What you need to know about Non-Fungible Token (NFT) Online Marketplace – NFT Demystified

by Admin

NFT ecommerce Marketplace

What is NFT?

A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain. NFT certifiesa digital asset to be unique and interchangeable.  NFTs can be used to represent items such as photos, videos, audio, digital art and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.

Recent Trends in NFT

  • Non-Fungible Tokens or NFTs are gaining a popularity in the world. NFTs are not new, but their popularity raised when the artist Beeple sold his art work - Everydays: The First 5,000 Days in March for $69 million.

 

  • NFTs are backed by block chain technology that allocates an official copy of a piece of digital media. Through this technology, the artists, the musicians, the videographers, the podcasters or any other digital goods that are otherwise available for cheaper price than what they deserve or totally free.

 

  • Today, NFT is an industry that has grown to a worth of multi-billion dollar and largely loved by art lovers and other people involved in digital creation, including music, art, sports and others.

 

  • Also, people have spent more than $230 million in buying and trading digital collectibles of NBA highlights, according to its creator Dapper Labs. Dapper Labs is using block chain technology to create a great demand for digital assets.

 

Custom Development of NFT

NFT marketplaces are like anyother online marketplaces, however, the buyers are required to have a digital wallet and use cryptocurrencies platforms like Ethereum, World Asset Exchange (WAX) or Flow. The NFT Marketplaces can either be vertical marketplaces or Horizontal Marketplaces.

OpenSea is a horizontal NFT online marketplace and it is one of the largest NFT marketplace and it is a online shopping platform for anything ranging from art to sports and NFT items like Cryptopunks and Crypto kitties. The best example for a vertical marketplace in NFT is NBA Top Shot, where people can buy video highlights.

If you are looking for similar marketplaces in NFT, using an eCommerce solution on a latest tech stack, a custom development in NFT can be done and you can have a marketplace for selling NFT products.

 

How can online marketplace be developed in NFT?

When it comes to development of online marketplace in NFT and required features, we have to consider that not all eCommerce features may be useful. However, there are some features that ought to be there in an online marketplace in NFT. Let’s look at what are they:

All you need is a good eCommerce solution that can be customized for an NFT marketplace. A typical NFT marketplace should include the following features and a Spurtcommerce NFT Marketplace can fulfil this. Let us understand how.

A storefront: An NFT Marketplace should have a storefront that provides users with all the required information about a product - the owner's details, price history, chain info to check the smart contract - this is important for the buyer to get ensured about the credibility of the NFT that they are going to purchase.

Search and Filter Options: Apart from the keyword-based search option, an NFT Marketplace should have category-based search, especially if it is a horizontal marketplace that is selling a wide range of digital collectibles like art, music, domain names, trading cards, virtual lands, video clippings, podcasts and may more. This will help the user to land on the right product page, that is specify to their requirements. Search and Filters will help users find the right product as quickly as possible and make an effective purchase.

Product listing: NFT creation and submission process should not involve a complex process that is time consuming. The platform should allow users to easily create a listing with title, description, an option to upload file, an option to upload images, provide a description and provide SEO meta tags.

Auction: The Auction feature is one of the significant features that an NFT marketplace should have. The marketplace should attract more bidders to the platform. The bidding can start from a minimum price and it should also have an expiration date. The bidders, who bid should not be able to re-submit another bid, unless another user submits a bid that is priced higher. Also, an option to re-list after expiration date should be provided, if the owner is not satisfied with the highest bid. Also, a minimum expected price for a product can be a criterion that can be given by the seller while listing the product.

Wallet: This is the most important feature in an NFT marketplace as they mostly sell products for cryptocurrencies.

To buy and sell NFTs, crypto wallets is one of the significant needs. Without a crypto wallet, buying and trading NFTs cannot happen. There are multiple wallets that are largely used by NFT enthusiasts and you can choose one of that that you think can best suit for your NFT online marketplace. Also, these digital wallets.

  • Binance Wallet - Binance is one of the most popular and best options that can be integrated with your NFT Online Marketplace. It embeds and API that assists you with coordinating your running token exchange application.
  • Metamask wallet - This is another wallet that is considered as one of the best NFT wallets for collectors as well as creators. You can find the mobile version of Metamask wallet that provides a smooth interface for the collection of non-fungible tokens.

 

Admin Panel: An Admin Panel with all the features to manage the Storefront, Sellers and Buyers is critical for an Online Marketplace for NFT.

Implementation of Smart Contracts:Smart contracts are straightforward programs stored on a blockchain. They run with based on predetermined conditions that will be met. They typically are used to automate the execution of an agreement so that all participants can be immediately be aware and certain of the outcome, without any intermediary's involvement or time loss.

Security in NFT Online Marketplace:NFTs are absolutely legitimate due to the blockchain technology behind the non-fungible tokens. This promises that it is almost impossible to create counterfeit tokens. The security, transparency, and immutability ensure that the security is not compromised at all.

By bringing all these features, a custom development in NFT ca n be achieved.

Wrapping Up:

Our SpurtcommerceeCommerce Solution is absolutely feasible for customizing an NFT Online Marketplace. For more information and if you need to discuss about your idea regarding NFT marketplace, do get in touch by writing to support@spurtcommerce.com