NFT marketplaces are taking over the digital economy world. With NFTs, it is possible to buy and sell, well, virtually anything you can think of. So, no wonder at all that platforms for trading these tokens are popping like mushrooms.
If you are thinking about launching your own NFT marketplace, it’s high time to do so. It’s impossible to imagine the world without NFTs now, is it? This amount of freedom for artists is something we don’t want to disappear.
Let’s discuss five steps towards the next great NFT marketplace created by you.
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Choose your niche
First of all, you need to think about what kind of tokens your platform will sell. Those can be artworks, collectibles, music files — the choice is wide. You can even create a game where all the items, like characters or tools, are NFTs.
It is crucial to choose a category and stick to it: it’s the only way to stand out and find your audience. Even if platforms similar to yours do exist, your unique design, features, or simply convenience can be the factor that makes your marketplace a top choice for the users.
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Contact a development team
Don’t worry if deciding on your niche is a bit tough — that’s what business analytics, product managers, and designers are for. When contacting a development team, you don’t have to present a complete business plan. All the decisions can be made in collaboration and you can trust the professionals with the market analysis and product offer.
How do you choose a development team? Look through such websites as Clutch, Goodfirms, or LinkedIn. Always check the reviews and previous works of the agency. Of course, it’s perfect if they have already completed some NFT platform designs. The hourly rate will depend on the team’s experience and location. For example, a Ukrainian team can offer you high quality at a reasonable price.
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Create a UI/UX design
After you found a design and development team that is a perfect match for your product vision, it’s time to start with designing the marketplace. Again, don’t worry if you are not sure about the product features or style - the design team can consult you on that during intro meetings and workshops. Here you can find the list of all must-have NFT marketplace features.
While UX design is all about the platform’s functionality and the user experience with it, UI design defines all the visual elements, such as style, colors, and illustrations.
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Develop
Your next step is to get into developing the platform and bringing the design to life. Usually, the same software development team can help you with both design and development processes, so no need to look for someone else.
When it comes to tech decisions, you also don’t need to be a programming pro; your team of choice will also consult you on all the aspects and help you choose the right infrastructure. You can stick to a web-based marketplace or decide to get a mobile app as well. You will also have to get crypto wallet integration and smart contract implementation.
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Test, launch, and don’t forget about monetization
Finally, you should never forget about testing the final product. Don’t let small mistakes disappoint your user. It doesn’t come down to the skill of the developer, some things are just unavoidable.
Let’s be honest, you are probably making an NFT marketplace not only because you are so enthusiastic about digital art but also to earn some profit. That’s why you should consider the monetization model. The most appropriate and popular one is to charge either buyers or creators (or both) and get a small percentage from each deal. More deals, more earnings for you.
Summing up
NFT marketplaces are appearing like mushrooms after the rain; it’s not surprising considering the market growth and the huge potential of NFTs. If you are thinking about when is the best time to invest in such a platform, trust us, it is right now.