Today, many businesses are investing in NFT marketplace development to get instant revenue generation streams. Above all, NFTs have become the future of digital assets in our digital world. For this reason, building an NFT marketplace could be an amazing decision to gather content creators and users on one single platform. 

OpenSea is the leading NFT marketplace with a huge market presence of $3.4 billion. This huge platform allows users to easily trade digital assets and crypto-collectables with each other. In this blog, we are going to have a brief overview of building an NFT marketplace platform like OpenSea. 

OpenSea: The Most Successful and Largest NFT Marketplace 

There are plenty of NFT marketplaces on the internet with the rise of Blockchain technology. However, OpenSea stands as the largest marketplace for digital assets and crypto-collectables. For this reason, both content creators and users find this platform a very engaging NFT marketplace. 

Quick Market Overview 

• Currently, there are over 1 million active users using the OpenSea NFT marketplace 
• The NFT marketplace is known for hosting over 80 million types of unique NFTs. 
• The United States of America is responsible for over 23% of the total traffic on the OpenSea marketplace 
• The NFT marketplace is known for generating over $365 million in revenue in 2021 alone
• OpenSea currently has a whopping market value of $13.3 billion 

How Can You Develop an NFT Marketplace Platform like OpenSea?

Working on an NFT marketplace on your own would be an extremely challenging task. In fact, you might not have any idea about the challenges and complications faced during the development process. For this reason, it would be highly recommended to hire an NFT marketplace development company to develop your marketplace. They will have the right experience to work with multiple tools and technologies. This expertise is necessary to create an NFT marketplace like OpenSea. 

Here’s what the development process looks like for an NFT marketplace; 

• Choosing the Marketplace Niche 

When you are building an NFT marketplace, you need to determine the particular niche to fulfil the needs of your target audience. There’s no need to be the jack of all trades if you have just started your business. These are some of the most common niches in NFT marketplace development; 

• Images 
• Music 
• Videos 
• Games 
• Social media posts 
• Virtual fashion items 
• Collectables 
• Digital artwork 
• Property ownership rights 
• And more! 

• Choosing the Right Technology Stack 

The technologies that you chose for developing your NFT marketplace must provide a seamless and smooth experience to the users. The choice of your technology stack can also have an impact on NFT app development costs. Therefore, it would be advisable to consult expert Blockchain developers to determine the best technologies for your specific needs. 

It will greatly help you to choose the right technology stack that will make you meet the quality standards and software demands. Moreover, their expertise will help you choose the best platform, programming language, libraries, tools, frameworks, database, and storage solutions for your project.

• Creating a Feature List 

This step is quite easy and entirely depends on your target audience on your business goals. Having the right features in your marketplace will help you to provide better offerings to your customers and ensure long-term engagement as well. Thus, you have to be careful and decisive while determining the features of the NFT marketplace. 

• Hiring the Top NFT Marketplace Development Company 

There are a lot of options when it comes to building your NFT marketplace development team. However, hiring a prominent NFT marketplace development company is the most cost-effective and efficient approach to development. 

A leading NFT marketplace development company like MobileCoderz would give you instant access to top talent and years of expertise with Blockchain technology. Moreover, you are also able to handpick talent to build your team. Thus, it ensures an effective and more efficient development process. 

• Creating the UI/UX design 

Creating the UI/UX of the NFT marketplace will be just like creating a traditional eCommerce platform. However, instead of selling physical goods, your platform will be meant for selling digital assets and NFTs. Therefore, you have to focus on creating a positive first impression with a user-friendly UI with smooth navigation flows. 

The user interface and experience should be built while considering the user’s point of view. Ultimately, this would make the marketplace more accessible and easy to understand. Your designing team has to work with multiple wireframes, prototypes, user guides, etc.

• Core Development Process 

This process includes combining the set of features and technology stacks to create the structure of the NFT marketplace. Above all, this is a long and extensive process where the developers have to dedicate their time and effort. Using the Agile methodology is often suggested to provide better project insights and become more adaptable to changes. 

• Testing and Launching the Marketplace 

Testing is a very important part while developing an NFT marketplace for content creators and users. In fact, you cannot afford any major problems, bugs, glitches, or errors in your marketplace after deployment. For this reason, your development team must hold multiple testing scenarios to test the performance, security, integrity, and resilience of your NFT marketplace. 

Receiving constructive feedback from beta testers can also be a great strategy to improve your NFT marketplace. Furthermore, you can also rely on user engagement metrics to understand user behavior and polish the marketplace experience accordingly. Ultimately, you are able to adapt yourself to the evolving market trends and different user requirements. 

Developing Your NFT Marketplace with MobileCoderz 

Having the expertise of the right Blockchain developers on your side would drastically help in the NFT development process. As a leading NFT marketplace development company, MobileCoderz has extensive experience in building high-performance and reliable NFT products and Blockchain solutions. 

Their development team consists of skilled and certified Blockchain developers, designers, QA professionals, and project managers. Together, their expertise could be very beneficial for effective NFT development to build an NFT marketplace platform like OpenSea.