How To Develop an NFT Marketplace?


Over the past five years, one of the fastest-growing sectors in the crypto industry has been the creation and development of non-fungible tokens (NFT). What’s particularly impressive is that this market allows you to earn fabulous sums at minimal costs. In this article, we are going to explore the notion of NFTs, their types and how to successfully develop an NFT marketplace.

What Are Non-Fungible Tokens (NFTs)?

NFTs, also referred to as “non-fungible tokens” are tokens that can’t be substituted. They are non-interchangeable; non-fungible tokens have unique attributes that make them different from something else.

A non-fungible token (NFT) offers digital ownership of assets based on the blockchain protocol. It can be:

  • Digital or multimedia content (image, audio, or video files)
  • Investment activities (real estate, registered securities, a share in the company’s profit)
  • An item of great collectible value (antiques, stamps, coins)

Unlike a cryptocurrency token, which is issued in bulk and has an exchange rate, a non-fungible token is unique. Its price is determined by the seller or through an auction. At the same time, there are also standard features: NFT transactions are encoded and confirmed using one of the blockchain protocols, such as Ethereum. Thus, the potential buyer receives evidence of the NFT’s authenticity.

What Is an NFT Marketplace?

NFT marketplace is a special service for creating and trading NFT assets. Essentially, it acts as an intermediary between buyers and sellers and has millions of works available for exchange.

For the user’s convenience, the tokens offered for sale may be divided into categories:

  • Images
  • Audio
  • Video
  • Copyright

What Type of NFTs Can Be Listed on a Marketplace?

There are many types of NFTs that can be listed on a marketplace—for example, audio, video, images, and much more. However, in order to understand the matter better, let us divide the majority of NFT marketplaces into two categories: universal and niche. The former usually sells all types of NFTs, some of which include artworks, gaming assets and artefacts, media & entertainment content, audio, and even real estate. Niche Marketplaces, in turn, specialises in selling specific types of NFTs—for example,which sells luxury goods like jewellery and bags, or Xtingles, which is a marketplace aimed at ASMR creators.

Traditionally, objects of digital creativity fall into the scope of NFT: photo, audio, and video. At the same time, technically, there is no problem in implementing blockchain technology with any asset or copyright. The main advantage of this approach is a distributed ledger in which information is stored.

The objects of real estate, as well as their lease, may be the item of contracts. In the second case, the purchase of tokens as a real estate renting fee can act as the right to use the object for a certain period. In addition, the transaction history of this token allows you to track the entire chain of tenants. This increases their confidence in the landlord. The main obstacle to the tokenization of real estate, cars, and other popular assets is the insufficient development of national legislation.

Source: SCAND

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