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How to create an NFT marketplace for artworks

Ragunath's photo
Ragunath
·Feb 27, 2023·

4 min read

While blockchain technologies were taking over the world in 2021, the NFT sector was also gaining momentum.

Perhaps when you heard about the unprecedented growth in the NFT market, you thought about creating your own collection. But what is even better is to create a platform where people can sell their tokens and launch new projects, and you can earn income.

Why Create an NFT Marketplace for Art in 2023?

NFT is mainstream. According to DappRadar, NFT sales in 2021 were approximately $24.9 billion . The number of wallets involved in trading these assets also increased significantly and amounted to about 28.6 million . Interesting fact: the most expensive NFT marketplace development , The Meg, was worth over $91 million. The collectibles market is considered the fastest growing in the crypto industry, which makes creating your own marketplace for works of art very promising.

Despite the jump in trading volume and the emergence of new offers, the market is not oversaturated, and it still has a future. If you launch the app, you are giving a chance to new bright projects to show up, thus creating a space for quality art.

But we know that the main driving force is money . Let’s look at the main monetization strategies.

How to make money on the NFT marketplace?

You can earn in several ways: combine monetization models or choose only one. We have collected the most common methods:

platform commission : The owner of the art platform receives a commission from the launch of each collection and from the resale of tokens.

Management tokens : Governance tokens allow their holders to vote on the governance of the platform. They also have value, so they can be sold, bought, exchanged or put on interest. Both the platform itself and token holders earn on this.

Registration fees : Large popular platforms such as OpenSea may charge you for account registration.

Advertising : NFT marketplaces patform development help new artists build an audience so you can earn from ads. Promotion of third-party resources on the platform is also possible and very profitable.

The main functions of the NFT art platform

At Purrweb, we’ve been building MVPs for over 8 years. Based on our experience, we recommend that clients start with an MVP (Minimum Viable Product) and build a core feature set first. Such an application is not overloaded and at the same time meets the needs of the user. Here are the important features to include in the NFT marketplace:

Simple registration. Registration on the platform should be intuitive. In addition to the standard registration by e-mail and password, you can add quick authorization, for example, through social networks. Offer new customers a short onboarding session to introduce them to the app’s features.

NFT catalog with information about tokens. Create a tab with a selection of NFT collections and add the ability to view detailed information about tokens — price and trading volume. A card with information about the NFT, its rarity, author or owner, and sales history helps traders determine the asset’s profitability.

Search function and filters. Sometimes it is important for users to find an author and a collection that they have heard about in the news, from experts or in the crypto community. To make this easier, add a search function and filters.

Possibility to list NFTs for sale. The marketplace connects sellers and buyers, so you need to think about how creators and artists will place their work as digital assets. They should be able to download the NFT, give the token a name, and set a price. Check in advance whether it is convenient to develop NFT on the blockchain that you have chosen as the basis of the site.

Possibility to buy NFT or participate in the auction. Since the NFT marketplace is a place where people come to buy or sell assets, make the “buy” and “start auction” functions available. Add payment support: The platform must accept payments in fiat or cryptocurrencies.

Wallet for cryptocurrencies and NFTs. A wallet for NFT tokens and cryptocurrencies is similar to a bank account, only on the blockchain. Users can store assets and protect them with private and public keys. Provide support for a third-party wallet such as Metamask, or create your own wallet specifically for the platform.

Possibility to list NFTs for sale. The marketplace connects sellers and buyers, so you need to think about how creators and artists will place their work as digital assets. They should be able to download the NFT, give the token a name, and set a price. Check in advance whether it is convenient to develop NFT on the blockchain that you have chosen as the basis of the site.

Possibility to buy NFT or participate in the auction. Since the NFT marketplace development company is a place where people come to buy or sell assets, make the “buy” and “start auction” functions available. Add payment support: The platform must accept payments in fiat or cryptocurrencies.

Wallet for cryptocurrencies and NFTs. A wallet for NFT tokens and cryptocurrencies is similar to a bank account, only on the blockchain. Users can store assets and protect them with private and public keys. Provide support for a third-party wallet such as Metamask, or create your own wallet specifically for the platform.

 
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