fbpx
Connect with us

Executive Voice

How to create an NFT marketplace platform?

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:

  • Gaming
  • Art
  • Sports
  • Music
  • Domain names
  • Collectibles
  • 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:

  • Indivisibility
  • Tradability
  • Authenticity
  • Easy interaction with other ecosystems
  • Scarcity
  • Liquidity
  • Programmability
  • Non-interoperability

NFTs have a broad spectrum of use cases across various industries:

  • Gaming
  • Sports
  • Art
  • Music
  • 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:

  • Storefront
  • Advanced search functionality
  • Diverse filters
  • Digital wallet integration
  • Listing creation and status
  • Buying and auction functionality
  • Ratings

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

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.

Transferring NFTs

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.

Conclusion

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.

Sahil is a serial entrepreneur and branding specialist. He also serves as a real estate investor and business consultant. He presently serves as the owner of The Brand Castle - Specialist in Search Engine Optimization (SEO), Web Design & Development and more.

Advertisement Become A Crypto Expert

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

Entrepreneurship8 months ago

Navy Veteran Davis Chris Takes the Music Industry by storm

In life, you need to break down anything that might be holding you back and change course if need be...

Entrepreneurship8 months ago

5 Disruptive Leaders Paving the Way in 2021

Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...

Politics1 year ago

Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President

We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...

Business1 year ago

John Mcafee – Predictions For The Future

John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...

Finance1 year ago

Gaby Wall Street – Teaching Latinas to Thrive During The Crisis

It’s no secret we are facing one of the most challenging financial times of the last few decades as we...

Entrepreneurship1 year ago

Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico

Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...

Entrepreneurship2 years ago

Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women

The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....

Marketing2 years ago

How Josh Elizetxe Built Snow Into a $40 Million Dollar Business

There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...

Entrepreneurship2 years ago

How Jason Capital Became A Self Made Millionaire By 24

Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...

Entrepreneurship2 years ago

Sam Bakhtiar On His Way To A Quarter Billion

Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.