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Home ⤏ NFT Tutorials ⤏ Create an NFT marketplace in 2023 [Full Guide]

NFT Tutorials


CREATE AN NFT MARKETPLACE IN 2023 [FULL GUIDE]

November 23, 2022 - Last Update: December 1, 2022Humano


You may ask why you will need to create an NFT marketplace; The NFT world has
been through a major shift with a lot of developments and upgrades in its
ecosystem since the introduction of NFTs in 2014. Many corporates and
individuals have already developed their NFT ventures. Through the last two
years, NFTs have sold for crazy money. Some good examples are:

 * The first ever tweet sold for $2.9 million
 * The Merge, a series of NFTs, sold for $91.8 million
 * The First 5000 Days: “Beeple” sold for $69.3 million

NFTs have gained lots of popularity since then, which helped blockchain
technology expand its capabilities to new heights and put metaverse live. Lots
of NFT marketplaces were created and used by NFT enthusiasts.

As the number of NFT projects are significantly increasing by the end of 2022,
many feel the need for more NFT marketplaces to respond the requirement of the
market.

In this article, we provide a full guide on creating NFT marketplace in 2023.

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Table of Contents hide
What is an NFT marketplace?
How does an NFT marketplace work?
Revenue models of NFT markets
How to create an NFT marketplace in 2023?
Choose Niche
Hire NFT marketplace development company
Have your own feature list
Work on UI/UX Designs
Front end development and smart contracts
Test and plan to launch NFT marketplace
Finally, plan for further development and support
Key Things to Consider for NFT Marketplace Development
Conclusion


WHAT IS AN NFT MARKETPLACE?

NFTs are the tokenizable cryptographic assets that assign permanent ownership to
the creator. These assets can be anything that can be converted into digital
formats, like audio clips, video files, images, collectibles, etc.

These digital assets live in a blockchain and their ownership is recorded and
unchangeable. Unlike cryptocurrencies, NFTs cannot be mutually exchanged for one
another, as each token has a specific value based on its unique traits and
attributes. NFTs have certain characteristics that set them aside:

 * Unique value: No two NFTs can have equal value. Therefore, it is impossible
   to exchange one NFT for another.
 * Authenticity: Each NFT has an owner. The ownership is determinable via
   blockchain.
 * Integrity: Each NFT is integral and cannot be divided into a few parts.
 * Originality: Each NFT is unique. Its uniqueness is determined by a unique
   value and set of metadata.
 * Place of existence: NFTs live in a blockchain.

Therefore, an NFT marketplace is a digital platform developed using blockchain
technology which is used for buying, selling, lending and borrowing Non-Fungible
Tokens. NFT marketplaces allow their users to upload a token, set up a starting
price, and make money by selling their art work or collectible. There are two
working models for NFT marketplaces:

 * Centralized: Centralized NFT marketplaces are owned by an individual or a
   private firm. These marketplaces mint, trade, and bid the NFTs under the
   control of a company. Go between services are needed to digitalize the assets
   and validate every transaction, which doubles the cost of the service.
 * Decentralized: Decentralized NFT marketplaces run on a blockchain network
   that is immutable and trackable. They need to have decentralized authorities
   to validate each transaction and the traders’ events.

Besides, there are two types of NFT marketplaces, each of which has a
significant function:

 * Primary marketplaces are where the NFT projects are first sold after their
   launch. Here, the creators/artists run the platform, like the top known NFT
   marketplaces like crypto kitties, Axie Infinity, etc.
 * Secondary marketplaces are where the traders are allowed to buy and sell
   after the creation of the NFTs. Some of the blue-chip marketplaces for
   secondary marketplaces are OpenSea, Rarible, Foundation, Crypto.com, etc.


HOW DOES AN NFT MARKETPLACE WORK?

Before knowing about how to create an NFT marketplace, it is essential to
understand how NFT marketplaces work.

NFT marketplaces usually share a similar workflow. The steps include:

 * Signing up: Customers need to create an account and connect a supported
   digital wallet, which they use to store and manage their NFTs.
 * Buying an NFT: Customers can buy and sell NFTs for a fixed price or through
   an auction. Some marketplaces even let buyers get in touch with sellers, set
   an offer, and bargain for a better price.
 * Selling an NFT: Users can sell NFTs they have previously bought as well as
   the NFTs they have created (artwork, a tweet, a song, etc.). After the
   platform verifies and approves the asset, the asset is listed for sale. Users
   need to upload digital assets onto a marketplace, set up a price, and choose
   to sell the NFT for a fixed price or in an auction. When the item sells, the
   marketplace transfers payment for the NFT from buyer to seller.


REVENUE MODELS OF NFT MARKETS

The most important part of developing a business is the revenue model. It is
necessary for running a successful NFT marketplace. NFT marketplaces mostly
include the following costs:

 * Development Costs: Professional assistance is required to set up a
   functioning business. The cost to hire an assistant to customize your project
   depends on your project and its complexity.
 * Minting fees: It is inevitable, as no minting means no NFTs. Minting is the
   process where the assets are transformed into a digital format in the
   blockchain technology. Thus, you need to pay minting fees to successfully
   build your NFTs in the platform.
 * Hosting Costs: These costs are for the centralized NFT marketplaces. With
   centralized NFT platforms, the user will need to pay the hosting fees to the
   marketplace to keep them running. They include all charges to compensate for
   all the minting, transaction, and validation of the NFTs. They may depend on
   the size of the marketplace.
 * Marketing Costs: Marketing is essential for launching NFT marketplaces to
   users. They are constantly changing due to different channels used for
   promotional activities.
 * Transaction costs: Or Gas fees is the charge that the user has to pay for the
   energy lost during the validation of transactions of NFTs traded. The
   transaction fee differs from one marketplace to another.
 * Listing fees: The platforms list the NFT collections that are up for trade.
   Like the gas fee, they also vary depending on the marketplace. Such listing
   is used to categorize all the mountaineering NFTs in their category. For
   example, audio NFTs can be found under NFTs for Music.


HOW TO CREATE AN NFT MARKETPLACE IN 2023?

There are two main options for developing an NFT marketplace. Either you can
build an NFT marketplace by your own or you can get a company to do it for you.
Note an important issue, every NFT space needs to be unique in order to gain the
attention of the users.

Here are the basic steps you need to take if you wish to develop your own NFT
Marketplace.


CHOOSE NICHE

The first thing you must determine while developing an NFT marketplace is the
type of the marketplace. There is no limitation to what NFT marketplaces you can
create. You can choose from the existing types or come up with your own unique
idea. The most popular NFT marketplace types are:

ART NFT MARKETPLACES

As the name suggests, such marketplaces allow users to trade their art pieces.
Art NFT marketplace can be of two types:

 * Non-curated marketplaces where anyone can sell their art. Therefore, you have
   no influence on the quality and type of artwork represented there.
 * Curated or invite-only marketplaces target a specific audience, for example,
   those interested in some unique artworks. Artists must undergo a selection
   process to sell their art in these marketplaces. A great example is
   SuperRare, a marketplace that works with selected leading concept artists.

GAMING NFT MARKETPLACES

Such marketplaces are closely integrated with the game associated with it. Users
can sell or buy NFTs that symbolize various items or characters in games, and
are minted or rewarded in games. The NFT marketplace acts as an intermediary
between sellers and buyers while guaranteeing a safe deal.

SPORTS NFT MARKETPLACES

These NFT marketplaces are dedicated to selling, purchasing, exchanging, and
collecting NFTs related to the sports industry. If you enjoy collecting sports
cards, a sports NFT marketplace can be a good choice.

MASS NFT MARKETPLACES

Users face no limitation with what they can sell through such marketplaces.
Different types of NFTs can be traded in a mass NFT marketplace, including art
pieces, memes, music, video clips, gaming items, and other collectibles. Also,
some of the most innovative ideas are found there.

ELEARNING NFT MARKETPLACES

They allow selling services and materials for online education, such as online
courses, lessons, or curated programs.

INVESTMENT NFT MARKETPLACES

These marketplaces function as stock markets and allow asset trading. They are
similar to traditional investment solutions and need to legally issue valid
assets with proprietary rights, shares, and dividends.

REAL STATE NFT MARKETPLACES

It is the turn for tokenizing real-world houses and sell them as NFTs with the
transfer of ownership right to the buyer. Also, users can sell and buy digital
houses or land. After buyers get ownership over an asset, they can build a house
on the virtual land, decorate it or sell it to another buyer. Decentraland is a
great example of such an NFT marketplace.

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HIRE NFT MARKETPLACE DEVELOPMENT COMPANY

If you wish to make it faster, you will definitely need the help of a software
or a mobile app development company to develop your NFT marketplace. Depending
on the size of your marketplace, you will have few options to choose from: hire
a freelancer, an in-house developer or an NFT marketplace development company.
Choose the most suitable option for your NFT apps and websites and share your
NFT marketplace idea with them.


HAVE YOUR OWN FEATURE LIST

There are basic features shared between NFT marketplaces and some additional
ones that will help your marketplace be different from competitors. Features
such as sign up and sign in, user profile, settings and notifications are a
must-have in an NFT marketplace, like any other app. Storefront must be there to
show all the NFTs being sold on the platform with all the information about
them, their pricing, offers and owners’ history, item activity, and other
details.

Search system is another essential part of an NFT platform, which includes
various filters to narrow down the search, and advanced features, such as
typo-tolerance, predictive search, voice search, AI-powered personalized search,
etc. Categories and filters must also be provided.

Selling and buying model is essential too and must not be limited to fixed
prices. Biding and auction are necessary options to include in your platform.
Also, be careful about listing the NFTs and considering safe digital wallets.


WORK ON UI/UX DESIGNS

User interface (UI) and user experience(UX) designs play an important role in
gaining loyal users for your NFT marketplace. UI/UX design should be chosen in a
way that they are user-friendly and easy to navigate.

UX provides an accrete user flow in the NFT marketplace. It enables users to
move through the platform screens with no problem. The logic behind each action
should be clear to all users, regardless of their technical background.

The user interface (UI), on the other hand, supports the app’s functionality,
the first thing users see as they join the marketplace. The first impression can
either make or break the success of your project.

Therefore, it is necessary to explore your target audience, their needs, and
desires before starting the design. The point is that the design of the NFT
marketplace platform should meet users’ expectations.


FRONT END DEVELOPMENT AND SMART CONTRACTS

Once you are all set with your NFT market design, you need to meet your
imagination via front-end development. Now that the frontend part of your NFT
marketplace is ready, you need to use smart contracts for the backend
development.

Note that the backend of NFT marketplaces can be quite different. All data in a
decentralized NFT marketplace gets authenticated by blockchain. Smart contracts
are a necessity to your platform and its blockchain. Hire expert developers to
create smart contracts.


TEST AND PLAN TO LAUNCH NFT MARKETPLACE

In this stage, you make sure your marketplace is bug-free and users won’t have
any problems interacting with it. You can release the marketplace to the market
only if every part of the platform is thoroughly tested.

As your marketplace goes live, you must be watchful about its promotion and
gathering feedback. In fact, Promotion should start long before launch the
created NFT marketplace. While working on your idea, hire influencers to promote
your project, share information on social media, and invite users to become your
first testers. Use marketing channels, paid ads, influencer marketing,
partnerships, and other strategies to get where you wish.

Meanwhile, keep an eye on feedback from users. You need to understand what they
like about the NFT marketplace, what features it lacks, and how they would
improve the overall experience with the platform.


FINALLY, PLAN FOR FURTHER DEVELOPMENT AND SUPPORT

With the feedback gathered earlier, you can decide about how to improve your NFT
marketplace and further develop it. The development of an NFT marketplace is an
ongoing process that requires the owner to continue working on its
functionality, performance, and scalability immediately after its launch to
market.

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KEY THINGS TO CONSIDER FOR NFT MARKETPLACE DEVELOPMENT

While creating an NFT marketplace, you need to keep several key standards in
mind: your platform should be secure, transparent, and decentralized.

Safety of the marketplace is essential and you must opt for cloud security
solutions that can help you protect exclusive data.

Transparency refers to the error-free process of payment and avoiding unexpected
errors. Blockchain technology helps you run your cryptocurrency transactions
smoothly and you will get a clear picture of every transaction that takes place
around your NFT platform.

Last but not least, decentralization emphasizes that transaction data should be
kept in more than one place. Decentralization helps you avoid any data loss in
the case of scam or hack. It is advisable to take a copy of the data and
distribute it over various network machines.


CONCLUSION

NFT marketplaces are turning to the new hype of the digital market. More
industries show interest in non-Fungible tokens and the number of NFT
collections is unbelievably increasing. Therefore, NFT-based platforms are
making lots of profit, which attracts more individuals and companies to have
their own NFT marketplaces.

Our team advise you to learn about all topics related to NFT market and consult
crypto and NFT experts before taking any other step toward developing your NFT
marketplace. We wish you luck!

Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday

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About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and
technology.


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