Since the arrival of blockchains as an academic concept in the 1990s, they have been seen as a game-changer. They indeed changed how finance is perceived when first implemented through the legendary cryptocurrency Bitcoin. Suddenly, people became enthusiastic about the prospect of digitalizing life in the form which we had earlier imagined through literary content. Such a line of thought raised the standard and range of blockchain applications as time went by. Then, slowly, more applications related to cryptocurrencies started up their operations.
Additionally, more blockchain-based applications such as non-fungible tokens (NFTs), decentralized finance (DeFi), metaverses, and decentralized autonomous organizations (DAOs) came through successfully.
Non-fungible tokens, in particular, have attracted a massive market after their sales had gone up by extreme proportions within months. Even though the success has been mainly attributed to early NFT adopters, creators, and celebrities, the real credit goes to NFT marketplaces that handled the sudden surge efficiently.
Hence, it can be said that running an NFT marketplace could be a great business opportunity in the current crypto world. But, owning such a platform requires a great deal of diligence and patience, as creating a community around your platform involves hectic work even from the first step.
An NFT marketplace is a platform where people can buy, sell, and trade assets backed by non-fungible tokens (NFTs). They have been orchestrating an imminent role in driving NFTs to the levels that they are today. One can find all kinds of NFT assets on these platforms, such as art, music, video clips, in-game assets, trading cards, memes, profile picture punks, and more.
Some NFT marketplaces focus on horizontal trade, selling different kinds of NFT assets to concentrate on a generic audience. Others focus on running a platform based on vertical trade, where specific NFT assets targeting a niche audience are listed.
Examples of horizontal NFT marketplace are OpenSea, Rarible, Solsea, and LooksRare. Platforms such as SuperRare, Foundation, Sorare, Decentraland, NBA Top Shot, FanCraze, and Jump. trade are marketplaces that focus on a specific set of audiences. Trades in these marketplaces are typically made in exchange for cryptocurrencies, although a few of them accept crypto stable coins and fiat payments to widen their customer base.
Fundamentally speaking, both the options give you the platform you asked for, although there are a lot of internal differences. For instance, finding in-house developers with enough experience developing blockchain applications is challenging as the technology is still emerging.
Also, the expenses involved in employing them are massive as their work experience demands higher tariffs, irrespective of hiring full-time employees or freelancers for the duration of the project.
On the other hand, a few firms excel in NFT marketplace development and have a team of experienced professionals. Such firms can create the platform according to your requirements while ensuring that no compromises are made in the fundamental aspects.
The expenses associated with employing these outsource companies are also lesser than having developers work under your eyes. Recently, a few regions in Asia have been becoming blockchain hotspots as they have a lot of talented blockchain developers forming the backbone for some of the pioneer development companies in the area.
Therefore, we can say that an NFT marketplace is one of the most profitable business ventures in the blockchain world. As far as development options are concerned, it depends on your ambitions and constraints, although working with an experienced development firm would sound ideal.
With the world starting to embrace NFTs, it is only affirmed that new niches enter the NFT world, and hence, more unique marketplaces would start their operations underway.
Image Credit: Provided by the Author; Thank you!
Charles is a Market Research Analyst at Blockchain app factory, exploring the heights of modern technology and innovation with love for words!
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