The Non-fungible Token or NFT is created to act as a digital certificate to be used for physical or virtual assets such as video, photos, in-game assets, and codes. All of these tokens are unique in their own way and they cannot be replaced by other values. This implies that NFT differs from Bitcoin and Ethereum technology, and they cannot be used to make payments.
As per NonFungible.com, the capitalization of NFT projects increased by 2100% in the first 4 months of 2021 which is higher than its previous growth rate which was 300%. In recent years, the sale of the token has increased and some of them were even sold for 70 million USD.
How does the NFT MarketPlace Work?
The NFT tokens cannot be traded directly on the crypto exchange marketplace and a special platform is required for buying and selling NFTs. The platform must allow storage as well as trading of non-fungible assets. OpenSea is one of the most preferred marketplaces for NFT alongside Superfarm, Mintable, and Rarible.
The NFTs are generated and added to a data form named metadata. Then various parameters such as indivisible feature, non-fungible feature, address, and number are added to the platform that allows the purchase and sale of non-fungible tokens either at a fixed rate or via auction.
How To Create an NFT Marketplace Like OpenSea?
Now, if you are aware of the NFT marketplace and how it works then it would not be a difficult task to go for NFT marketplace development like OpenSea. Follow the below steps to learn how an NFT marketplace like OpenSea can be developed:
- Select the suitable blockchain network
- Identify your Target Audience
- Create an appropriate UI design for the NFT marketplace
- Specify the domain you will be working on
- Select Token
- Create Smart Contracts
- Test and Deploy Marketplace
Cost Required To Create NFT Marketplace Like OpenSea
The cost required to create an NFT Marketplace like OpenSea depends on factors like the method you choose to create an NFT marketplace, the features required, and the NFT marketplace Solution provider.
Let’s have a look at how these factors influence the cost of creating an NFT marketplace.
This is the major factor that affects the cost of creating an NFT marketplace. There are two methods that you can choose from while developing NFT. The two methods are: Developing from scratch and the NFT marketplace clone script. The NFT marketplace clone script is considered the best method as the software is readymade with some in-built features. It requires less cost and it is easy to launch the NFT marketplace with this method. On the other, developing it from scratch may require more cost, more manpower, and can take more time.
The second most important factor that affects the cost is the features you wish to include in the marketplace. If you are trying to include more features then the cost will be higher and if you include only essential features then it won’t cost you higher and will surely give you maximum returns.
Choosing a suitable solution provider also plays a major role in affecting the cost of the NFT marketplace. The cost differs from provider to provider, so better choose your solution provider wisely. Make sure that choosing a solution provider at a low cost does not guarantee the quality and security features. While an NFT with the in-built features may cost you higher but it will offer better quality with required security features.
Agnito Technologies is a leading NFT Marketplace Development Company with a solid hand in developing decentralized applications. Our team holds expertise in Solana NFT Marketplace Development and offers high-performance platforms at a much lower cost without a commission rate. We develop an NFT marketplace based on clients’ requirements with essential features.