Non-Fungible Tokens (NFTs) have found immense success over the last couple of years amid the crypto bull run. So much so that the NFT market generated more than $40 billion in value according to the 2021 NFT Market Report by Chainalysis. The success of these NFTs is largely owed to the rise of various NFT marketplaces.
What is an NFT marketplace?
An NFT marketplace is a digital platform that allows users to store, display, trade and create NFTs. These marketplaces facilitate the trade of NFTs between users in exchange for a transaction fee. Essentially, these platforms act as Amazon or eBay for NFTs.
Similar to other digital marketplaces, every NFT marketplace has its own system for how they work. They may differ in terms of process, revenue share, payment options, operable blockchains and more. There are many NFT marketplaces, with some being more successful than others.
The essential functions for all NFT trading platforms. Source.
Top NFT Marketplaces
OpenSea is one of the oldest and biggest NFT marketplaces. Having launched in 2017, it could be considered ancient by crypto and NFT standards! OpenSea is home to many popular NFT communities and offers many different types of NFTs such as music, photography, art, trading cards and a lot more. It is a solid platform for beginners to experts with a user-friendly interface and easy onboarding process. However, OpenSea only allows transactions in cryptocurrencies such as Ethereum, Solana, USDC offering no fiat payment options.
Rarible is another NFT marketplace that allows users to buy and sell art, collectibles, video game assets in the form of NFTs. An interesting feature about Rarible is that it operates as an NFT DAO (Decentralized Autonomous Organization); which means that the holders of its $RARI token have the right to vote on changes in company policies and more. Another feature of this platform is that it allows users to transact using a credit card, hence allowing them to trade using fiat currencies, unlike OpenSea.
Binance is one of the largest cryptocurrency exchanges and seeing the success of NFTs they added their own NFT marketplace last year in 2021. Their marketplace offers similar kinds of digital assets such as art, game assets and collectibles. One unique feature about them is they only charge 1% as a trading fee, a considerably lower fee for transactions as compared to the 2.5% trading fee on both OpenSea and Rarible. Another key aspect of Binance NFT marketplace is that it runs and supports digital assets only on their own blockchain called the BNB Chain.
The Benefits of Building Your Own NFT Marketplace
1. Attract global NFT holders
A customized NFT marketplace is a great opportunity to stand out from the crowd and attract millions of potential NFT holders globally on the same platform. Not only does this help users look beyond the crowded marketplaces by crypto exchanges, but it also serves as a revenue source that allows you to profit from every trade on the platform.
2. On-Brand NFT Marketplace
By creating an NFT marketplace that matches your branding and having a layout of your choice with a custom domain name, you can make it easy for your customers to recognize and relate to your brand. At the same time, it helps you support your project's token or partner tokens in just a few clicks along with the added integration of marketing tools such as Google Analytics and more. If you are a brand but are unsure of how to create your own on-brand NFT marketplace, check out this page for help from Super Ultra.
3. Implement attractive revenue models
Another reason to have your own NFT marketplace is to implement new and unique revenue models that help you differentiate from other NFT marketplaces. As most marketplaces do not offer innovative revenue structures, you have the chance to bring creative revenue models which may include DeFi opportunities for your users too through NFT staking. Bring out your creativity with your own NFT marketplace!
Why is Super Ultra the Perfect Partner to Develop Your NFT Marketplace?
Our expertise in blockchain technology enables us to offer a customized NFT marketplace solution to launch your business with ease. Our technical team will analyze your project's specifications and based on the requirements, we will design an interactive UI for an enhanced user experience. Our team has created many marketplace platforms (both web and mobile), utilizing the latest technologies implemented with best industry practices. If you are looking to build your own NFT marketplace, feel free to get in touch. And do not forget, project consultation is free!