NFT has paved a new way for innovations and growth in every industry. Whether it is agriculture, real estate, or music, the selling and buying of digital assets can be seen everywhere through this highly encrypted and decentralized platform. But, to create and develop blockchain-based marketplaces, we need NFT marketplace development services. They can pave the right way to develop a highly functional and secure NFT marketplace with an improved user interface.
Benefits of NFT Marketplace Development
It is well understood that if so many businesses are showing interest in this platform, it is because it offers enormous benefits to them. NFT uses blockchain technology, which is known for providing high security and authenticity. Let’s take a look at some other main benefits that it offers.
Authenticity
The Blockchain technology used in NFT marketplace development makes it easy to identify the authenticity of the digital asset. Each NFT is unique and verifiable to ensure they are not a replica of the original.
Traceability
One of the primary benefits of NFT marketplace development is that it allows users to trace the history of particular digital assets in the NFT marketplace. Moreover, the NFT marketplace also records ownership of valuable NFTs like art or collectibles.
New Way to Generate Income
NFTs offer many new streams for earning more revenue. First, creators and artists can generate new sources of income by tapping into a new market. They can create and sell unique digital assets. Aside, these digital tokens can be programmed with smart contracts. Once it is programmed, the creators can earn a subsequent percentage on each subsequent sale of their artwork. With this, the earning of the artists or creators increases as the value of their assets increases over time.
Easy Accessibility
NFTs are digital Assets. These can be easily traded from any part of the world. Also, NFTs are easily accessible from anywhere in the world and anytime. Hence, if you are an artist, you don’t need to be in the same physical location or geographical area to participate in the art market. In addition, more and more people can invest in high-value assets as non-fungible tokens establish fractional.
Driving Innovation
NFTs have emerged as a great tool to drive innovation. It can be used to create unique and verifiable assets. Hence, creators and artists get immense opportunities to monetize their work and express themselves. Creating new blockchain-based platforms and marketplaces offers big opportunities to collectors and artists. They can collaborate and connect with each other in new ways. And the creation of such new platforms is only possible with the help of NFT marketplace development services.
Top Industries Leveraging From NFT Marketplace Development
1. NFT Marketplace in Real Estate
The real estate marketplace offers a huge online platform that allows traders and gathers them to create, sell, auction, and purchase virtual properties under one roof. It aims to simplify the transactions and exchange services between actual and virtual land. NFTs are designed and optimized to speed up the tasks that need to be completed in the real world.
Moreover, NFTs can help the real estate marketplace in various ways. Some examples are given below:-
Encrypted Security
NFTs are kept and saved on a blockchain ledger. Anyone may look into their previous transaction history to check their legitimacy.
In addition, users can reduce the interference of malevolent actors manipulating their papers. It becomes possible when you mint your documents or title deed as an NFT. NFTs are based on blockchain technology which maintains an immutable record.
High-Speed Exchange
The real estate sector is known for its cumbersome and time taking procedures. If there is an agreement or contract to be signed, it takes a few weeks and is sometimes prolonged for even months. NFT marketplace development companies can assist in expediting and streamlining these procedures. They can develop blockchain-based NFT marketplaces to automate and maintain the bureaucracy and procedures associated with transferring ownership of assets.
Automated Process
Integrating smart contract functionality by NFT marketplace development services can automate the overall process of purchasing real estate. The lengthy process of receiving and paying dividends and payments will become easy and automated. Also, it will automate maintenance and many other things.
Proportional Ownership
NFT marketplace for real estate allows investors to manage various projects. They can use NFTs to acquire fractional shares of multiple properties. This is called diversification, as it spreads risk across different markets and assets. As a result, it reduces the potential impact of any downturn in any specific property. These marketplaces can be created by NFT marketplace development services that use blockchain technology.
Development of NFT Real Estate Marketplace
When businesses are required to establish a real estate marketplace, they contact NFT marketplace development services. These services or companies analyze business partners’ needs, NFT specialists, traders, investors, and qualified NFT real estate buyers. After doing proper market research, they perform the following to develop a blockchain-based NFT marketplace.
- NFT marketplace development services plan a fair management and development plan of a product you wish to sell on the marketplace.
- Once get the product structure, NFT marketplace development services can create an appealing marketplace.
- After that, they strive to develop a completely functional user interface for the NFT marketplace. The entire process is followed by interconnecting a crypto wallet, testing the software, deploying it, and finally launching the NFT real estate marketplace on various platforms.
2. NFT Marketplace in Logistics
NFTs marketplaces can effectively create unique digital identities for each product. It allows for real-time verification and tracking of the authenticity of goods. NFT marketplace development services can use NFTs to automate inventory management and order fulfillment. Hence, it helps businesses meet demands more efficiently and quickly while reducing delays and errors. Aside, NFTs offer a tamper-proof and secure way to track the movement of products, reducing the risk of loss, damage, or theft.
3. NFT Marketplace in Fashion
NFT marketplaces provide new opportunities to the fashion industry and people associated with it, like retailers, consumers, and designers. These people can use NFT marketplace development services to create and sell digital fashion apparel. For example, they can deal in virtual accessories, avatars, accessories, and even skins for virtual avatars. Such opportunities can help create new revenue streams for retailers and designers and reduce waste.
Apart from this, NFT marketplaces can be used to provenance and authenticity of fashion items to increase consumer trust and reduce counterfeiting.
4. NFT Marketplace in Gaming
NFT marketplaces can be used to monetize games and in-game items. Players get a sense of ownership over their digital assets, allowing them to sell, buy, and trade them with other participants on secure marketplaces. In lieu of that, players can earn various rewards along with cryptocurrencies on these NFT marketplaces.
5. NFT Marketplace in Ticketing
Counterfeiting tickets has always been a great threat to the ticketing industry. Organizations and performers lose their fan support and tons of money. The introduction of NFTs in the ticketing industry can solve the problem of counterfeit tickets and protect the buyer’s interest. Blockchain-based NFTs help audience to verify the authenticity of their purchased tickets. Also, it eliminates the chances of getting scammed by scammers or scalpers.
6. NFT Marketplace in Music
NFT marketplace development services can help people to buy and sell digital assets associated with music, such as concert tickets, merchandise, and music. Further, sellers and buyers of such types of digital assets can verify and authenticate their items on blockchain technology. Moreover, the use of NFT marketplaces in the music industry can provide new monetization opportunities for creators. Besides, it creates a more transparent and direct relationship between fans and artists.
7. NFT Marketplace in Art
NFT marketplaces can transform how art is sold, bought, and collected. It provides a secure and transparent way to verify the authenticity and ownership. NFT marketplace development services use NFTs to create unique digital identities for every piece of art. Hence, it allows real-time verification and tracking of provenance, ownership, and sales history.
How Much Does NFT Marketplace Development Cost?
Developing such blockchain-based marketplaces for NFT marketplace development services takes work. There is no such term as free NFT. You have to cost money for it, which depends on various factors. You may need to pay cash in account, gas, and listing fees. Hiring professional NFT marketplace development services with a team of NFT designers, project managers, and developers may cost you $50,000 to $100,000 or more, depending on many other factors.
Some other factors that influence NFT marketplaces development cost include:-
- Payment gateways
- The type of NFT marketplace services you pick
- Creating listing, wallet, and storefront.
- Notifications & feature listing.
- Search functionality & KYC.
- Mystery box, royalty, & referrals.
- ACL, auction, and buy.
- Analytics and reporting and ratings and reviews.
However, the above-mentioned reasons are only a few; there are also some other factors that play an equal role in deciding NFT marketplace development cost. We have mentioned some of them:-
- The complexity of the platforms
- Team size and development cost
- NFT tech stack and marketplace niche.
- Development process and maintenance cost.
- Third-party integration and the type of NFT solution you wish.
Conclusion
At last, before looking for NFT marketplace development services, it is important to spend enough time understanding your chosen services’ industrial experience and the skill set of their developers. Also, try to communicate with project managers and designers to know about their expertise level. Don’t forget to go through the NFT marketplace development services’ testimonials and portfolio to understand the type of projects the company has delivered, its budget, and its timeframe. After doing all this, talk to your chosen company about NFT development cost and begin the project.
