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20 December 2022

NFT Exchange Platform Development Company and Service

Are you looking to do the nft exchange platform development?
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In 2020, the NFT market grew by 300%, in the first half of 2021, by an impressive 2100%! At the same time, platforms such as Superfarm, OpenSea and Rarible became the main beneficiaries of the popularity of non-interchangeable tokens. These trading platforms make it possible to produce, sell and buy the NFT by taking a small commission from each transaction. Next, we'll tell you how to develop your own NFT stock, what it takes and how much it costs.

Select the target niche

The first thing you have to decide when you start your NFT trading platform is to pick a niche. This niche can be digital art (most NFT-exchanges work in this niche), video games, licensed software, real estate, investment, or something else that can be traded through the NFT. The niche you selected will largely determine the course of development as it affects the technical requirements, design requirements and functionality of the software being developed.

For example, if you, like most of your competitors, bet on digital fine art (images, videos, GIF, 3d-models), you will essentially need to create a traditional online shop on the blockchain. The difference is that you will not display clothes, smartphones or books in the window, but paintings, pictures, or movies. And you will show these things just like the usual items, using photos, animations, or short videos.

However, if you want to create an NFT-stock for real estate trade, then you need to create a Zillow analogue with the integration of MLS, geotargeting, city and street data, real estate price calculator, etc. So you will need to develop a common market for the chosen Marketplace market with typical functions, capabilities, design and external integrations.

Of course, nothing prevents you from developing the NFT-stock for trading in a row - from a photo to credit derivatives. But in this case, you will need to compete directly with market leaders. It's expensive and risky.

Study the target audience

After having identified your NFT-exchange niche, you will need to study your target audience: Demography, needs, habits, pain, etc. This will help to understand what kind of platform you need to create (functions, design, integration, marketing). For example, you will understand which devices your target audience (smartphones or computers) chooses to use, why they plan to buy NFT and how they feel comfortable doing it.

At the same time, it is best to create a number of users to mark the goals, needs and pain points of several major archetypes of potential users of your trading NFT platform. Their use will enhance empathy for end-users, which will have a beneficial effect as a result.

Examples of individuals of NFT-Marketplace users. Source

Define the platform concept

After studying the target audience, you can begin to develop the concept of your site: Technical requirements, design, functional, marketing strategy, monetization and other. It can be done on its own, but it will be better if business analyst, marketing analyst, designer and other professionals who will develop your NFT-stock will also be involved.

The type of the marketplace. Your trading platform can be a mobile or desktop application; a decentralized, centralized or hybrid system; work on the blockchain or use it only to issue tokens. All these things will determine the structure of the NFT trading platform being developed and will also affect the choice of optimal technological stack.

For example, this is what the structure of the digital content platform can look like, which will allow the NFT to acquire and produce native tokens by playing games.

The ecosystem structure of PlayMining. Source

Blockchain and token’s standard. In addition, you will also need to choose which blockchain and the token’s standard to use. In the past, most of the startups chose Ethereum, because it is the second most popular cryptocurrency that was specifically designed to launch applications. But now the situation is changing. Many choose Binance Smart Chain, Hyperledger Fabric, Cardano, Tezos and other chains.

With regard to NFT standards, they may be:

Main functions of the Marketplace. The NFT-stock combines the possibilities of a blockchain, a trading and an auction platform because it allows the production, storage, sale, purchase and exchange of NFT.

Here is a list of its core functions:

Monetization of the site. Another thing to decide about how to create the NFT's own trading platform is how to monetize it. The most popular option is a transaction commission and input/output charges. But these aren't the only strategies you can use. For example, you can create some proposals on the basis of subscriptions (listings of the most profitable and prospective tokens, update listing in the chosen category or something).

In addition, you can realize the bonus role of the NFT's symphony domain. This will be helpful if you create an NFT-exchange with a focus on investment, credit, insurance, real estate and other high-pitched niches.

Also, don't forget all the simple commercials.

Start with the development of the NFT-stocks

The trading platform for the production, storage, sale, purchase and transfer of non-interchangeable tokens is a very complex software with high reliability and safety requirements (the main problem of the market). These requirements can only be met through custom development because ready-made solutions (WordPress, clone scripts) tend to contain many errors, have weak optimization, and there is no guarantee that there is no safety "holes" inside them. In addition, ready-made solutions are usually templates, which do not allow distinguishing in the crowd of competitors.

To entrust the development of such a software to the best technical partner with relevant experience and skills, such as Merehead. Our company has been developing various fintech and blockchain projects since 2015, from simple websites to cryptographic exchanges, as well as White Label to launch them. To study our portfolio and learn the terms of cooperation can be found via e-mail or phone number +1-206-785-16-88.

Step 1. Business analysis requirements

At this stage, you and your software technical partner are immersed in the details of your project. Together, you assess the concept of your NFT trading platform and assess the technical feasibility of the project and its viability. Business analysts, marketers and leaders of the developers team usually do this.

Here you must clearly define the following things:

The answers to these questions will largely determine the vector of the entire development process. For example, you will see if you will create your trading platform completely from scratch, or you will be able to use a white label solution. Besides, you'll be able to figure out which blockchain is best for you. So if you're betting on "cheap" NFT and large volumes of sales, you need a high-bandwidth network and low commissions (for example, Binance Smart Chain). If you bet on the "expensive" NFT (real estate, investments), you need the most secure network (for example, Ethereum).

Step 2. Opening phase, planning

Next, you and the developer are starting to develop requirements for design and technical requirements for your NFT trading platform. Read about the implementation of NFT in games in the next post.

Development of design requirements usually implies the creation of:

When discussing technical requirements, you will need to find a middle ground to meet the needs of users and business as well as for technical capabilities. The outcome of such discussions is usually the following:

Step 3. Development of the UX / UI-Design of the NFT-exchange

At this stage, your team of developers deepens in the development of the design of the trading platform. The general design concept, the possibility and ways of his personalization, color scheme, Tone of voice (ToV) and other details are scratched.

The result of all this will be the following:

Step 4. Direct coding of the soft

When all the technical characteristics are agreed and the design is created, a team of programmers who sell your stock in a code will start working. Depending on the target platform and process stack, the front-, back-, blockchain and mobile developers can participate in the process.
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