Category: NFT

NFTs have been incredibly popular during the pandemic, driving many investors to wonder how to buy them. Artists and speculators have all been attracted to the trend as the value of cryptos and other digital assets have surged.

The judgment is still out on whether this is the beginning of a new long-term, high ROI investment or an unstable bubble almost certain to burst. NFTs, on the other hand, hold great promise for artists and have economic benefits.

Unsure what NFTs are? or how to get started to invest in them?. We have provided you with everything you need to know to get started.

What Are NFTs?

An NFT is a digital asset representing real-world artifacts such as music, in-game purchases, and media in digital form. Their basic encoding is similar to many cryptocurrencies, and they can be bought and sold online on the NFT marketplace, usually with bitcoin.

Even though they have been around since 2014, NFTs continue to grow in popularity as a method of digital trading art. Over $174 million has been spent on NFTs since November 2017.

In addition to being uniquely numbered, NFTs are usually one-of-a-kind or limited-edition.

Digital objects, on the other hand, tend to come in an almost infinite amount. By reducing supply, you can potentially raise the value of an asset in high demand.

For example, a renowned digital artist named Mike Winklemann, also known as Beeple, created EVERYDAY: The First 5000 Days,” probably the most influential NFT of the age, and was sold at $69.3 million.

Viewing individual images online free of charge, or perhaps the complete college is possible. Consequently, we must ask, why do people spend so much money on something they could easily download or screenshot?

As much as the item itself, collectors prize their digital bragging rights. because the buyer can own the actual product through an NFT. Additionally, it provides built-in authentication to confirm ownership.

Why Should You Invest in NFTs?

NFTs have consistently proven to be profitable as an investment alternative. The following are the reasons for this:

1. Anyone Can Invest in NFT

Everyone has the opportunity to invest in tokenized assets. With an NFT, asset ownership can be transferred more conveniently and efficiently between persons around the globe.

2. Creates Tokenized Asset Values

Physical items, like artworks, are tokenized using NFTs. This prevents art from being duplicated and gives the artist sole ownership. As a result, it contributes to creating artwork rarity and value.

3. NFT Has a Decentralized Marketplace

NFTs are a unique investment option, but artists can profit directly from their efforts because they are a decentralized market. NFTs eliminate the need for intermediaries and the royalties they must pay, which benefits investors.

As a result, the original developers of an NFT will be able to earn a referral fee if the NFT changes hands. This decentralized method distinguishes the NFT marketplace from others.

4. Offer More Liquidity for Investors

When you need it, tokenized assets provide liquidity to you, the investor, when you need it. If you own virtual land and elect to rent it to advocates or advertise for a fee, you are still the holder of the virtual land, but just a portion of it is liquified as rent.

5. NFT Ownership Is Secured Through Blockchain

Through blockchain technology, is it possible to securely signify the investor’s asset ownership? Asset ownership can potentially be made more transparent via blockchain technology.

6. Huge Development & Growth Potential

As previously said, NFTs have boundless potential for expansion and development in the land sector.

Owning and managing virtual lands gives you the power to determine what to do about your land in the real estate market. You can either rent it or use it to create an online marketing or advertising company.

7. NFT Provides Reselling Opportunity

The majority of people buy NFTs to resell them and make a profit. Because some of these collections are rare, investing in the correct NFT can significantly gain.

NFTs have great potential to reward you with tremendous earnings if you can make effective investments.

How To Invest in NFT: Step by Step Approach

We have provided you with three simple curated steps to invest in your first NFT. Follow carefully.

Step 1: Conduct Thorough Research on NFTs

You should choose an NFT that you believe has the potential to increase in value. The NFT can be a piece of art, musical, multimedia, or even a video game component. NFTs can be found by searching Google or Twitter.

While searching for the upcoming NFTs, note to observe these points:

1. When the sale starts from?

2. What are the cryptocurrency requirements?

3. How many NFTs have been sold till now?

You should double-check the following details about the NFT:

1. The team behind the NFT: you need a renowned group that can help increase the NFT’s worth.

2. Whether it’s on or off the blockchain: Off-chain uses centralized servers, which means that if the server is down, the image will be lost.

Tip: Avoid NFTs which are held entirely off-chain. Make sure that the custodian can be trusted with your critical NFT.

Join the recommended Telegrams groups of NFT’s Discord to learn more about the projects and get a sense of what others are saying about this specific line of NFTs.

Step 2: Select an Exchange To Purchase a Crypto

To obtain the NFT, you must first purchase the cryptocurrency. The majority of NFTs are acquired with Ethereum, with a few anomalies. A specialized crypto brokerage or exchange, such as Coinbase (COIN) and Robinhood (HOOD), can help you buy Ethereum and other cryptocurrencies.

• Cryptocurrency Brokers: A company or individual who acts as a middleman to facilitate the purchase and sale of cryptocurrency.

• Exchange: Buyers and sellers engage with each other on an online platform depending on current market circumstances.

When purchasing cryptocurrencies, please remember that charges are essential. For a trade of $10 or less, Coinbase charges $0.99. The more considerable trade, the higher cost. SoFi Active Invest charges up to 1.25 percent for cryptocurrency trading.

Fees can be a flat rate per transaction or a percentage of an account’s 30-day trading volume. Analyze the costs based on the transaction quantities you intend to undertake to understand how much you’ll spend.

Step 3: Select a Marketplace To Purchase Your NFT

The NFT is purchased and exchanged on the NFT marketplace. You register and connect your crypto wallet once you’ve selected the marketplace where your NFT will be traded. Each marketplace will have its requirements for crypto-wallets.

Among the most popular marketplaces are:

• OpenSea
• Larve Labs
• Rarible
• Axie Marketplace
• NBA Top Shot Marketplace

Purchase and transfer fees and the price of exchanging one crypto for the other. Ensure you have enough cryptocurrency to complete the transaction, including any charges. The fees paid for mining in return for the computer power they employ to record events on the blockchain are known as gas fees.

Remember that the published price or the most recent bid for an NFT does not equal the total purchasing price. Due to gas fees, the final cost of an NFT sold at the equivalence of $40 in Ethereum might even be $150 to $200.

Top 3 NFTs To Invest

When considering how to invest in NFTs, you need to understand the most significant assets available. Here are five of the top NFTs to be aware of, as well as why they are so popular:

1. Crypto Punks

You’ve probably come upon CryptoPunks when looking into how to invest in NFT art. CryptoPunks was one of the first NFT collections, debuting in 2017.

Due to their first-mover status, these Punks became considered premium assets as the NFT craze grew, and many have since been auctioned for millions of dollars.

2. Mythia

Mythia is a drop worth noting on your NFT calendar, as it includes 3,333 pieces of original art featuring cyberpunk and animation characters.

However, Mythia attraction stems mainly from the added perks, as all owners have access to private Discord servers where they can discuss impending NFT drops with enormous potential.

Owners also have access to technological tools that make the NFT investment process easier.

3. Embers

Embers are yet another collection to consider if you’re just getting started with NFTs. Embers NFTs, like many other collections, are seemingly simple pieces of art with distinct characteristics and aesthetics.

The collection will be available soon, with 5,555 NFTs available and a promising future roadmap.

4. Bored Ape Yacht Club(BAYC)

Due to Eminem and Snoop Dogg investments, Bored Ape Yacht Club, NFT sales had surpassed $1 billion at writing.

5. Pudgy Penguins

Lastly, Pudgy Penguins is an assortment of 8,888 randomly created Penguins that investors can buy and use as profile images.

Even though the Penguins are only accessible for 0.03 ETH at the minting stage, several have gone on to sell for huge sums — one was being sold for above $450,000! Since its inception in July 2021, the collection has generated over $140 million in trade volume.

Best Way to Invest in NFTs

This guide has given you an in-depth glance at how to invest in NFTs, addressing all of the important issues and teaching you how to get started right away.

If you want to buy NFTs, we propose collaborating with Crypto.com.  There are no fees when purchasing NFTs on Crypto.com, and users can even invest in NFTs using a credit or debit card. Additionally, Crypto.com now offers Ethereum-based NFTs, guaranteeing that investors have access to the best collections.

NFTs are spreading like wildfire, and NFT marketing strategies are catching on like greased lightning. It’s still in its infancy, yet, fresh ideas are viewed favorably.

Let the recent statistics speak:

After a $300 million investment, the online marketplace OpenSea is now worth $13.3 billion.

Last year, NFT trading volume surpassed $23 billion, an increase of more than 20,000%

It’s all about being engaged in popular platforms and growing trends regarding marketing methods. You’ll have a better chance of meeting your marketing objectives if you arrive early with a brilliant idea, like the metaverse’s growing popularity.

With our comprehensive guide to NFT marketing, you can claim your piece of the pie in this field.

What Are Non-fungible Tokens(NFTs)?

NFT stands for non-fungible tokens. They are digital assets that are purchased and traded like any other assets. NFTs are tokenized, meaning they have a unique digital certificate as proof of ownership. Blockchain is a digital ledger where the ownership of these tokens is stored.

All of this appears to be quite confusing.

But here’s an example:

Assume you wish to purchase the Mona Lisa. The fact that there are only one original adds to the painting’s value.

Even though there are thousands of copies of the Mona Lisa, you can only own the original.

The same is true of NFTs, with the exception that everyone has practically agreed on which copy of a digital image is the original. You have the original, tokenized form of any NFT you buy, but others can still access it.

This is where the example deviates: with an NFT, there is no tangible item to hold. Your transaction is instead registered in a blockchain ledger.

NFT and Marketing

NFT marketing is the activity or process of developing, promoting, and distributing your NFT products or services to the target market and value-added trading products.

NFTs can be compared to art, which is a beautiful thing to consider. Of course, NFTs are much more complicated, and they are constantly changing, but the significance of marketing cannot be overstated. For example, if no one knows about a work of art, it may not sell for much. Without publicity and some rarity and hype, the price does not skyrocket.

As billions of dollars are being invested into the NFT sector, giant marketing corporations spotted an opportunity and jumped on it. They were using their extensive traditional marketing knowledge to fundamentally shift the game and drive the adoption of NFT & web3 technology.

However, because there are so many NFTs, they aren’t valued only because they’re rare. They are marketing their worth more than anything else. Ultimately, even the most beautiful work of art won’t be worth much if it doesn’t attract enough attention and excitement to entice others to buy it.

NFT marketing can also help you enhance consumer interaction and is a terrific way of keeping your audience up to speed on your product or notifying them about new products coming out.

How Can NFT Help in Marketing?

To begin with, quality marketing allows your company to stand out in a crowded digital world. To build a strategic strategy, you need to stay up to date with current events and changing conditions.

NFTs, come into the equation here. It’s brand new. It’s fascinating. The most important aspect of NFTs is that they provide a variety of marketing opportunities.

Let’s take a look at how NFT’s marketing methods might aid firms in their marketing efforts:

1. Create a Unique Experience

People nowadays pick a brand above competitors based on their brand experience. The NFTs can assist you in creating a unique experience by collaborating with artists and content creators.

In marketplaces, they promote your brand by providing an engaging experience. NFTs allow us to communicate with the brand uniquely. As a result, you’ll be more noticeable, memorable, and, most importantly, intriguing.

2. Expand Audience Reach

To begin with, embracing the NFT marketplaces allows you to access new audiences. From digital producers and art lovers to young and experienced business people, there are a variety of communities. Due to its uniqueness and increased real-world value, participants are eager to participate.

People notice you more if you make more NFTs. These engagements in the NFT markets will allow you to expand your consumer base as people become familiar with you and talk about you. Increase your chances of closing a deal by reaching out to more potential buyers.

3. Build Community

Customers favor brands that engage them in conversation. Twitter is a popular platform among NFT owners. To develop a network or share their NFT collections, most of them have a Twitter account.

You can generate conversations and online NFT groups for your brand by reaching new customers on a medium they like accessing. Moreover, cultivating genuine relationships establishes loyalty among customers, which is vital for brands to survive in huge, competitive markets.

4. Drive Preorders

Gary Vaynerchuk is well-known for various reasons, one of which is his obsession with NFTs. He adores them so much that he chose to market his new book, Twelve and a Half: Leveraging the Emotional Ingredients Necessary for Business Success.

It’s essential mentioning that this isn’t his first book; the book may quickly have sold well without the NFTs. Regardless, the book immediately surpassed a million pre-orders on its first day, a huge accomplishment.

It operated like this: for every twelve copies bought in 24 hours, purchasers received one NFT. Based on the findings, NFTs certainly made a splash.

5. Create Interest in Your Brand

If you’re a trailblazer in your field, you might stand out. Living brands attract people. When you deliver unique experiences to your online community, you will develop an interest in your brand. NFTs will boost conversion rates and sales.

NFT marketing is a fantastic prospect as it is a developing industry. Probably, none of your competitors is present. As a result, even a small marketing project on social channels will increase brand visibility.

Top 7 NFT Marketing Strategies

As businesses are becoming more popular, there is a greater desire for exclusive marketing methods. Let’s look at a few NFT marketing methods that will help you reach your business objectives.

1. NFT Listing

The first item to be established for better reach is an NFT listing. Listing an NFT is the best way to begin. It’s a crucial component of producing money. Taco Bell, for example, has compiled a record of NFTs that sold in under 30 minutes.

2. NFT Marketplaces

Because there are so many marketplaces to choose from, it’s critical to select one right for your NFT project. Many focus on specific sorts of NFTs, impacting the site’s audience. Here are a handful of the most well-known marketplaces to consider:

Open sea: OpenSea is the world’s largest NFT marketplace, and it’s a great location to sell art, musicals, videogames, and other items.

Super rare: The emphasis is solely on digital art, and you must obtain approval before selling anything. It does, however, have the advantage of pushing NFT releases.

Rarible: It’s a terrific place to sell a wide range of NFTs, and there’s a lively discussion board for marketing.

Other alternative markets are available, each with its unique set of features and benefits. These are not only fantastic sites to sell work, but they can also link you with possible buyers.

3. Paid Advertisements

Even in the realm of NFTs, Paid advertisements can help you reach a bigger audience and maintain an active online presence. With the help of Facebook, Yahoo, Google, and SEO and a solid online presence, you can increase your visibility.

4. Telegram and Discord Marketing

Better marketing is ensured with Telegram and Discord. To increase your reach, you can create your posts, develop a community, engage in events, share memes, etc. With extended support, you may also start a dialogue. Furthermore, it is realistic for organizations looking to enter the market.

When it comes to Discord marketing, one thing to keep in mind is that the community must be well-managed. This will most likely necessitate experienced moderators who know how to set it up and keep the group functioning properly.

5. Influencer Marketing

Influencer marketing is a standard method of bringing a product to the public’s attention and generating interest. Working with influencers may seem self-evident, but there are techniques to boost the effectiveness of your efforts. And, when it comes to NFTs, it’s a fantastic option.

Make a point of finding influencers that are relevant to your target market. Locating an influencer who operates on a channel you are confident will have a positive impact is the first step. It is also beneficial to locate influencers who can lend credibility to the marketing campaign. It’s even better if they use the same brand as the NFT. Furthermore, consider how you may add value to their lives.

6. Utilize Whitelist

Mutual gain is the foundation of any partnership, and whitelists can help you achieve that. Attempting to reach out to influencers and forum administrators on sites like Discord and others is terrific to get your name out there. They will, however, want to know what does it for them, and with good reason.

In reality, in exchange for assisting with marketing, certain people can not only receive discounts and instant access to an NFT, but they can even receive a free NFT. Furthermore, if you can give value to the community or be an active member, that link will be strengthened even more.

7. Cross-Promotion Tactics

Relationships matter and mutual gain are always appreciated. That is why cross-promotional strategies are so powerful. The various communities become closer and generate more buzz by collaborating with a partner. And, given the importance of hype, it’s a pretty powerful tactic.

It’s made more effective by how devoted some groups are, particularly when it comes to artwork and celebrity NFTs. Other marketing strategies, such as incentives, conferences, and other marketing tactics that get people involved, can be woven in with cross-promotion tactics.

Conclusion: NFT for Marketers

NFTs offer marketers a new method to connect with their customers, increase awareness, and even advertise new product lines. Are they, however, here to stick, or are they merely another marketing blip? Only time can tell if this is true. We’ve seen that big brands are utilizing NFTs in novel ways, so it’s worth responding to.

Prior to diving into new techniques, make sure SEO and content marketing are working for you. These tried-and-true techniques create long-term success, not just market attention.

We at parangat can assist you with your marketing plan and your interest in employing NFTs for marketing. For more details, contact us today!

In 2021, a digital art piece titled “Beeple’s “Everydays: the First 5000 Days” was sold for 69 mn USD via an NFT marketplace and the NFT world was never the same again!

The NFT sales volume reached sky-high limits and sat well above 10 bn USD by the end of 2021. Being non-fungible tokens – the tokens that are unique, non-exchangeable, and non-replaceable, NFTs are the right investment units for beginners who are looking for investing in collectibles, art, and digital assets. However, the options are not limited to these three categories only.

NFTs allow the people working in art, such as artists, brands, and companies to ensure and prove the originality and authenticity of any art piece they create. 

But what makes NFT marketplace development a profitable business concept and how to make sure that you get the best value out of your investment?

What are some of the pitfalls that you must keep in your mind and what are the various benefits of NFT development?

In the following post, we explore the answers to all these and many other questions and discuss the topic at length. 

Let us begin with the definition of NFT token. 

What Is a Non-Fungible Token (NFT)?

NFT tokens are one of the latest developments in the segment of the digital economy and can be understood as a digital file with unique identifiers. As the digital file is unique, it cannot be replaced with another one of its kind. 

For example, if you have one bitcoin, then you can exchange it with another person holding a bitcoin without affecting the value of the coin. This is because all the bitcoins are alike. 

NFTs, on the other hand, are irreplaceable and unidentical.

This makes it impossible to create their counterfeits or copies to scam someone. 

Any digital file can become a non-fungible token, and the owner can be sure of its authenticity at all times, even when they wish to sell them for any reason. 

NFTs or digital files can be tracked by using blockchain technology that is also the enabling technology for cryptocurrencies, such as Bitcoin, Ethereum, etc. 

Using the smart contracts the owners can assert rightful ownership over the NFTs and the buyers can confirm that the piece being bought is original. 

Now that we understand the definition of a non-fungible token, let us move on to the NFT marketplaces.

What Is NFT Marketplace Development?

NFT marketplaces are used for selling and buying these digital files via cryptocurrency. You can make the purchase just like any other marketplace. However, you have to pay some processing fee for each transaction. 

NFT developers are creating numerous markets for selling and buying digital files or NFTs in various categories, such as digital artwork, media, photos, clips, tokens, games, tweets, licenses, domains, music, etc. While you might opt for creating a marketplace for only a specific few categories, there are many companies that offer all the possible categories to widen their audiences. 

You can either opt for NFT marketplace development from scratch or opt for a White Label NFT marketplace. While the NFT marketplace development cost for development from scratch is high, White Label NFT marketplace just requires customization and is more affordable. 

Some common blockchain networks that are used for developing NFT markets are:

• Binance Smart Chain
• Etherium
• Cardano
• Solana
• Polygon

How Does NFT Marketplace Work?

NFT marketplaces work just like the regular online marketplaces where you can buy and sell things of your interest. Functionalities and features of NFT marketplaces resemble those of online marketplaces and allow the sellers to display and manage the files for selling them. 

These marketplaces use blockchain technology for facilitating these services in a secure and transparent manner. 

Below, we discuss the working of an NFT marketplace in a step-wise manner.

1. Digital Wallets for Cryptocurrency

If you wish to use the NFT marketplace, you need crypto wallets, such as MetaMask that sit in your browser and help you initiate a secure NFT transaction for purchase or sale. You can add cryptocurrency to your wallets anytime you want for making a purchase. To enjoy a wider client base, you must work with different popular crypto wallets, such as WalletConnect, or MyEtherWallet. 

2. Sales and Auctions

As it happens on the other online marketplaces, the sellers list their items online on the NFT marketplace and mention the fixed price for each one of them. The sellers can also put these items on auctions and set a starting bidding price as well. 

3. Smart Contracts

As the underlying tech for NFT marketplaces is blockchain technology, the terms and conditions between a seller and a buyer are mediated via smart contracts. These smart contracts are self-executing digital contracts that are h stored over the blockchain network. The buyer has to agree to these terms and once it is done, the contract is validated and becomes irreversible. 

Thus, the NFT marketplaces are highly transparent, secure, and favorable to both sellers and buyers.

4. Costs

Apart from the item cost, the buyers have to meet the transaction and energy costs of facilitating the NFT transaction on the marketplace. Also, the buyer has to make the payment in the currency mentioned by the seller, if indicated otherwise. This would also require the conversion of cryptocurrencies and might come with an extra processing fee.

This is how an NFT marketplace works. 

Next, we discuss some key features of an NFT marketplace so as to help you understand how to plan your NFT marketplace development keeping the overall user experience and revenue in mind. 

Key Features of NFT Marketplace

Like every online marketplace, the NFT marketplaces also need to deliver effortless and hassle-free customer services for ensuring better revenue and popularity. Hence, you have to focus on user experience for all the parties involved (seller and buyer), the number of services, comprehensive service portfolios, diverse functionalities, and a highly intuitive compilation of the entire marketplace for maximizing your reach.

Below, we share some key considerations in this regard. 

1. Storefront

Having an excellent storefront and engaging product displays will not only appeal to the buyers but also persuade the sellers to choose your marketplace for selling their collectibles and creatives. 

Always opt for a neat, sophisticated, and organized look that is intuitive and comes with a little or no learning curve. You must finalize the design elements such that the users don’t have to spend time “finding the right option” when their main aim is to buy or sell on your marketplace. 

Finally, keep the quick links, storefronts for sales as well as auctions in mind while designing and developing your NFT marketplace.

2. Search Function

Having some smart and advanced search buttons with auto-suggestions for products and categories will allow your customers to find the items of their interest in a rapid manner. With proper category suggestions, you can further enhance the search preciseness and improve the scope of search results. 

These features make your marketplace more engaging and more aligned to your customers and visitors, as they find the search process less complex. 

3. Filters

Adding filters not only helps in refining the search but also makes it easier for the customers to complete the task they have in their minds. For example, suppose you have an NFT marketplace that sells music and digital art and Robbie visits your store to purchase a specific music video. Now, if you have smart filters with exhaustive filtering criteria, Robbie can easily choose them to make the process quick.

This becomes especially important if the item he is looking for is on an auction and he wishes to join earlier. 

Filters make your marketplace effortless and personalized for different customers without much ado. So, opt for exhaustive filter options to provide a highly optimized customer experience. 

4. Listing

It is important to make the listing of products easy, effortless, and optimized with smart navigation elements. This is crucial for providing impeccable UI and will also have a big say in the number of audiences you get to have. 

To enhance the quality of user experience further, you can add guides, informational write-ups, and bite-sized instructions for the users. 

5. Buying and Auctions

There are two ways to sell NFTs – regular buying done at fixed prices, and auctions. 

While the NFT marketplace development for regular selling processes is easier, the offering auction feature is complex. However, when you offer both the functionalities to the users, you not only widen your audiences but also make the platform more engaging for the sellers and buyers operating in the rare collectibles, antiques, and limited edition niches. 

While fixed-price selling is easy to manage and comes without real-time bidding modules, auctions are highly complex and require highly precise development efforts for facilitating fair and bias-free sales and purchases. 

6. Wallets

All the users are required to use crypto wallets for using the NFT marketplaces, as discussed above and in order to cater to a wide range of users, we recommend accepting as many popular wallets as possible. 

However, you must know that these associations come with processing fees and you have to pay them. Further, you might also be required to be compliant with certain regulations or certificates to use some of these crypto wallets. 

7. Ratings

Ratings, reviews, and feedback are of extreme importance for every marketplace as almost 9 out of 10 customers (89%) check the reviews and feedback before making a purchase. 

The buyers can check them for measuring the credibility of different sellers on the NFT marketplace and can make a better purchase decision. 

Ratings and reviews also allow you to monitor the seller activity and offerings’ quality with more alacrity and weed out the scammers from your marketplace aggressively.

8. Bidding Options

To make auctions more engaging and comprehensive, you can also offer multiple bidding options and functionalities. Some common examples include sealed bids, online bids, and auction bids.

Benefits of Creating NFT Marketplace

NFTs are becoming more and more popular these days, and the strength of security, transparency, authentication model and ease of processing are some of the core drivers behind this popularity. Further, more and more people are looking for investing in a democratized economy that comes with less hassle and constraints than traditional investment systems, and NFT marketplaces are leading the charts in the genre. 

Apart from the ones mentioned above, we are sharing some other benefits of NFT marketplace development below.

1. Access to a Variety of Incredible Assets

Many NFT marketplaces like Rarible helps creators and artists to list their creations online and get a wide range of buyer audiences for them. Investors can browse, buy, resell and use these items for various purposes, such as creative projects, large-scale use, or personal collections. 

Now, what makes NFT marketplaces so awesome is the fact that you can create an NFT of anything, such as rare posters, video clips, tweets, memes, code, puzzles, recordings, autographs, etc. 

Collectors, rare artifacts investors, and art enthusiasts can find a number of things that appeal to their interests and business requirements under one roof. Apart from collectors and art enthusiasts, there are many professionals that require unique and curios essentials for their work, such as decor, design, landscaping, and aesthetics designing. 

Hence, an NFT marketplace has a huge audience, even the ones that you might not know about initially. 

2. Diverse Development Use Cases

If you are a person with eyes on futuristic development, such as platforms that use the most cutting-edge tech and innovations to facilitate next-gen services, then NFT marketplaces are just the right first step. 

NFT marketplaces touch and weave together a number of industries, such as finance, fintech, cryptocurrency, digital tokens, crypto wallets, rare and unique offerings, extremely reliable, robust, and fool-proof security and authentication models, etc. 

So, with an unlimited number of business use cases available for exploration, you can always innovate keeping the future in mind. 

3. Liquidity Mining 

Liquidity mining refers to the process, whereby the crypto tokens are sent to a person’s digital wallet for VIP or premium service facilitation. A good example is Rarible, where RARI tokens are sent to sellers and buyers. The users can earn more of these tokens by continually participating in the NFT marketplaces. 

These tokens can be used to view rare items, cast votes, participate in auctions and even submit new ideas on the marketplace. These tokens can also be sold on third-party cryptocurrency exchanges to make some cash. 

These options make NFT marketplaces better, more engaging, and extremely user-oriented while ensuring a wide range of audiences. 

4. Hybrid Blockchain Implementation

You can experiment with blockchain technology across your NFT marketplace to facilitate a diverse set of features and functionalities and cater to a wide range of business use cases. 

You can work with hybrid blockchains and multiple blockchains, or also use blockchain technology for testing any new use cases in your business model.

Hence, NFT marketplaces allow you to innovate and research in the blockchain segment as well. 

5. More Transparency, Less Hassle

The common marketplaces have a complex transaction management system, because of the well-established financial ecosystem. As an online marketplace owner, you have to be compliant with certain government regulations and taxation rules as well. 

All these constraints are currently limited in number in the cryptocurrency domain. However, this doesn’t mean that there is no way to facilitate secure transactions. 

As NFT marketplaces are based on blockchain technology, all the transactions are safe, secure, and highly transparent. 

Hence, you can own an online marketplace that is innovative, modern, digital, extremely user-oriented, and secure but comes without the complications of a traditional online marketplace. 

6. Making an Early Entry

As it happens with every technology and business advancement, the NFT marketplace and blockchain-based businesses will get saturated in due time.  However, there is still time in it, and this time also allows you to have a window for experimenting and testing various business approaches.

This means that making an early entry on the scene will offer a number of advantages, such as:

• Establishing yourself in the industry by perfecting your business offerings over the years
• Garnering the best of customer audiences with limited effort in a less-competitive business market
• Perfecting your use of blockchains and business offerings 
• Making the most of an opportunity while you still can

7. Easy Development and Deployment

As the NFT marketplace development is still in its nascent stages, and most of the development, such as White Label NFT marketplace development is customization only, you can easily develop and deploy them. 

All you have to do is find the right expertise for NFT development and blockchain consulting to get started and you are all set with your marketplace that is unique, easily manageable, and entirely transparent. 

How to Develop an NFT Marketplace?

As discussed in the earlier sections, NFT development can be done in two ways:

• NFT development from scratch 

The NFT marketplace is developed from scratch and all the features and functional modules are developed entirely afresh. You can ask for specific features, platforms, functionalities, services, and integrations in such type of development.

As the development process is time and effort-consuming, the NFT marketplace development cost is high in this case.

• White Label NFT marketplace development

This type of development is actually customizing and your marketplace stems from an aggregated framework, such as Stellar, Ethereum, Tron, etc. You can get the development done in lesser time and the cost of development is lower as well. 

Next, we share a step-by-step discussion of NFT marketplace development that you can read for a better understanding.

Step 1: Know Your Audience

Begin with identifying your target audience and discovering their expectations from an NFT marketplace.

Some key considerations for this step include:

• What type of items or NFTs do you wish to sell and host on your marketplace?
• Are you opting for a national or international audience?
• Which wallets, facilities, and types of NFT trading are you planning to offer?

If you are catering to artists and creators only, then what services, features, and information flow must be there in your marketplace?

Having such a clear understanding of your business model, target audience and service offerings will facilitate in optimized development and rendering of personalized services to your customers. 

Step 2: Propose User Roles

Once you have the basic concept for your NFT marketplace, you have to think about the various user roles that it should offer. For example, what kind of actions all the marketplace users can take and how to facilitate these actions. 

Having such a granular understanding of the overall website activities and task flow will pave the way towards highly targeted NFT development. Further, you will be able to convey your requirements to the developers in a better manner and the scoping also becomes accurate. 

Step 3: Define Project and UI Development

Next comes project documentation and UI design. The developers will work on the entire project wireframe and create a detailed project development document for you. The UI design and functionality elements are also discussed and the overall browsing and information flow are reported to you. 

Step 4: Choose a Suitable Blockchain Model

There are many types of blockchain development platforms and all of them offer different functionalities and usability across different business use cases. Before the developer starts working on your project, you also need to discuss the relevance of the various blockchain development platforms for your NFT development.

Expert developers will not only help you choose the right platform but will also help you understand why it is the best choice. 

Step 5: Storage

Deciding on the right type of storage of your NFT marketplace data is one of the most crucial decisions. Some common options are cloud, third-party server, and on-premise data storage. 

All of them have their respective pros and cons, and you should finalize one of them after consulting with the developer. 

While choosing storage for your data, we recommend keeping some things in mind, such as:

• Expansion of business data
• Data security
• Data management
• Data Analytics use cases
• Type and level of services you wish to offer 

Step 6: Integrating Digital Wallet

Study and discuss the most popular digital wallet options for crypto transactions with your developer. Understand how they work and compare the transaction fees they ask for. 

While you must aim for incorporating as many popular crypto wallets as possible, you must consider the budget constraints that you have. 

The target audience you have in your mind also plays an important role in deciding the wallets you should adopt into your NFT marketplace. 

Step 7: Selecting Base Token

Next, you must finalize the base token. Token generation is a critical process for running an NFT marketplace. Blockchain consultants can help you choose the right token and token generation process. 

Step 8: Beta Testing

Once the NFT marketplace is ready, it enters the beta testing phase in which the marketplace is put into action, and end-users test its functionalities. The end-users use the marketplace with dummy tokens and dummy listings. 

The results and performance of the NFT marketplace are analyzed and the different result values are compared to the target or expected values. 

If any bugs or dangling operations are there, they are taken care of and the development is moved to the final stages. 

Step 9: Deploy & Launch

The last step in the NFT development is deployment and launching. The marketplace is handed over to you and the developer creates user information modules or management training guides if requested. 

Finally, the project is handed over to the client entirely and enters the maintenance phase. 

Top NFT Marketplace Examples

1. OpenSea

This NFT marketplace is leading the industry currently and operates via trading cards, sports, pieces of art, etc. The platform has numerous original and rare assets, even decentralized names. 

Trading card games and collectibles are hugely popular among the users of OpenSea and they can also build personal goods there. 

2. SuperRare

SuperRare is yet another commendable NFT marketplace example that is well-known for its singular innovations in the segment of digital crypto art. What makes this marketplace one of the best options in the market, is the fact that not everyone can sell here. 

Only the authors who have proven themselves with distinguished art pieces and creatives are allowed to join the marketplace and sell their creations. Also, the verification and sign-up process are challenging. Exchanges are facilitated via Ethereum.

3. Rarible

Rarible is another one of the leading NFT marketplaces where the entire community owns the services, and token exchange is extremely easy. The active members can earn the local token called RARI for quick NFT transactions. 

This is one of the best marketplaces for creative people that engage in multiple types of sharing, such as tokens, images, tracks, cards, etc. You can also find metaverses components here. 

4. AtomicHub

AtomicHub utilizes Wax Blockchain and is one of the best NFT markets for digital art. The trading is done via the local Wax coin or token and the registered users can trade with 25-cent values. Creating an NFT collection over here is extremely easy and users can choose a common theme for the collectibles.

Cost of Creating an NFT Marketplace

NFT marketplace development cost varies from project to project and depends upon the functionalities, technology stack, and features you wish to have in it. Integrations, underlying blockchain platforms, and API integrations also have a major say in the overall cost of NFT marketplace development. 

Finally, the project complexity, number of panels required for different roles, and duration of project development also matter when it comes to development costs. 

Below, we have offered a tabulated representation of various development costs to give you an overall idea.

Feature	Cost Range
Admin Panel	$3000 – $10,000
Author Panel	$5000 – $14000
Authorization and Security	$3000 – $8000
Buyer Panel	$3000 – $7000
Ethereum Incorporation	$4000 – $11,500
Home Page	$3500– $10,000
Inventory Management	$2000 – $5000
NFT management	$4000 – $11,500
Notifications	$2000 – $4000
Payments	$2000 – $5000
Product Page	$2000 – $5000
Reviews & Ratings	$2500 – $5500
Search and Filters	$4000 – $11,500
Shopping Cart	$2500 – $5500
UX/UI Development	$2200 – $5000
Total NFT marketplace development cost: Anywhere in between	$45,000– $125,500

NFT Marketplace Development: Right Expertise for Right Development and Best Results

While every NFT marketplace development idea is great, not all of them convert profitably or get developed properly. 

The best development results stem from three Rs:

• Right Plan
• Right Expertise
• Right Partners

At Parangat, we offer the best blockchain consulting, development NFT marketplace development, apart from many other developments and consulting services in our portfolio. We have an excellent team of brilliant professionals who are adept in all the latest blockchain platforms and other innovative technologies.

Hence, we facilitate all the three Rs – right plan, the right expertise, and right partners, irrespective of the size and scale of your business.

For more information and to get started with your NFT marketplace development, please book a consultation with our experts today!

Along with emerging technologies like Blockchain, Cryptocurrency, Virtual Reality, and Augmented Reality, NFT has become the new talk of the town. Global users use NFT marketplaces to list, sell, buy, and manage assets like real estate.
According to statistics, virtual lands worth more than $300 million contributed to 25% of NFT purchases in December 2021.

An NFT real estate market provides dealers with a secure digital infrastructure through which they can sell or buy properties. These marketplaces can be niche-focused or integrated, allowing NFTs to list from several fields.

Also, the NFT marketplace offers unique identification, which prevents data manipulation and protects against security concerns.

This blog post will walk you through the steps to creating an NFT real estate marketplace.

What Are Non-Fungible Tokens(NFTs)?

NFTs are cryptocurrency-based digital assets that anyone can sell online. The non-fungible tokens exist only for a limited time. However, they have a high market value due to their irreplaceable nature. Therefore, as demand rises, the digital asset’s value also increases.
The real estate component of NFT is gaining rapid popularity. For example, a virtual plot was recently sold for 1.5 million dollars or 888 ETH. Currently, the United States is leading the growth of the NFT marketplace by investing and trading in it.

How Do NFTs Work In The Real Estate Industry?

Consider the scenario where you own real estate and want to sell it. In traditional ways, you will discover purchasers through intermediaries, who will charge you commission fees if your house is sold.

Most of the time, the commission costs demanded by intermediaries are outrageous. You can quickly discover purchasers and submit your proposal for selling properties if you have a broad network of friends or family members. If this isn’t the case, you’ll have to rely on intermediaries.

However, this scenario is entirely different if you sell or purchase properties through an NFT marketplace. Here, you can locate the buyers with the help of a decentralized network that doesn’t use any middlemen and therefore doesn’t impose commissions.

The Working Model:

Blockchain technology makes NFT transactions look like a pretty straightforward process. Users can create customized contracts to their requirements, defining the terms and nature of the exchange. Many Blockchain systems can mint NFTs on their networks, and Ethereum, Flow, and other well-known cryptocurrencies are examples.

When buyers buy an NFT, they receive a certificate stating that the NFT is now their property. The transaction takes place by connecting crypto wallets to the respective NFT marketplaces. These wallets allow for the transfer of funds from the buyer to the vendor and the storage of NFT. Metamask, Trust Wallet, and Enjin are some of the well-known crypto wallets.

An NFT for a real estate marketplace, like any other, will include some basic features for listing and purchasing NFTs.

Advantages Of Implementing NFTs In The Real Estate Industry

1. Transparency & Security

Trading properties online requires a high level of security, and Blockchain-powered NFT platforms enable general resistance to hacking and data exploitation. In addition, traders can access transactional data of their properties, ensuring transparency.

A single person or entity can’t control a Blockchain by its very nature and can therefore be hard to hack. This function maintains the security of the NFT real estate marketplace, and users can execute transactions without worrying about being robbed or defrauded.

2. Mortgage

You can easily lend or borrow NFTs from decentralized marketplaces once you own NFT-based real estate property. As a result, NFTs encourage the concept of a mortgage.

3. Fractional Ownership

Real estate owners can divide their property into smaller fractions, or NFTs. Additionally, sell the bits of NFTs that carry the property’s ownership.

In other words, buyers with limited means can purchase fractional NFTs for a fraction of the market value. In this way, multiple investors can earn partial ownership of the same asset.

The mechanisms of fractionalization are pretty straightforward: Take a whole NFT and divide it into a specified number of shares (1,000, 10,000, or even 10 billion) that are sold at a specific price. Then, these shares can be bought and sold on secondary markets without affecting the value of the original NFT.

4. Absence of Middleman

What if you could exchange your real estate properties without using any middlemen? As there are no intermediaries on the decentralized NFT-based real estate network, users can take a fresh breath.

5. Low Transaction Fee

The marketplace owners have the option of making their platform exclusive. In the exclusive marketplaces, there is less traffic, leading to lower transaction costs.

6. Transferability

Easy transfers are another crucial element to include. Many NFT marketplaces succeed because they simplify users to transfer assets to other users. The user will return for more if the transfer process is swift and efficient.

7. Ownership verification

A blockchain-based NFT marketplace can also verify ownership. The system ensures that the NFT of the estate is precisely validated.

A Step By Step Approach To Create An NFT Marketplace

1. Know Your Audience

Begin by determining your target audience and what they expect from an NFT marketplace.

The following are some essential points to ponder:

• What kinds of commodities or non-traditional technologies do you want to sell and host in your marketplace?
• Are you targeting a domestic or international audience?
• What wallets, services, and forms of NFT trading do you want to provide?
• What services, features, and information flow must be available in your marketplace if you’re just catering to artists and creators?

It will be easier to develop and deliver personalized services to your clients if you clearly understand your business model, target demographic, and service offerings.

2. Market Research

NFT is a perfect blend of different technical possibilities in real estate. In recent years, blockchain technology has evolved, leading to new market trends. It’s now up to an NFT Marketplace development company to develop solutions for long-term success.

Organizations that provide NFT market development services can significantly benefit from competitive analysis, industry research, periodicals, journals, and other educational tools. This type of study can help you create NFT solutions that are highly tailored, scalable, and future-oriented.

3. Product Discovery 

After you’ve figured out what you want to sell, you’ll need to determine if your products or services are suitable for the market or your target audience. During the product discovery phase, you can examine the potential, significant features, and ultimate goals of your NFT marketplace.

Clients can also envision their product in real-time using innovative prototyping tools throughout the product discovery stage. The product visualization does not stop at the user interface; it also includes recognizing the difficulties, potential solutions, and market performance.

The procedure also lays out the project development and management strategy, including key elements like the structural base.

To acquire a fundamental knowledge of what NFT is and why you need an NFT marketplace to complete the job, read our thorough guide on NFT marketplace development.

4. Designing NFT Marketplace

Having a product structure will make it easier for you to create a compelling marketplace design that assists users in interacting with your product. You need to utilize a multilateral product design strategy that focuses on the many criteria to make your product user-ready for a varied audience.

A decent design will efficiently convert your audience into potential clients. In a richly featured NFT marketplace, each user would find a saturated interface that meets their needs.

You’ll need a capable team of NFT marketplace designers who can use their knowledge of product design, the NFT real estate market, and your target audience to develop a visually appealing and result-oriented plan.

5. UI Development

By utilizing top frameworks and programming languages, developers can implement the functionalities of the marketplace into the product to reach the end goal. Although the basic premise remains the same, engaging UI developers familiar with the NFT sector is always preferable.

You will need a collection of the below-mentioned technology resources to develop an NFT real estate marketplace:

• A Cloud-based Hosting Platform

To deploy the final product quickly, NFT real estate marketplaces require a flexible and scalable development environment.

Instead of deploying the program on a single server, an NFT real estate marketplace development company can use cloud hosting.

Cloud architecture enables automated and regulated solutions while providing APIs, web portals, and interoperable mobile applications.

• System for Managing Databases

A compatible database management system (DBMS) allows you to create a competent, safe, and secure environment for handling various types of data. Our goal is never to compromise on security. jeopardize the trustworthiness and long-term viability of data on an NFT real estate marketplace.

Database management systems (DBMS) are essential even when building cryptocurrency trading software.

• Platforms for the Frontend and Backend

A Blockchain development company can carve an interactive frontend and a solid backend that establish a client-oriented NFT marketplace using a variety of frameworks, computer languages, and scripts. 

The most common technologies used to build an NFT real estate marketplace are React.js, Express.js, and Node.js.

6. Implement Blockchain Model

Blockchain helps in storing NFTs. The best Blockchain will provide secure and smooth operation. Smart Contracts facilitate the execution of protocols. Blockchain applications are built using frameworks like Drizzle, Ganache, and Truffle.

Ethereum, Binance Smart Chain, Solana, Cardano, and Polygon are all NFT marketplaces built on Blockchain. It would be possible for developers to create a Smart Contract and deploy it to your NFT infrastructure.

The purpose of establishing a compatible Blockchain ecosystem that is to:

• Provide extensive functionality.
• Keep track of what’s going on.
• Streamline the product’s futuristic Blockchain ambitions.

7. Integrating Crypto Wallet

One of the most critical requirements of a multifunctional NFT real estate marketplace is a crypto wallet with many features. For example, it allows the incorporation of crypto tokens and ensures the secure transmission of gas fees on both ends. 

You’ll need a crypto-compatible wallet with capabilities that support the needs of a Blockchain-enabled NFT marketplace to conduct secure and smooth transactions.

Crypto wallets are available in a variety of forms. You can also employ a cryptocurrency wallet app development business to assist you in developing a custom cryptocurrency wallet specifically for your marketplace.

8. Testing

Testing is more than just looking for flaws and errors. It’s a final stage where you evaluate your concept’s possibilities that have evolved into a finished product. Therefore, we need to examine every small and significant chained feature, functionality, interface, and even NFTs within the program listed on the platform.

You look at the design, development, and other aspects of making it a complete NFT marketplace solution.

9. Deploy & Launch

Once you have a deployable NFT marketplace product, deploy it on the server seamlessly and safely. External resources and Smart Contracts will be integrated into a single bundle with flexible deployment. The ability to deploy leads to more successful business outcomes.

You can launch your NFT real estate marketplace on several design and development platforms. In addition, you can present your product in many ways, such as to potential clients, investors, and partners.

Top 5 Real Estate NFT Marketplaces

Now that you’ve learned about NFT marketplaces in detail, including their benefits and a step-by-step implementation guide, it’s time to learn about the top performing NFT marketplaces in the world to gain confidence in integrating them into your business in the right way.

1. Open Sea

OpenSea offers a diverse range of digital goods, ranging from original artwork to real estate. By searching here, you can locate various one-of-a-kind virtual properties.

OpenSea is the most secure platform for virtual buying and selling, with a trading volume of about 1.67 billion dollars. 

To purchase NFT real estate, OpenSea offers two possibilities. A property can be sold at a fixed price or at an auction where several purchasers can submit bids. If the seller accepts your offer, you will be able to purchase the land you choose.

2. Cryptovoxels

Cryptovoxels is a well-known and reliable virtual property marketplace. Approximately 80% of the land sold in this area has already been developed.

From their site menu, you can select specific land locations. Select any of them you like and purchase them with your virtual wallet. Cryptovoxel’s world’s aesthetics look pixelated, making it exciting and appealing to users.

3. Polka City

Polka City provides users with access to a variety of virtual locales. It has the potential to be a lucrative source of income. In comparison to other marketplaces, joining Polka City is a simple process. It is accessible without the need to open a new Blockchain wallet.

Each site is an NFT with a real-world value that allows you to make money. Creating an internet property here is comparable to that establishing a physical location. 

4. Super World

SuperWorld virtual real estate offers over 64 billion plots to choose from. You can have anything you want, from historical landmarks to stadiums and scrappers. In addition, it enables you to locate a home with sentimental importance for you. 

You can buy and sell these digital assets since they are tradable. SuperWorld allows you to own a one-of-a-kind, irreplaceable piece of digital real estate. Each plot is a 100m × 100m rectangle, the same size as a Yankee stadium.

5. Decentraland

Decentraland is another prominent NFT marketplace for virtual and digital assets. It allows you to purchase virtual land and create a virtual community. In addition, you can explore, engage, and play games within this online environment.

Once you have control of the land, you can build whatever you want. It could be a static image or a fun game. Decentraland is a virtual economy where users can conduct trades and monetize their assets. 

A plot of land on Decentraland can cost thousands of dollars. This has even attracted the attention of the online art community. Digital artists have purchased land on Decentraland and constructed art galleries to display their work.

Key Takeaway

While every NFT marketplace development idea is fantastic, not all of them turn a profit or are effectively implemented.

The best outcome always stems from the best path:

1. Right Plan
2. Right Partners
3. Right Approach

At Parangat, we provide the best Blockchain consulting, the development of the NFT marketplace, and a range of additional products and consulting services. We have a brilliant panel of well-versed professionals in the latest Blockchain platforms and other cutting-edge technology.

Hence, regardless of the size and scope of your organization, we stand by all three Rs:

Right Investigation, Right Suggestion, and the correct implementation.
Book a meeting with our specialists today for additional information and get started with your NFT marketplace development!