NFT marketplaces: stages of development
Non-fungible tokens are popular digital assets used to own works of art, branded clothing or items in the metaverse. The market for such instruments is diverse. NFT marketplaces have been created for buyers. They allow them to find the right product from a particular category. They also enable NFT developers to place their assets and earn money from their sales.
Types of NFT marketplaces
The creation of a trading platform begins with the choice of the optimal type of resource. There are various options, among which there are:
1. Universal NFT marketplaces. Not only can you buy and sell NFTs on these platforms, but you can also trade them. There are tokens from different categories so everyone can find the right option.
2. Exclusive NFT marketplaces. Unique tokens, such as works of art, are placed on these platforms. The peculiarity of such platforms is that they offer NFTs in single or limited quantities.
3. Niche NFT marketplaces. They are for buying and selling NFTs with a specific theme, such as collectables. Here, you can easily find the right NFT from a specific category.
At first glance, NFT trading platforms appear to operate in a similar way to traditional marketplaces such as Amazon and eBay. The interaction mechanism between sellers and buyers is the same, but blockchain platforms have some advantages.
This technology provides security for all participants and guarantees the transparency of the transaction. This eliminates the risk of fraud when buying NFT. There are many blockchains in use for the development of blockchain markets. The most popular are:
Although there are other types of blockchain, these are considered the most popular and versatile.
Components of NFT platforms
A smart contract is an essential component in developing a decentralised platform. This digital agreement allows the transfer of tokens from one user to another. Thanks to this protocol, the process of making a purchase is automated. The use of smart contracts is only possible if the parties agree on the terms of the transaction.
The NFT wallet is a place to store purchased tokens. It also serves as a means of selling assets.
Information about the NFT is recorded in the metadata. This includes information about the token’s creation date, name and theme. In this way, the buyer receives information about the subject of the purchase, and trading platforms categorise the NFT.
Stages of NFT marketplace development
Work on the site begins with planning the objectives and features of the project. This involves defining the target group and developing the architecture to meet these goals. Developers also take into account important elements such as UI/UX design, required functionality, etc.
The second stage is the creation of a prototype, during which it will be possible to test the work of the marketplace and evaluate its convenience and technical capabilities.
After testing and debugging, the process moves on to releasing a minimum viable product. This option will be sufficient to test the product’s functioning on real users. After collecting feedback and fixing bugs, the project is put into release.