NFT Platform Development
NFT, or non-interchangeable tokens is perhaps the fastest-growing sector of the crypto-economy. According to NonFungible.com, the total capitalization of significant NFT-projects since 2020 grow up tenfold from $100 million to as much as $10 trillion. According to NonFungible.com, the total capitalization of important NFT projects has increased tenfold since 2020, from $100 million to as much as $10 trillion. Meanwhile, the primary beneficiaries of this growth are the NFT platforms to produce and sell your NFTs. This guide can help you understand what an NFT trading platform is and design one with your budget and time frame.
Universal trading platform. These are trading platforms like OpenSea, Rarible, or Mintable that offer all kinds of non-interchangeable tokens for sale, from simple pixel pictures, domain names, lines of code, music, and collectible sports cards. They are usually free and allow anyone to create their own NFTs on Ethereum or Binance Smart Chain (BSC) basis.
Development of such NFT-platform implies the creation of an online store with integration of a smart contract and using the primary standards for producing non-mutually exchangeable tokens (ERC-721, ERC-1155, dGoods, NFT Cosmos, BEP-7, TRC-721, FA2, and others). Such projects earn primarily on commissions.
Technological platform development is almost identical to creating universal platform development. Still, the niche option is preferable because such projects are less risky due to the ability to focus on a single target niche and target audience. This increases the effectiveness of UX/UI and marketing.
Online galleries are the most straightforward and most affordable option for an NFT platform, which requires much less time and money to develop, as there is no need for integration with blockchain and smart contracts. Usually, such sites earn through advertising and referral programs.
The NFT platform you have developed can function as a regular commercial company with centralized management, the majority of the market. However, this is not the only option. Blockchain allows you to create a decentralized trading platform, the operation, and management of which will be fully or partially given to algorithms and distributed between the platform’s users (the owners of the native tokens of the NFT-platform).
In terms of monetization, NFT producing and selling platforms usually profit from a variety of streams. Here are the most popular options.
NFTs Buyer's Side:
Blockchain integration. Your trading platform must work with all popular blockchain networks — Ethereum, Binance Smart Chain (BSC), Ripple, Cords — and IBM Blockchain-based networks. This is necessary to increase audience reach and transfer NFTs to your trading floor easily and quickly.
Quick login via social networking sites. Gone are the days when people had the patience to fill out login forms with multiple fields. Today, one-click login is not a bonus but a necessity, so when designing your NFT site, don't forget to provide your users with this option.
Producing/creating NFTs assets. To do this, you need to develop or use a smart contract template to generate non-interchangeable tokens, verify the data, create new blocks and write them to the blockchain. By doing so, you need to think in advance whether you want to implement an NFT with prepaid gas or whether you want to introduce a slow-moving mining solution that does not require gas.
NFT-asset window. This is the face of your platform, where users can view the tokens for sale, their description, and transaction terms such as title, value, price history, creator, auction window, and others.
Navigation and search bar. To ensure a smooth journey through the platform and a pleasant user experience using your platform, it is essential to plan what the navigation should be like - how users will search for the features and tokens they want. It should be as simple as possible.
Advanced search filters. Make sure that the tokens presented on the NFT-platform can be easily and quickly found by the search engine and filters: price, status, category, date of addition to the listing, and so on.
Effective advertisements. A token page can both promote its sale and discourage buyers. For the trading cards to sell effectively, they should be both concise and informative, i.e., include all the significant descriptions and details of the NFT assets for sale.
Analytics (price history). Most NFT trading platforms offer several options for analyzing the market and your trading activity.
Reviews and ratings. These things are helpful to build confidence in the platform and prevent cheating and unethical behavior (insulting, racist, xenophobic, harassing minorities, etc.).
NFT collections. The ability to group NFTs into collections for sellers or offer them for purchase resonates well with user requests. So when you launch your own NFT platform, implement such an option as well.
Bidding/auction. Sites such as OpenSea or Rarible have the following available bidding types (but are not limited by them):
Here are the examples of NFT-platform architecture:
A non-fungible token is a unique digital certificate issued on blockchain that proves the right of possession over any token asset, whether it is. The technical aspect of non-fungible tokens shows us that the technology works on blockchain and smart contracts. Everything is just the same as with cryptocurrencies. If you sell or transfer NFTs, whether it is a JPG, GIF, MP3, MP4, or STL, file the information about the transaction, and the counterparties is added to a decentralized register.
There are a few basic types of NFT platforms: Universal trading platforms - these are trading platforms like OpenSea, Rarible, or Mintable that offer all kinds of non-interchangeable tokens for sale, from simple pixel pictures, domain names, lines of code, music, and collectible sports cards. They are usually free and allow anyone to create their own NFTs on Ethereum or BSC basis. Specialized NFT-platform - these are niche projects focused on certain types of NFTs, where you can buy NFTs with short videos and GIFs, sell tweets, holograms and art by selected artists. Then there are NFT platforms, where artists, athletes, film stars, and other celebrities release their own NFTs to raise money for charity.
NFT producing and selling platforms usually profit from a variety of streams. There are the most popular options like trade commissions, deposit/withdrawal fees, advertising and promotion, and listing fees.
The most popular and basic components of NFT marketplace architecture are blockchain integration, quick login via social networking sites, producing/creating NFTs assets, NFT-asset window, navigation and search bar, advanced search filters, bidding/auction.