$69 Million. This was the price of the most expensive non-fungible token ever sold.
Understanding the challenges and targeting a niche segment of audience is crucial for any business launch. These factors become even more important if you are planning to launch an NFT marketplace. In this discussion, we will familiarize ourselves with the factors to consider and the features to craft while delving into the non-fungible token business. But first, let us see if the market looks promising and if the future looks bright for NFT development.
- Pymnts has estimated that the sales volume for NFTs hit $2.5 Billion in the first half of 2021.
- In 2020, the sales volume was $13.7 Million.
- The weekly purchase volume is between 10,000 and 20,000.
With these staggering stats in mind, let us now dive into the essence of this discussion.
STAGES OF CONSIDERATION FOR NFT DEVELOPMENT
The target audience and prospects considered must be niche. Experts often recommend having a vertical market of hyper targeted individuals and segments rather than a horizontal market with multiple demographics.
Determine Project and Design
Project documentation incepts platform creation. The key features, success criteria, structure, and the crucial deliverables need to be fleshed out. The communication must happen across teams. One or more designs may be documented for the desired KPIs.
Now we move over to the creation stage. Once the design note is ready and the entire team has been brought to speed, it is time to implement it. A professional NFT development partner like Orion eSolutions can be of professional assistance in the most meaningful manner for this.
The backends for token development looks significantly different from the rest of the modules in the software development landscape. We have to apply smart contract token generators in this case. The data and information are confirmed on a blockchain. If a decentralized app is your preference, make sure to pass all the internal logic to the decentralized aspect.
Evaluate and Execute
This stage constitutes analysis, testing, and deployment. Furthermore, post-launch assistance or support is also necessary. This stage must be carried out in a comprehensive manner to ensure user delight, credibility, efficiency, and flawless functionality.
If you have diligently considered all these stages, chances are you will have a nice and functional marketplace up and running. The next step is to consider what features to add. This step involves understanding the consumer demand and the potential of the current technology. We marry these two insights to carve out some uniquely exquisite features that simply delights the users. Let us understand this a bit deeper.
CRUCIAL FEATURES FOR YOUR NFT MARKETPLACE
History of pricing, range of bids, details pertaining to owners, and other relevant information like item information needs to be presented lucidly on the digital storefront.
Token search feature is a must. Any user must be able to collect all the information they need without much fuss. An advanced token search functionality is the way to go for this. This adds to customer satisfaction.
Any online marketplace must have extensive filtering capacities. Effortless choosing is the idea. Any user must be able to sort through the entire marketplace and get their preferred item with minimal sweat.
Bidding is a universal commerce strategy. And a crypto marketplace is no different. The starting fee may not be attractive to all the prospects. Some of them may expect a certain level of flexibility. Integrating an auction watchlist will further enhance this feature.
Security is a mammoth concern when it comes to NFT marketplaces. The users demand a safe wallet to store their tokens. The best way to go about it is to add a native wallet instead of pushing your users to signing up on an external online wallet service.
With these features in place, you can be assured that your marketplace is second to none. Apart from the above-mentioned features, you can also consider adding a Ratings and Reviews section along with Listing Status. A custom marketplace development is definitely the way to go if you are planning on taking strides in this direction. Custom marketplaces come with the following advantages:
Let us end on this note.
The above discussion must have given you an ample idea of what to focus on while developing an NFT digital store. If you are interested in venturing into this zone and are in dire need of a trustworthy development partner, you are at the right place. Over and above the given features and stages, Orion eSolutions also consider the following:
- UX development
- UI design
- Profiling users
- Main, product, and rating pages
- Integrating crypto
- Buyer panel
- Seller panel
- Admin panel
- Various management nuances
Connect with us today to avail all these facilities and kickstart your NFT marketplace in no time.