NFTs are now taking over the world and it is said NFTs are invincible records on the blockchain. The total NFT sale amounted to more than 17 billion dollars in 2021 making it the onset of this NFT craze. It is found that the total sales of NFTs went up to 4.6 billion in just January 2022 alone. The use cases of NFTs are increasing on one side where people are using them for documentation, supply chain, event ticketing, and more. On the other side, the user base of the NFTs is also increasing rapidly. It is estimated that around 9.94 lakh NFT users came into the game of NFTs this January.
This has opened the door of opportunity for independent artists, digital creators, and entrepreneurs to enter the NFT world. If you are a blockchain enthusiast looking forward to getting into the world of NFTs, then NFT Art Marketplace development is your destination. Here is a guide curated for you to know and get all the insights to take your first step into the blockchain globe.
Why NFT Art Marketplace?
NFT became popular in the first place as it gave an opportunity to digital creators and artists to monetize their creations. In addition to that, it also allows collectors to get hold of exclusive ownership of rare works. This gives them an exclusive right over that asset etched on the blockchain network which is unhackable and non-modifiable without the permission of the owner.
Non-Fungible tokens are not tradable in exchange for other tokens like cryptocurrency which is fungible. These qualities made NFTs, one of a kind. They are minted on the blockchain using ERC 721 or ERC 1155 standards which makes them unique in the blockchain. This created an opportunity for digital creators and artists out there to take up NFTs for their exclusive creative works. Now NFTs are widely used by artists to get credits for their artworks and monetize them at the same time. Artists, in general, includes people who come up with unique
- Fashion designs
- Architectural designs
- Trading cards and more
That is why experts find NFT art marketplace development a potential field in the blockchain world.
The blockchain for your Marketplace
When it comes to NFTs, Ethereum is the go-to network for the artists and entrepreneurs so far. Though the Ethereum blockchain network is facing many scalability issues, congestion, low transaction speed, and high transaction costs, it still stands as the best blockchain for Non-Fungible tokens.
To prove this, a blockchain intelligence firm ‘IntoTheBlock’ has found that the number of NFT collections on the Ethereum blockchain has increased 100% in the first quarter of 2022 when compared to the previous year. It is found that more than 80,000 NFT collections are there in the Ethereum network making it the most preferable network for minting NFTs.
There are few blockchains that offer equal competition to the Ethereum network. One such blockchain is Solana- the Ethereum rival. Solana chain is offering very low minting fees which are less than a dollar making it easy for the independent artists to take up NFTs. On the other hand, it offers ultra-speed transactions, unlike Ethereum. Thus Solana overcomes the basic scalability, speed, and cost issues faced in the Ethereum network.
There are many NFTs being sold for millions on solsea- the exclusive NFT marketplace on Solana. The ‘Degenerate Ape Academy’ is the popular NFT collection on Solana with 10,000 unique apes. One of them was sold for 1.1 million dollars making the Solana chain a better alternative for Ethereum.
The Basic workflow of a Marketplace
The users always need a wallet to store their NFTs. Many NFT marketplace allows the users to integrate their existing crypto wallet like Metamask, coinbase wallet, etc. There are also marketplaces that have their own native wallet for the NFTs purchased on that platform. The users will have to register their profile on the platform and then integrate their wallets into their profile.
NFT Art Marketplaces allow users to buy the NFTs either directly or through auctions. The payment for NFTs can be done either through fiat or cryptocurrencies. In some cases, users will have to buy the native tokens of the marketplace and use them to buy the NFTs. The auctions can be either English auctions or Dutch auctions. Offering various payment modes is also essential.
It is important to make the entire NFT trading process transparent and simple which will bring promising users to the platform. Having an easy-to-use user interface for beginners that can also suit the professionals is essential. This directly influences the success rate of the NFT marketplace.
NFTs are now entering a new phase that is reaching every nook and corner of the world. NFT Art Marketplace development will not be just for the artist but also for the whole NFT and blockchain community.
Developing a blockchain platform is not a tedious job anymore. White-label NFT marketplace solutions of existing marketplaces can be customized to any extent to bring out a brand new platform. This is the new trend of development in the blockchain community.
All you need to have is the right developer who can understand your innovation and bring it into reality. There are indeed many developers who are making a revolution in the blockchain industry now. Always look out for their experience, expertise, and previous projects before approaching them.