Why Should You Invest in NFT Marketplace Development?
The demand for non-fungible tokens keeps growing, providing fertile grounds for NFT Marketplaces to rise. If you’re already an ambitious business or brand in a particular area such as artwork, music, domain names, and so on, planning for an NFT Marketplace Development is a logical next step to elevate your brand and open new revenue streams.
What’s the Hype around NFTs?
Non-fungible tokens are unique digital assets that exist on a blockchain representing proof of ownership of an intangible digital item such as an image, video, or in-game item.
NFTs are unique because they are permanently tied to, for instance, digital artworks and music. They cannot be separated; the token is the art. For example, it could be a valuable piece of art that you purchase but instead of receiving the painting itself to hang on your wall, you get digital tokens (NFTs) that can act as certificates of ownership of the item.
These incredible tokens are traded, bought, and sold on a platform called the NFT marketplace. This platform adds value for both buyers and sellers, allowing people to cash out on their digital assets at any given time while NFT sellers can sell their digital assets at competitive prices.
If you want to make sure your custom NFT marketplace can deliver your customers a seamless NFTs buying experience, contacting a professional team of Blockchain Developers like TokenMinds is a wise choice.
Best NFT Marketplaces for NFT Art
The following marketplaces are to NFTs what Amazon or eBay are to goods.
OpenSea NFT: One of the most established universal NFT marketplaces. You can sell non-fungible tokens for artwork, sports collectibles, virtual worlds, and domain names. It charges a commission of 2.5% on every sale.
Rarible: This is an NFT marketplace that emphasizes art, but you can sell a wide range of other NFT items too. It is built on the Ethereum network and supports ERC-721. The platform charges a commission of 5% on the final sale price.
SuperRare NFT: Another marketplace focused on digital art. SuperRare NFT typically works with a select handful of leading concept artists. Place a bid to buy an NFT from a seller, and you can resell the NFT later at a higher price.
Binance NFT: Binance NFT is currently the largest centralized NFT trading platform in terms of traffic, ease of trading, and collectibles variety. It offers an open market for artists, creators, crypto enthusiasts, NFT collectors, and creative fans, with the best liquidity and minimal fees.
Foundation: Foundation has quickly become one of the most popular NFT marketplaces for creators and DeFi enthusiasts.
Enjin: This is a digital assets marketplace where anyone can explore and trade NFTs. The platform has over 1.1 billion innovative items, with 1 million items already sold.
Why Invest in NFT Marketplace Business
NFT marketplaces have become a key avenue for buyers to discover collectible digital art and connect with multiple creators and brands at once. Businesses too can take advantage of the renewed interest in NFTs to start their own marketplaces to elevate their brand and create new sales opportunities. Furthermore, the NFT marketplace development is growing at an astronomical rate – going from a marketcap of just $141.56 million in 2019 to $338.04 million in 2020.
While the industry cap is increasing rapidly, more world-known brands and creators join this trend. Beeple’s artwork was recently sold at an auction for an eye-watering $69m – in exchange for an NFT. Twitter’s founder Jack Dorsey also has promoted an NFT of the first-ever tweet, with bids hitting $2.5m. NBA’s Top Shots, a trading card system (TCS) has generated more than $230 million in sales. All these transactions were enabled by an NFT platform, suggesting perhaps how lucrative NFT marketplace development is for businesses and companies.
With NFT marketplace development, not only do potential sellers need to pay a fee for listing their artworks in the marketplace, but for each sale of an NFT artwork.
How to Build your Own NFT Marketplace
There are two possible options for NFT marketplace development. The first approach, which involves using tools such as APIs and other SaaS solutions, is likely least costly in the short term. However, there is no guarantee that the ready-made tool will be an exact match for your particular requirements.
The second option involves partnering with a professional blockchain development company for bespoke NFT marketplace development. A reputable blockchain development company like TokenMinds allows you to work closely with time-tested and proven professionals who can develop a marketplace that would match all your expectations. This approach also allows for scaling your project to attract a greater number of visitors as your company grows.
