Thinking of dipping your feet in the NFT marketplace? We second the idea! Here is everything you need to know about the blockchain balloon; NFT marketplace development cost. What is in it for you? It has been the most recent talk all over the internet about making money hand over fist without having to leave your Barcaloungers.
What is a Blockchain?
A blockchain is an evolving inscribing of records, called blocks, which can be related altogether using cryptography. Each block includes a cryptographic hash of the preceding block, a timestamp, and transaction facts (commonly represented as a Merkle tree). The timestamp proves that the transaction facts existed while the block changed into posted to be able to get into its hash.
Blocks comprise the hash of the preceding block, forming a chain, with every extra block reinforcing those earlier than it. Therefore, blockchains are immune to amendment in their facts due to the fact that as soon as recorded, the facts in any given block cannot be altered retroactively without changing all text blocks.
Also read – Blockchain technology for more details.
What is an NFT Marketplace?
An NFT marketplace is a platform for the buying, selling, saving, and investing of non-fungible tokens (in short, NFTs). These marketplaces are a source for the trading of digital currencies, assets, and non-custodial goods, meaning, only the owner has access to their one-of-one tokens.
What is a Non-Fungible Token?
Why do we call them one-of-one tokens? all Non-Fungible Tokens, as their name suggests, have a unique identity. They differ from each other in a lot of ways, making it impossible to create duplicate goods. Because of their Non-Fungible nature, these assets are always high in demand and create a good sale for themselves.
For more detailed information on NFT blockchains refer to what is NFT? How do NFTs work?
After the outbreak of the COVID-19 pandemic the sales of physical artwork, displaying these compositions in museums and galleries and all auctions have been suspended. But no doubt, if there is a will, there is always a way. How to take advantage of the situation is all on you.
What features can make your NFT marketplace a go-to place for users?
Everybody is talking about how much money you can make via NFTs, what about how much it costs? Let us dig deeper to understand the development cost a little better. The NFT marketplace development cost mostly depends on the features and the type of marketplace you want. Moreover, where are you getting it developed? Yes, the place matters!
It is no longer a secret that developing your marketplace in the US is the most expensive. Getting it developed in Eastern European countries might cost a little less. However, getting NFT marketplace development cost less in India. No doubt, India has a skilled workforce for software development that caters to the world at a very reasonable rate!
Once you figure out where you can get quality under your budget, the next step is to know what features you want your marketplace to have. Before getting into it, we need to understand the basic functionality of such marketplaces.
The focus of each NFT market is the trading of contents. So, to start with, buying and selling these digital assets should be the first command created. Once we are done with this, there are more features that you can choose to put in your crypto marketplace to ensure a good experience for the users. Listed below are these functionalities.
1). Storefront – That is right! Even though this is a 100% virtual market, it sure needs a storefront, for a better access to collectibles.
2). Search Convenience – You might want to divide your content into categories to make it easier to find the content of choice for the users. The client is attracted to a place that gives them the utmost benefit with less technicality.
3). Filters – Filters help make a process less time-consuming for the users. This results in more searches and productivity on your marketplace. It helps to bring good traffic and promote your site. The most popular filters that are usually used are: sort according to the price (lowest to highest or vice versa), most viewed, and recently added. This also increases the scope of exploring more sales and choices.
4). Creation Listing – This feature is used to make work easier for those listing their content down. Developers are expected to give easier access for putting in information like the token number, content description, and authenticity.
5). Auction – Creating a convenient bidding system for the buyers is the most important stage of building an NFT marketplace. Mentioning the time limit of the auction and making it easy for the buyers to put in their bids for the one-of-one digital tokens is a must-have. The easier it is to buy, the more buyers and sellers you attract.
6). Listing Status – Make it easier for sellers to keep a track of the verification of their content and for buyers to keep a track of the auction bids. Status helps them know the value of a non-fungible asset, who are their competitors, and where they stand.
7). Product Ratings – Encouraging your buyers to rate their tokens helps other users to know the authenticity and the quality of each virtual product. This results in a rise in the number of sales and promotions.
Clients who do not know enough about investing in NFTs might get a lot of benefits from ratings. This helps them know which seller is genuine and more compatible to fulfill their demands and choices.
8). Wallets – Linking wallets with your profile is a sure-to-do to receive payments in the form of cryptocurrencies. Allowing access of more than two kinds of wallets at least is recommended. Each client might want to link a different wallet, giving them an option to do so helps in more contact and engagement of traffic.
9). Push Notifications – When people plan to invest their money on a certain platform, they prefer getting notified about their bids, new tokens, and the status of their products, leading to a better user experience.
NFT marketplaces do not limit themselves to the above-mentioned features. There are a lot more functions you can develop that will help create a boon for your big blockchain market. However, sticking to the core features (mentioned above) would be enough for the initial stage. It is advisable to get started with a less complicated marketplace in the beginning. Although, you can always get your sites updated.
Cost of Getting an NFT Marketplace Developed in India
How much will it cost to develop an NFT marketplace in India? I stress developing it in India because there is no skirmish on how cost-efficient and inexpensive it can get. Getting your blockchain marketplace developed with basic features in India will cost something between $30k – $50
Getting it developed in the US will cost you 100k and more. Why pay more when you can get the exact same thing done in less, right?