NFT Exchange Platform Development
NFT Exchange Platform Development
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.
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.
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.
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.
With regard to NFT standards, they may be:
Here is a list of its core functions:
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.
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 [email protected] or phone number +1-206-785-16-88.
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:
Development of design requirements usually implies the creation of:
The technological stack can be that way:
#1. Select the target niche
#2. Study the target audience
#3. Define the platform concept
#4. Start with the development of the NFT-stocks
#5. Step 1. Business analysis requirements
#6. Step 2. Opening phase, planning
#7. Step 3. Development of the UX / UI-Design of the NFT-exchange
#8. Step 4. Direct coding of the soft
#9. Step 5. Product testing
#10. Step 6. Output, project deployment
#11. Step 7. Post-realize Support
#12. Cost of establishing an NFT-stock