NFT marketplace and how to create it

The NFT industry continues to pick up steam. And if earlier mostly no one thought that it would be successful, now it is more than crypto art. In the article, we will talk about nft marketplace ui design. As well, we will describe the target audience of NFT and tell you how to make an efficient NFT platform.

The NFT technology explanation in simple words

NFT stands for a non-fungible token, which means non-fungible token. In a few words, a token is an object, and non-interchangeable means unique. To say precisely, NFT is the right to a unique digital object that can be sold and only one person can be the owner of such a unique product. Of course, it is the buyer. NFT technology is a marketplace itself for selling digital art and collectibles.

The popularity boom of the NFT industry was born based on popular memes. Now paintings, photographs, music, game items, and equipment act as tokens for sale. Sales are conducted based on an auction.  

Starting from 2020, the NFT market continues to grow rapidly. According to the OpenSea platform, which has a market share of over 80% in the NFT market, the spring of 2022 was the peak of saturation, followed by a decline in activity. Today, Perpetio says that the activity of the industry is becoming cyclical with its downs and downs. The rise in activity is associated with triggers, which are most often some events that attract attention.

What can be sold as an NFT? 

if you plan to grow your business in the NFT industry, here are some examples of what people usually purchase as an NFT:

1. GIFs. The most famous NFT sold on the Internet is the Nyan Cat gif, a cat that rushes through space and leaves a trail of rainbows behind it. In February 2021, it turned 10 years old. In honor of this, this GIF was sold on the Foundation platform for 590 thousand dollars.
2. Photo. A photo of Kevin Ebosch titled Forever Rose was sold for $1 million on Valentine’s Day. At the same time, before the NFT craze, the author managed to sell the photo of a potato for 1 million euros.
3. NFT game. For instance, in Axie Infinity, players create and breed digital pets. Each character is an NFT token, which the creator can sell or purchase on a special marketplace. The game is very popular all over the world and some players earn up to $1000 every month.
4. Audio tracks and albums. American DJ 3LAU sold his music album through NFT tokens. In total, he staked 33 album-linked tokens and earned $11.6 million. Linkin Park founder Mike Shinoda sold an animated music video for $30,000. Animated covers for his album “Happy Endings” brought him $6,600 in the same NFT industry.
5. NFT collections. The China Winter Olympics mascot has been given a new lease of life in the form of tokens. The collection consists of a panda involved in different sports. Gucci and Superplastic have released collections of NFT toys. There are 250 tokens in total. The owners promise to send NFT buyers the original of this toy.
6. Personal items. Former CIA officer Edward Snowden has sold his portrait, assembled from a judge’s ruling. The work was sold for 5.4 million dollars, and all funds were transferred to the foundation for freedom of speech in the press. The work was called “Stay Free”.  

Personal items of John Lennon and Paul McCartney are up for auction in NFT format. Guitars, a jacket, and personal notes are presented as tokens.

Popular NFT platforms

Currently, there are more than a dozen NFT sites. Some of them are dedicated to specific topics, such as game tokens. Others allow you to create and sell all kinds of tokens from paintings to virtual territories. Consider how the most popular ones work.

OpenSea 

The largest platform at the moment. It produces more than 90% of NFT trades. The sales volume is from 3 to 5 million dollars a day, there are more than 13 million users. It features a simple way to create and sell a token. To enter the site, it is enough to have an electronic cryptocurrency wallet: MetaMask, Coinbase Wallet, or Opera Touch.

The main features:

1. Fully integrated with cryptocurrency.
2. To create a token, the site takes a commission, on average from 70 to 100 dollars. 
3. The commission must be paid for each transaction. 
4. The commission floats and may depend on demand, time of day, and so on.

Foundation 

Auction platform focused on digital artists and collectors. Since its launch in early 2021, over $100 million worth of tokens has been sold on the site. You can get to the site only by invitation from a platform participant. Only participants with a high rating on the site have the opportunity to send an invitation.

The main features:

1. The ability to share digital assets on social networks.
2. The job posting is free.
3. The commission from the sale of the token reaches 15%.
4. The author receives 10% royalties for resale; Entry is by invitation only.

Nifty Gateway 

The platform is mainly for artists. The NFT platform was bought by Gemini LLC, which is a cryptocurrency exchange company. Thanks to this, you can buy a token using ordinary money from the card, and not cryptocurrency. In addition, tokens can be placed on the platform for free, but each application to add NFTs requires approval.

The main features:

1. Possibility to make a deal with ordinary currency.
2. Commission for each transaction is 15%.
3. The author is charged royalties for the resale of 10% of the transaction.
4. You can place tokens for free.

Mintable 

This marketplace is great for beginners, with a clear and simple interface. But the main feature is that you can exhibit your works for free and without commission. 

The main features:

1. Free placement of tokens.
2. Takes no commission on sales.
3. Cryptocurrency payment.
4. You can create your store.

Conclusion

As you see, the creation of a flourishing NFT marketplace is a complex process. What is more is not an easy thing that requires comprehensive market research, strategy planning, and much more. Luckily, the team of Perpetio specialists can help you with all this. Just contact them to get a consultation and move on!