Artists can easily monetize their content now. This is because of the spectacular growth of the metaverse. Likewise, two platforms are enthralling creators in big numbers.  It is none other than OpenSea and Rarible. Importantly, they have witnessed a trading volume of $3.03 billion and $17.76 million in the last 30 days. Are you an entrepreneur looking to rule the world of Web 3.0? Begin NFT marketplace development now.

What is an NFT platform?

• It is a blockchain-powered marketplace that helps artists to easily connect with their admirers. For instance, OpenSea functions on the Ethereum blockchain and the Polygon sidechain. Rarible operates on three chains, Ethereum, Flow, and Tezos.
• OpenSea allows creators to upload their artwork, domain names, music, photos, sports goods, trading cards,etc. Likewise, Rarible has gone a mile further. Artists can make big money by listing games, memes, as well as punks.
• How can artists and investors make payments on an NFT marketplace? They can process transactions by syncing digital wallets like Arkane, Authereum, Bitski, Dapper, MetaMask, Coinbase Wallet, Portis, Trust Wallet, OperaTouch, and Torus. Moreover, popular platforms like OpenSea integrate with wallets supported by the WalletConnect open-source protocol.

What is the process to launch an NFT platform like OpenSea or Rarible?

• Select the right blockchain network – As discussed above, it is essential to choose the appropriate blockchain for launching an NFT marketplace. Factors like gas fees, throughput, interoperability, speed of processing transactions, and scalability must be considered.
• Integrate a friendly user interface – NFTs appeal to all age groups and sections of society. Thus, you must concentrate on incorporating a friendly user interface. Integrating drag and drop elements, typography, and ensuring consistency in colours and textures will attract creators across genres.
• Choose the appropriate wallet – Since creators and investors use numerous blockchain networks and sidechains, it is necessary to support multiple wallets. Likewise, a white-label NFT marketplace development company will integrate several wallets like Coinbase Wallet, Dapper. Kaikas, OperaTouch, Kaikas, MetaMask, Portis, Rainbow, Torus, MyEtherWallet (MEW), and Trust Wallet.

Thus, buyers and sellers of NFTs can pay auction fees, bidding charges, listing fees, gas fees, and transaction processing charges effortlessly.

• Capture the target audience – NFTs are getting huge traction across different industries. Thus, you can encourage artists, celebrities, photographers, gamers, meme creators, singers, sportspersons, software developers etc. This will help in uplifting the trading volume and market capitalization of collectibles immensely.
• Incorporate the right set of features – The functionalities will make a difference between the success and failure of an NFT trading platform. Moreover, you must include features like a filter and search option, a live auction button, a stats section, a dedicated help centre, category-wise segregation of collectibles, and instant notifications.

Further, the creation of personalized dashboards for artists, collectors, and investors ensures transparency. Importantly, real-time updates about trending collections, hot bids, and new auctions will keep buyers informed.

• Start coding – A NFT marketplace development company will use an advanced tech stack. This includes several database management systems (DMS), programming languages, testing frameworks, and Application Programming Interfaces (APIs).

For instance, languages like JavaScript, Kotlin, Python, Solidity, Swift, and web frameworks like Django, Truffle and Plunderbot are used to create trading platforms like OpenSea and Rarible.

• Test the functioning of the NFT marketplace – Besides that, rigorous security checks are done to ensure the glitch-free functioning of decentralized applications (DApps), smart contracts, and wallets. Trained developers will get rid of the bugs and glitches. This ensures a hassle-free NFT buying and selling experience for artists and collectors.

Check out: Is It Worth Adding NFTs To Your Investment Portfolio?

What are the three different choices offered to create an NFT platform?

• Create NFT marketplace from scratch – This is the most common method to develop an NFT trading platform. It includes steps like considering the business goals, complying with KYC/AML regulations, assembling the tech stack for creating the front-end and back-end, integrating the standard and premium features, testing the basic functions of the platform, and deploying it for day-to-day operations.
• White-label NFT marketplace development – Entrepreneurs can easily get traction in the metaverse. You must get in touch with a leading white-label solution provider. Experienced blockchain geeks will create NFT trading platforms similar to the acclaimed ones like OpenSea, Rarible, CryptoPunks, Bored Ape Yacht Club (BAYC), Decentraland, Foundation, Gods Unchained, Nifty Gateway, SuperRare, Sorare, The Sandbox, NBA Top Shot, Axie Infinity, Zed Run, etc. Moreover, a white-label NFT marketplace development company will be adept with different blockchain networks like Binance Smart Chain (BSC), Ethereum, Flow, Solana, Waves, WAX, Tezos, TRON, and the Polygon sidechain.
• NFT marketplace solutions development – Wish to stay ahead of your rivals in the metaverse? It is apt to opt for a ready-made solution. An NFT marketplace development company will deploy platforms with identical features within a few days. Moreover, customization is ensured as brand elements like logos, colours, taglines, shapes, and imageries can be added anytime.

 Why is this an apt time to commence NFT marketplace development?

• Multiple sources of revenue – As per NonFungible, a data tracking portal, sales of collectibles have surpassed $17.77 billion. Moreover, NFTs are selling in huge numbers in industries like artwork, entertainment, financial services, real estate, sports etc. Thus, you can launch an NFT marketplace and pocket hefty revenue from auction fees, bidding charges, minting fees, gas fees, registration charges, and listing charges.
• Rapid growth opportunities – NFTs are everywhere now. Further, big tech companies, payment processing companies, and social media giants are also entering the metaverse now. Thus, you can easily build your wealth by starting an NFT marketplace. Further, the benefits include cross-chain compatibility, expansion across numerous nations, round-the-clock trading operations, and greater revenue through partnerships with celebrities and influencers across sectors.

Read more: NFT Development: A guide to Creating a Non-Fungible Token

What to expect from the metaverse in 2022?

Changes in consensus mechanism – The entry of Ethereum 2.0 will be a big revolution for the creator economy. The popular blockchain network will move from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus mechanism. This will offer several benefits like seamless staking of assets, minimum energy consumption, high scalability, greater throughput and speedy processing of transactions.

Integration of real-world elements – As acclaimed personalities enter the metaverse, the virtual and the real worlds will coincide. Thus, trends such as personality NFTs, community ownership, and the selling of personalized tokens to fans will take over the creator economy.

Moreover, fans can purchase tickets, passes, and exclusive merchandise for seeing celebrities in events, exhibitions, and live performances. Thus, they will get advantages like reduction in travel costs, access to their favorite celebrities virtually, and round-the-clock access to engaging content.

Changes in laws – Governments and regulatory authorities will come out with new laws related to Copyright Infringement, Intellectual Property (IP), and Royalty. This will also determine how creators monetize their revenue.

Wrapping Up

The future of the economy and technology is changing now. In the coming years, the world will see trends like Decentralized Autonomous Organizations (DAOs), Initial Game Offerings (IGOs), multi-chain compatibility, sale of tickets and passes as collectibles, and the integration of deep technologies like Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT), 3D, and Machine Learning (ML).

Moreover, many NFT marketplaces are coming out with new trends like deposits, withdrawal, and swapping of collectibles.

Do you want to harness the potential of the metaverse? Collaborate with a white-label solution provider now to launch NFT platform.

Read more: What Goes Into Building An NFT Marketplace like CryptoPunks?