NFTs stand for Non-Fungible Tokens. These are tokens that represent a unique digital work and one of a kind and cant be replicated. These are making news as these trending assets earn millions of dollars for the creators. The most famous example is that of the artist Beeple, who sold his painting for a whopping $69 million. Many more digital works of art are sold for more than 6 figures.
NFTs can represent anything digital. It can represent memes, virtual estate, tweets, source codes, pictures, art, videos, etc. This industry has opened many doors for digital artists and creators alike as it promises more returns in the form of royalties and earnings. As of the time of writing this article, NFT sales have generated over $148,791,005 and it is only increasing with the sales of trending Cryptopunks, virtual lands, Hashmasks, cryptokitties, and art.
All these NFT transactions are facilitated due to blockchain technology on which NFT marketplaces are developed. The most famous blockchain technology used to develop NFT marketplace are
For the NFT to be sold via the marketplaces like OpenSea, Rarible, Superrare, Hoard, Foundation, the NFT needs to be minted on these platforms. Since, the market is so huge, and there can be an NFT marketplace practically for any niche. Hence the development of these marketplaces is on the rise as there can be huge profit out of this industry.
OpenSea, which is the number 1 NFT marketplace by sales recorded $150 million in June. In just about 5 months of the launch of Foundation NFT marketplace, it has been able to generate a revenue of 26,657 Ethers which is about $85,895,453.52. Learn more about it here.
How To Develop A NFT Minting Platform?
Minting is an essential step in putting your NFT for sales. Minting is the process in which the digital copy will get edged/linked to the Ethereum blockchain and thus will make it an integral part of the network. This helps to track the NFT on the blockchain network, make it tamper-proof and the NFT then won’t be modifiable.
Advantages of owning an NFT marketplace:
Passive Income Stream: For minting an NFT on the blockchain network, computation power is utilized which leads to energy usage. For accommodating this, a fee is charged which is known as a gas fee for every transaction conducted on the blockchain network. This creates a stable revenue for the minting platform.
Market Adaptability: Since NFTs are relatively new and there are many unexplored niches, it gives more chance for the new type of minting platform to be ready for the increasing collectors/creators and hence be more profitable.
Business opportunities: As NFTs become more and more famous, many well-known businesses are adopting this asset to promote their company and market its product. As new businesses enter this market, business users and their crowd will mint on your platform.
Until now, the trend of NFTs is only increasing. This makes us believe that NFTs are more than just a timely trend and an asset promising exponential returns. The reason why many users are trying to mint their NFTs is that they have features like,
- Global Reach: The problem with traditional systems is that it was not accessible to all at a single place. The presence of the NFT marketplace gives an audience/community to every creator, especially if the marketplace operates for only a specific niche like gaming.
- Freedom For Artists: Earlier, the artists rarely got the chance to hold 100% profits from the transactions. Some of them were received by the intermediary factors who would facilitate the transactions. Like what a music label is to a musician. NFT and its marketplaces remove all those intermediary factors and promise 100% of the profits.
- Smart contracts compatible: The presence of smart contracts promises advantages like royalties and rights of the NFT in the future to the artist.
- Completely digital, secure, and fast: Since it is completely operated on a blockchain network and powered by strong and secure technology like that of Ethereum, the transactions are fast and hackproof.
- Immutable: Once the NFTs are minted on a blockchain network, the NFTs are unmodifiable and become tamper-proof.
- Scarcity: Since the assets are one of one and are unique, it increases the value of the NFTs.
By considering all these profits of the NFT, more and more creators/collectors are getting acquainted with this technology. Below is the image of active market wallets, and as you can see, the numbers are only increasing.
Essential Minting Platform Features:
Storefront: The presence of a clean and optimized storefront is necessary for the visitors to stay on the minting platform and guarantee more traction. This should describe the overall functionalities of the site, site purpose, new and trending NFTs, etc.
Search And Filters: Every user likes a clean experience and an option to search for what the user is looking for. A well-optimized search and filter section does precisely that. There can be filters of price, sorting mechanism, categories, etc.
Buy And Auction Features: Different selling mechanisms which will promote ease of selling off an NFT. Like an automatic time counter, which would increase the auction time by 15 minutes for every last bid.
Creator Profile: A personalized page for the collectors describing the artist/collector with links to social media accounts. This page will also house the collector/artist’s history of transactions.
Wallet Compatibility: Every minting platform will require a wallet linked to it for conducting any form of transaction associated with the NFTs. This includes payment of gas fees, buying and selling NFTs, and other such charges.
For developing this kind of NFT minting platform a technical and experienced team is essential. We at Vardhaman Infotech are precisely that. We have had to work on blockchain technology for years now with many global partners. We take on-demand projects and also offer quick to deploy solutions. Our NFT solutions enable entrepreneurs, enthusiasts, investors, start-ups, build their own NFT marketplace. If you are interested in creating your very own NFT marketplace get in touch with us. We would be honored to work with you.