For a while, it seemed that the NFT frenzy has cooled off. But in the last couple of days, some of the NFT related events and sales made us believe that NFTs are here to stay. After Jack Dorsey auctioned his first tweet as an NFT, Sir Tim Berners-Lee, the World Wide Web inventor is now auctioning his original source code of World Wide Web as an NFT. On a lighter note, the Doge meme, an image of Shiba Inu became the most expensive NFT when it sold at $4 million. Imagine the amount of money the NFT marketplace would have made when this costliest NFT was purchased off their platform. Interestingly, NFT marketplace development is not as tedious as it was a couple of years back. Let us dive in and understand the best ways to create your own NFT marketplace:
Many NFT marketplaces operate in a custodial manner. What does that mean and why do the NFT creators and traders want a non-custodial NFT marketplace?
Just like a custodial Wallet, a custodial NFT marketplace is the one in which a third party manages the key of the NFT storage. Thus, the third party always has full control over traders’ NFT. This brings in a kind of centralized element in the NFT marketplaces that are based on the concept of decentralization.
On the contrary, a non-custodial NFT marketplace is one where the user is in complete possession of his non-fungible tokens at any given point in time. This is because non-custodial NFT marketplace development eliminates third-party involvement and leverages smart contracts to enable the trade.
An NFT marketplace has two kinds of users, the creators, and the traders. While the creators would like NFT marketplace development to support minting and listing, the traders would like the NFT marketplace to support storage, buying, and selling.
NFT frenzy started with Cryptokitties, a non-fungible token that was developed on Ethereum. Since then, a lot has changed and blockchains like Binance Smart Chain (BSC), Tron, Cosmos, EOS, Polkadot, and more have also started supporting NFTs.
As an NFT marketplace owner, you must understand that each blockchain ecosystem has some pros and cons for supporting NFTs. So, before you choose the blockchains for NFT marketplace development, take some time to research the advantages and disadvantages of custodial and non-custodial blockchains.
To attract NFT creators to your marketplace, it is important to provide minting and listing support. Here is what all needs to be there:
1) Add support for a wallet like Metamask.
2) Provide a “Create” button on the marketplace to the creator. This is where the basic minting process happens. Behind this “Create” button, all the heavy lifting happens. The creator will bring in his creation in any format like jpg, mp4, or more and the Create button will tokenize the file on the chosen blockchain.
3) After the creation of the NFT, the creator must be able to list his NFT. The creator who minted his NFT on some other platform must also be able to list his NFT on your marketplace. This process might involve payment of gas fees by the seller if he is listing for the first time.
The listing must provide multiple options to the seller like:
1) Choose the price.
2) Choose the type of auction.
3) It must have a payout tab where the seller can choose the way he can receive his payouts.
4) Mention the metadata.
NFT marketplaces earn money by supporting NFT trades. However, the NFT marketplace needs to make it easy for the traders to trade NFT. This can be achieved by offering the following features on the NFT marketplace platform.
1) Just like the NFT creator, the buyer also needs a wallet where he can save his crypto assets and NFTs.
2) The buyer must be able to search the NFTs by genre, creator’s name, auction type, or sale.
3) When the buyer places the buy order, the transaction must be conducted using smart contracts so that the buyer does not lose custody of his NFTs or assets before the trade is settled.
If you plan to create your own NFT marketplace, Antier Solutions can help. Our blockchain engineers and subject matter experts work coherently to deliver high-performance NFT marketplaces that offer seamless support to all types of NFTs. Whether you need a custodial or a non-custodial platform, we successfully cater to your needs with our mission-driven solutions.
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