Online marketplaces for NFT artworks are becoming increasingly popular. If you wish to get into the market, you’ll have to create your marketplace. We’ve all heard of Blockchain technology and other cryptocurrencies, and many people buy and sell goods on numerous marketplaces.
This blog revolves around the NFT art marketplace trend and how it engenders a multi-art hub in the blockchain space.
Is There A Dire Need for NFT Art Marketplace?
NFT Marketplace allows users to buy, sell, trade, view, or create their own NFTs, just like they would if they needed a marketplace to buy most physical or digital products. An NFT is a digital asset certificate of authenticity or ownership that includes images, music, videos, artwork, and tickets. Despite being frequently compared to blockchain-linked cryptocurrencies, NFTs are distinct and non-interchangeable in the same way that cryptocurrencies are.
NFTs (for Art) started gaining attention with the arrival of projects like Cryptokitties, CryptoPunks, and Beeple network. It took Beeple (aka) Mike Winkelmann’s $69 million NFT sale to garner global attention for NFTs. The NFT market is currently valued at $41 billion, and there is no doubt that it has not yet reached its full potential.
Entrepreneurial Benefits of Setting up A Marketplace
There was a time when community-owned art museums witnessed a huge footfall of art enthusiasts. Today, the traditional art museums have their digital counterparts – in the form of White-label NFT art marketplaces.
Here are some of the underlying benefits of owning a White-label NFT art marketplace as an entrepreneur:
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Easy to Set up
You won’t have to spend money on auction houses or art galleries because the NFT art sale is conducted online via peer-to-peer marketplaces to a global audience. It allows you to keep a substantial portion of the sales profit.
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Follow the Trend
You can be an aspiring entrepreneur looking for potential business opportunities or an existing business owner: whatever it is, you can embark on the most sought-after business model right now – owning an NFT marketplace (for art).
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Transparency
The main distinction between NFTs and currencies is that each has a unique value rather than a flat rate based on the token’s unique characteristics. This means they can’t be swapped out for like-for-like. Because of the immutable and real-time nature of the blockchain, transactions in an NFT marketplace are fully visible and unaffected by tampering.
Multiple Options for Multi-art NFT Platform
There are mainly three options for developing your NFT art marketplace platform:
#1 White-label NFT Marketplace Development
White-labeling in the NFT space is procuring an off-the-shelf solution and rebranding before the launch. It curbs the costs (procuring costs, maintenance costs, etc.) and time involved in the development process. Also, you can customize the white-label platform whenever you want!
#2 Multi-chain NFT Marketplace Development
Multi-chain Development means creating an NFT marketplace platform that supports multiple blockchain networks. Doing so would allow the NFT buyers to relish their favorite artworks in their ideal chain. Even though many started as single-chain platforms, (of late) there is an increasing consideration for multi-chain integration. This article from CoinDesk suggests the ongoing tussle between OpenSea and Rarible on multi-chain support.
#3 Custom NFT Marketplace Development
The term “custom NFT marketplace” refers to the creation of a one-of-a-kind product to meet specific needs. Collaboration and close communication with the service provider is part of it. This type of NFT marketplace necessitates a detailed plan of platform features and goals for the NFT developer.
The All-important Development Process
Making an NFT marketplace is a time-consuming process that necessitates programming expertise. So, how does one go about creating an NFT trading platform? Here is a step-by-step guide to creating such a development platform:
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Choose Blockchain(s) Network
Before starting building your NFT marketplace for Art, ensure that you choose the platform-compatible blockchain networks. While Ethereum remains the widely-used network, binance smart chain (BSC) and Solana are viable alternatives.
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Decide the Features
Whatever type of NFT marketplace you create, you should include features that will attract your target audience and allow them to easily engage with your platform. Users should be able to create, explore, list, and sell various types of digital assets or NFTs with ease using these features.
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Hire A Technology Partner
After you’ve decided on the technology stack and features, you’ll need to find an NFT marketplace development company that can build the platform using the technology you’ve chosen. You can either hire an in-house team or outsource it. However, it will have a significant financial impact.
Wrapping Up
Art museums have almost become a thing of the past now (even though I hate to say as an art enthusiast myself!). Hectic work schedules, digital platforms, and virtual applications keep people off from real-world things. If you’re an entrepreneur reading this, I bet there is no bigger reason than the danger of ‘being left behind to develop an NFT marketplace (for Art).
