NFT marketplace development, where to start?

“A new NFT marketplace for artists has been launched on a blockchain platform.”

How many news like this have you come across in recent years? Do you know what NFTs are and what they are for? Can NFT Token Development Company be developed?

We talk about digital assets that are transforming the collecting of art and goods in the virtual world, but what exactly is this technology?

Our task today is to tell you about it, so join us on this journey and don’t miss any details.

What does NFT mean?

You can take a photo of Las meninas by Velázquez with your mobile camera, but that does not mean that you are the owner of this painting. Formerly, what determined the ownership of the painting was having it in your own home, something that used to be justified through certificates. However, that painting could be stolen, damaged or even forged. With blockchain technology, and specifically with NFTs, NFT Development services you can guarantee that a work is yours and be registered with the chain of blocks in an immutable way.

NFT stands for Non Fungible Tokens and refers to the digital version of art or any other tangible or intangible product to which users attach value. In recent years, these assets have gained a lot of ground thanks to blockchain technology and cryptocurrencies. But what is the reality of these stores of value?

The value of NFTs lies in something we cannot see or touch, in most cases. It is not like the value that we have traditionally placed on tangible goods, such as gold or works of art. Non-Fungible Tokens are more focused on collecting, so a Pokemon card collection can be a good example for drawing NFTs. This is what happened on February 19, 2021 when the influencer Logan Paul removed 3,000 NFTs from one of his works, transferring to this new space.

Are they really a great opportunity for art-related entrepreneurs? What other applications can they have?

Blockchain technology applied to the world of art

That great businessmen like Mark Cuban bet on this type of digital assets is no coincidence. The first thing we need to understand is that works of art are considered assets. You can have a painting whose value is a very abstract concept, since it has to do with what people would pay for it. If there is a person willing to pay 2 million euros, that is the value of him.

This art market has a long history, but what is really new is the application of blockchain technology in it.

It is a decentralized way of checking the transactions of who owns each asset . For example, when you buy a bitcoin it is registered in the different nodes, computers and servers of the system. At the same time, it is recorded that you are the 100% owner of that bitcoin, so that we can certify ownership of something.

In the old days, in centralized databases, there was only one server that proved that you owned X thing. The problem is that someone could easily hack that server. With blockchain, this task is practically impossible, since it cannot be changed. Thanks to the application of this technology in the art world, digital works can be made and you can certify that you are the owner of that digital asset. You can sell it to other people and it is very likely that its value will increase over time.

Can you imagine increasing the closeness between the artists and the people who follow them? With NFT it is possible.

Development of NFT marketplaces

With blockchain technology!

Now that you know a little more about this technology, we will tell you that marketplace platforms can be developed to bring creators, designers, and artists together with their audience from anywhere in the world.

Many companies are stepping up to tokenize their own NFTs . Its capitalization has multiplied in recent years, and that makes the NFT marketplace efficient and promising for the future.

We tell you some features:

Its development requires creating a non-fungible token protocol in the Ethereum network (blockchain), since most marketplaces work with it.

The system uses the integration of smart contract systems.

When the Marketplace is ready, any user can create their own profile, download their wallets, and store NFTs.

Create your electronic wallet (Wallet).

Prepare your project with dedication.

There are already platforms on the market to create, buy and sell NFTs, such as OpenSea and Rarible, but their evolution continues to advance relentlessly and more and more specialized platforms are coming onto the market.

Would you like to create your own?

Advantages of developing NFT marketplaces

We have compiled the main benefits of these platforms:

They are easy to use.

They guarantee secure and fully protected transactions.

The electronic portfolio is perfectly integrated.

They allow you to record transactions efficiently.

Transaction fees are lower.

They allow to save expenses in storage, shipments, etc.

Production costs are lower.

Although they also have some disadvantages, such as the challenge of their technical constraints, there are professionals specialized in the development of NFT marketplace platforms who can help you along the way.

Behind the NFTs is the chain of blocks or blockchain. They are purchased through the use of cryptocurrencies and are stored in a wallet. In order to store them, you must have this virtual wallet.

It is important to remember that with NFTs, what is being bought and sold is not digital artwork, domains, or collectible stamps, but ownership.

Do you think NFT Development company are a good opportunity for e-commerce? What do you think about the development of NFT marketplaces? Tell us, we are looking forward to hearing from you.