How to Build an NFT Marketplace: A Comprehensive and Step-by Step-Guide

NFT has been trending over the internet, especially Twitter, for a while now, and being a blockchain specialist, and We got our curiosity about this whole new usage capability of crypto blockchains. 

So, we decided to share with you our crux of learning about NFTs, NFT art marketplaces, and How to create your own marketplace.

What is an NFT?

An NFT, abbreviated as Non-Fungible Token, is a collectible digital asset. An NFT holds value as a form of cryptocurrency, but these are digital artforms, i.e., art in the form of digital images, and it can be bought from NFT-specific “NFT art marketplaces.”

The main difference between cryptocurrency and NFT is that, unlike a standard coin in the crypto blockchain, each NFT is unique and can’t be exchanged like-for-like, making it non-fungible. 

Let’s dive in and see how NFTs are created and how NFT art marketplaces work.

• How to make an NFT

NFTs have proven to be a new and lucrative earning market for many artists, and the rise of bitcoin in the past few years has made people trust more in new ideas like these. It is one of the reasons why NFT has garnered many eyes in a short time.

Let’s see how you can make an NFT of your own:

• First, you need to start by creating an Ethereum wallet, as NFT marketplaces accept Ethereum. 
• Then you’ll have to buy a small amount of Ethereum, $50-100 should do the task for you on most NFT marketplaces.
• Choose the right NFT Marketplace for yourself and connect your wallet to it.
• Any NFT marketplace you choose will give you all the features to create, mint, and sell your NFT.

• How to Sell an NFT

In order to sell NFTs on a marketplace, you will first have to locate them in your collection. Assuming that you have now created an account at an NFT marketplace, this is pretty simple. 

Just click the “sell” button on your NFT marketplace, and it will take you to the payment page. On this page, you will be able to define the conditions of the sale, including decisions like auctioning your NFT and selling it at a fixed price. 

Building an NFT marketplace

It is pretty evident from all the stuff above that NFTs are the next big thing. Now you would think that instead of creating an NFT art and waiting for it to sell at a crazy price, can I just build an NFT marketplace and earn from each listing and auction fee?

Yes, you definitely can, and that is what this article is about. Let’s just dive in and learn how to build an NFT marketplace.

In a nutshell, this is what we will be learning today-

• Is it Worth it to Create Non-Fungible Tokens?

• How to Create NFT Token?

• ERC721 Token for NFT Development

• NFT Marketplace Art

• How to Create NFT Marketplace?
• Top NFT Marketplace

Let’s discuss each one of them in detail.

Is it Worth it to Create Non-Fungible Tokens?

Yes definitely, having an NFT is like owning a rare piece of art, but the question that arises here is that since NFT is an image or a GIF, can it be copied and used by any number of users and devices.

Yes, NFT can be copied and used freely, but the creation of NFT is not based on protecting the data from being copied or used. It is about protection from copyright abuse.

Though you can copy and use an NFT, you cannot claim ownership over it, as the ownership of the NFT remains stored in the name of the buyer in the blockchain certificate. 

ERC721 Token for NFT Development

ERC721, just like ERC20, is an NFT token standard, the fundamental difference being that ERC20 only looks over the fungible assets and standard tokens. 

It is impossible to sell ERC721 in portions as each NFT has a unique value, just like houses in a city. Each home is sold as a whole, and each house has a unique value. 

ERC721 token is capable of performing the following functions:

• Approval
• Balance of
• Transfer from
• Owner of
• Approve

All these functionalities combine to make your token unique and effective.

NFT Marketplace Art

An NFT could be any digital art or simply a photo, and artists are switching to NFTs as they can promote their artwork on platforms and even sell their digital art on Instagram.

Though NFTs sound simple to make, it can be a very difficult task to sell an NFT, as millions of artworks are already floating on NFT marketplaces, so you need to do something very unique and out of the box to make the internet interested in your NFT art and to sell it.

How to Create NFT Marketplace?

Now that you have understood the working of the NFT marketplace and you are all set to start your own NFT marketplace let’s start by learning the legal requirements:

• First, you need to create a corporate entity, a registered company with the name of your platform.
• Creating a company requires you to provide the industry and nature of work, team strength, company type (private limited, LLP, Partnership firm, Inc., etc.), and a legal contract between partners.
• After submitting your information, you get a legal license to work in that industry.
• To avoid any legal complexities in the future, you will have to construct the company’s legal documents, like terms and conditions, etc., perfectly or hire a professional to do so.
• Other laws that you might want to ensure are in place are content consideration, IP allocation, securities, and authenticity laws.

After considering all the legal requirements, you can now proceed to develop your NFT marketplace:

• First, Install the Metamask browser on your PC, as it has a secure Pixura that is built on Ethereum.
• Create a smart contract that defines the obligation of both parties to each other for your marketplace.
• Now, from the admin panel, add a few collectibles to your NFT marketplace. 
• Save and refresh your marketplace to see your collectible in the marketplace.
• Set the price of your collectibles in Ethereum with the help of Metamask transactions.
• To enable other users to list their tokens on your marketplace, add the following features:
  • Storefront
  • Convenient search
  • Filters
  • Listing creation
  • Listing status
  • Buying and auction
  • Ratings
  • Wallet

Top NFT Marketplace

There are a lot of NFT marketplaces to buy NFT artwork from. We are listing a few, taking ideas from each marketplace, doing extensive competitor research, then bringing some new ideas, and proceeding with development:

• OpenSea
• Rarible
• SuperRare
• Nifty Gateway
• Foundation
• Axie Marketplace
• BakerySwap
• NFT ShowRoom
• VIV3

Conclusion

In the end, we would just like to say that NFT and NFT art marketplaces are a good and lucrative market for all designers, crypto enthusiasts, and entrepreneurs.

We just advise you to stay focused, make informed decisions, and be consistent, as any new platform might take time to succeed, and the same goes for designers; keep finding new ideas, and be consistent in all your tasks. 

All the best, and we hope we helped.