If you are familiar with the crypto space, you don’t need any introduction to NFTs. The launch of CryptoPunks in 2017, increased the popularity of NFTs. Though NFTs are volatile their popularity knows no bounds.
Let’s discuss the things that one should avoid while building an NFT Marketplace-
Not Following NFT Standards
One of the major mistakes that one does while building an NFT marketplace is not following proper NFT standards. ERC-721 is the most extensively used standard. When you build NFT marketplace, ensure that you follow the standards. ERC-721 is not the only standard that one has to follow, there are other blockchain protocols like Solana that can be followed.
Data Retrieval from the Database
Blockchains promote decentralization so that no central entity has a monopoly to modify user data. All the information related to the NFT should be directly fetchable from its host blockchain and not from the marketplace’s database as the data on marketplace is editable for personal benefits while blockchain is immutable. NFT Marketplace Development Services must take care of this small but important thing.
Improper Smart Contract Structure
The improper smart contract structure should be avoided. Smart contracts trigger every process that is executed within the platform, they play an integral role in the functioning of the marketplaces. It makes sense to properly structure smart contracts to avoid any issues. These two types of smart contracts should be included while building an NFT marketplace:
- ERC-721 contracts to mint NFTs
- Controller contracts for users to list their minted NFTs
One has to take into account many things while building NFT marketplace, but there are things that you must avoid and this blog covers some of those things. It’s best to take help from an NFT Marketplace Company to get the best NFT Marketplace Services at competitive prices.