In the digital era, the NFT market thrives more than ever. As per GlobeNewswire, the global non-fungible tokens market size is expected to reach $97.6 billion by 2028, rising at a market growth of 31.6% CAGR.
The rising popularity of NFTs encouraged many big brands, like McDonald’s, Gucci, Coca-Cola, etc., to develop their NFT platforms or items. The growing interest of people in NFT trading is perceived as an ample opportunity for businesses to venture into this domain.
So, witnessing the massive popularity of non-fungible tokens, if you are wondering how to create an NFT marketplace, having a well-thought plan will increase the chances of having a profitable business.
This blog will present the best technologies for NFT marketplace development to help you strategize the plan for your marketplace.
First, take a look at the top NFT marketplace available in the market.
Examples of Top NFT Marketplaces
In an NFT marketplace, users can trade, bid, and store their digital assets (NFTs), such as digital art, collectibles, gaming items, audio records, etc. These NFT marketplaces work on core technology like Blockchain.
Consider knowing about these top NFT marketplaces to understand their creative work. It will answer your many questions and help you design your own NFT marketplace.
OpenSea
Magic Eden
Nifty Gateway
Rarible
Coinbase NFT
Binance NFT
SuperRare
Features of NFT Marketplace
Before diving into the NFT marketplace development, you must know its main features. Having an understanding of the features will help you select the relevant technologies.
Some of the standard features of the NFT marketplace are given below.
Storefront
Wallet
Search Filters
Listings
Royalty
Ratings
Bidding
Tools and Technologies for NFT Marketplace Development
Blockchain Networks
To design an NFT marketplace, you need to select a Blockchain network. There are several marketplaces available in the market that you can undertake to create an NFT marketplace.
This technical architecture provides ledger and smart contract services to developers who want to develop an NFT marketplace.
Below is a list of some well-known and credible Blockchain networks you can use to create an NFT marketplace.
Ethereum
Binance
Solana
Polygon
Wallets
Your customers need a wallet to store and manage all the trading parts of the NFT marketplace. Ensure your wallet provides a seamless playout and relevant information regarding the transactions, including transaction history, credit left, earned royalties, etc. At the same time, ensure the wallet you add to your NFT marketplace provides superior security.
Some of the top-rated wallets available in the market that you can consider integrating into your NFT marketplace are given below:
MetaMask
Trust Wallet
Coinbase Wallet
My Ether wallet
NFT Technologies
The primary technologies the revolutionary platform NFT marketplace works on are IoT, Blockchain, AR/VR, etc. Apart from these technologies, several tools, frameworks, and technologies are involved in developing the NFT marketplace.
Solidity
Angular Js
React Js
Node Js
Express Js
MongoDB
PostgreSQL
React Native
Conclusion
Developing an NFT marketplace is a challenging task that requires your full attention. However, with the building pressure of business, handling the charge of NFT marketplace development can be hectic. Therefore, you can hire a Blockchain development company to manage the development work.
You need to understand Blockchain’s essential tools and technologies to hire a development company. We hope this blog helps you know the technologies of NFT marketplace development that will also help you select a suitable company.
