How to Create Your Own NFT Marketplace

4 MINS READ

Most NFTs sell out instantly, with the most prominent NFTs selling for nearly $70 million. In addition, celebrities support the NFT hype by tokenizing their memes, paintings, short videos, music, computer code, etc.

At the same time, the main beneficiaries of the NFT market have become sites that provide an opportunity for the simplest possible purchase and sale of NFTs. This article will briefly explain what NFTs are and where they can be used and how to develop your own NFT marketplace platform.

 

What is NFT?

Non-fungible tokens (NFT) are a unique digital item, the originality, and ownership of which is confirmed using blockchain technology. An irreplaceable token is a digital coin that another token cannot replace without changing the value and essence of the object. Most often, NFT asset is bought and sold through the Ethereum blockchain digital asset.

Like cryptocurrencies, NFTs are built on a blockchain that acts as a database to record all transactions. In addition, the blockchain guarantees the authenticity of non-fungible tokens. Thanks to this system, any user can verify the origin and history of a particular NFT through the blockchain.

When buying an NFT, the user acquires a certificate for the asset, which means he becomes its owner. This certificate is essentially a string of code that verifies that the token owner is the owner of the original copy of the object. The NFT token is likened to a painting, which may be owned by a gallery, museum, or individual, but viewers may see it in a catalog or at an exhibition.

Each NFT is unique; it has no analog when, for example, you can always sell a conditional bitcoin and then buy the same one. Non-fungible tokens also cannot be divided. Such a system is suitable for securing rights to a unique object – a work of art, real estate, or an artifact in a computer game.

NFTs can make crazy money. Some NFTs are, of course, more attractive, and therefore people are willing to pay significant amounts for them, while other NFTs are sold for pennies. The principle of value formation in this market is simple: the more famous (more in demand) the lot, the more expensive it is.

For example, NFT Cryptopunk 4250 is a certificate of ownership of a unique character that exists digitally and is described as a pixelated image of a punk woman wearing welding goggles with messy hair and purple lipstick. This item is listed for sale on the Larva Labs marketplace for $116,913.

Another example of an NFT is a picture of a cute girl smiling in front of a burning house, which became the Disaster Girl meme. 21-year-old American Zoe Roth sold this meme for $500,000.

 

How do NFTs Work?

NFTs exist on a blockchain, a distributed public ledger that records transactions. You are probably most familiar with blockchain as the main process that makes cryptocurrency possible. In particular, NFTs are usually stored on the Ethereum blockchain, although other blockchains also support them. By the way, thanks to the demand for NFTs, the value of Ethereum has grown quite well.

NFTs are created or “minted” from digital objects representing both tangible and intangible items, including:

  • Digital artworks;
  • GID;
  • Video;
  • Digital collectibles;
  • Virtual avatars and skins for video games;
  • Designer sneakers;
  • Music.

Even tweets count! Twitter co-founder Jack Dorsey sold his first tweet as an NFT for over $2.9 million. Essentially, NFTs are like physical collectibles, only digital. Thus, the customer receives a digital file instead of hanging an actual oil painting on the wall. He also receives exclusive ownership rights. That’s right: an NFT can only have one owner.

 

How to Create an NFT Trading Platform?

Previously, NFTs were available only on specialized platforms. In 2022, almost everyone became aware of the NFT; they have become part of the culture. After successfully integrating with luxury clothing brands, global brands have also adopted NFT. McDonald’s, Samsung, Visa, NBA, and Marvel are among them.

NFT is not just advertising. Compared to 2020, NFT sales grew 400 times (from $33 million to $13 billion). OpenSea turnover in December 2021 was 3 billion USD, and in just a few days of January 2022, it exceeded 700 million USD!

Now is the time to explore new scenarios and business schemes with NFTs and create your own marketplace. So let’s find out how to create an NFT platform?

 

Steps for Creating an NFT Marketplace

Creating a marketplace is a time-consuming process that requires experience and proper knowledge in development — however, Exio.Tech can confidently guarantee you the creation of an NFT trading platform with wide functionality, flexibility, and uninterrupted operation. So, what steps are required to create an NFT trading platform? Here is a brief step-by-step instruction for creating such a platform:

 

Step 1 – Starting a Project

Before launching the creation of an NFT marketplace, it is necessary to discuss the details of the project and technical aspects with the development team. For a clear understanding of the concept and accurate work in the future, we provide the customer with a list of questions that further help us in creating the ideal project:

  • What is your niche?
  • Who is your target audience?
  • What token protocol do you want to use?
  • What technology stack would you like to implement?
  • What is your monetization model?
  • How is your platform different from those on the market?
  • What features would you like to see on your platform?

After deciding on all the project details, the direct creation is started.

 

Step 2 – Design and Development Process

User Interface/User Experience design. First impressions of a product, usability, and user experience are critical to the success of a project. At this stage, think through every step that a potential user can take on NFT marketplace.

Backend development. Backend developers start building the inside of the future platform, where the multifunctional process begins. In addition to the usual business logic and marketplace functionality, the implementation of smart contracts, crypto wallets, and other attributes is important.

Frontend development. After the server part of the NFT marketplace is ready, developers move on to the external part. The frontend is responsible for the interaction of the final product with the user. The main goal of frontend development is to provide ease of management, reliability, and performance.

 

Step 3 – Testing

After all the above steps are completed, the QA team should check all completed work. This is undoubtedly a critical stage in developing your own NFT marketplace. Therefore, the QA team checks to ensure that your project code does not contain fundamental errors and bugs. In addition, content, usability, security, reliability, and performance are tested for all possible platform scenarios.

 

Step 4 – Deployment and Support

Once the platform has been tested, it’s time to deploy your NFT marketplace on a server (in the cloud). Please note that this is not the last step, as you will also need to set up a help desk. In addition, it is also necessary to plan further development of the platform to follow market trends and user expectations.

 

Popular NFT Marketplaces

Now that you have already understood what NFTs are, what they offer in terms of digital ownership, and how to create NFT marketplace, let’s analyze some of the most popular NFT trading platforms.

 

1 OpenSea

OpenSea is a decentralized platform for digital goods, including collectibles, game items, digital art, and other digital assets backed by a blockchain like Ethereum. Not only that, but OpenSea is also a digital asset aggregator and hosts digital assets available in other markets.

It is one of the largest NFT marketplaces, with an average 24-hour trading volume of approximately $3-5 million.

Trading on OpenSea takes place through a smart contract, which means that no central authority ever stores your items. Instead, users store items in their favorite wallet, whether a mobile wallet like Coinbase Wallet or Opera Touch or a Chrome browser extension like MetaMask. This ensures transparency, security, and better recognition of the author’s work through the immutability of the trade.

OpenSea charges the merchant a transaction fee of 2.5% and the gas fee charged for minting the token. Note that no transaction fee is charged to the purchaser of the OpenSea token. In addition, due to the increase in Ethereum blockchain gas fees, OpenSea announced a plan to integrate the Ethereum scaling solution.

 

2 SuperRare

SuperRare is a digital art gallery featuring unique one-off digital art pieces. Each piece of art is authentically created by an artist on the web and is tokenized as a crypto-collectible digital item that you can own and trade.

SuperRare collecting is inherently social. Since digital collectibles have a transparent ownership history, they are ideal for social environments. The social level can facilitate the assessment of value and other contexts related to goods on the market.

The platform is built on the Ethereum blockchain, and the standard ERC 721 token is offered against all digital technologies. Since the art is unique, the fees charged by SuperRare are higher.

 

3 Rarible

Rarible is the first community-owned NFT marketplace where you can mint, buy, and sell digital collectibles. The project is based in Moscow, founded by Alex Salnikov and Alexey Falin at the beginning of 2020.

Any user can access the marketplace to create and showcase their artwork. Users can also collect exhibited artworks by purchasing them with Ethereum tokens. This is a non-custodial marketplace, and therefore you have full ownership of your tokens. The platform also offers the user intellectual property (IP) rights through Proof of Provenance.

The ultimate goal of Rarible is to transform the platform into a DAO (Decentralized Autonomous Organization), where the users will make all decisions of the platform. For this, the RARI token will play an important role.

Almost all popular digital assets available in the market can be found on these NFT platforms. There are currently over 50 NFT marketplaces available, some asset-specific like Enjin and Decentraland and some generic like Opensea, which offers almost everything as digital assets.

By creating such a marketplace, you will be able to buy, sell, and store your tokens. There are several types of trading platforms, and it is essential to choose the right one for you. It is also important to only work with trusted sites to avoid fraud risks.

Build your NFT marketplace with Exio.Tech. With our experience in developing blockchain products, we know exactly what users need in the market. We will be glad to cooperate and implement new ideas together!

 

FAQ

  • How much does it cost to create an NFT marketplace?

It always depends on the amount of work required. You can book a call with our teammate to learn details.

  • How do I create an NFT marketplace?

Trust this process to experts, who know how to create NFT platforms. You can read about outsourcing blockchain development companies here.

  • Can I make my own NFT and sell it?

Definitely yes! You can mint your NFT and sell it on the marketplace.

  • How do I create an NFT website?

To build an NFT website, you need both frontend and backend knowledge, so you better hire a team to do this for you.

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