While Non-Fungible Tokens or NFTs are making new records and history, few still think NFTs will soon be a dead tech. NFTs? A dead tech? But the most popular NFT marketplace in the industry says No! Opensea has just created a new daily trading record of $476 million on Ethereum. Otherside’s NFT virtual land plots launch created this havoc on the platform, making it beat its existing daily trading record of $323 million. OpenSea is an open example that says NFTs are not dead and definitely not ready to. Having a huge effect on the Metaverse, which is still an evolving technology that will reach billions in the next few years, NFTs are invincible. This clearly is a sign for you to get into the NFT space. Here is a guide for entrepreneurs on NFT marketplace development.
What is NFT?
Wondering what is NFT, It’s basically a non-fungible token, which means it cannot be replaced or it cannot be interchanged. It’s a digital asset that represents collectibles like art, music, and games with an authentic certificate created by blockchain technology.
This NFT is unique because it cannot be forged or manipulated. These NFT exchanges take place with cryptocurrencies such as bitcoins. It enables you to buy, sell or store 10,000 collectibles with proof of ownership.
By now you should have understood what NFT is, if not let’s get into some entertainment information. If you are a series person, a series called EUPHORIA has a small scene that explains cryptocurrency or bitcoins
Examples of NFT that exist today
- A digital collectible
- Domain names
- Sneakers in fashion line
The most significant use of NFTs today is digital content, content creators see their profits enhanced by NFTs and creators have the ownership of their own content over to the platforms they use to publicize it. Another interesting fact is even celebrities like Snoop Dogg, Shawn Mendes, and Jack Dorsey are taking an interest in the NFT by releasing unique memories and artworks and selling them as securitized NFTs.
OpenSea- The Ideal NFT Marketplace
People who know NFTs will definitely know OpenSea- the most popular and preferred NFT marketplace that allows users to mint their own NFTs on the Ethereum network. OpenSea is a go-to platform for anyone who wants to buy, sell or create their NFTs. The platform is expanding now. Initially, it was open for NFTs on the Ethereum, its side chain Polygon and Klatyn. Ethereum and its side chain host over 95% of the NFTs in the world. But now, Solana-The Ethereum rival is emerging at a steadily standing as the second preferred blockchain for NFTs.
Creating an NFT marketplace like Opensea will help entrepreneurs to enter the NFT segment with full intensity. With this, recently, Opensea opened its door to NFTs minted on the Solana blockchain. With a lot of bluechip NFTs on Solana, OpenSea made this new move in its Beta version. The users will be able to integrate their Solana-supported wallet to begin their trade on Solana NFTs. The platform is thus spreading its wings and emerging as a multi-chain NFT marketplace. It is also accepting emerging cryptocurrencies like the Ape coin lately, and it is now supporting 7 different currencies.
Not just that, Opensea is creating a revolution in the world of NFTs by attempting to put a full stop to the fake NFTs that are circulating in the market. The Platform is adding its NFT copy detection and verification features to crack down the fake NFTs. This feature will check for any flips and reverse images of an existing original collection, followed by a human verification. This is to ensure that the platform proffers authenticated NFTs to the users. It is also found that about 80% of the fake NFTs detected so far are from the minting tool in the platform itself.
Why is OpenSea the most preferred?
If you are an entrepreneur getting ready to step into the world of NFTs with exclusive platform development, it is important to study the most popular marketplace. It is important to understand why OpenSea is doing better than any other marketplaces in the industry.
Did you know, that even if an NFT is minted and bought somewhere else, it makes its way to Opensea Marketplace for the secondary sale eventually? The Impact holds over the NFT marketplace is huge that it has over 1.6 million NFT traders on the platform. So what makes the platform this powerful?
- The NFT minting feature on the platform with ERC721 and ERC1155 standards made it comfortable for independent artists to claim ownership of their content on the blockchain and monetize them as well.
- Having all in one platform from minting, launch, and secondary sales made it convenient for the creators as well as the collectors to stay here for everything they need to do with NFTs.
- The Polygon chain Gas free minting on Opensea allowed creators to mint NFTs free. Considering the high gas fee of the Ethereum chain, this way of minting NFTs attracted a lot of artists to the platform.
- Also, the creator of the NFT is rewarded with a royalty every time the NFT is up for a secondary sale in the marketplace.
- The robust search filter, with various categorizations including price, rarity, blockchain, and status, along with an easy-to-use interface, is a major contributing element.
- OpenSea supports popular crypto wallets like MetaMask, Coinbase, TrustWallet, and more. It makes it easy for crypto users to get into NFTs without any hassle.
- It also allows the sellers to fix a price for their NFTs and even put them for auction with a base price.
- When it comes to the buyers, they can see the purchasing history of the NFTs, including how many times it was sold, who bought them, and their prices.
It is a known fact that it takes a lot of effort, time, resources, and patience to develop a platform from scratch. You should have a dedicated development and testing team, and it can take a while to launch your platform. But blockchain is an open-source technology that allows you to make the entire process simple.
You can take up a white-label NFT marketplace solution of an existing platform, most preferably an Opensea clone to construct your platform. In this method of development, all you need is to do your research and come up with the features and workflow you yearn for in your platform. This white-label clone script of OpenSea is highly customizable so that you can add or upscale features, design your own UI, and more.
This method of blockchain platform development is trending now and entrepreneurs are making use of it to launch their dream platforms. This is an affordable and time-saving solution that helps you hit the blockchain market with a robust marketplace.
This few-minute read should have given you an idea of what you should look into before starting your NFT marketplace development. After much research and consideration, experts find that starting the development process with an OpenSea clone- a white label solution will be beneficial for aspiring entrepreneurs. Sprinkling some innovations on your mind in an NFT marketplace to hit the market will be a rewarding approach to strike the Blockchain industry. All you need to do is take your first step in penning down your innovations and getting yourself an experienced developer.