In 2021, the NFT market grew to $41 billion, with the total trading volume rising by a whopping $704 in the first and second quarters of 2021. This isn't surprising; after all, 250,000 owners trade NFTs each month on OpenSea alone. For many, NFT is a straight ticket to wealth and fame, and numerous examples and success stories abound to spur you to give NFTs a shot.
At the same time, the rise of NFT has fueled the popularity and profitability of NFT marketplaces, with many seeking to develop NFT marketplaces like Opensea and enjoy their share of the lucrative NFT ecosystem. If this sounds like you, please keep reading. This article discusses all you need to develop an NFT marketplace.
Ready? Let's dive in.
What is an NFT Marketplace?
An NFT marketplace is a DeFi platform that enables you to trade NFTs. The marketplace allows you to buy or auction NFTs at a fixed rate, depending on the niche or nature of collectibles you can trade on the platform.
The marketplace could be for general or specific collectibles such as OpenSea, famed for trading all sorts of NFTs, and AltairNFT known as a video NFT marketplace, where users can stream premium live or recorded content and videos from virtual events and concerts as NFTs.
There's a higher demand for niche marketplaces than general ones, primarily because they specialize in a particular type of collectible or artwork and attract the target audience or demographic.
The following are the leading NFT marketplaces to source inspiration:
Developing a marketplace will require setting up a blockchain platform, integrating your preferred digital wallets, designing a user-friendly app interface, and building smart contracts.
In the main, prepare a budget between $100,000 to $500,000 on average from ideation to launch. And depending on the project management techniques, the timeframe may cover 4 to 6 months.
Whether it's artworks, tickets, music, video, or gaming, you will find Ethereum, Cardano, Polygon, and Binance Smart Chain as excellent blockchain options for your NFT marketplace.
Let's take you through the essential steps to building an NFT marketplace.