Cryptocurrencies are a type of payment method where digital products are sold and bought online. It has been a huge trendsetter in the digital marketing world, so many business entities in the market have developed and introduced their own custom-made cryptocurrencies called tokens. A cryptocurrency platform is constructed on a distributed, decentralized blockchain system. The popularity of cryptocurrency has given rise to several modes of exchange methods and decentralized finance operations, but none of these digital platforms had the dominance and attention executed by Non-fungible tokens (NFTs).
What is A Non-Fungible Token?
A non-fungible token, also called NFT, is a digital representation of a physical asset or it is the certification of the authenticity of the digital asset. NFTs cannot be replicated or interchanged. NFTs are built on a blockchain platform that enables them to store information and data securely and prevent theft of data. Each non-fungible token carries a unique value that provides ownership of the digital asset and proof of authenticity.
What is An NFT Marketplace?
NFT marketplace is a unique decentralized platform where buying and selling of NFTs take place. It is created on a blockchain network. The data and information of the transaction are saved securely in the blockchain network, thus, it eradicates fraudulent activities. There are many types of NFT marketplaces, such as open type and exclusive type. For example, OpenSea and Rarible are open-type marketplaces. SuperRare and Nifty Gateways are common examples of exclusive type marketplaces.
In open-type marketplaces, all varieties of NFTs are traded, such as video clips, audio clips, domain names, trading cards, etc. In exclusive marketplaces, only a particular type of NFT is traded, the most popular NFT type is digital art collectibles.
Non-fungible tokens have emerged as a dominant force in the field of digital marketing. Many non-fungible token (NFTs) development companies have begun to create their own NFT marketplaces. Many gaming sectors have actively shown interest in the NFTs by creating NFT based-blockchain games.
Blockchain-based NFT games have transformed into a huge revenue generator in the crypto space. The in-game purchases and gaming assets are represented in the form of NFTs and players can earn NFTs by completing tasks and missions. These NFT games are displayed in many genres like real-estate business type, adventure, trading digital cards, etc. The popular NFT games are listed below
- Gods Unchained
- Decentraland
- Polkacity
- Crypto Kitties
- Light Nite
Workflow Of NFT Marketplaces
The users can create their digital products by uploading them to the NFT marketplace in order to display their work. NFT marketplace provides the user with the freedom to choose the mode of payment, to fix a price. The digital asset with the fixed price is listed for sale in order to display the digital assets to the buyers and it functions as a promotion factor. The user can select a fixed rate or initiate an auction and a transaction is created when the digital asset from the listing is purchased by the collector.
Features Of NFT Marketplace Platform
- Standardization
An NFTs contribution to the blockchain platform enables the developers to create reusable, inheritable, common standards that are connected to all NFTs. This executes the standardization of the investor’s collectibles displayed as NFTs in the marketplace.
- Liquidity
An enormous amount of liquidity is gained due to the potential of the NFT marketplace to trade instantly. NFT tokens are kept as collateral for other crypto products for instant cash. Instant liquidity with a big audience in the marketplace is gained by the functionality of the huge pool in the digital market.
- Scarcity
Scarcity increases the uniqueness of digital products, thus, it increases the value. Token developers have the ability to restrict the production of digital products by programming them to produce only a certain amount of rare items.
- Controllability
Similar to traditional digital products, non-fungible tokens are entirely programmable and the construction space is filled with customizable possibilities.
Construct Your NFT Marketplace Development Platform
The users can construct their Non-fungible token (NFT) development platform by executing any of these appropriate methods, building a custom NFT marketplace, or implementing OpenSea SDK in the marketplace.
Executing OpenSea SDK to the marketplace allows the user to complete the creation of the NFT marketplace in a very less period of time but it generates restrictions over the modification of the code lines, thus, the marketplace cannot be customized based on the user’s specifications.
The other method, building a custom NFT marketplace, eradicated the restrictions imposed by the SDK method. Its complete architecture is dependent on the user’s desired requirements.
Why Hire Blockchain App Factory As Your NFT Development Service Providers?
We Blockchain App Factory are one of the pioneers in the NFT development service providing companies in the globe. We provide top-notch end-to-end NFT services in the building of non-fungible tokens and the construction of NFT marketplaces. Our professional developers are highly skilled in constructing NFT marketplaces. Our primary goal is to execute a marketplace that is based on the customer’s requirements. Our aim is to provide assistance to our customers in uplifting their business to the next level. The investors and entrepreneurs can avail of our services by contacting us!
