Build Your Build NFT Marketplace Today!

1. How To Build An NFT Marketplace? Here's everything you need to know! www.blocktechbrew.com Presented by Blocktech Brew business@blocktechbrew.com

2. Introduction Countless opportunities surround NFTs & their use cases – collectibles, games, artwork, etc. So, when are you taking the plunge to launch a customized NFT marketplace? With the digitization wave rising far and wide, the terms ‘blockchain’, ‘cryptocurrencies’, and ‘NFTs’ are most trending in the business world. NFTs are immutable, profitable, and tradable assets over a blockchain. So of course, using an existing NFT marketplace seems like a good idea. But the hard reality is that most of them come with some limitations. These include lack of decentralization and poor cross-chain interoperability. Thus, it’s best to build an NFT marketplace. Besides, most NFT marketplaces limit users to the Ethereum blockchain and impose their own fees. And the only feasible way to overcome these downsides is by building your own custom-made NFT marketplace. As such, you are in full control of the marketplace and design the UI to certain specifications. Further, you will no longer be susceptible to platform manipulation. You also get to eliminate the intermediaries charging you extra fees.

3. Things to Keep in Mind Before You Build an NFT Marketplace To gain a competitive edge, identify and provide functionalities that other platforms don’t offer. Keep in mind that every NFT product has to be unique. Many features attract attention to them. These are the specific properties of NFTs: • Authenticity • Every non-fungible token has an owner and this ownership can be easily verified. • Indivisibility • NFT tokens cannot be divided into tiny denominations. • Non-interoperability • Unlike cryptocurrencies, all NFTs aren’t equal. So, these cannot be as easily exchanged as BTC and ETH. • Liquidity • As NFTs can be traded in a non-stop regime, their liquidity is rather high. Besides, many customers have an interest in buying or selling these NFTs.

4. Inability to be replaced • Tradability • NFT tokens are available for purchase on several cryptocurrency exchanges. The improved trading platforms have helped NFT owners reap the benefits of these platforms’ limitless possibilities. • Interaction with Various Blockchain Ecosystems • Generating NFTs for digital collectibles is possible with a couple of standards, ERC 1155 & 721. • Scarcity • Programmers can enforce several specific characteristics that are impossible to alter after launch. • Programmability • In other words, it is a great space for creativity. The NFT platform is a niche that has an infinite amount of variations. Core Properties of Non-Fungible Tokens CDs Recod details NFTs Transparency Ownership Streaming

5. How to build an NFT marketplace? It all starts with understanding your audience. Identify their problems and develop a platform that solves them. Accordingly, decide on a list of features and choose the standards for your NFT marketplace. Know what various audiences of collectors are looking for. Before you build an NFT marketplace, decide how your platform should function. For that, ascertain the amount of money your target audience is willing to give in order to get exactly what they want. Further, make sure that you have the basic technology stack in place: • Blockchain Platforms: • Ethereum • Tezos • Flow • Cardano • Storage Platforms: • Filecoin • IPFS • Pinata • NFT Standards: • ERC-721 • ERC-1155 • FA2 • dGoods • TRC-721 • BEP-20 • Front-end Frameworks: • React • Angular • Vue

6. What are the basic features of an NFT marketplace? • Sign-Up • Storefront • Advanced Search • Filters • Buy and Bid • Listings • Wallet Integration • Ratings

7. Things to Keep in Mind Before You Build an NFT Marketplace • Non-Fungible Token Standards • Standards are the driving force of an NFT. These guarantee that the asset will act in a certain way and showcase how to interact with the asset’s basic functionalities. • At present, two standards are commonly used for creating an NFT: • ERC721 • This standard uses mapping of unique identifiers to the addresses that represent the owner of the identifier. It offers a permissioned way of transferring the assets using the ‘TransferFrom’ method. • ERC1155 • In this standard, the IDs used do not represent only one asset but a class of assets. As compared to the ERC721 standard, the ERC1155 is way more efficient. • Consider you are a game developer and you need to sell 100 armor sets. For that, you’ll need to write 100 smart contracts for ERC721. But for ERC1155, you’ll only need to write one contract.

8. Non-Fungible Token Metadata • In the NFT arena, there is a concept called ownerOf that offers a way to look up the owner of an NFT. For instance, when you search for ownerOf(290491) on ABC NFT’s smart contract, you can see the owner of the token 290491 is XYZ. This data can then be verified on marketplaces like OpenSea. • But how do OpenSea-like platforms understand what item 290491 is & what are its unique attributes? Here is where the metadata comes into play. It offers descriptive information for specific token IDs like pictures, descriptions, or any additional traits. • Along with the nomenclatures, you must also know the legal documentations to effectively build an NFT marketplace. The legal documentation for building the best NFT marketplace mainly includes: • Terms of service • Company formation • Community standards • IP consideration details • Privacy policy

9. Why Choose a Custom NFT Marketplace? • Choosing a professional NFT marketplace development company is the best option for creating a marketplace that will truly satisfy your needs. Let experienced professionals take care of the project, handle every element thoughtfully and follow your requirements. • The best part about such an arrangement? Upgrading the existing features or adding new ones is possible at any time. Thus, you can scale and attract a bigger audience while making a greater profit. • Pros of Custom Marketplace Development • Security • Such services are well-protected, thanks to a wide range of security tools. So, you or your audience does not need to be afraid of malicious activities or fraudulence. • Scalability • This means that the NFT marketplace can handle many listings and a growing client pool. • Compatibility • Optimization guarantees that the custom NFT marketplace will be compatible with a wide range of devices (from PCs to smartphones). • Functionality • When you build an NFT marketplace, you come up with an architecture and features based on marketing analysis. This facilitates user-relevant NFT marketplace functionality.

10. How much does it cost to develop an NFT marketplace? • Mainly, four factors affect the overall cost of an NFT marketplace. These are: • Marketplace Size • This depends heavily on the number of features you incorporate into your NFT marketplace. A bigger marketplace size means a higher price. • Marketplace UI • Another significant factor that determines the marketplace development cost is the user interface design. Your marketplace won’t garner enough eyeballs without an elegant user interface. So the cost will also depend on eye-catchy graphics and theme. • Development Team Size • The greater the development team size, the higher the price. The costs also depend on how specialized the developers are in their niches. Also, if you use a readymade solution, it will cost less. • Location of the Development Team • If you have a team of freelancers spread across various parts of the world, it would cost comparatively less than hiring in-house developers. Note that these costs even fluctuate from one region to another. • Besides, the availability of resources in a country and the economic scene also play a role in determining the costs. • If you’re looking for an experienced team of professionals to build a customized NFT marketplace, reach out to us. We’re always happy to help you with our NFT Marketplace Development Services.

11. Thank You Contact Detail: www.blocktechbrew.com business@blocktechbrew.com Presented by Blocktech Brew