On the clients’ side, NFT marketplaces work like regular online shops. The user needs to create an account on the platform and a digital wallet to store NFTs and cryptocurrencies. Then, the user can use any listing to buy NFTs or create their token. The launch of an NFT is simple and looks like creating an eBay ad. You will need to state the name, price, a brief description, and an image, photo, video, GIF, and others.
Niches of NFT use
Many NFTs are used to make money out of various digital art pieces; starting at digital copies of real pictures and ending up with memes. For example, on the OpenSea platform you can buy, sell, send images, videos, GIFs, and music. This platform is powered by Ethereum and creates NFTs by using the ERC721 and ERC1155 protocols.
See more: Create your own nft platform
However, art is not the only niche where NFTs can be applied. You can use it to trade collectibles (NBA Top Shot), game characters (CryptoKitties) property (Mintable), virtual worlds (Metaverses), investment offers, and any other sector, where the proprietary right can be turned into a token. The most important thing is to create a marketplace that will work with your proprietary rights needs.
For example, you want to develop an NFT marketplace to trade art, and in general, all you need to do is to develop an online shop. The server part should have the ability to process, store, sell, and trade NFTs. It is relatively simple. If you want to have an NFT platform for property trading, you will need to develop something like Zillow or Trulia. These platforms work with MLS databases, find the location of the user, etc.
And this works with other niches too. Here are some other examples:
- Online studying. These marketplaces should offer a wider range of services for online learning. It includes selling the entire course, tracing the progress, and communicating with the teachers.
- Investment projects. These NFT marketplaces should function like stock markets for assets trading. They should have the power of issuance of legally valid assets with proprietary rights, dividends, and shares.
- Security. Non-fungible tokens can work as keys to various content, programs, databases, operational systems, or events. To sell these NFTs the platform should focus on security measures, and it should support Touch ID, Face ID, Eye ID, etc.
- Video games. Selling and buying NFTs that symbolize various game items and characters is usually done in-game or on external online platforms that guarantee a safe deal, like in Steam. It involves a tight integration with the game.
Main abilities of the marketplace
The NFT marketplace combines the features of an auction, online shop, and blockchain platform that issues non-fungible tokens. The users should be able to create their NFT products and sell them. Moreover, comfortable marketplaces offer additional functions to attract and keep more clients and to improve the general user experience on the platform. Consider starting from the following things, when you develop your own NFT marketplace.
Shop window. This function offers users to check all the necessary information on the lot: name, price, description, owner, payment method, rating, etc. Some NFT marketplaces give additional information on the blockchain and the token protocol so that the users see if the NFT is valid.
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