The outbreak of COVID-19, followed by the curfew, has forced museums and galleries to close. As a result, artists have faced difficulties and the sales of physical art have dropped dramatically.
Token-based art sales, vise versa, have taken off, hitting $8.2 million in December 2020. What’s in it for you? The point is that the NFT market is growing by leaps and bounds.
It is totally up to the users to decide how they can benefit from this trend. The launch of an NFT marketplace is one of the optimal possible ways.
This technology not just benefits the NFT owners and creators but also the marketplaces they are being hosted on.
Now first let us understand what the NFT marketplace is all about?
An NFT marketplace is an online marketplace where creators sell their virtual product and buyers can procure them using cryptocurrencies.
The NFT marketplace may charge a transaction fee every time when an NFT is purchased from the platform.
Once the NFT is purchased, the buyer gets a token which is unique that contains a proof of ownership and information about the origin of the product, author, and authenticity.
As the NFT marketplace is gaining more and more traction, entrepreneurs are showing interest in developing one. Now let us understand the essential points that one must know before developing a peer-to-peer NFT marketplace.
Since the NFT marketplace is one type of auction platform, storefront is essential. The storefront must provide necessary information for the users related to the products such as bids, owner, price history and preview.
Ease in item search:
For any marketplace, it is necessary to have a tagging and category management system that will help users to search the collectible they want. The users can easily search assets of their interest from various categories such as arts, music, photography, domains etc.
If a platform has a search bar on their site then searching and retrieving the required asset will be more convenient for users.
The filters option will help users to navigate through the site, especially if the marketplace is developed for many collectibles. This will help users to choose collectibles based on their category.
Filters can help users to explore easily, if you are planning to build a marketplace for many collectibles. Categories like payment method, listing status, highest price, lowest price, recently listed can help users to select the item of their interest.
One mandatory feature is Wallet in the marketplace. This will help users to send and receive and store the non-fungible tokens. Users can connect their preferred wallet in the NFT marketplace. You can either create your own wallet in-app or integrate existing wallets inside the application to make the experience frictionless.
NFT marketplace features are not limited to this list, as every platform has their own unique features and functionalities. If you are planning to build a NFT marketplace, approach a NFT development company with a team of developers who can understand the working and technical aspects required to build the NFT marketplace.