Today’s technologies are constantly moving towards the world of virtual space where you can easily buy digital assets, communicate with each other, and explore new places without visiting physically. All digital assets in the virtual world are available in the form of Non-Fungible Tokens or NFTs that only exist on blockchain networks & can’t be replicated. Metaverse NFT aims to fill the gaps between the real world and the virtual space with the help of virtual reality.
From e-commerce to gaming sectors, every industry has already started to enter the world of Metaverse NFT to help users explore different products & services with a three-dimensional impressive virtual experience. According to metaverse development company, the metaverse NFT marketplace takes the virtual reality (VR) experience to another level, enabling users to emerge into the world of metaverse to do different activities. Continue reading to know what Metaverse NFT is and how to build it.
What is a metaverse NFT marketplace?
NFT marketplace is a unique concept of developing & integrating virtual marketplaces in the metaverse space. Metaverse NFT marketplace allows users to trade digital lands, in-game elements & avatars. Despite being in its very early phases, Metaverse NFT is presently gaining good traction & effectively driving businesses to build a marketplace.
To make trading streamlined, businesses should create a feature-rich marketplace & integrate it into the different projects of Metaverse. As the NFT Marketplace is developed on the blockchain ecosystem, it offers a completely decentralized experience to the active users and allows them to tokenize digital assets & trade them seamlessly.
Metaverse makes NFTs simpler to use as well as more valuable. It also brings transparency to NFT trading. NFT adoption has started increasing gradually & effectively fueling the growth of NFT platforms. According to the current report, Metaverse NFTs account for 3% of the entire market value. Moreover, it’s also predicted that the economic projection of the Metaverse could reach approx 800 billion by 2025.
Features of a Metaverse NFT marketplace
Before you start the NFT marketplace development, you need to know its features and functionalities. The following are widely popular features that make NFT marketplace robust and future-ready.
1. Storefront: The NFT marketplace is quite similar to the eCommerce shopping platforms. Hence, it should offer an intuitive and attractive storefront that offers a vast range of options to the users such as NFT ownership details, item list, price history, preview, etc. It helps users instantly verify and check digital assets’ authenticity before making a purchase.
2. Decentralization: The NFT marketplace has a decentralized infrastructure and this infrastructure removes the necessity for all intermediaries during the trade and settlement process. Decentralized infrastructure means it doesn’t have any owner and it’s completely regulated by blockchain technology where events are executed automatically via smart contracts. Hence, decentralized features of the NFT marketplace offer a controlled, secured, and private platform & allow transaction mobility without third-party control.
3. Interoperability: Interoperability usually equips an NFT marketplace with cross-chain connectivity and it helps decentralized systems share data, enable cross-chain connections, interact & utilize each other's features, etc. Interoperability is important as it builds interconnections among independent marketplaces and offers a unified experience to the users. Moreover, it also allows users to explore various marketplaces & engage in sociocultural activities without any limitations. For instance, Decentraland has an interoperability feature.
4. P2P transactions: On the NFT marketplace, the recording transaction method across decentralized P2P networks makes asset transactions easier. With a decentralized NFT marketplace, users can securely make peer-to-peer transactions. The strong security system & P2P technology protects users from any cyber threats. Moreover, the purchase details and user data are securely coded that get automatically transferred.
5. NFT wallets: NFT wallets can be integrated into NFT marketplaces that enable users to send, buy & store assets along with offering connectivity. Wallets must be integrated with several third-party wallets for facilitating easy and smooth transactions. As a digital vault, an NFT wallet allows users to store & manage their collectibles safely. These are completely computerized programs that effectively support blockchains.
6. DAO integration: Most Metaverse NFTs are currently adopting the DAO or Decentralized Autonomous Organization model to create an autonomous organization completely free of any hierarchical structure. DAO-enabled NFT marketplaces are usually regulated where both major & minor both types of decisions can be made via proposal.
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Steps to Build a Metaverse NFT Marketplace
The entire process of Metaverse NFT marketplace development needs technical knowledge & expertise. Professional NFT experts use a number of Metaverse development tools & technologies to make the development process faster. Let’s check what is required for making an NFT marketplace.
Required tools - Unity, Metaverse studio and Unreal Engine
Programming languages: - HTML, RUST, C++, Solidity and Javascript
Technologies - Blockchain, Augmented reality, Virtual reality, 3D reconstruction, IoT, AI & Cryptography
Now, we’re going to proceed to the major steps of Metaverse NFT marketplace development. For your convenience, we have kept the steps well-planned & strategic. Let’s dive in:
Step 1: Select the right blockchain network
Every well-known NFT marketplace runs on an interoperable, robust, and scalable blockchain network. Therefore, it’s important to choose a project-specific blockchain network based on which marketplace will run or exist for a long period.
Most projects currently run on the Ethereum network and you can also build your marketplace on third-gen blockchain ecosystems like Polkadot, Cardano, Near protocol, etc. These protocols effectively support cross-chain marketplace development in the metaverse.
Step 2: Build an intuitive and user-friendly interface
Once you choose your network, you need to proceed to create UI/UX that will grab your user’s attention in your marketplace. A metaverse development companies always suggests creating an interface engaging, responsive, intuitive, and user-friendly.
This is because a good interface always reflects the impression of the NFT marketplace. It also ensures flawless & secure trading of NFTs without glitches & bugs. Moreover, you can showcase your marketplace features in a unique way to your users to enhance user experience.
Step 3: Select the top features to add
Implementing advanced features is important to optimize and enhance the functionality of the NFT marketplace. Based on the project requirements, you can select different features like decentralization, decentralization, 3D display, storefront, wallet integration, interoperability, etc. It’s recommended to be specific on the NFT marketplace features.
Step 4: Setup IPFS & database
The marketplace you build needs a decentralized storage space that will store NFTs and user data with high-end security. The database is highly responsible for keeping the private and sensitive data of the admin & user profile. Moreover, this database also carries information about the tokens.
On the other hand, the Interplanetary File System or IPFS is used to store and share data in the form of database systems and distributed files. Setting up an IPFS & a database ensures maximum security and high efficiency on the platform.
Step 5: Create smart contracts
Smart contracts technically run through blockchain protocols. No intermediary is required for blockchain to manage the platform as blockchain uses smart contracts for regulating and implementing all operations. The advantages of using metaverse smart contracts are huge.
The smart contract functionalities rely on the technical aspects, features, and requirements structure of the project. While creating a smart contract in Metaverse, always keep in mind that it must be aligned with key features. After that, you can integrate some essential tools such as dApps, wallet, payment gateway, and browser extension to make your marketplace operable.
Step 6: Testing and deployment
The testing stage is done upon integrating smart contracts and completing the database creation. In the final stage, you should audit your smart contract rigorously to ensure that there is no defect or glitch in the codes. Before deployment, several quality testing processes are performed to address bugs & defects related to the marketplace. If any error is identified, it’s removed or rectified at this stage instantly.
Cost of metaverse NFT marketplace
Top NFT marketplaces like Superfarm, Rarible, and OpenSea are the epicenter of high revenue & funding. As per the report, the NFT market segment revenue is projected to reach approx 8412 million USD by 2027.
Sl no. - Year - Revenue in USD
1 - 2022 - $2520 Million
2 - 2023 - $3686 Million
3 - 2024 - $4935 Million
4 - 2025 - $6220 Million
5 - 2026 - $7435 Million
6 - 2027 - $8412 Million
According to the report, the average cost of NFT marketplaces usually ranges from $50,000 to $500,000. However, it usually depends on the customizations you look for to meet all your business needs. If you would like to create an NFT marketplace from scratch, you have to pay more than a ready-made solution. Moreover, the cost of developing an NFT marketplace also depends on several factors such as
1. NFT tech stack
A tech stack consists of frameworks, tools, and technologies that will help in the NFT marketplace development process and it also plays a big role in development cost assessment. The standard technology stack mainly depends on NFT standards, frontend frameworks, storage, and blockchain platforms. Here is a complete analysis of the tech stack used:
1 - Blockchain platforms - Ethereum, Flow, Tazos and Cardano,
2 - NFT standards - ERC-721 and ERC-1155
3 - Storage platforms - IPFS, Pinata and FileCoin
4 - Frontend frameworks - React, Vue and Angular
2. NFT marketplace category
The overall cost of metaverse marketplace development also depends on the categories you’ve chosen. For example, if you go for collectibles, the NFT platform should be more secure as compared to an open app market. The top four NFT marketplaces include:
- Open & premium marketplace
- Curated & non-curated marketplace
- Games marketplace
- Collectibles marketplace
Based on these categories, here is an estimated cost analysis of metaverse NFT marketplace development.
Sl no. - Category - Estimated cost in USD
1 - Open & premium marketplace - $50,000 to $150,000
2 - Curated & non-curated marketplace - $80,000 to $200,000
3 - Games marketplace - $60,000 to $250,000
4 - Collectibles marketplace - $1000,000 to $500,000
3. Developer’s hourly rate
The developer’s hourly rate is one of the crucial factors that effectively influence the cost of Metaverse and NFT development. The developer’s hourly rate usually varies depending on different locations. For example, the hourly rate of US-based NFT developers ranges from $100 to $200 but this range will be different in other regions. For your convenience, we’ve shared a table that shows the location wise hourly rate of NFT Metaverse developers.
Sl no - Region - Hourly rate
1 - US - $100 to $200 per hour
2 - Australia and Europe - $80 per hour
3 - India - $50 per hour
4. NFT marketplace maintenance
Considering the support and maintenance cost of the NFT marketplace is important if you would like to build an NFT solution for long-term use. NFT maintenance & associated Metaverse NFT price depend on the following factors:
Sr. No. - Factors - Estimated cost
1 - Platform updates - $5,000 to $10,000
2 - Third party integration - $2,000 to $10,000
3 - Security patches - $10,000 to $20,000
4 - Server costs - $10,000 to $15,000
5 - Bug fixes - $5,000 to $10,000
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Final Words
NFTs and Metaverse complement each other, bringing a number of growth opportunities for modern businesses. Many tech giants like Microsoft and Facebook have started investing in this technology to transform their business models into Metaverse enterprises. Therefore, as a business owner, it's a perfect time for you to build your NFT marketplace in a metaverse that will help your users with an immersive 3D experience.
Moreover, with Metaverse NFTs, you can use immersive simulations and open infinite possibilities & for your business. To achieve this, you must require a fully-featured platform that suits your all business requirements. Would you like to know more about NFTs and Metaverse development services? Feel free to contact us for expert guidance.
FAQs
Faq 1: What are NFT and the metaverse?
NFT stands for non-fungible tokens and is a digital asset used for representing unique items like in-game elements, collectibles, and avatars on a blockchain. On the other hand, the metaverse is a dynamic 3D-enabled virtual space where users can easily interact with each other. It also allows users to float into a virtual spade and to do different activities from hosting parties to buying lands.
Faq 2: What is metaverse in cryptocurrency?
The metaverse & cryptocurrency both can be linked to allow users to sell & buy digital assets and to make seamless transactions in a digital space. Digital assets can be anything, from virtual land and real estate to avatar items. In the metaverse, you can earn crypto by selling lands, creating digital assets, providing services, and hosting events.
Faq 3: What is the best NFT metaverse?
Best NFT metaverse projects include:
1. Decentraland: A metaverse that allows you to buy lands as NFTs
2. Axie Infinity: A play-to-earn game where players can collect magical creatures
3. The Sandbox: A metaverse project with excellent partnerships
4. Wilder World: A metaverse with top-notch visuals
5. Somnium Space: A metaverse that offers an impressive VR experience
6. Voxels: One of the best examples of a crypto metaverse
7. Gods Unchained: A trading game with NFT cards and strong gameplay
Faq 4: How do I invest in the NFT metaverse?
Open an account on the Metaverse virtual space from where you would like to buy virtual lands and NFTs. For instance, Decentraland is one of the best destinations for buying virtual land; Sandbox helps to buy and sell NFT arts, and Axie Infinity allows you to buy and sell NFT characters & virtual land parcels.
