Non-Fungible Tokens (NFTs) have exploded into a big business now. There are 21 different NFT marketplaces in the crypto industry, according to data provided by DAppRadar.com. The good news is that more NFT marketplaces are also going to be launched in the coming months leading to a huge spike in investor activity and trading volume. Let’s look at how to build your own NFT Marketplace platform using Blockchain technology.
What are the popular NFT marketplaces in the industry?
The leading NFT marketplaces in terms of sales are CryptoKitties, Sorare, Ethereum Name Service (ENS), Decentraland, and The Sandbox, as per the information given by NonFungible.com. The top NFT marketplaces having the highest number of traders are AtomicMarket, NBA Top Shot, Axie Infinity, Sorare, and OpenSea, as per data analyzed by DAppRadar.com.
What are the blockchain networks used to create an NFT marketplace?
Some of the popular blockchain networks where NFT marketplaces are developed are Binance Smart Chain (BSC), Cardano, EOS, Etheruem, Flow, Polkadot, Stellar, and TRON.
Entrepreneurs must seek dedicated assistance from blockchain and cryptocurrency developers of a reputed NFT marketplace development company to get the best business results.
What are the blockchain-related services given by an NFT marketplace development company?
Binance Smart Chain (BSC) – It runs parallel to the Binance Chain and is used for creating robust smart contracts and staking the valuable Binance Coin (BNB). The Binance Smart Chain (BSC) blockchain network is completely compatible with the Ethereum Virtual Machine (EVM). The BSC will be used to power the upcoming launch of the Binance NFT marketplace.
It will help in attracting millions of artists, game developers, musicians, and sportspersons. The “Premium Event” collections help artists to get 90% of profits from sales. The content creators can deposit NFTs to the “Trading Market” category and sell them easily in the auction. They get 1% royalty for every resale of their unique work. The NFTs can be stored by the buyers in the secure Binance Chain Wallet.
Cardano – It is a pulsating Proof-of-Stake (PoS) based blockchain network. Cardano is 100% decentralized, immutable, and the investors can execute peer-to-peer (P2P) transactions using the ADA crypto. There are a total of 45 billion Cardano (ADA) tokens.
Trained NFT marketplace developers will integrate the online selling platform with the Ouroboros blockchain protocol. The holders of the ADA token get voting rights to influence the future development and growth of the Cardano-based NFT marketplace.
EOS – The EOS blockchain network can process millions of transactions per second for free. A leading NFT marketplace development company can help in selling crypto collectibles on a variety of EOS blockchain networks (permissioned, permissionless, private, and public).
Qualified developers can also create game-based NFTs on EOS which would attract more video game companies and players. All the data of the content creators and traders are safeguarded by end-to-end encryption.
The payments can be made through the EOS cryptocurrency which has a total supply of more than 953 million. Integration will also be provided with the AtomicHub user interface (AtomicAssets NFT Standard) for the EOS blockchain network.
Ethereum – The Ethereum blockchain network is highly sturdy and used to build top-notch DApps and Decentralized Finance (DeFi) platforms. An NFT marketplace development company can provide white-label clone solutions of Mintable.app, OpenSea, and Rarible by working on Ethereum. Crypto collectibles can also be created based on ERC-721 and ERC-1155 token standards.
Seamless integration will also be provided with Ethereum-based wallets like Ledger Nano S, Ledger Nano X, MetaMask, MyEtherWallet, and Trust Wallet. The upcoming launch of Ethereum 2.0 will reduce the chances of network congestion and gas fees to a great extent. The technique of Sharding will be used to split each set of data into 64 mini-blockchains.
Polkadot – Some players like Enjin and XENO NFT Hub are planning to launch NFT marketplaces on the Polkadot blockchain network in the future. A skilled NFT marketplace development company will provide lots of benefits like governance rights to the holders of digital collectibles, a high level of transparency, interoperability, low transaction costs, multi-layer security measures, and adequate scalability.
Transfer of funds can be done quickly by utilizing the Proof of Stake (PoS) consensus mechanism. Based on decentralized Web 3.0, an NFT marketplace created on Polkadot also allows investors to stake their crypto assets and remove bonded tokens by adding new parachains.
TRON – It came out with the TRC-721 NFT standard in March 2021. TRC-721 is fully compatible with the ERC-721 Non-Fungible Token standard. A well-versed NFT marketplace development company will help content developers to launch their own NFTs via the TronLink wallet.
The artists, gamers, and designers need to possess a minimum amount of 350 TRX (Tronix) cryptocurrency to create their digital collectibles and list them in an auction. White-label clone solutions of the MegaCryptoPolis platform are provided as part of NFT marketplace development services on TRON.
Wrapping Up
There is no doubt that NFT marketplace development is a profitable business. Entrepreneurs can make millions of dollars quickly from auction fees, bidding charges, a commission from sales of digital collectibles, (primary, secondary, and private), gas fees, initial setup charges, minting fees and transaction processing charges.
Hence, aspiring entrepreneurs can collaborate with a competent NFT marketplace development company now and make a storm in the wonderful world of crypto collectibles soon.