Have you ever imagined that five years from now, ownership for digital collage would be sold for $15 million more than Monet’s painting? Digitalization is taking over more and more industries, and we are here for it, to be honest. The acronym NFT is surely known to everyone who is keeping up with the latest digital news, even though some might struggle to explain its concept.
According to DappRadar, in 2021 NFT amassed over $23 billion in trades. With such a bright future of non-fungible tokens and a constant need for user-friendly mobile apps, it’s a mystery how startuppers haven’t started pursuing the goal of building NFT marketplace apps. Well, consider today your lucky day since we will discuss how to make an NFT marketplace app, what essential features to include, and which stages not to ignore!
What is an NFT Marketplace App?
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Non-fungible tokens, known as NFTs, are unique or rare digital assets, such as music, drawings, photos, videos, games, gifs (even tweets!), and other media. For instance, we can exchange bitcoin or any other currency for another as an equivalent, but in NFTs’ case, that won’t work. They carry specific values based on tokens’ unique features and characteristics, so it’s impossible to replace or forge an NFT, thanks to its one-off identification code. All the NFT data, just like cryptocurrencies’, is stored on a blockchain – a digitally distributed, decentralized, public ledger that is shared among the network. When you screenshot something published online or download it, it doesn’t mean you own it. Essentially, the owner of the non-fungible token wholly owns that digital asset, meaning they have complete ownership over it.
An NFT marketplace platform is required for trading such non-fungible tokens since neither centralized nor decentralized crypto exchanges are appropriate. This ever-growing demand for NFT marketplace app development makes the industry profitable and appealing to NFT investors and companies. Within the application, users can sell, purchase or auction NFTs at a specific price using their crypto wallets. Such an NFT marketplace mobile app allows them to store tokens, browse other people’s artworks and even upload their own! Plus, everything can be done on a smartphone wherever they are.
Building an NFT marketplace app is an excellent way to provide artists and art-enjoyers a pleasant experience of trading tokens. There can be different marketplaces, including general marketplaces with various digital assets and niche ones with more specific propositions of media that meet different audiences’ expectations.
What’s So Special About NFT Marketplace Apps Development?
Combining mobile apps and NFTs is a win-win situation because who doesn’t want a convenient mobile app to mind their own business? Nevertheless, the development of the NFT marketplace application demands particular techniques and skills to reach the project’s final goal. Let’s define the essential features we need to build NFT marketplace application:
To attract people to buy items, you must make them look pleasing and appealing. Therefore, during NFT marketplace app development, it’s a requirement to dwell not only on the appearance of the front page of the application but also on its accessibility and user-friendliness. A great bonus is a brief (or lengthy) description of the art, origin, value, rarity, stakes, history of owners, price, and so on. And also, it’s crucial not to forget about an easy interface with just enough bottoms for different functions, like a favorite folder to save the art or add to the shopping cart.
Advanced search options
Seriously, a good search engine is halfway to a successful application. Users will admire the given ability to look for various items they are interested in only with a few clicks. Adding specific filters to sort the referenced assets is an ideal method to enhance the browsing experience and buying process. A possibility to divide tokens into different categories, especially in collectible NFT apps, makes it easier for users to find art for their likings, budget, best-selling offers and even targeted age-based NFTs.
Bidding and auction
This feature is probably the highlight of all e-commerce projects. First, it’s fun and exciting to “fight” for the item by offering different prices. And the whole process provides the rush of adrenaline when your bid wins among the others. Users can track their bids’ status and decide their next steps: whether to keep on or quit before the expiry date.
By security standards, a wallet seems the safest and the most convenient option for storing cryptocurrency to purchase tokens and transferring money to each other without a third-party included. Users can also have digital assets management tools in this category so that they won’t lose any of their belongings. Having everything in their palms makes them feel calmer, and the transparency about their finances builds trust in the application. You can create your in-built wallet or integrate existing ones. Give people a choice, and they will adore it!
For different roles, there are additional functions. For example, if users register as creators, they can upload their NFTs with the required information, such as tags, descriptions, and sale status, for easier searching. Plus, sellers can view the item’s statistics to analyze its success or failure, have push notifications for another bid, etc. If users register as buyers, the app will provide them with the function of tracking the tokens’ status through the verification process before purchasing them.
Ratings & Feedback
This small yet essential feature – the possibility to rate assets and give feedback to the creators – adds a lot to the credibility and reliance of the app’s content. It helps to promote talented artists and opens up new opportunities for novices. By the way, a built-in messenger or forum can significantly enhance user communication.
Main Stages of Building NFT Marketplace Applications
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As previously mentioned, the development of the NFT marketplace app requires specific skills and approaches. Obviously, if you are willing to reach OpenSea’s level, you need to sweat a little and make some effort. Here are some of the significant stages you need to keep in mind while creating an NFT marketplace app:
Stage #1: Pick a blockchain
We have already discussed blockchain technology in real estate, so we are utterly aware that choosing suitable blockchain influences the entire workflow of the development process and the final results. You can select one or multiple blockchain platforms to support your application. The most known are Ethereum, Flow, Binance Smart Chain, Cardano, WAX, Solana, and Tezos. You are highly recommended to research each of them to choose the best one for your app.
Stage #2: Choose marketplace type
Another vital stage that defines the concept of future application – researching the market and identifying the audience. Depending on goals, there are different types of NFT marketplaces: a universal marketplace to target wider audiences or a niche one for those who want to improve the prevalence of specific NFTs. There you can define your competitors, get to know the target audience, and even estimate the budget and timeframes of the development process.
Stage #3: Decide on UI/UX Design
Well-designed UI/UX is a must while developing a marketplace application. Keep up with the latest trends like light / dark modes and all that, but do not forget about the app’s usability: no one will use your NFT platform if the design isn’t visually appealing and the functionality is inferior. Modern and user-friendly applications are a direct hit right into users’ hearts. You might want to consider technical tools, such as HTML, web.js, and React, to create the most pleasing user experience through an excellent interface.
Stage #4: Implement smart contracts
Probably the most crucial stage in the development cycle. NFT marketplace is known for its decentralization, so basically, all the data demands authentication on Blockchain. A smart contract is programming within the Blockchain that is essentially responsible for transferring NFTs – it helps to enable the network to store the information displayed in the transaction – and carries out every operational process within the marketplace.
Stage #5: Provide robust storage
Since you consider the high-quality building of the NFT marketplace app as the only way to do it, you will never skip this stage. Think of the space to store users’ digital assets and every transaction. What capacity should it be, and how can you secure the data? Lots of food for thoughts!
Stage #6: Test & deploy
Last but absolutely not least, check the flawlessness of the application and its readiness for the final launch. Inspect every function and process to ensure the app is free from bugs or glitches. After the release, you’ll be able to adjust and add features for users’ liking. Do not forget the importance and usefulness of building MVP and its testing.
There’s no point in lying or embellishing the reality – the truth is that the NFT marketplace is one of the most lucrative enterprises within the market. If the creation of an NFT marketplace app still doesn’t look appealing to you, then we have no idea what will. Seriously, the offer is lying on a silver platter; the guide on how to build an NFT marketplace app is from above. With the right development company, there’s nothing to worry about – a successful application is already in your hands!
Consider Inoxoft as Trusted Partner for Your Startup Project
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Inoxoft is an outsourcing software company with 8 years of experience in mobile app development services. We partner with businesses from the USA, the UK, Canada, Israel, Sweden, Norway, the Netherlands, and other countries across the globe. We deliver B2B and B2C software solutions for large, medium, and small businesses and startups on an outsourcing basis. Our company ensures to create profitable applications with the latest technology stack, excellent UI/UX design and include innovative features. Do not hesitate to contact us to deploy the best application on the market!