How to Create NFT Marketplace like OpenSea?
OpenSea is the biggest and most popular platform for straightforward and secure NFT trading. In January 2022, the company’s value hit 13 billion dollars, and the monthly revenue was about 2.5 billion dollars. This article will tell you how to develop an NFT marketplace like OpenSea and how much it will cost.
NFT marketplace is a decentralized platform that allows creating, storing, and trading of non-fungible tokens. The platforms focus on selling digital assets, like works of art, animations, videos, music, texts, games, and domains. However, these are not necessarily digital products; NFT marketplaces allow tokenizing physical assets too. For instance, one can create a token for autos, real estate, collectibles, tech products, furniture, etc.
These platforms function just like typical online shops. You register an account, pick up a product, and buy it. However, NFT marketplaces are particular because the smart contracts provide the operation, and all data about the deal is encrypted in a blockchain. Hence, if the smart contract is reliable, security is guaranteed. The idea is simple, yet integrating it into a blockchain is not.
The main difficulties are in the backend of the platform:
Here are several promising niches for NFT marketplaces:
In the article "How to choose an NFT development company?", we have described where to search for a team and what criteria to consider while analyzing a candidate. Also, it is worth mentioning that it is better to hire developers from Ukraine, Hungary, Poland, Mexico, or Slovakia, since the developers from these countries offer the best price-quality pair, according to Skill Value research.
OpenSea makes money from the payment for services. Each time a digital asset is successfully traded on the platform, it charges a fee. The fee is 2.5%. If an NFT costs $100, Open Sea receives $2.5. The platform charges a fee for gas from both buyers and sellers to cover the cost of the transaction. It became possible to create NFTs on OpenSea for free since the platform started using its blockchain.
In a perfect world, your OpenSea NFT marketplace clone should support all popular blockchains. The integration of these blockchains requires a lot of time, money, and effort; hence it is better to pick one or several more appropriate solutions, and then add the others.
Here is the comparison of the most popular blockchains for NFT minting:
Here is the list of functions for the users on an NFT marketplace:
Developing a design starts with prototyping. This is a process when the designers experiment, they do brainstorming to come up with ideas and concepts for the design. Then they test them on potential users. As a result, they will have prototypes of the user interfaces, and an informational structure of the upcoming platform.
After developing a user interface design, you might proceed with the development of the marketplace, namely coding. As a rule, a Minimum Viable Product is created at this stage. Hence, it allows trying the concept, and enhancing the usability of the product with minimal investment. Furthermore, MVP helps to enter the market relatively fast, which is super important for launching a product in such a young sector as NFT.
The programmers create the MVP or the entire platform with the means of programming languages and instruments. It is worth mentioning that frontend (user interface) and backend (server) employ different sets of programming languages and instruments.
Here is an example of the technological stack for backend development of an NFT marketplace
Once deployed, the platform can be made immediately available to end-users, but this is not the best option. The right thing to do is to run a small marketing campaign with Influencers or famous artists (if your NFT-marketplace is focused on art). Offer bonuses, discounts, and prizes in NFTs for the first sellers and buyers.
Furthermore, it is worth launching a partnership program.
Developing an NFT marketplace by cloning a popular platform, like OpenSea, is probably the easiest and fastest way to jump in the fast-growing NFT market. Our company is delighted to help you with it. Contact us via firstname.lastname@example.org or +1-206-785-16-88, and we will tell you in details about the development of NFT marketplaces. Also, we will gladly answer all your questions. We are looking forward to cooperating with you!