In the last three years, NFT’s popularity and recognition have surged. The global amount of non-fungible token transactions in 2020 was $338 million, which is outstanding given that it was just $141 million in 2019. To better illustrate this trend, consider the following barchart showing the NFT market’s year-over-year growth:
People are considering investing in the development of the NFT marketplace development company because of this quick growth trend. What makes you think that’s a good business opportunity? First and foremost, NFT appears to be very popular and appealing to people all over the world, and they are willing to actively participate in bidding and purchasing digital art. What exactly does that imply? Only that sales assist NFT marketplaces significantly.
Take, for example, the OpenSea marketplace to demonstrate our point. In February, monthly NFT sales on OpenSea were $95.2 million, up from $8 million in January. What could possibly be considered rapid growth if this isn’t it? NFT is more than just a fad; it’s a trend that’ll be there for a long time.
People purchase artwork, one-of-a-kind compilations of music videos or photographs, video game characters, short clips, and even viral gif memes like “Nyan cat.” They are willing to spend a large sum of money to own something unique, something that attracts attention and is actively discussed.
NFTs are beneficial to both authors and purchasers of digital content. While the one is given the opportunity to appropriately monetize their effort, the later is given the opportunity to more readily authenticate their ownership status of their cherished investment or asset, whatever that may be in the eyes of the beholder. It’s a win-win situation for everyone!
The NFT markets make money by collecting a variety of fees, such as a “gas” price for using energy to execute transactions, or a standard fee for listing a digital artwork for sale (which can range from $70-$100 or more depending on the marketplace).
Is it safe to go the NFT route?
If you’re wondering if NFT poses any risks, we’ll give you the facts without sugarcoating it. Yes, selling NFTs is risky because there is a chance of fraud and no way of knowing if you are buying something useful. People can make an NFT of something worthless, essentially making something out of nothing and selling it without any problems.
Furthermore, there are no precise regulations that can assist people in appropriately appraising assets. What happens if a digital asset developer goes out of “business” and no longer hosts the digital products that the NFT refers to? It appears that the token and the asset it is connected to are no longer one and the same.
These dangers, however, should not deter you from starting your own NFT marketplace. Because the NFT market is so promising and can make such a significant contribution to the internet economy, we may anticipate that the required rules will be implemented over time.
Consider the following features:
Whatever type of NFT marketplace you’re creating – general or specialty – you’ll need to include a good set of features to attract and retain your target audience. We’ve examined various NFT marketplaces, gone over their features in depth, and are now ready to give a list of must-have characteristics.