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What are the evolving trends and business opportunities in NFT? — NFT Marketplace Development
What are the evolving trends and business opportunities in NFT? — NFT Marketplace Development
Introduction:
Blockchain technology, by itself, it’s relatively new. It all started with the introduction of bitcoin in 2009, and it is unbelievable that technology that is not even 15 years old has undergone so much transformation in a little over a decade.
Every year, there is something in the world of blockchain that gives huge popularity and becomes a technology heartthrob for aficionados. The latest addition to this list is the concept of non-fungible tokens or NFTs as they are commonly known.
The history of NFTs can be traced back to 2014, but they had to wait for about 6 1/2 years to gain their well-deserved popularity. NFTs have grown to be more than a $200 million market in the past nine months, out of which 90% happened in February 2021.
The interesting, intriguing, and entrepreneurially inclined, lucrative part of this NFT revolution is that we have not even scratched the surface. It presents a profitable business opportunity for anyone who intends to start their own NFT marketplace.
While it cannot be denied that the business idea by itself is quite nascent, there are a few established and popular NFT marketplaces that have, in their own ways, shown how to build a perfect NFT marketplace by incorporating the best of the features that they offer and of course, by eliminating the flaws that they have.
Let us look at different NFT marketplaces and how you can get inspired to develop your own NFT marketplace from their ideas.
- NFT Marketplace like Opensea
- NFT Marketplace like Rarible
- NFT Marketplace like Superrare
- NFT Marketplace like Foundation
- NFT Marketplace like Polkacity
- NFT Marketplace like Decentraland
- NFT Marketplace like Gods Unchained
- NFT Marketplace like NBA Topshots
- NFT Marketplace like Nifty Gateway
- NFT Marketplace like Atomic Market
- NFT Marketplace like Axie Infinity
- NFT Marketplace like MarkersPlace
- NFT Marketplace like CryptoPunks
➥ NFT marketplace like Rarible
Rarible has become a synonym for NFT marketplaces. It probably is the first prominent name that skyrocketed in popularity, making it a common ground for creators and art collectors to collaborate over the digital space.
It will not be an exaggeration to say that Rarible laid the foundation for mini NFT marketplaces that can be considered market leaders today. Perhaps, the biggest selling point for Rarible was its simplicity and its intuitive user interface that made it a breeze even for the technically uninitiated to use. This ensured that the artist did not depend on any external talent to showcase their art on Rarible.
NFT marketplace like OpenSea
OpenSea follows closely on the heels of Rarible when it comes to NFT marketplaces in terms of popularity. You know that OpenSea is a renowned name when 20th Century Fox partners with them to sell special edition digital posters of Deadpool two.
OpenSea showed the world that there is no point of saturation when it comes to the crypto market. It is possible for two big fishes to exist peacefully in this large ocean.
➥ NFT marketplace like SuperRare
SuperRare extends the utility value of NFT marketplaces. Instead of functioning as a marketplace, confining itself to just transactions, SuperRare extends its utility into social networking. It means that on a marketplace like SuperRare, sellers can interact with creators, and both sellers and creators can form communities to discuss NFTs, their trade, the values, and the market in general.
➥ NFT marketplace like PolkaCity
PolkaCity presents itself more as a platform for decentralized finance in addition to being a marketplace for NFTs. PolkaCity extends its utility by creating virtual spaces where users can buy a wide range of assets in a virtual city, presenting complete virtual experiences that include taxis, police stations, and services.
You can invest in these virtual assets, and they give real-world returns. PolkaCity is a perfect confluence of everything that blockchain technology is capable of, including decentralized finance, NFTs, and of course, the virtual universe. The PolkaCity ecosystem has its own token and is built on Ethereum.
➥ NFT marketplace like Foundation
Foundation presents itself as a creative playground for artists, curators, and collectors. They have explicitly stated on their website that they aim to give these people an experience of a creative economy. The fact that it has been named “Foundation“ is a resounding testimony to the vision and mission that this platform holds for NFT creators and collectors.
➥ NFT marketplace like DecentraLand
The biggest revolution that NFTs have brought into the crypto/blockchain world is that they have not confined themselves to being purely transactional. DecentraLand is a fine example of that. DecentraLand is, in essence, a 3-D virtual reality platform that is powered by Ethereum. It is not even two years old, and it has already made waves in the crypto world. It is also a good example to show that even some of the most unexpected countries like Argentina can produce renowned NFTs and decentralized virtual ecosystems.
DecentraLand also shows that a good NFT marketplace with vision can attract investments from some formidable names. In June 2018, A digital real estate investment company paid close to $1 million for 259 parcels of DecentraLand with a vision to build a city styled after shopping district in Tokyo.
➥ NFT marketplace like Gods Unchained
Gods Unchained, as you may have known, it’s a digital card game that provides players with a sense of true ownership for their collection. It also gives players a facility to trade on open marketplaces. Every guard on Gods Unchained is, in essence, an NFT on Ethereum.
NFT Marketplace like Gods Unchained | Make your Investments Profitable
One of the earliest use cases for NFTs was in the world of gaming where it aims to decentralize gaming assets and to create complete gaming ecosystems. Gods Unchained is a fine example of how the world of gaming can immensely benefit from NFTs and could even grow so big that it can become a standalone NFT marketplace.
➥ NFT marketplace like NBA Top Shots
The National Basketball Association jumping into the NFT bandwagon is one of the most epoch-making moments in the history of both basketball and NFTs. NBA Top Shots facilitate the purchase of moments or short videos in the games and make fans claim ownership over it. The fact that the NBA has officially endorsed it can be considered a quantum leap because of the patronage it receives from renowned sporting bodies.
Create Your Own NFT Marketplace like NBA Top Shot | NBA Top Shot like NFT Marketplace
If every country and every game brings an NFT marketplace like NBA Top Shots, it will open up the floodgates of both participation and profitability.
➥ NFT marketplace like Atomic Market
Atomic Market, by definition, is a shared liquidity market smart contract that is used by multiple websites to provide the best possible user experience. This can be considered one of the most important quantum leaps for both NFTs and for the crypto world at large. Instead of creating marketplaces alone, there are businesses that have been striving to create smart contracts that facilitate easier trading of NFTs.
➥ NFT marketplace like Nifty Gateway
For every Toyota, there is a Lexus. This is precisely what the above NFT marketplace positions itself as. In a world of marketplaces springing up like mushrooms after rain, this marketplace claims itself to be a premium marketplace for NFTs. This opens up new possibilities because the world of digital collectibles is bound to have a line of demarcation between what could be considered consumer assets and premium assets.
Nifty Gateway like NFT Marketplace Development | NFT Marketplace like Nifty Gateway
➥ NFT marketplace like Axie Infinity
We have been talking a lot about how NFTs have unified blockchain technology with gaming. There have been attempts to unify gaming in popular culture with new technology like the blockchain, and Axie Infinity is a good example of it. It used the game mechanics of Pokémon and was created in the country of Vietnam. It made its most expensive collection of NFTs in June 2021 with more than $42 million in sales. It is built on the Ethereum blockchain.
➥ NFT marketplace like MakersPlace
The very name of this marketplace puts its focus on the makers or the creators. This shows that the NFT landscape is slowly tilting towards creators rather than being all about technology. The moment it transitions from being sent to the wrong technology to being centered around people who facilitate the trade, the platform is bound to be a runaway success, and MakersPlace is a great example of the possibilities when it comes to this space.
➥ NFT marketplace like CryptoPunks
CryptoPunks is sandwiched somewhere between the first NFT and the NFT rush! It was released in June 2017 as one of the first NFTs on the Ethereum blockchain. It was inspired by the punk scenes of London, and it even had the electronic music artist Daft punk. There are only 10,000 CryptoPunks that introduce the factor of rarity, making it unique and limited.
All these NFT marketplaces go on to show that you can incorporate multiple features into your NFT marketplace and also ensure that you understand your customers before you develop your NFT marketplace like the above NFTs!
Conclusion
On the surface, it might seem, as an aspiring crypto entrepreneur, that you are late for the party. However, it is always better to learn from the mistakes of others and to stand on the shoulders of giants. This is precisely the case with NFT marketplace development. If you would like to launch your own NFT marketplace, now is the perfect and the right time for you with Blockchain App Factory.
It might be a hassle to develop your NFT marketplace from scratch. You can either go for a white label solution that replicates the features of any one of the successful NFT marketplaces mentioned above or even mixes and match the features, so you have a custom-made marketplace that will brim with features of your choice, so you can create the next big thing in the NFT landscape.
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What are the evolving trends and business opportunities in NFT? — NFT Marketplace Development was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.