Updated: May 23, 2022
No doubt, non-fungible tokens (NFTs) have risen in popularity since the sale of Cryptokitties. With a market capitalization of over 10 billion dollars and rising, NFTs are currently one of the focal points of cryptocurrency to crypto enthusiasts. Non-fungible tokens are the proof of ownership of digital assets on the Blockchain, which makes them unique. That is, one NFT does not equal another. The uniqueness of NFTs means you can only buy, sell or auction non-fungible tokens in an NFT marketplace.
Many NFT marketplaces exist, but some of the most popular NFT marketplaces are OpenSea, Rarible, SuperRare, Nifty gateway, and Mintable. However, you can also build your NFT marketplace instead of trading on any popular platform.
Why Build an NFT Marketplace?
Whether you are a business owner, an artist, or a collector, having your own NFT marketplace gives you an avenue to showcase your products as digital assets. More so, it is more cost-effective in the long run to build an NFT marketplace than trade on an established marketplace. In addition, apart from OpenSea, which is a general marketplace, NFT marketplaces often focus on specific digital assets, like gaming, music, photography, real estate, and artifacts, among others. You can create a marketplace for a novel digital item or your business. Whatever the case, an NFT marketplace must have certain features to function optimally.
Features of an NFT Marketplace
At the storefront, information about the digital items should be on display like name, price, payment method, NFT ownership, and a detailed description of the item on display. The storefront gives this information to allow prospective buyers to know more about the item they are interested in buying or bidding for.
Search and Advanced Search
Searchability allows users to find what they are looking for in the marketplace easily. It won’t be easy to navigate the marketplace without search and advanced search features. This is especially useful if you have categories and subcategories of digital items.
This gives users the ability to group digital items according to name, listing status, category, or the payment method. A marketplace comprises a wide range of NFTs, which might make navigation tedious. The filter feature makes it easy to specify the NFT a user needs.
Listing enables users to showcase their items in the marketplace. The listing page will inquire about the product name, tag, external links, price, and other information about the uploaded items.
A marketplace should ensure that only registered users can buy, sell, or bid for items. This will provide a sense of security to the users on the platform.
Buy and Bid
Users should be able to buy digital items or bid at an auction.
This feature is an essential part of a marketplace as it enables users to know more about the platform. Trading history gives a transparent account of the items traded in the marketplace, the price, and the traders involved.
There is a need for an NFT wallet to store, buy and bid for tokens and cryptocurrency. You might want to integrate your marketplace with cryptocurrency wallets like MetaMask, Coinbase, or MyEtherwallet.
An NFT marketplace with swift and efficient customer support will witness a surge in patronage and user satisfaction. The customer support feature on the NFT marketplace helps users solve some issues either through email, chatbots, or call center.
Ratings and Reviews
There should be room for item ratings and user reviews on an NFT trading platform. Reviews can be used in a future upgrade of the platform to boost user experience.
How to Build an NFT Marketplace
You have different options in building an NFT Marketplace
1. Build a marketplace from Scratch
You can build an NFT marketplace based solely on your preference. The UI, smart contract, coding, and overall functionality will be your dictate. An NFT marketplace created from scratch is more secure and reflects more of the owner's idea. However, creating this form of marketplace cost a lot of money and time.
2. Clone NFT Marketplace
Conversely, you can build an NFT marketplace with a clone of popular marketplaces like OpenSea and Rarible. The functionality and feature will be similar to the original NFT marketplace.
3. Use White label NFT marketplace.
A white label NFT marketplace is a generic open-source template that can be customized to suit a particular need. A white label NFT marketplace is based on such Blockchain platforms as Binance Smart contract (BSC), Tron, Solana, Polygon, Cardano, and Ethereum Blockchain. Building an NFT trading platform with a White label script is less expensive and time-consuming than building from scratch, so it is one of the most popular means of building an NFT marketplace.
Building an NFT marketplace with white label script
Design your NFT marketplace UI/UXYour marketplace UI must be designed with functionality and aesthetics in mind. You want the marketplace to look pleasing yet be easy for users to navigate. You can determine the level of complexity of the user interface based on your target user. Therefore, the UI/UX must be designed with the users in mind.
An NFT marketplace is similar to a regular e-commerce store. Hence you can build a scalable store using React.js, Angular.Js, MVC, MVP, or MVVM.
2. Smart Contract and token generator
You need to generate tokens that will be used in the marketplace. Also, you need a smart contract to validate transactions carried out on the Blockchain. The smart contract also defines the status of royalty payment, DeFi functionality, and other additional features of the NFT marketplace.
The tech stack required for the NFT marketplace includes;
4. Product Testing and Deployment
You need to test the functionality of the marketplace and know the user experience before deployment. After the NFT marketplace is launched, there should be continuous monitoring and upgrade of the platform based on feedback and reviews.
You can build an NFT marketplace quickly using a ready-made script or build from scratch. Irrespective of your preferred method, you are bound to make money from NFT if done right.