An NFT (non-fungible token) is a digital asset that protects real-world things, like art, music, in-game items, and more. These things can’t be sold, traded, and built on the Ethereum blockchain. That’s why it can’t get exchanged for any other value. The best blockchain app developers should be hired by your business to build a feature-rich and powerful NFT market for your company.
In 2021, NFT sales totaled $24.9 billion (about Rs. 1,83,960 crore) (Source: Gadgets. NDTV)
In two years, the NFT market grew almost 10 times. Statista says that
OpenSea’s trading volume went up by more than 8000%. Fobes says: OpenSea is the largest NFT market.
“Wanted to Launch Opensea Whitelabel Marketplace”
Before we talk about how much it costs to make an app for the NFT marketplace, we want to discuss some of the other things you should know about the NFT marketplace.
What is NFT Marketplace?
NFT is a platform that lets people store and trade NFT quickly and safely. It has a crypto wallet that makes it easier to make and store transactions and tokens for when the time is right. Since it started, many Entrepreneurs have launched the NFT marketplaces to make more money. OpenSea, Superfarm, Rarible, and Ethernity are the best places to buy and sell things.
There is a lot of attention because the market value of the platforms went up ten times from 2018 to 2021. NFT markets around the world made about $338.04 million in sales last year, according to the most recent data.
Top Features of NFT Marketplace
List of features that must be in the NFT market:
A big NFT market comes with a storefront that is like a dashboard. It lets people see who owns the item, how many people have bid on it, how much it has sold for, and more. With an easy-to-use storefront, you can always have all the information you need.
Advanced Token Search
Advanced search features are becoming standard in all mobile apps, and what kind of business you are willing to work. The NFT market can be very big and have a lot of different things, like art, images, music, videos, and more. The client will be happier if you give them quick results that they can use right away.
Implementing filters in an NFT application can be very useful. It allows buyers to choose assets by category, payment method, due time, listing status, etc. As a bonus, this makes it easier for them to look for the collectibles they want.
When you build an NFT marketplace, the best blockchain developers add a wallet to your app. It lets people store, send, and get NFTs and other cryptocurrencies.
Create Listings and Check Status
Users can quickly and easily make listings to send digital collectibles using the app. Users can make a page, upload files, and write descriptions where needed with just a few steps. In addition, it lets people check the status and do collectible verification.
Buy and Auction
NFT marketplace allows users to participate in auctions, bid, and make a quick and easy buy. Using an easy-to-use platform, you can see all the information about each NFT, as well as the bid validity date.
It’s a great feature for people who are new to investing in non-fungible tokens. There is more trust and satisfaction when users can check sellers’ ratings. Furthermore, your platform becomes an easy way to check the credibility of sellers.
How to build an NFT marketplace like OpenSea?
The NFT market has a lot of different non-fungible tokens from both well-known artists and people who are just starting. OpenSea is one of the most well-known. It is the world’s first and largest place to buy and sell non-fungible tokens and crypto art.
The standard way to pay is with Ethereum. To make an NFT market like OpenSea, you can follow the steps below.
- Make sure you choose the right blockchain technology for your project
- List the people you want to reach.
- Create an amazing UI for the NFT market.
- Tokens: Choose the ones you want to use
- Integration of smart contracts
- Test and put up a marketplace.
So now that you’re sure that you want to build an NFT market, let’s look at the estimated cost of building NFT development.
Cost to build an NFT marketplace
Build an NFT marketplace; it will cost and take a long time, depending on how complicated the features you choose for your app are. You can buy ready-made NFT solutions from different blockchain development companies. It can be a cheap option, but you need to make sure there aren’t any loopholes in the future. On the other hand, you can hire an NFT marketplace development Company to make a unique app for you.
It’s hard to get exact prices before talking about all of your needs. However, the NFT market with the basics will cost between $10,000 and $30,000. To get an exact value for your NFT market, you can book a free consultation with RisingMax experts who have a lot of experience and keep up with the times, making everything possible. The team believes in new ideas building a strong NFT market.
Investing in NFT marketplace app development now is a good idea because NFTs are becoming more and more popular with each new day. With the help of a good blockchain app development company, you can get great results in no time.
To create NFT marketplaces from the ground, years of experience and expertise can help you build. Depending on the complexity, features, and technology stack, NFT marketplace development Company takes around four to six months to complete.