What is the NFT marketplace and is it a good idea to create your own project
The NFT marketplace is a space for modern people who keep up with the times. The only difference from the familiar Amazon or numerous sites like it is the use of cryptocurrency as payment for goods, which here is NFT. Create NFT marketplace today — does the idea make sense today?
Types:
- by the placement of goods
- by the form of ownership
- by content
How Do You Earn?
Any project generates revenue from the commission of each trade. It itself determines the percentage. Also, NFT marketplaces may charge for the initialization of a digital wallet or for smart contracts. The latter are blockchain-based programs that allow you to conduct trade without fear of disruption because if the established conditions are not met, the operation will be canceled.
Monetizing such a site can be done in many ways. The main item of income commissions. But perhaps you can come up with a more interesting and profitable way for users to earn on the project.
How to develop your NFT marketplace?
NFT marketplace is a serious project with a lot of features. Therefore, creating a competitive product should be approached with full responsibility. Your competitors invest a lot of money and create exclusive conditions. Therefore, if you want to make money from your brainchild in the future, treat each stage with the utmost responsibility.
Stages:
- Market analysis.
- The strategy is working out.
- Creation.
- UX/UI.
- Testing.
- Support and maintenance.
How can your users make money?
- Creating and loading unique NFTs. The user draws an exclusive artwork and publishes it on your site. In this way, he turns into a content creator. If other users like the work for some reason, they buy it and become its rightful sole owner.
- Resale. It can be compared to full-fledged trading. Create an environment for your users where they can analyze the content of other authors, draw conclusions about their prospects, invest and earn in the future.
- Giving away free NFTs is a great way to attract new users to your platform. If you manage to build a successful platform, tokens from free giveaways will be worth money in the future. Also create conditions for your users to be able to hold their own giveaways as well, thus popularizing what they do.
- Producing.
- The niche of education in the world of cryptocurrencies and digital tokens is still free. You have a chance to take advantage of this window of opportunity.
We are still in the nascent stage of a whole separate niche. The first wave of hype is a thing of the past. Today, we are at the stage when it’s time to break into a new market and offer it new opportunities. There are no boundaries.
Where best to open an NFT marketplace
The best place to open is in countries that are loyal to cryptocurrencies because buying and selling is mostly for digital coins. States that recognize such assets create favorable conditions, but require compliance with laws, and certain rules, especially in the matter of anti-money laundering.
Loyal countries:
- Cyprus
- Malta
- France
- Canada
- USA, etc.
NFT marketplaces are not only available in these countries. There are quite a few jurisdictions that offer optimal conditions for registering a legal entity. The main thing is to take into account the wishes and peculiarities of your target audience.
Peculiarities of promotion of the NFT marketplace
To attract attention to the new platform and increase the number of visitors, you should use standard ways of promotion, such as SEO and content marketing, as well as look for new solutions that will help make it more effective. As demand grows, the number increases.
Name and logo — why is it important
The name and logo are used to form an image, transmit the main idea, to create an impression. A good name for the NFT marketplace will be easy to recognize and evoke emotions and desire to get acquainted with the site. But if it is absurd, hard to pronounce, banal, or causes unpleasant associations, then even a high advertising budget will not help to promote the platform.
What are the most popular sites?
There are several hundred different projects. Each of them has its own advantages and features. Despite a large number of platforms, not all have become popular and successful. Therefore, you should look at sites that are not much in demand, in order to study their weaknesses and errors in activity, as well as the most famous, for example, to get inspiration, to borrow some tricks.
Popular Projects:
- Binance NFT – Offers of any type. You can place them freely; moderation is not required.
- OpenSea – Every day here they sell and buy for a total of $40 million. Various are available — collectible cards, game characters, and works of art, both rare, and in collections.
- Alibaba NFT – Aimed at selling copyrights on art, music, software, games, patents, etc.
- Rarible – The site is associated with OpenSea, so the lots are often similar. But you can find other items photos, artwork, music, domain names, etc. About 2 million users visit the platform every day.
- SuperRare – The site focuses on digital art. Allows to buy photos, illustrations, videos, animations, etc., both for a fixed price and at auctions.
- KnownOrigin – Attracts artists, photographers, and designers who want to trade their work. NFT can contain encrypted jpeg and gif files.
- Nifty Gateway – The trick is that only celebrities publish.
- Sorare – A good solution for soccer fans and fans of other sports.
A successful NFT marketplace primarily requires out-of-the-box solutions. There are quite a few projects today. Study their advantages and disadvantages. Try to take advantage and minimize the disadvantages. And be prepared for the fact that this is a long-term investment, and the project will only start making a profit in a few years.
Only a development team that has had a similar experience with complex, multi-level projects can help you with this. There are quite a few teams on the market today with extensive portfolios. So you will have someone to choose from.
