How to Build an NFT Marketplace Like OpenSea?
Seemingly, the popularity of non-fungible tokens (NFTs) is never fading. These have become mainstream with soaring popularity. There will be no denial that NFTs are ruling the digital world and shaping the future. Remarkably, the NFT marketplaces are growing in demand & necessity. This opens up a way for newbies to dive into the NFT market with NFT trading platforms.
Want to capitalize on the rise of NFTs? Build NFT marketplace like OpenSea. Let’s consider the significant ins and outs of an OpenSea like marketplace in terms of attributes and blockchain networks to be used for development, functionality alongside the process of development.
Introduction Of NFT Marketplace
NFT marketplace is a blockchain-based NFT trading platform where NFTs are created, minted, sold, and bought in a much more secure way. This provides lucrative opportunities for creators with their digital assets to be sold to the counterparty. Being there so many NFTs prevail around us, NFT marketplaces support literally any type of NFTs to be traded seamlessly, ensuring transparency and zero or no transaction fees. NFTs are non-interchangeable, with their information being stored on the blockchain ledger.
Reasons To Build An NFT Marketplace Platform Like OpenSea
Understanding NFT marketplaces in the previous section, we will now explain why there is a necessity to develop the NFT marketplace like OpenSea.
As the prominence of non-fungible tokens (NFTs) is soaring, the value of the NFT market is ascending. There is an anticipation that the global NFT market size will hit USD 147.24 billion by the fourth quarter of 2026, with a compound annual growth rate of 35.27%.
This statistic is more than enough to say that the NFT market size is growing steadily and might thrive faster when the demand for non-fungible tokens soars at any time. Hence, launching an NFT marketplace would be a good as well as a fresh idea, irrespective of which year it is, as the NFT market is thriving.
There is an existing NFT marketplace — OpenSea, which is the fastest growing and largest platform. It has witnessed USD 5 billion in trading volume in January 2022. It is a preferable choice for NFT enthusiasts to trade non-fungible tokens.
Looking into the prominence of OpenSea and the rising popularity of NFT marketplaces, setting foot into the NFT market with an NFT marketplace like OpenSea will be a top-notch idea.
How An NFT Marketplace Like OpenSea Will Function?
Prior to creating the NFT marketplace like OpenSea, having a profound knowledge of the work logic will aid you. Here are the steps indicating the workflow. Have a glimpse of these.
- Create & Register An Account
The initial stage is that the buyers and sellers should have their own accounts by creating and registering with the required deets. After that, the KYC procedure has to be carried out in order to verify their identities.
- Link A Crypto Wallet
Soon after finishing the first step, platform users will be able to link their crypto wallets. This is for storing non-fungible tokens and cryptocurrencies, enabling seamless transactions. After linking, the wallet is to be pocketed with funds.
- NFT Minting & Listing
Then, creators are given the option to mint their digital assets and list them on the NFT marketplace like OpenSea. While listing, they need to specify the requisite information like description, name, and pricing details. The listed NFTs are to be directly bought with a fixed-price sale or through participating in the auction, which is chosen by the NFT owners.
- Owning The NFTs
When the NFT owners mention a fixed price, the potential buyers can purchase the NFT directly upon making payments. Whereas, in the case of auctions, buyers have to participate in them. The highest bid will win the auction and so the buyers who bid the highest will own the NFT.
Glance At Important Features For NFT Marketplace Development Like OpenSea
A typical functionality of the OpenSea like NFT marketplace is determined on the basis of features that have been infused. Let’s have a brief look at the important features for NFT marketplace development like OpenSea.
Shop Window/Storefront — A storefront is a virtual exhibitory where NFTs are displayed for sale with requisite information like owner name, token name, description, and pricing info.
Search — Users’ engagement and retention are much more important. One of the ways to attain this is by making the search for NFTs easier. With the help of the search filter, they can find the NFTs they actually want or are looking for.
Digital Payments — The assorted payment options give the users’ a variety of options to choose the convenient payment options. Contemplating accepting payment via fiat currencies and cryptocurrencies is an added advantage.
Filter Option — With the help of the filter option, the users will be able to sort out NFTs in accordance with the highest to the lowest price and even categories.
Notification System — When going for an NFT marketplace like OpenSea development, it would be reasonable to incorporate the notification system. In this, the users will be notified when digital assets are put for sale, special offers, new bids, and many more updates regarding the same.
NFT Marketplace Like OpenSea Backed By Blockchain Of Your Interest
At the beginning stage of the inception of OpenSea, it is built using the Ethereum blockchain. To improvise the platform and avoid any shortcomings, this platform supports multiple blockchains like Ethereum, Polygon, Klatyn, and Solana. When you opt to build an NFT marketplace platform like OpenSea, the decision is yours to pick any blockchains. Make certain to offer cross-blockchain support as this empowers NFT traders or enthusiasts to trade NFTs being built on different blockchains.
Possible Monetization Approaches To Be Carried Out In NFT Marketplace Like OpenSea
There are multiple monetization techniques to be carried out for making profits from NFT trading platforms. Some of the prominent ones to consider when going to develop your NFT marketplace like OpenSea are listed below.
- Listing Fees
- Transaction Fees
- Initial Setup Fees
- Minting Fees
- Bidding Charges, etc.
Process Of Developing An NFT Marketplace Like OpenSea
Before you actually start creating an NFT marketplace like OpenSea, you have to be aware of the process involved in it. Here they are. Have a glimpse.
- Hire Professionals
The very beginning step is hiring professionals with a strong knowledge of blockchain. Or else, pick the company or agency with the specialization in proffering the NFT marketplace suitable for your niche.
- Creating UI/UX Design
With the selection of features to be infused and the blockchain network to be used for development, start with the designing phase. The UI should be appealing to the users, ensuring friendliness and giving a better user experience.
- Developing Smart Contracts
Equipping with the smart contracts functionality will ensure decentralization as there will be no third parties or intermediaries involved in managing the transactions.
- Including NFT Minting Attributes
NFT minting is categorized into Single-mode NFT minting and Multi-mode NFT minting. This choice is yours. Based on your requirements, the smart contract code is written either for ERC-721 (single-mode) or ERC-1155 (multi-mode).
- Database & IPFS NFT Storage Setup
Database and IPFS NFT storage are many requisites for NFT marketplace development like OpenSea. The well-curated database is all you need for accessing and retrieving data in an easier manner. IPFS is for collecting files with backup.
- Testing & Deploying Phases
Soon after being done with the steps mentioned above, the NFT marketplace like OpenSea must undergo the testing stage. This is to ensure the functional flow of the platform. When there are no errors found, the platform is readily available for launch.
Ending Notes
Creating an NFT marketplace like OpenSea seems a bit of a lengthy process and obviously takes time for the launch. If you are the individual who aims to get into the NFT market sooner, picking an alternative solution — OpenSea Clone, will be a perfect ladder to launch the NFT trading platform.
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