By Orion eSolutions
09/06/2021 $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
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
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.
About This Author
Top tech talents, on demand. Orion eSolutions is a catalyst to digital transformation. We are technology aficionados'. We appreciate AI and data. We understand cloud. We take pride in our innovations in connectivity, software, platforms, and digital engineering. We help businesses connect, scale, an…
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