Non-Fungible Tokens or NFTs are referred to any digital asset associated with the blockchain. Every NFT is unique, not interchangeable and inseparable. The digital content that is classified as NFT mostly fall under the following categories:
- Domain names
- Virtual land, etc.
The Blockchain ledger records the transaction and provides a transparent permanent track record and proof of ownership. The copyright of an NFT can remain either with the creator of the asset or the buyer. If the creator explicitly mentions in the Smart Contract about retaining the copyright, the buyer doesn’t get the authority to share or make copies of that asset.
The intrinsic features of an NFT include:
- Easy interaction with other ecosystems
NFTs have a broad spectrum of use cases across various industries:
- Media and Entertainment
- Real Estate
How to build an NFT marketplace?
A few defined steps are followed to build an NFT marketplace:
Implement basic features and functionalities
The most basic features that an NFT marketplace must have:
- Advanced search functionality
- Diverse filters
- Digital wallet integration
- Listing creation and status
- Buying and auction functionality
Choose a suitable development approach.
Considering your requirements and budget, identify a suitable development approach. Either you can buy ready-made software or turn to a software development company that can build for you.
Set up tools to build the marketplace
Identify the tools that you want to use based on the requirements. Flow CLI and IPFS are most commonly used to build an NFT marketplace.
Create contracts to associate metadata with NFT. Contracts will also help in ensuring that metadata points to underlying assets stored on IPFS and minting NFTs.
Mint and display NFTs
NFTs are minted using command line and Cadence scripts. A simple React app displays NFTs that easily interact with Flow Smart Contracts and fetches NFTs owned by users.
Get media from IPFS
IPFS is short for InterPlanetary File System, a protocol to support peer-to-peer networks for sharing and storing data in the distributed file system. Pinata is usually used to manage files on IPFS.
After the NFT is made live on the platform, the users may require to transfer them. The NFT marketplace platform must support the transferring NFT functionality.
Front-end of NFT marketplace
Finally, deploy and mint tokens. Make sure to associate all the functionalities with the front-end of the NFT marketplace.
NFTs have stirred great interest among investors and collectors of unique digital assets. With such rising popularity, it’s crucial to build NFT marketplace platforms to meet the growing demands. The steps mentioned above will help in creating an efficient NFT marketplace platform.