NFT Marketplace Development

What is NFT?

Non-Fungible Tokens, also known as NFT’s, are digital assets which embody some form of ownership or value. They are designed to capture and represent physical objects that can vary in uniqueness.

Some examples may be a collectible card game where players purchase various cards represented with a NFT token. These tokens would then store the unique information and attributes of each purchasable card in their database. The card game they’re used in is asset-less and there are no monetary exchanges happening from player to player through the online system (players cannot spend nor trade their cards). Sometimes this is exemplified as valued packages or items that you may usually send through the mail.

NFTs use a blockchain, probably the most popular being ERC-721 which enhances one’s access to secure and instant trades which do not fail if the internet is down or because of refuse conditions such as government intervention. The primary appeal to nonfungible cryptosets is that they can own fractions unlike fungibles meaning they can collectively own commodities or assets. It has also been shown that much like Stocks in Investopedia another distinguishing trait of Nonfrugibles allows you to participate

Why you should build a NFT Marketplace?

A lot of companies are placing an importance on their enterprise and need enhanced security, personal data protection as well as adopting of the new technology. An Increase in Smart devices imply that there is a need to automate various systems utilized by the company to keep it up-to-date. A NFT Marketplace will be of great help in tracking these logistical tasks with it being blockchain powered, running on a decentralized network.

In the future, we will have a million products and commodities trading on untapped economic ecosystems. There will be no such thing as ownership in the traditional sense of the word. Items that are traded and shared will be tokens on blockchains because they are always on, available anywhere and much less expensive than resources like memory. Through blockchain technology life will be closer to Abundance for all.

Think of a generic product like a game app. Today, a person wanting to buy that game app can pay in different ways like cash counter, using debit cards (credit cards) or transfer money through platforms like PayPal. However, what if the company behind that game app created a marketplace where users can buy and sell their own NFTs in exchange for the company’s specific cryptocurrency?

Full Report

NFT Marketplace Development Steps

Empathizing

  • Defining and understanding the participants and roles in the product being created – in the development process and in the target solution
  • Defining and understanding the end user

Problem definition

  • Defining the problem that exists in the market for a given user profile
  • Frame your problem statement according to specific users

Ideation

  • User story mapping. Defining the Product Backlog (scope of work) with the help of User Stories describing the processes
  • Sketches (low fidelity) presenting the user flow in the application
  • Definition of processes interacting with other modules

Building prototypes

  • High fidelity wireframes visualizing the graphical interface
  • Extending mockups with a clickable prototype
  • Database structure. Database model describing table and field structure

UI/UX Product Design

The key is to select the most important problems whose solution will significantly change the life of the target user. Thanks to such an approach, already at the stage of Discovery and Design, it will be possible to build a successful product on the market much faster. It is always worth asking yourself the question “what value does the feature give to our user? Is it worth the investment?”

Our NFT Marketplace Development features

Smart Connectivity

When transferring an NFT, ownership is transferred to the buyer via blockchain-powered smart contracts.

As the code stored on the contract isn’t changeable due to this being automated, there’s no way for third parties to interfere with it.

Decentralized and Autonomous

Our platform is completely governed by it’s users. Their decision rights are managed through our NFT marketplace and, in turn, they form the Decentralized Autonomous Organization (DAO).

This means that they can make contributions in order to upgrade the platform using NFTs.

Peer 2 Peer

Our escrow feature helps you find the best deals in the marketplace and get your money from buying or selling parties with confidence.

The blockchain makes this possible and we make you feel secure

Start working on your NFT Marketplace right away!

     
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    From the beginning, GMI was able to anticipate possible risks and interruptions. The design environment was adapted to our working mode and was simple enough for the product owner to meet his requirements and those of the development team.

    Thanks to the great attention to the quality of the code, the project was delivered on time and there were no internal complications associated with the product development. However, there were external complications (service providers), which GMI helped to solve with us.

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    List of tools that we use for NFT Marketplace

    Technologies we use