How Effective the Creation of NFT Marketplace in WAX Blockchain Could Be?

Takeaways:

Table Of Contents

• What is WAX Blockchain?
• Why Do You Need to Build Your NFT Platform in WAX Blockchain?
• Features of WAX Blockchain
• How to Build an NFT Marketplace in WAX Blockchain?
• What will be the Development Cost of NFT Marketplace on WAX Blockchain?
• Wrapping Up

As the demand for NFTs continues to surge, understanding how to utilize the potential of WAX Blockchain becomes crucial for those looking to enter the NFT arena. Before moving to the development process of an NFT marketplace on the WAX blockchain, let’s quickly look at what this blockchain is and how it differs from traditional blockchain technologies.

What is WAX Blockchain?

Worldwide Asset eXchange (WAX) blockchain is a go-to platform for creating and exchanging digital assets, especially NFTs. Unlike traditional blockchain networks, WAX keeps things simple, making designing and trading your digital items a seamless experience. DPoS enhances the overall blockchain experience by prioritizing efficiency and speed, making it a standout choice for NFT marketplaces. It is known for its user-friendly approach and focus on expanding digital asset trades to a more extensive audience.

Why Do You Need to Build Your NFT Platform in WAX Blockchain?

Building your NFT marketplace on the WAX blockchain offers several advantages over traditional blockchain networks, making it attractive for developers. Here are some key benefits:

• Speed and Efficiency: It is specifically designed for intensive gaming and NFT trading applications. It can efficiently handle thousands of transactions per second with minimal latency. This makes it faster than other blockchains like Ethereum and Binance Smart Chain (BSC).
• User-friendly Interface: WAX blockchain’s wallet and dApp ecosystem are designed to be accessible to users with varying levels of technical expertise. This makes it easier for individuals to participate in the NFT market, expanding the potential user base.
• Priority for NFTs: It is mainly designed to tailor the needs of NFT marketplace platforms. It provides specialized tools and resources for developers to create appealing NFT marketplaces and contributes to its growth.
• Sustainability: WAX blockchain is committed to sustainability and has implemented mechanisms to reduce its environmental impact. It utilizes a carbon-neutral consensus mechanism and employs energy-efficient algorithms, minimizing its carbon footprint compared to traditional blockchains.
• Low fees: WAX uses DPoS for its efficient consensus mechanism and low operating costs to provide lower creation and transaction fees than other blockchains.

Features of the WAX Blockchain

The WAX blockchain differs from other blockchains for various reasons and unique features. Here are some of the features that stand out:

• It consumes less energy than other blockchain-based technologies, making it reliable and eco-friendly.
• WAX blockchain infrastructure allows us to utilize the EOSIO framework that provides more reliable smart contracts for building NFT platforms.
• The network focuses more on NFTs and their development, making WAX’s infrastructure an ideal choice for NFT enthusiasts seeking a robust and scalable platform.

How to Build an NFT Marketplace in WAX Blockchain?

Building an NFT Marketplace in WAX Blockchain is similar to creating marketplaces in any other blockchain. Here is the step-by-step process for developing a marketplace:

Step 1: Define your Marketplace platform

Before diving into development, familiarize yourself with the WAX blockchain. Learn about its features, token standards, and consensus mechanism (Delegated Proof-of-Stake or DPoS). Understand how WAX facilitates the creation and trading of NFTs.

Step 2: Choose a development framework

There are several different development frameworks that you can use to build a marketplace platform on the WAX blockchain. Some of the most popular options include EOSIO, Protokol, and Jungle. Every framework has benefits, and you must select the best suited to your convenience.

Step 3: Develop smart contracts

Create smart contracts that define the rules for your NFTs. Specify attributes, ownership rules, and any additional functionalities you want to include. Smart contracts are essential for creating, owning, and trading NFTs on the WAX Blockchain.

Step 4: Design user interface (UI) and user experience (UX)

Design a unique and user-friendly interface for your marketplace. Consider features like easy onboarding, search functionalities, and a visually appealing layout. Ensure that users can easily navigate and understand the marketplace.

Step 5: Launch Your NFT Marketplace

Once you have developed your marketplace platform, you need to deploy it to the WAX blockchain. This process involves creating a WAX account and deploying your smart contracts to the blockchain.

Step 6: Promote the Marketplace

Execute a well-rounded marketing strategy to boost awareness and promote your NFT marketplace. Utilize social media, influencers, and partnerships to create awareness and attract a user base. You can also promote your platform through influencer marketing.

Step 7: Regular Maintenance

Maintaining a thriving marketplace platform requires ongoing care and attention. Regularly add new assets, promptly address user queries, and swiftly resolve technical glitches to ensure a seamless user experience.

Building a successful marketplace platform on the WAX blockchain requires careful planning and execution. We have listed a few important things to remember before building an NFT marketplace.

• Gradual improvement: Don’t overwhelm yourself by building everything at the same time. Instead, focus on a limited scope and gradually expand your marketplace platform as you progress.
• Listen to your users: Regularly engage with users to gather their feedback. This valuable input will help you identify areas for improvement and address potential issues before they escalate.
• Patience: Building a marketplace platform is a journey, not a sprint. Stay committed to creating a high-quality product and effectively reaching your target audience. Remember, success takes time and consistent effort.

What will be the Development Cost of NFT Marketplace on WAX Blockchain?

Creating an NFT marketplace on the WAX blockchain is like crafting a unique piece of art – the costs can vary based on the project’s complexity, desired features, and your development team’s expertise.

Let’s break down what influences the development cost:

• Features: The more advanced features you want, the higher the cost. Features like user authentication, marketplace listings, payment gateways, and smart contracts for NFT management all contribute to the final development cost.
• Complexity: If your vision involves unique elements, it will lead to higher costs in development. Custom designs or integrating your marketplace with other platforms could increase costs.
• Development Team: The experience and the location of your development team matter. Going for an expert team of WAX blockchain developers might cost more, whereas think about considering Blockchain App Factory, as they charge competitive prices for developing NFT marketplaces on the WAX blockchain. Beyond the initial development cost, remember to budget for ongoing maintenance and support. This covers fixing bugs, updating security, and adding new features.

Here are some valuable strategies you can follow to reduce the development cost of your NFT marketplace on the WAX blockchain.

• Minimum Viable Product (MVP): Create your NFT marketplace as an essential version of your product, focusing only on core features. This way, you can test the platform with users, gather feedback, and make informed decisions before moving into extensive feature development.
• Utilize open-source tools and frameworks: Use open-source resources tailored for NFT marketplaces on the WAX blockchain. These tools are cost-effective, which helps you to save a substantial amount of money in the development process.
• Partnering with Expert WAX blockchain developers: Opting for Blockchain App Factory, a blockchain development company with a lot of expertise in WAX blockchain development, is like having a shortcut to efficiency. They can bring your marketplace to life faster and more effectively, ultimately saving you money in the long term.

Wrapping Up

NFT marketplaces play a crucial role in creating and trading digital assets, eliminating the need for intermediaries. Instead of waiting for opportunities, seize the moment by launching your own NFT marketplace on WAX. It’s a proactive step that transforms your visions into revenue-generating streams.

Set your footprint in the expanding NFT market and turn your aspirations into a profitable reality. While the NFT trading platforms are competitive, ease the complex development process by seeking Blockchain App Factory, which assists you in overcoming the challenges in developing an NFT marketplace on WAX blockchain, with our experts having more than seven years of experience in blockchain technology. Tailor our team and exceptional services to your business needs, establishing a strong foundation for your presence in the NFT market.