Jan 10, 2023
Today, NFTs have become not just pictures of blockchain technology, but financial tools. Even if you are not an artist or creative person, you can still try to create your own NFT and make a good profit from NFT trading. Now artists can earn great royalties through NFT art, and crypto enthusiasts can get unique NFTs to resell or collect. NFT trading is impossible without an intermediary and in this case, it is the NFT market. If you want to learn even more about NFTs – check out this ultimate guide to them by our CEO, Mykhailo Sitalo!
We will tell you how to build or create an NFT marketplace, how much it will cost and what benefits you will get from it. Before we get into how to create an NFT marketplace, we’ll go over some of the basics so that NFT newcomers can get started faster. Making an NFT marketplace is not easy, but if you approach this task correctly, you can earn good money on your trading platform and multiply your digital assets many times over.
NFT marketplace is a digital platform where you can create and store tokens (each token has a specific value), as well as buy and sell them for cryptocurrency. It is not possible to pay with regular money on NFT marketplaces. For operations with tokens, you need a special crypto wallet – an application that allows you to use cryptocurrency.
So, NFT marketplaces work in an auction format. This means that the vendor creates an account on NFT marketplaces and puts the token up for sale, and potential buyers leave bids for how much they are willing to buy it. The highest bidder wins and buys NFT art.
On most NFT marketplaces, there’s no way to promote your work. This means that if you just create NFT and put this NFT up for sale on the marketplace, there is no guarantee that anyone will buy it. Beginning sellers should take this into account and take care of NFT project advertising on their own. An option is to contact NFT developers who can help with a promotion strategy. There are also developers who offer more specific services and help develop an NFT marketplace.
In the case of NFT marketplaces, the transaction is secured by a smart contract, which guarantees its security (if the smart contract is reliable). And while the logic of the transaction is simple, it should be noted that it is not easy to integrate. That’s because NFT marketplaces run exclusively on smart contracts.
Whenever an operation occurs, a smart contract is initiated between the seller and the buyer, which performs the transfer of ownership of the asset and records the new data in the network. And all such smart contracts are automated and do not require a guarantor or a regulator.
However, marketplaces can play guarantor roles in this case, taking fees for all the transactions. An NFT marketplace smart contract in which users can host an NFT and buy such a token. One way to make a marketplace a reality is through a central smart contract, in which users put NFTs and their price, and anyone can come in and buy a token at that cost.
It may seem to a beginner that all NFT marketplaces are about the same, but in fact, they differ in the audience, blockchain, niche, and additional options:
New marketplaces appear every week. Experts divide NFT marketplaces by the number of users, but also by the volume of transactions with tokens, the number of famous artists in the NFT space exhibiting their work, the convenience of the platform interface, and the type of content exhibited on this marketplace.
People who decide to create an NFT marketplace face many difficulties. First of all, you need to pay attention to the following details:
But how to launch market-making before we bring traffic with real users? Of course, you have to focus on your main audience and work in that direction. Don’t procrastinate and start as soon as you’re ready and tested. Also, take care to release teasers and try to build up the public’s interest in the marketplace with influencers.
Nevertheless, if you streamline the work with NFT marketplace development, everything seems not so difficult. Let’s take a closer look:
When creating is finished, the platform can be made immediately available to end users, but that’s not the best option. It is better to build a campaign with influencers or artists (if the platform is art-oriented), and with bonuses and discounts for first-time sellers/buyers.
The cost to build such a platform ranges from $40.000 to $100.000 or $500.000 and can vary depending on the customization required to meet your needs. If you want to build your own version from scratch, the cost of such a job will be much higher than an out-of-the-box solution.
When you decide to create your own solution, of course, you will be interested in the potential income. So, how much can you earn if you create your own NFT marketplace?
Here your profit will directly depend on which monetization model you choose:
Now you know more about creating NFT marketplaces, we hope our material was useful for you.
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