The value of the NFT marketplace has dropped noticeably in recent years due to numerous crypto crises and flawed regulations. However, the decline is rather a good time to enter this investment area. Experts predict a speedy recovery of the industry — they estimate that transaction volume could grow to $146 billion in 2026.
You can also become one of the top players in the NFT market, and you don’t have to limit yourself to the role of an investor. We’ll show you how to create your own digital asset marketplace in 5 easy steps.
What Is NFT?
NFTs are non-fungible tokens. They serve as digital certificates that confirm a user’s ownership of a certain asset. Blockchain technology — the same as in cryptocurrencies — is used to create them.
NFTs are commonly associated with digital artworks. The most famous example is images from the Bored Ape Yacht Club collection, which were sold for millions of dollars at the peak of their popularity. However, NFTs can indicate ownership of other assets as well:
- computer games
- real estate
Marketplace is a website where NFTs are exchanged. Its owner receives a fee from the placement of tokens or a percentage of sales. The fee can be charged from the buyer, seller, or both participants of the transaction.
How to Create an NFT Marketplace?
Step 1: Decide on the mandatory functionality of the platform
Each platform in this field is unique, and yet marketplaces have common features that are impossible to do without. First of all, it is a system of smart contracts, which allows you to automatically conclude transactions when certain conditions are met, for example, when the required amount is transferred to the seller’s account. The mandatory features of the site also include:
- An auction mechanism that allows buyers to compete for tokens. Its use increases the price of digital assets. Consequently, the platform’s revenue grows.
- Creation of collections. If NFTs can be grouped by type and subject, it is convenient for both buyer and seller. A clear structure makes it easy to find the right products.
- A convenient menu for managing the user profile. In this section, you can solve financial issues, connect digital wallets, view purchased or placed tokens, and ask for technical support.
The full list of required features can be found in the NFT Marketplace Development Guide. This material will help you understand the basic requirements for such platforms.
Step 2: Ensure the competitiveness of the marketplace
Competition in this industry is already quite high. To succeed, it’s not enough to create another platform with standard functionality. To ensure high profitability, your site must be better than competitors.
The easiest way to stand out is to set lower prices for your services, that is, a low percentage of commissions. However, such dumping will not always be a winning strategy, because it will limit your income. You should try other solutions:
- A more user-friendly user interface;
- Integration with game stores or audio listening apps;
- An extended list of payment methods;
- Possibility to view products in virtual or augmented reality, and so on.
Step 3: Gather a team
You can’t realize such a large-scale project on your own. To create a marketplace, you will need:
- web developers;
- specialists in blockchain and smart contracts;
- frontend and backend developers;
- product manager;
- project manager;
- team leader.
The highest requirements are for developers and managers. They must have experience in blockchain and understand the concepts of NFT, smart contracts, and cryptocurrencies. It will be incredibly difficult to build a convenient and stable platform without such knowledge and skills.
Step 4: Start developing
One of the best tools for creating software in this field is Scrum. It implies breaking the project into several segments, which are called sprints. Each of them has its list of tasks and strict time constraints. Using such a method allows you to control the timing of platform creation and the quality of the result.
A significant part of each Scrum sprint is product testing. It is conducted in several iterations to make sure there are no bugs and technical failures. The success of an NFT marketplace largely depends on the platform’s reputation because it involves monetary transactions and ownership of valuable assets. Therefore, only a product that has been perfected can be launched.
Step 5: Promote and monitor the project
When the main part of software development is finished, Internet marketing will become a priority. Both SEO and PPC are used to promote the NFT marketplace. Crowd marketing — working with social networks, forums, and all kinds of niche catalogs — also gives good results.
A prerequisite for the platform’s success will be performance monitoring and analytics. For this purpose, use special SEO tools — web applications available online. They allow you to track the volume of organic and paid traffic, compare key indicators with competitors, and choose the most effective ways to promote the platform.
Organizing an NFT marketplace is a rather complex and resource-intensive project. However, a significant part of success in this sphere will depend on creativity. If you already have an original idea, the rest will be a matter of technique — all that remains is to find professionals who are ready to take on the job.