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NFT MARKETPLACE DEVELOPMENT PLATFORM blockchainx
build an NFT marketplace? The growing interest people show in NFT trade makes entrepreneurs wonder how to create an NFT marketplace and make it a profitable business. Having a well-thought-out plan increases your chances of success. how to conquer this profitable market. •Step 1. Define your audience and niche •Step 2. Take precautions against common threats •Step 3. Consider the UX/UI design of your future NFT marketplace •Step 4. Define the required functionality •Step 5. Choose the NFT marketplace development approach •Step 6. Find a development team to build your NFT marketplace app •Step 7. Release an MVP first •Step 8. Launch a fully-featured NFT marketplace website
Business models How do NFT marketplaces development make money? Let’s take a look at the most popular monetization strategies adopted by the most popular NFT marketplaces. •Listing fees – the NFT platform charges sellers for posting (listing) their digital items. •Transactions processing charges – the marketplace takes a certain percentage from each transaction on their platform. For example, OpenSea charges a service fee of 2.5% for each sale. •Initial setup fees – the NFT marketplace charges content creators to list their first non-fungible token. •Bidding charges – buyers pay a particular fee for bidding successfully for a digital asset they want to acquire. •Affiliate programs – some NFT trading platforms may introduce specific affiliate programs for their partners.
Key statistics Exciting statistics about the NFT market listed below explain why entering this lucrative domain seems like such a good idea. •NFT sales reached $4.48 billion in January 2022. •Non-fungible token trading volume increased by 704% between Q2 and Q3 of 2021. •The number of unique sellers has grown from 27,963 in January 2021 to 759,145 in January 2022. At the same time, the number of unique buyers has increased from 29,581 in January 2021 to 910,611 in January 2022. •The number of crypto wallets trading in non-fungible token marketplace has risen dramatically as well, from 545,000 in 2020 to 28.6 million in 2021. •The most precious NFT item was sold for $91.8 billion. •The first tweet by Jack Dorsey, Twitter founder, was sold as an NFT for $2.9 million.
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