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NFT marketplace development, where to start?

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"A new NFT marketplace for artists has been launched on a blockchain platform".

how much news like this have you come across in the last few years? Do you know what NFTs are and what they are for? Can NFT marketplaces be developed?

We talk about the digital assets that are transforming art and property collecting in the virtual world, but what exactly is this technology?

Our task today is to tell you, so join us on this journey and don't miss any of the details.

what does NFT mean?

You can take a picture of Las Meninas by Velázquez with your mobile camera, but that doesn't mean that you are the owner of this painting. In the past, what determined the ownership of the painting was having it in your own home, something that used to be justified through certificates. However, that painting could be stolen, damaged or even forged. With blockchain technology, and specifically with NFTs, you can guarantee that a work is yours and be registered with the blockchain in an immutable way.

NFT stands for Non Fungible Tokens and refers to the digital version of art or any other tangible or intangible product to which users attach value. Over the last few years, these assets have gained a lot of ground thanks to blockchain technology and cryptocurrencies. But what is the reality of these stores of value?

The value of NFTs lies in something we cannot see or touch, in most cases. It is not like the value we have traditionally placed on tangible assets, such as gold or works of art. Non Fungible Tokens are more focused on collecting, so a collection of Pokemon cards can be a good example to take out NFTs. This is what happened on 19 February 2021 when influencer Logan Paul took out 3000 NFTs from a piece of his work, transferring it to this new space.

are they really a great opportunity for art-related entrepreneurs? What other applications can they have?

Blockchain technology applied to the art world

The fact that big businessmen like Mark Cuban are betting on this type of digital assets is no coincidence. The first thing we must understand is that works of art are considered assets. You can have a painting whose value is a very abstract concept, as it has to do with what people would pay for it. If there is a person willing to pay 2 million euros, that is its value.

This art market has a long history, but what is really new is the application of blockchain technology to it.

It is a decentralised way of verifying the transactions of who owns each asset. For example, when you buy a bitcoin, it is registered in the different nodes, computers and servers of the system. At the same time, it is registered that you are the 100% owner of that bitcoin, so that we can certify the ownership of something.

In the old days, in centralised databases, there was only one server that proved that you owned X thing. The problem is that someone could easily hack into that server. With blockchain, this task is practically impossible, since it cannot be modified. Thanks to the application of this technology in the art world, you can make digital works and certify that you are the owner of that digital asset. You can sell it to other people and it is very likely that its value will increase over time.

can you imagine increasing the closeness between artists and the people who follow them? With NFT it is possible.

NFT Marketplace Development

with blockchain technology!

Now that you know a bit more about this technology, we will tell you that marketplaces and oriented platforms can be developed to bring together creators, designers and artists with their audience from any corner of the world.

Many companies are stepping forward in order to tokenise their own NFTs. Their capitalisation has multiplied in the last few years, and that makes the NFT marketplace efficient and promising for the future.

Here are some of its features:

  • Its development requires creating a non-fungible token protocol on the Ethereum network (blockchain), given that most marketplaces work with it.
  • The system uses the integration of smart contract systems.

When the Marketplace is ready, any user can create their own profile, download their wallets and store NFTs.

  • Create your electronic wallet.
  • Prepare your project with dedication.

Platforms for creating, buying and selling NFTs already exist on the market, such as OpenSea and Rarible, but their evolution continues unabated and more and more specialised platforms are coming onto the market.

would you like to create your own?

Advantages of developing NFT marketplaces

We have compiled the main benefits of these platforms:

  • They are easy to use.
  • They guarantee safe and fully secured transactions.
  • They integrate seamlessly with the e-wallet.
  • They allow for efficient recording of transactions.
  • Lower transaction fees.
  • Saves costs for storage, shipping, etc.
  • Lower production costs.

Although they also have some disadvantages, such as the challenge of their technical constraints, there are professionals specialised in the development of NFT marketplaces that can help you along the way.

Behind NFTs is the blockchain. They are purchased through the use of cryptocurrencies and stored in a wallet. In order to store them, you must have this virtual wallet.

It is important to remember that with NFTs, it is not digital artwork, domains or collectible stamps that are bought and sold, but ownership.

do you think NFTs are a good opportunity for e-commerce? What do you think about the development of NFT marketplaces? Let us know, we look forward to hearing from you.

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