How Much Does It Cost to Develop An NFT Marketplace?

What is NFT?

NFTs or or Non Fungible Tokens are the tokens that can be used as a digital asset. These tokens are cryptographically created, where the main difference lies in the changeable prowess of the tokens. Unlike other tokens available on the blockchain, NFT tokens cannot be replaced with other NFTs. The fungible tokens are transferrable with addresses and can be divided into several small units. Each token carries the information known as Meta equivalent to the information on the other token on the blockchain.

Non-fungible token standards

Standards directly control the NFT behavior and its interaction. These standard guarantees how the asset will behave and show how to interact with basic functions. There are two standards:

NFT Marketplace Development Characteristics

NFTs are popular because of the different characteristics associated with the tokens. NFT tokens are leveraging varied industries with different abilities while giving a continuous push to blockchain development services across the globe. Before understanding the NFT marketplace it is always better to gain in-depth knowledge of NFT and its characteristics. Here are few prominent characteristics associated with NFT.

  1. Unique Metadata: Each NFT is unique and contains unique information. No two NFTs can be swapped because the metadata of each NFT is different and cannot be altered. The uniqueness of metadata gives the authentic ownership.
  2. Cost Ownership: The simple law of supply and demand applies here too. The scarcity of the article and the demand for it in the market determine the price. Similarly, the scarcity and demand of NFT play a key factor in determining the value in the marketplace. When you hire an NFT developer, the token development into NFTs is done under certain limitations to maintain the scarcity which can regulate the cost.
  3. Authentic Possession: The NFT development company possesses the private key for the account containing NFT. Creators can transfer NFT to any account, which facilitates complete control over the virtual asset.
  4. Transparent Ownership: All the information relevant to the token transfer can be verified publicly. Buyers can verify the information and check the authenticity of the NFT.
  5. Indivisible: The features and characteristics of the NFT make it unique and therefore, NFT cannot be divided into parts.

What is the NFT Marketplace?

NFT marketplace is similar to the general marketplace where NFT Development Company sells the virtual non-fungible product. Buyers reach the marketplace like Open Sea and procure the virtual product using cryptocurrencies such as Ethereum and BitCoin. Marketplaces levy a fixed charge upon the transaction amount of purchased NFT.

Most Common NFT Marketplace

NFT marketplace development is gaining high popularity nowadays. In next coming years, NFT is going to bring new customers, which can flourish the marketplaces with heavy sell and buys. Such a transactional platform gives a space to buy, sell and trade non-fungible tokens for Non-fungible token development companies.

1. OpenSea

2. SuperRare

3. Rarible

Working Procedure of NFT Marketplace

NFT run on smart contracts. When a Non-fungible token development company releases a token it contains unique information, which is recorded in blockchain for providing immutability. Usually, there is a common flow of all NFT marketplaces. A user signs up over the platform and installs a wallet to keep cryptocurrency and NFT. Users can then create the collection and choose the token; they want to accept for a digital item.

  • NFT marketplace like OpenSea provider various digital articles such as domain name, games and artwork, etc.
  • OpenSea marketplace clone allows anyone to buy and sell NFTs.
  • The built quality of this platform is scalable and customizable as per user requirements.
  • The platform offers a multi-wallet payment gateway, where you can purchase different NFTs and crypto tokens.

Prominent features of NFT marketplace development

Security is the core feature of the NFT platform for token transactions between traders. The optimum security saves from transaction loss and other unwanted activities.

1. Storefront

Here user can get the detail of the articles such as ownership, history and relevant bids. Just like ordinary marketplace, the articles are here arranged to showcase and attract customer. They can get a show sneak peek while the full version is available upon purchase.

2. Listing

For sellers, the NFT marketplace allows to list their products. Sellers get the feasibility for create listing and add their NFT details.

3. Buy and Auction

The efficient NFT buying system is the most crucial part and basically the objective of NFT marketplace development. Users can add bid, set expiration date and add a watch list for checking the status of bid.

4. Wallet

Blockchain development companies need to add wallet feature to NFT marketplace. Users need wallets to send, receive and store cryptocurrency and NFT. You can create your own in-app wallets or integrate the existing wallet to gain frictionless experience.

5. Transparency

Each transaction made on the NFT platform can be verified publicly. Non-fungible token development services maintains transparency to show a clear view of each transaction in the marketplace. The blockchain ensures error-free payment and smooth transaction.

6. Smart Contracts

Smart contracts are initialized through the digital signing of an agreement for the prevention of fraudulent activities and elimination of intermediaries resulting in no intermediary.

7. Decentralization

It enables all the data to be copied distributed to blockchain networks. Every time a new block is introduced, the NFT platform’s network needs to update the blockchain for showing changes.

Benefits Associated with NFT Marketplace Development

* User-friendly marketplace
* Unique properties
* Easy UI customization
* Seamless wallet integration
* Efficient transaction record
* Low traffic congestion
* Lesser fee for the transaction

Step-by-Step guide to developing NFT marketplace

You can create an NFT marketplace with an experienced development team. Building the marketplace from scratch is a long process but it entitles you to a number of benefits. You don’t stay limited to SDK capabilities. Here you can implement any number of features and build a powerful complex solution. It helps you stand out from the competition and attract more customers. The custom development consists of the following steps:

1. Your niche is first to define

For the ensured success, it is always recommended to target the vertical market. There are two kinds of market, Horizontal and Vertical. A horizontal market is available for everyone where everything is sold by suppliers to everyone. A vertical market is a market where service providers offer products and services to a specific target group. Targeting on specific product or service is always recommended.

2. Choose the role

NFT marketplaces offer three user roles artist, buyers, and administrators.

3. Project documentation

Detailed documentation is important for project development. The task may seem time-consuming and boring, but proper detailed documentation saves a lot of money and time. Documentation is more necessary with the remote development team.

4. Development

Here the documentation and idea are coded for giving life. Code development is iterative and requires a proper understanding of optimum performance, reliability, and operation.

5. Testing and Deployment

No software is made error less. With several iteration the functions are increased but still there is a great scope of bugs. Finding bugs and fixing them timely ensures a quality product. An intense testing guarantees the software to work optimally and meet the project requirement. An intensely tested product provides protection from project failure, bug free transaction and amazing performance.

Cost to Develop an NFT Marketplace

The NFT marketplace development requires an experienced development team and a proper understanding of NFTs platforms. The cost is always affected by the geography and team quality of a Non-fungible token development company. The NFT marketplace like OpenSea will cost you around $20,000 to $30,000.

Wrap up

NFT marketplace development is a new trend in the digital world. The NFT values are rising and have not dropped since its inception in the marketplace. With the rising value of the NFT token, users are more attracted to the platform and the enticing features. Also, the investors are considering the blockchain platform for its high trending graph. You can discuss with an experienced NFT Development Company for adopting the new trends or can hire NFT developers to enjoy the competition of the NFT marketplace.

--

--

Loves working with Startups and Entrepreneurs to create a better world. CEO & Blockchain Application Developer but a creator by heart.

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Jitu Bhaskar

Jitu Bhaskar

Loves working with Startups and Entrepreneurs to create a better world. CEO & Blockchain Application Developer but a creator by heart.