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A Guide to Creating an NFT Marketplace For ART

Boopathi Krishnan
A Guide to Creating an NFT Marketplace For ART

While blockchain technology took the world by storm in 2021, the NFT sector was also gaining momentum. Perhaps when you heard about the unprecedented growth in the NFT market, you were wondering whether to create your own collection. But what’s even better is to create a platform where people can sell their tokens and launch new projects, and you can earn income. Today we'll look at why launching an NFT marketplace offers great opportunities, and we'll tell you how to do it.

What is an NFT marketplace and how does it work?

The NFT marketplace is a platform where users can buy and sell non-fungible tokens (NFTs) created by different artists. Transferring unique objects from the physical world to the blockchain is possible with an NFT token.  This could be pictures, memes, audio and video content, even real estate.

The largest NFT marketplace is OpenSea. It accounts for about 90% of all token trading volume, and recently saw a record monthly volume of $3.7 billion. Axie Infinity, Rarible, Super Rare and NBA Top Shot are other examples of popular NFT marketplaces.

Why establish an NFT art marketplace? 

NFTs are mainstream. NFT sales totaled approximately $24.9 billion in 2021, according to DappRadar . The quantity of wallets utilised for exchanging these assets had a notable surge, reaching approximately 28.6 million. Interesting fact: the most expensive NFT - The Meg - was worth more than $91 million. The collectibles market is considered the fastest growing in the crypto industry, which makes creating your own marketplace for works of art very promising.

There is still room for the market, even with the increase in trade volume and the appearance of new offers. If you launch the application, you give the opportunity to new vibrant projects to show themselves, thereby creating space for quality art.

However, we are aware that money is the primary motivator. Let's look at the main monetization strategies.

How to make money on the NFT marketplace? 

You can earn money in several ways: combine monetization models or choose only one. We've gathered the most popular techniques:

Platform commission : The owner of the art platform receives a commission from the launch of each collection and from the resale of tokens.

Governance tokens : Tokens with governance features give their owners the ability to cast votes on platform governance.  They also have value, so they can be sold, bought, exchanged or put on interest : Both the platform itself and token holders make money from this.

Registration fees : Large popular platforms such as OpenSea may charge a fee to register an account.

Advertising : NFT marketplaces help new artists gain an audience so you can make money from advertising. Promoting third-party resources on the platform is also possible and very profitable.

Create Your NFT Marketplace with : NFT Marketplace Development Company

Main functions of the NFT art platform 

At Purrweb we have been creating MVPs for over 8 years. Based on our experience, we recommend that clients start with an MVP (minimum viable product) and build a set of basic features first. Such an application is not overloaded and still meets the user's needs. Here are the features that are important to include in an NFT marketplace:

Easy registration. Registration on the platform should be intuitive. In addition to standard registration by email and password, you can add quick authorization, for example, through social networks. Offer new customers a short onboarding to familiarise them with the app's features.

NFT catalogue with information about tokens. Provide a page where users may choose from a variety of NFT collections and access comprehensive token data, such as price and trading volume. A card with information about the NFT, its rarity, author or owner, and sales history helps traders determine the profitability of the asset.

Search function and filters. Sometimes it is important for users to find an author and collection that they have heard about in the news, from experts, or in the crypto community. To make this easier, add a search function and filters.

Possibility to put NFT up for sale. The marketplace connects sellers and buyers, so you need to think about how creators and artists will list their work as digital assets. They should be able to upload the NFT, name the token, and set a price. Check in advance whether it is convenient to develop NFTs on the blockchain that you have chosen as the basis of the site.

Opportunity to buy NFTs or participate in an auction. Since an NFT marketplace is a place where people come to buy or sell assets, make “buy” and “start auction” functions available. Provide payment support: Both fiat and cryptocurrency payments must be accepted by the platform.

Wallet for cryptocurrencies and NFTs. A wallet for NFT tokens and cryptocurrencies is similar to a bank account, only on the blockchain. Users can store assets and protect them using private and public keys.

Account management. Let the account owner create and edit their profile and come up with a unique username. Provide access to assets in the client profile.

What is the price of creating an NFT marketplace?

Developing an NFT marketplace Development  is a great way to invest because such projects pay off. The cost of creation may vary depending on the complexity of the application, but we will try to give a rough estimate below. To create an MVP with the basic features that every marketplace should include, you will need to pay about RUB 3,900,000.

Costs include:

Project analysis: 0 rub.

User interface design: RUB 430,000.

Application development: RUB 2,700,000.

Testing: 470,000 rub.

Project management: RUB 300,000.

Boopathi Krishnan
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