Unlike bitcoin or ethereum, you cannot trade non-tradable tokens directly on regular cryptocurrency exchanges. To buy and sell NFTs, you need special trading platforms that allow you to issue, store and trade non-tradable tokens. The major marketplaces OpenSea, Rarible, Superfarm and Mintable currently dominate this market.
They generate NFTs using special smart contracts that add a set of unique information (metadata) to each of these tokens and prescribe its basic parameters (name, immutability, indivisibility, address/number, etc.). Non-tradable tokens can then be bought and sold on the platform at a fixed price or through auctions.
On the customer side, NFT marketplace development work like regular online shops . The user must register on the platform and create a personal digital wallet to store NFTs and cryptocurrencies.
Niches and applications of NFTs
Most ENFs are used to market all kinds of digital artwork, from digital copies of actual paintings to the same. For example, on the OpenSea trading platform, you can buy, sell, and transfer images, videos, gifs, and music. The platform runs on Ethereum and issues NFTs using the ERC721 and ERC1155 protocols.
But the fine arts are not the only field of application for non-interchangeable tokens. They can also be used to trade trading cards (NBA Top Shot), game characters (CryptoKitties), real estate (Mintable), virtual worlds (Metaverses), investment offers (Spencer DINWIDDIE contract) and any other area where you can symbolize ownership of something. The key is to create a marketplace that can handle the property you want.
For example, if you want to develop an NFT marketplace for fine art trading, you basically need to build an ordinary online store , the server side of which needs to be able to release, store, sell and modify NFTs. It’s relatively simple. On the other hand, if you need an NFT platform for real estate trading, you will have to create an analogue of Zillow or Trulia. These platforms must be able to work with MLS databases and state registry databases, identify user location, etc.
And so on for each sphere. Here are some other examples:
Online learning . These marketplaces should provide a full range of services for e-learning — from selling a training course to tracking the buyer’s learning progress and communicating with trainers.
Investment projects . These types of NFT marketplace development platform should work like a stock market for securities trading. In other words, they must offer the possibility of issuing legal securities giving the right to ownership, dividends or participation in profits.
Security . Non-tradable tokens can be used as keys to access content, software, database, operating system or event. In order to be able to sell these NFTs, the marketplace must be as safe and reliable as possible and support the most common security features on the buyer side (Touch ID, Face ID, Eye ID, etc.).
Video games . The sale and purchase of NFTs, which represent in-game assets or unique characters, usually takes place either in-game (for in-game money) or on external online sites that guarantee a secure exchange real money against the game asset (like in Steam). This implies a very tight integration with the video game.
Marketplace Main Features
The NFT trading platform combines the functions of an online store , an auction and a blockchain platform for issuing non-tradable tokens. Users should be able to create NFT marketplace their own products and sell them. Also, these marketplaces usually offer certain features to attract and retain customers and improve their experience. When developing your own NFT marketplace, it is best to start by implementing the following.
Showcase. This function provides visitors of the trading platform with all the necessary information about the item: title, price, description, overview, owner, purchase method, rating, etc. Some NFT marketplaces also provide blockchain and token protocol information so that users can verify the authenticity of purchased NFTs.