that keeps it going.

So, How could you develop an NFT marketplace of your own?

After getting to know what NFT is, it's important to analyse your interests and talents. And getting ahead might seem easy with the right set of plans. Entrepreneurs must know how to develop the NFT Marketplace.

Now Let's go..

step 1-Create your own masterpiece that would attract the buyers. Let's call it your asset.

Step 2- After admiring your work, let's hand it out to business by choosing the interested party.

step 3- Choosing the interested party can be done by listing out your asset and fixing a price.

step4- This step should attract a lot of bidders, and thus begins the auction.

step5- Enjoy seeing where the prices shoot up as the number of buyers increase.

step 6- Congrats on finding the best price for your asset and now the transactions can be done using the cryptocurrency. This is very secure and quickly transferred.

I hope you find your fortune in NFT!

Mariyana George
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