Top 8 Features to Create an NFT Marketplace


 

As technology advances and innovative marketplaces continue to emerge, the NFT development landscape stands as a testament to the evolving landscape of digital economies, offering unique opportunities for creators and collectors in a global and increasingly interconnected world.

Let’s take a look at a real-life instance!


The significance and growing popularity of NFT marketplaces are exemplified by the case of a digital artist who, in the past, might have struggled to earn a fair share of their work's value. 


With NFTs, this artist can now mint their digital artwork, proving its authenticity and ownership on the blockchain. When a collector purchases it, the artist not only benefits from the initial sale but also continues to earn a percentage from every subsequent sale of that artwork.


This innovative approach has empowered creators to break free from traditional intermediaries, revolutionizing the art world and demonstrating the profound shift in how we perceive digital ownership and income sustainability.

What is an NFT Marketplace?

An NFT marketplace is an online platform that serves as the bridge between creators and collectors of NFTs. Building an NFT marketplace facilitates the creation, minting, buying, selling, and trading of NFTs, which are unique digital assets representing ownership of various digital or physical items. Artists, musicians, game developers, and even everyday individuals can tokenize their creations and offer them to a global audience through these marketplaces.


Click here to learn more how an NFT marketplace works!

Why NFT Marketplace?

If you are wondering what is the purpose of NFT marketplace or why NFT marketplace is important, we’ll be covering all these queries in this section.

NFT marketplaces have revolutionized digital ownership by providing several compelling advantages:


  • Decentralization: NFT marketplaces operate on blockchain technology, removing the need for intermediaries and giving creators more control over their work.

  • Global Reach: Creators can access a worldwide audience, and collectors can discover unique pieces from around the globe.

  • Ownership and Provenance: NFTs offer indisputable proof of ownership and authenticity, eliminating concerns about copyright infringement.

  • Secondary Sales and Royalties: Creators can earn royalties on secondary market sales, ensuring a continued revenue stream from their work.

  • Interactivity: Many NFT marketplaces allow creators to engage with their audience in innovative ways, from digital art to virtual events.


Explore the popular use cases of NFT marketplace in this article.

Top 10 NFT Marketplaces of 2023

Here is a list of best NFT marketplaces that have gained traction across the globe while taking NFT ecosystem to new heights.


  1. OpenSea: Largest NFT marketplace, widest variety of NFT categories, supports user-created NFTs

  2. Rarible: Community-driven NFT marketplace, allows users to create and sell their own NFTs

  3. Foundation: Curated NFT marketplace for high-quality art NFTs, invite-only

  4. SuperRare: Curated NFT marketplace for high-quality art NFTs, invite-only

  5. Nifty Gateway: NFT marketplace for exclusive collaborations with artists and brands

  6. KnownOrigin: Curated NFT marketplace for digital art, invite-only

  7. Async Art: Unique NFT marketplace for programmable art

  8. Zora: NFT marketplace with focus on creator royalties, artists can set their own royalty rates

  9. Axie Infinity Marketplace: Native marketplace for the popular NFT game Axie Infinity

  10. Crypto.com NFT: NFT marketplace backed by the popular cryptocurrency exchange Crypto.com, wide variety of NFT categories

Must-Have Features of an NFT Marketplace

In the dynamic world of NFT marketplaces, features play a crucial role in shaping the user experience, enabling creators to reach their audiences, and collectors to explore a world of unique digital assets. So, if you create an NFT marketplace, irrespective of your industry vertical, here are the features that you must consider.

  1. User-Friendly Interface

A well-designed and intuitive platform that simplifies the process of minting NFTs for creators and offers a seamless, enjoyable browsing and buying experience for collectors.

  • Intuitive navigation for easy minting and collecting.

  • Streamlined user experience for all levels of expertise.

  1. Community and Social Integration

Robust features that foster a sense of community among creators and collectors, including chat forums, discussion boards, and social media integration, enabling direct interaction and collaboration must be highly considered while building an NFT marketplace.

  • Engage with like-minded creators and collectors.

  • Share insights, feedback, and build a community.

  1. Cross-Chain Support

Compatibility with multiple blockchains, such as Ethereum, Binance Smart Chain, and Flow, ensuring that creators have flexibility in choosing the blockchain that best suits their needs and making NFTs more accessible to a broader audience.

  • Choose the blockchain that suits your needs.

  • Wider accessibility, regardless of blockchain preference.

  1. Royalty Management

While you create an NFT marketplace, automated royalty systems that guarantee creators receive a portion of the profits from secondary sales, offering a continuous income stream as their creations appreciate in value.

  • Earn ongoing royalties from secondary sales.

  • Creator-friendly profit-sharing system.

  1. Data Security

 Stringent security measures, including encryption and decentralized storage, to protect the intellectual property of creators and the investments of collectors, ensuring a trusted and secure environment.

  • Robust protection of intellectual property and investments.

  • Secure and trusted NFT environment.

  1. Customizable Smart Contracts

The ability for creators to customize the terms of their NFT contracts, enabling innovative options like unlockable content, limited editions, and bundled NFTs is a must have feature while you build an NFT marketplace to ensure user satisfaction.

  • Tailor NFT contracts to match your unique content.

  • Unlock new possibilities like limited editions.

  1. Verification and Authentication

A verification process that ensures the legitimacy and provenance of NFTs, reducing the risk of counterfeit or fraudulent digital assets.

  • Ensure authenticity and provenance of NFTs.

  • Reduce the risk of counterfeit digital assets.

  1. Search and Discovery Tools

While building an NFT marketplace, powerful search algorithms and recommendation systems should be considered that help collectors discover NFTs that align with their interests and preferences, enhancing the user experience.

  • Efficient search and recommendations.

  • Find NFTs that match your interests seamlessly.

PRO TIP to Get Started!

To start building an NFT marketplace for enterprises, define your goals, choose a suitable blockchain, set up a digital wallet, establish legal protections, build a team or partner with NFT platforms, and strategically promote your NFT offerings. This comprehensive strategy ensures a successful entry into the NFT space for enterprises. This comprehensive approach will help enterprises successfully integrate NFTs into their business strategies and unlock the potential of this emerging technology.

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