1 / 11

Guide to Create your own NFT Marketplace

Check out this amazing guide which covers all the details about NFT marketplace and how easily you can build you own marketplace for NFT and earn money.

Oyelabs_Technologies
Download Presentation

Guide to Create your own NFT Marketplace

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What Are NFTs? Non-fungible tokens or NFTs are digital tokens designed to function as digital certificates of ownership of physical or virtual assets such as photos, videos, tweets, codes, etc. Each NFT is a unique, immutable and indivisible digital asset. . Which means that NFTs cannot be sold or used as a payment method because they are different from Bitcoin and Ethereum. For example, the Cryptopunk 4250 NFT is proof of ownership of a unique character in the digital world, a pixelated image of a punk woman wearing welding goggles with tousled hair and purple lipstick, as described. This lot is being sold at Larva Labs for $116,913.

  2. What Is An NFT Marketplace? NFT Marketplace is an online marketplace that sells various high-priced cryptocurrency items through auctions. In this Marketplace, producers sell non-fungible virtual products, and buyers or investors use cryptocurrencies such as Bitcoin or Ethereum to purchase them. The NFT Marketplace charges a fee for each transaction that purchases NFTs on the platform. After purchasing NFT, the buyers or investors receive tokens. Here, a token is a unique identifier consisting of proof of ownership and information about its author, origin and authenticity. On the NFT Marketplace, buyers can bid on hosted auctions to purchase different types of artwork, in-game assets, fashion accessories, memes, and many other items on the Internet.

  3. How Does An NFT Marketplace Work? Before we dive into how an NFT marketplace is created, it is important to understand how the NFT marketplace functions from a client’s point of view. In general, all NFT platforms use a similar workflow. First, users need to register on the platform and install a digital wallet to store their NFTs. It’s only after that users can then create assets by uploading items to showcase their work. Users can also choose which payment tokens to accept for their work and set fees if the platform offers them. The next step in the workflow is to list the items for sale. Users can choose to bid on a fixed price or auction. When selling an item, a transaction is created to initiate a private transaction smart contract on the user’s wallet. The platform may need to reconcile the collection, and the NFT will appear on the list once approved.

  4. 7 Steps to Creating An NFT Marketplace App The trading platform for buying and selling NFTs is complex software, so developers should have a lot of experience like OyeLabs. Since 2015, we have been helping a variety of companies and people to launch fintech and blockchain projects, and we would love to help you out with your NFT Marketplace as well. Talking about the development of the NFT marketplace, it requires the following steps:

  5. Step 1. Starting The Project Itself • To gain a better understanding of the same, here are the questions to need to answer beforehand: • What is your niche? • How to sell NFT? • Who is your target audience? • Which token protocol do you want to use? • What technology stack would you like to implement? • What is your monetization model? • How is your platform different from existing ones in the market? • What features would you like to see in your platform? • The answers to this question will guide the development process and help determine the nature of the NFT market.

  6. Step 2. The Development Process Once the technical aspects and plans are discussed, the app development teamcan get to work. First, with a business analyst or designer, you create the basic concept of your app’s user interface, including all the frameworks, templates, and prototypes, and then explain the user flow and functionality. Then an effective architecture of the trading platform is created. Step 3. UX/UI Design Navigation and user experience are very important to the NFT marketplace as first impressions, usability, and user experience depend on the NFT market. So, be sure that your design will appeal to your audience and that it will be simple enough for everyone to understand how to use it. It should remind you of Amazon or eBay.

  7. Step 4. Backend and Smart Contracts At this level, the backend developers do the job. Much important business logic and market functions have been developed here, including blockchains, smart contracts, wallets, and auction engines (many NFTs are sold at auctions). Step 5. Front-end This is the external part of the trading platform that is responsible for user interaction. The main focus of front-end design is to provide a simple interface, security measures, and performance.

  8. Step 6. Product Testing During this phase, several test cycles are performed to ensure that the platform is functioning properly. The QA team goes through multiple review cycles to ensure that the project is free of critical issues or bugs. It also tests content, usability, security, reliability, and performance in a variety of scenarios. Step 7. Platform Release + Support Once the testing is complete, it’s time to launch the NFT platform on our cloud servers. This is not the last step as we need to organize the work of the help desk. It would help if you also planned for further development of the platform to meet market trends and user requirements.

  9. Technology Stack For An NFT Marketplace Platform • Cloud hosting platforms– Amazon Web Services (AWS), Machine Learning (ML), Elastic Compute Cloud (EC2), Relational Database Service (RDS), and Simple Storage Service (S3),  Filecoin and InterPlanetary File Systems (IPFS). • Database management systems– MongoDB, MySQL, and PostgreSQL  • Front-end and back-end frameworks-  React.js, Express.js and Node.js • Programming languages–  JavaScript, Kotlin, Python, Solidity, Swift, and Typescript, Ethereum Virtual Machine (EVM). • Smart contract deployment tools– Drizzle, Ganache, Truffle, Brownie, Hardhat, and OpenZeppelin

  10. Wrapping Up The development of the NFT market is a new trend with an ever-increasing value. As the value of non-fungible tokens rises, the platform attracts more and more users due to its attractive features. It is advised to launch a basicMVP with the only required features and to later introduce additional features as per user feedback. Additionally, investors are increasingly choosing blockchain platformsbecause of their high trend graphs. Therefore, the opportunities for the NFT market shortly are quite large. And for this very reason — we highly urge you to get your NFT platform built and make millions and billions of dollars using other people’s art.

More Related