How to Build an NFT Marketplace Website: Practical Tips for Quick ROI

Posted by Angeline on January 4th, 2022

Saying that NFTs are dominating will be an understatement. With NFT sales volume reaching billions of dollars, it is more than just dominating. NFT marketplace websites amount to almost 75% of global NFT sales, making the market easy to access. Having acknowledged its potential, the Indian technology company Tech Mahindra is set to launch its dedicated NFT marketplace very soon. 

If you’re a wanna-be cryptopreneur, launching your NFT marketplace website is the ideal business option.

The 5-Step Guide to Launch Your NFT Marketplace

The chances are that you may know what an NFT marketplace is! However, it’s mandatory to give an intro on it, IYKWIM!! NFT marketplace website is something that facilitates buy/sell and trading activities at a unified hub. 

Let me enlist what does it take to build your NFT marketplace:

1. Choose A Revenue Model

• Subscription - Facilitate NFT trading by receiving a subscription fee from the platform users, let it be quarterly/half-yearly/annually.

• Commission - Receive a fixed set of commissions for every transaction happening via the platform.

• Ad Spaces - Invigorate the Brands to list their video advertisements on your platform, thereby making some money.

  2. Incorporate the Must-have Features

When people hear about a brand-new NFT marketplace website (for the first time), their first question - what does it bring to the table? So, it is inevitable to include must-have features and advanced ones (as well).

• Storefront - An all-in-one Storefront (similar to an eCommerce website) is vital to give users ideas on bids, previews, auction history, etc.

• Search Filters - These filters simplify the users’ search and facilitate quick NFT trading.

• Bid-and-Buy - Allow the users to place their bids swiftly (without any technical hiccups) because every bid matters here!

• Wallet - Ensure that your NFT marketplace allows users to connect their crypto wallets, enabling them to store, send, and receive non-fungible tokens.

1. Specialize in A Niche

You may have a general concept, but it’s advisable to zero in on a particular niche as Sorare did with football collectibles. For instance, let’s take Seth Godin’s quote - Everyone is not your customer; likewise, you should know and study your target market.

Conclusion

As 2021 has been a ladder, I guess 2022 will be the fruition stage for the NFT sector. I think there couldn’t be a better time to build your NFT marketplace than now. Time to hire the value-added NFT marketplace development services? I think so!