What is NFT?
NFT or non-fungible token is a piece of data on the blockchain network that verifies its origin and ownership. Each NFT is unique, irreplaceable, and can not be divided into the parts like other tokens. Anything digital can be an NFT — drawings, music, even domain names or tweets, but it got mainly known for selling as digital art.
What is the NFT marketplace?
NFT marketplace is a decentralized platform that acts as an online store for the digital collectibles that run on the blockchain network, for example, Ethereum, Solana, or BSC. It is used for storing, exposing, and trading NFTs. The users can buy them for a fixed price or bid in auctions with all the payments made through crypto-wallets.
Why build an NFT marketplace?
NFT now is at the peak of its popularity with the active number of transactions growing every day, making the creation of the NFT marketplace a potentially profitable business venture.
How does NFT Marketplace make money?
The clients of your NFT marketplace will pay fees for creating an account, minting a non-fungible asset, and performing every transaction. Most of the platforms also charge some amount for bidding and exhibiting the items.
How to go with the NFT marketplace development?
The best thing to do if you decide to develop your own NFT marketplace is to hire a trusted team of professionals. It’s highly recommended to choose a development partner familiar with blockchain and NFT and who knows all the standards, major and minor requirements, as well as the current development and NFT trends.
What does the price of the NFT marketplace depend on?
There are several factors to take into consideration. Simply, it depends on the amount of work required that will include the chosen network, marketplace features and complexity, and timelines. Custom approach is used to estimate the price for NFT marketplace development for your business.