Step by Step Guide to NFT Marketplace Development in 2023
The NFT Marketplace is an excellent place to start your crypto business empire. The Whitelabel NFT marketplace development is one of many solutions that have emerged as the world moves toward digitalization. For example, digital collectibles like art, images, videos, and the metaverse were all brought together under one roof by NFTs. Since the beginning of 2023, numerous NFT marketplaces have entered the global market and are attracting many users.
NFT Marketplace Development in 2023
The global NFT market is anticipated to grow from $3.0 billion in 2022 to $13.6 billion by 2027, despite the short-term fluctuations in the rapidly developing field. It is expected that the sector of NFT marketplaces will also experience a rise. The rising cost of NFT marketplace development and a sizable monthly trade volume of NFTs ($4–16 billion) encourage both established and new businesses to enter the NFT marketplace development market. NFT marketplaces are gaining worldwide traction. OpenSea in the United States, Nuqtah in Saudi Arabia, and NFT Stars in Australia are just a few examples.
Continue reading to learn about the most popular assets that can be sold as NFTs, the essential steps, costs, and timelines for launching your own NFT marketplace, and the best blockchain platforms to build.
More you can find in our guide:
What is NFT Marketplace Software Development?
NFT marketplace development is designing and building an online platform with a sophisticated user interface and advanced features for users to mint, buy, sell, and trade NFTs across multiple blockchain networks. To begin developing the market, extensive market research and analysis are required.
NFT marketplace software development is based on the blockchain ecosystem. These marketplaces each have advantages concerning the blockchain network on which they were built. However, in recent times, numerous NFT marketplaces have been developed with multi-chain interoperability to the platform’s and users’ benefit. To bring your NFT marketplace to the global market, developers work on the following sequence:
- Analyze the project scope
- Select the technology stack
- UI/UX Design
- Programming of Smart contacts
- Setting up DB & IPFS
- API integrations
- Testing process
Indeed, the NFT marketplace development process can be challenging, time and money-consuming. But, this investment can bring many benefits and future profit. So, let’s take a closer look at these advantages:
Core Benefits of Whitelabel NFT Marketplace Development
- Great Transparency
Blockchain technology implies that a distributed database contains all NFT transactions. It’s like a book of all transactions showing your marketplace’s actions in real time.
Building a decentralized platform on which users can freely trade assets without relying on traditional financial institutions, regulators, or anything else is the first step in creating an NFT marketplace. Blockchain technology makes it possible for this decentralization.
Both cryptocurrencies and NFTs are in high demand all the time. Digital assets are actively invested because people value decentralization and the absence of standard regulation. Consequently, the NFT sector’s liquidity has increased for many users.
The possibility of gaining the trust and loyalty of your customers is yet another advantage of creating an NFT marketplace. A publicly accessible ownership record that can be checked if necessary is referred to as a non-fungible token. Therefore, forging an NFT is impossible.
- High-Security Level
NFT marketplaces can enjoy all of the advantages of world-class security features thanks to blockchain technologies. Cryptography and consensus algorithms fall under this category.
What are NFT Marketplace Development Features?
The storefront of your platform is the first thing people will see of your NFT marketplace, and it will get people who are just passing through your venue to become active NFT marketplace users.
By providing a comprehensive view of NFTs, your platform will attract more users and provide buyers with the necessary information.
Create a marketplace with various wallet options so that many cryptocurrency users can conduct transactions using the wallet they prefer.
Users can find the right NFT quickly if a marketplace for NFTs is developed with advanced filter options.
The users of the NFT marketplace will gain an additional advantage in determining the price of the creator NFT by using the auction option.
- NFT Royalty
Most users would be drawn to the feature Royalty, which is the best feature. The creator will receive a percentage of this royalty feature for each secondary sale.
- Multi-chain Interoperability
A market-pulling feature of the NFT marketplace is multi-chain interoperability, which lets users trade their preferred NFTs for their own crypto.
How Much Does NFT Marketplace Development Cost in 2023?
The cost of NFT marketplace development varies depending on the platform’s features and functions. The NFT market’s development costs will rise as more complicated features are added. Developing an NFT market typically ranges from $15,000 to $200,000. The platform’s more advanced solutions will raise the above-mentioned range of development costs. The price may fall within the platform development base range if a Whitelabel solution or clone is used.
But let’s take a closer look at the cost of each step of creating of NFT marketplace software development:
- Discovery, Research, and Design
Your business concept is thoroughly examined during this stage to determine the NFT product’s requirements. Choose a team to develop the NFT market, define essential and optional features, conduct market and customer research, and create a prototype at this stage. After finishing this discovery phase, you will better understand your core objectives, audience, scope, and challenges.
Costs anticipated: $11,200
- Development Stage
Developers of the NFT marketplace construct architecture, connect databases to data flow, and more. Your NFT platform’s user interface is created simultaneously by UX/UI designers. Additionally, it includes cloud synchronization, which enhances the user experience. The additional features and the basic features will each be examined separately following.
Costs anticipated: $25,600
You will need QA specialists to check your MVP for bugs when it is finished. Therefore, to guarantee the high quality of your product, all issues that have been discovered need to be resolved.
Cost estimates: $9,600
- Technical Documentation
Now is the time to put your MVP on the market to see how users react. If your marketplace app is successful, you can gradually add more features and improve it in every way possible. A document with your application’s pertinent information is created in this phase.
Cost estimates: $1,600
7 Steps of the NFT Marketplace Development Process
- Determine Your Object/Niche
Begin by defining your objective regarding how you envision the NFT marketplace will function. Your desire to narrow your niche is up to you. For instance, on your NFT marketplace, you could permit users to trade any type of NFT. Alternately, design and develop so that any particular NFT, such as artwork, in-game items, or others, can be changed.
- Pick the Blockchain
Blockchain technology is used to back the NFT marketplace. For example, any business person’s top choice is Ethereum. However, because NFTs are generated on Ethereum, it has a few drawbacks, such as congestion in the network and higher gas prices. The shortcomings will be overcome when the NFT marketplace supports additional blockchains like Binance Smart Chain, Cardano, Solana, Polygon, Polkadot, and many others.
Creating a user-friendly and visually appealing interface is critical for capturing the intended audience’s attention and making the best first impression. In the NFT marketplace development process, the design’s ease of use is of the utmost importance.
- Smart Contracts Integration
A smart contract is nothing more than a collection of programs that will pre-define how the NFT marketplace will operate. It is now time to create intelligent arrangements next to the design. It is to create a one-of-a-kind identifier for each NFT.
- Integrate a Third Party
Integrating third-party APIs is a significant step. Different payment methods are required for each NFT marketplace. Be sure to buy cryptocurrencies and fiat currencies as forms of payment.
- Testing Stage
It is crucial to introduce a perfect NFT marketplace to the market. As a result, testing must be carried out at various levels to identify flaws, errors, and bugs. If any technical issues are discovered, they must be resolved during NFT marketplace development.
- Final Step
The NFT marketplace deployment is the final step. Keep an eye on the NFT trading platform even after it has been launched. Improvising performance is crucial.
We Offer Ready NFT Marketplace Development Solutions
So now, knowing all the basics about the NFT marketplace development process, you can launch the best NFT marketplace with a team of professional designers. Qubit Labs offers multiple services for starting, developing, and pitching your NFT marketplace software development.
We offer ready NFT marketplace development solutions for your needs:
- NFT Marketplace for NFT Domains
The NFT market is expanding at a rapid rate. Consequently, specific NFT domains are in high demand. As a result, you can build your market specifically for crypto startups in NFT domains.
- NFT Marketplace for Metaverse
Building a marketplace where users can create, trade, and exchange multiple metaverse assets is a profitable venture because players in virtual reality require food, clothing, and other equipment.
- NFT Marketplace for Games
The P2E gaming industry is growing at an incredible rate. New platforms for players to make, buy, and sell in-game NFT assets are in high demand. You’ll get more P2E opportunities and a dedicated customer base if you start a gaming-related business.
- NFT Marketplace for Music
By creating online music streaming and NFT music assets, you can help indie artists build their community and make their music more popular. In addition, artists can use music channels to show that they own their pieces and strengthen their relationships with fans.
- NFT MArketplace for Art
They are assisting talented artists in exhibiting their work in novel formats. For example, unique artwork can be created and sold as NFT and tokenized artwork. In addition, users can shop for their favorites and take a virtual reality tour of an entire art museum.
- NFT Marketplace for Sport
In the NFT world, even sports can be tokenized. By creating and exchanging sports-related assets like sports cards, autographs, videos, and more, your customers can get closer to sports stars.
We can create a unique and convenient NFT marketplace for your needs quickly using our experienced software engineers and multiple solutions.
As we know, creating a market for NFTs can take time and effort. You will need to use blockchain as the foundation of your project, implement smart contracts, and ensure that your users’ personal information and transaction data are kept safe. That’s why we offer a wide range of NFT Marketplace solutions for your convenience and productivity.
Given the rapid expansion of the NFT market, app development in the style of Qubit Labs could provide you with significant advantages. Due to their decentralization, high level of security, and ability to own unique digital assets, these marketplaces are popular with users. Our guide will help you with the basics, but cooperating with Qubit Labs will help develop your NFT Marketplace.