It’s a million-dollar revenue tree, hugely popular in the eyes of the entrepreneurs
What makes NFT Marketplace Development a popular source of revenue?
Not only, at Prolitus, we have our expertise in offering the best development services for NFTs, but also, we work in close proximity with our clients to provide the best NFT marketplace development practices. What makes NFT marketplace development all the more legible is the fact that’s it’s in the interest of many buyers and creators around the world. But how exactly we would define a typical Non-Fungible Token marketplace? For those who may not be aware, it’s an online marketplace where buyers can pick up virtual non-fungible products already secured by the creators with the help of cryptocurrencies such as Ether or Bitcoin.
And the creators can be anyone from an artist, musician, gamer, or perhaps anyone who could create or procure a virtual non-fungible product that’s valuable to the buyers. The NFT marketplace development can act as a huge revenue generation practice for both the sellers or the buyers one way or the other. However, one must keep a note that, upon carrying out any transaction to either purchase or sell NFTs off a platform, the marketplace demands a certain transaction amount. At Prolitus, our ultimate goal is to create NFT marketplace for our clients, enabling them the overall benefit of taking note and making the benefit of various transactions that are carried over from the developed platform. Of course, we create the most reliable white label NFT marketplaces so as to ensure that all the users that come across the platform find it to be flawless and make it their default platform.
Characteristics of NFT Marketplace
With their unique interoperable characteristic, NFTs can be traded in a number of virtual marketplaces and environments. This, in turn, gives the NFT Token holders the advantage of operating in a sophisticated trading environment, and also bid, bundle, and sell in certain markets.
Non-Fungible Tokens have a sizeable contribution on public blockchains, enabling the developers to make common, reusable, inheritable standards, which are normally relevant to NFTs. To give you a better idea, these include basic primitives like transfer, ownership, along with simple access control of the tokenized items. This gives the ability to standardize the collectables in NFTs in order to showcase the same in the marketplace.
The instantaneous tradability of Non-Fungible Tokens is directly proportional to better liquidity. NFTs can either be stored as collateral for liquid cash or other kinds of cryptocurrencies for instant revenue. A huge audience in the NFT marketplaces results in immediate liquidity courtesy of a huge pool in the market. NFTs are known to have the characteristic to expand the market for unique digital valuables.
Whenever a new project for NFTs is introduced, it immediately comes into effect becoming visible to the traders for, of course, trading in the marketplace. NFT standards comprising ERC-721 and ERC-1155 Tokens have the ability to interact in several ecosystems. A typical marketplace shows a good variety of projects under a single roof.
Non-Fungible Tokens are extremely programmable, just like conventional digital assets. A large number of NFTs these days have very complex mechanisms, which includes abilities like redeeming, forging, crafting, random generation, and so on. Of course, the designing part opens up a lot of possibilities.
With Smart Contracts, developers get the ability to place huge on the supply of NFTs and, besides that, they also allow the developers to enforce crucial and persistent properties, which, however, cannot be issued back from the NFTs. Moreover, each developer has the ability to restrict the number of rare items that can be created under NFTs. Developers can also implement other unique properties programmatically to the NFTs.
Features of ERC-721 and ERC-1155 Token Marketplace Development
One nifty feature of the NFT Marketplaces is that all the NFTs are linked and listed on the basis of a few factors (volume, average, price, and more) and are refreshed on an hourly basis. This unique feature allows the owners to get a real-time idea of their tokens in the market.
We develop marketplaces that offer bundled services to its users, allowing them to list their tokens in large bundles. Each user is able to list around 30 items, and can also sell these tokens in a big bundle at a respectable gas fee.
With the help of our extremely diverse marketplace development platform; we help users create different kinds of listings, comprising fixed-price listing, Dutch auction listing, and English auction listing. Here’s how:
Dutch Auction Listing
A seller just needs to opt for a suitable starting price, auction duration, and ending price to commence a Dutch auction. The seller then begins the auction a cut above the expected demand, which means the price comes demand over the duration of the auction.
English Auction Listing
It’s the most popular kind of auction, wherein the seller offers the item at a minimum price, and the bidding ensures it goes upwards over bids. The highest bid is accepted by the seller at the end. This kind of auction is practised by many online bidders.
Forerunners in the NFT Marketplace
Here are a few forerunners in the NFT Marketplace who have been the early adopters and are also evolving as the industry evolves:
The most common marketplace in the industry, Opensea is known for best tokenizing a good range of digital arts and unique assets into NFTs.
Originally meant for tokenizing digital arts and painting into NFTs, Rarible became an open marketplace soon that is now one of the top markets in the industry.
A specialized NFT marketplace especially for fantasy sports, Sorare offers the players or team members to participate in virtual fantasy sports leagues.
NBA Topshots facilitates the tokenization of exclusive video clips and player cards legally approved by the NBA. It is the most successful project from Dapper Labs.
V.cent once sold a tweet for the highest bid of $2.5 million, making it the only marketplace that converts tweets into NFTs.
One of the most popular marketplaces for gamers, Cryptokitties is a blockchain-based game developed using Ethereum, wherein players can trade the game currency via NFTs.
Significance of Prolitus
Prolitus has been known to serve the best business development solutions in the industry ever since its advent. We offer a wide range of Blockchain-based services in the marketplace. And below are the reasons why you should opt for Prolitus over anyone else.
Our motto is to develop the safest platform for our users
We’re working day and night to ensure uninterrupted services to users
It’s our promise each process we take is going to be as transparent as they come
We design a User Interface for our solutions depending on the needs of our users
Not only we plan the project basis the requirements of our users, but also, we provide immense customization options
To give our users the best-integrated experience, we implement API and external wallet integration facilities
We develop NFT Marketplace solutions in multiple Blockchain platforms such as Ethereum, Flow, Matic, Rubix to ensure a versatile experience
We can help you compete in the virtual space with NFT Marketplace Development