Creating an NFT? Here’s how you should start!

July 2021 became an important month for NFTs as three major platforms Twitter, CNN and Reddit dropped their NFT collections. As more mainstream players enter the NFT race, the sales numbers on NFT marketplaces continues to grow. According to nonfungible.com, the most popular NFT marketplaces recorded over 3,000 unique wallets buying NFTS in May 2021.

That being said, an interesting question arises – what does it cost to creatan NFT platform?

Is there a way to clock USD 600 million in sales like NBA Top Shot did recently?

Before we understand how much does it cost, let us understand different types of NFT marketplace that you plan to create. Here are the two prominent types of exchanges:

Peer-to-Peer NFT marketplaces (Niche) 

During the NFT craze of 2021, many innovations started happening in the NFT space. To create own NFT marketplace became a fad and people started developing marketplaces that sold NFTs of very niche space. For example, Valuables that sells only tweet NFTs and then there is Looking Glass Factory where users and buy and sell digital holograms only. Undoubtedly, if you ask how much does it cost to create an NFT marketplace like this, it will be lower than the NBA Top Shots.

Universal NFT marketplaces
These are the NFT marketplaces where users can sell any kind of NFT. For example, NFT marketplaces like OpenSea, NBA Top Shots, Rarible and Mintable enable the selling of NFTs that range from digital art, collectibles, gaming items, music files and much more.
If you plan to create your own NFT marketplace which is universal, here are the features and the cost to create an NFT platform.

Configurable auctions feature
An NFT marketplace allows NFT sellers to auction their ERC71 or ERC1155 items. However, there are different ways in which a seller can auction his NFTs. If as an NFT platform owner want to bring more sellers and buyers, it is recommended you offer users different ways to auction their assets. Thus, you can choose among the ones mentioned below and this will impact the overall development cost of the NFT marketplace:

Fixed-price listings
This is the simplest way for the NFT sellers to list their NFT. All he needs to do is put the price, choose the currency and put an expiration date for the NFT if applicable. It’s simple and does not require too much development effort.

Declining-price listings
This type of listing option gives the seller a choice to set a starting price and the end price of the NFT during a certain duration. As time passes by, the price of the NFT keeps declining. This creates a kind of appeal for the buyers and requires a little more development effort. It’s kind of gamifying the NFT buying and selling process.

Highest-bid auctions
A seller can set a duration of NFT sale. Whosoever puts the highest bid during this duration wins an auction and gets the NFT. This is just like how eBay functions and entices buyers/sellers to keep coming back.

More currencies option
For an NFT marketplace to become popular, it must provide both buyers and sellers with as many currencies payment options as it can. For example, OpenSea offers its users over 240 currency options that range from stablecoins to Meme coins to social currencies or wrapped coins.

Interestingly, the NFT marketplace can be designed to have its ERC20 currency and can also be integrated to be used in the marketplace.

NFT bundling 
NFT bundling is a process that helps users save gas fees. Not many NFT marketplaces support NFT bundling. This is where you can stand out from the rest by enabling the user to bundle 15-30 NFTs and sell them in one go.

Safety 
An NFT platform uses multiple smart contracts to execute various operations. In addition to that, it comes with a wallet where users can store their listed NFT. Thus, the platform and its smart contracts must be well audited to ensure that the NFTs and any other crypto assets are always safe.

Some useful tips 
One of the very competitive parameters for NFT marketplaces is to maintain the lowest in the market. For example, OpenSea charges only 2.5% from the seller in the sales while other platforms charge close to 7.5%. As the use of blockchain and crypto-assets significantly reduces the cost of the transactions, it is very important to ensure the fees of using the NFT platform is always on the lower side.

Wrapping it up

To create own NFT marketplace is not a feat but to make it successful needs meticulous planning and the way it is developed plays a crucial role in its success. The cost to create an NFT platform that stands strong against leading market players requires an experienced strategy and development team. And that is where Antier Solution fits in. We bring our years of expertise to build NFT marketplace that can be customized to meet your goals. Our experts are just a call away, never hesitate to call them up.