{"id":615,"date":"2022-02-07T14:24:22","date_gmt":"2022-02-07T14:24:22","guid":{"rendered":"http:\/\/oqtacore-blog-473533498.us-east-1.elb.amazonaws.com\/?p=615"},"modified":"2022-12-15T13:59:52","modified_gmt":"2022-12-15T13:59:52","slug":"nft-marketplace-from-scratch","status":"publish","type":"post","link":"https:\/\/oqtacore.com\/blog\/nft-marketplace-from-scratch\/","title":{"rendered":"How to build your own NFT marketplace from scratch"},"content":{"rendered":"

Most of the existing NFT marketplaces are aimed at the world of digital art, sports cards, and online gaming. In reality, the potential of NFT is much broader; many categories of business not outlined above could derive tremendous value from using NFT but have never created suitable smart contracts or found markets to use them.\u00a0<\/span><\/p>\n

Any technology evolves from the simple to the complex. For example, in the case of blockchain, bitcoin was the simplest implementation of blockchain transactions \u2013 sending base currency from one user to another. But 6 years later, Ethereum introduced decentralized applications that allow transactions of absolutely any type \u2013 voting, property rental, crypto exchange \u2013 anything.<\/span><\/p>\n

The same story happens now with NFTs. In basic terms, NFTs are unique tokens that can represent anything, exist by any rules, and participate in any economy.<\/span><\/p>\n

Collectible cards are the simplest version of NFTs. However, NFTs don’t have to be complete analogs of static pieces of cardboard. You can bring life into NFT tokens – each token can change over time, can embody a living being with a level of health and experience, or, for example, can combine with other NFTs into one large entity (as an example, assemble an NFT combat robot from NFT parts<\/a>).\u00a0<\/span>\"NFT<\/p>\n

NFTs can be rented, can be bought as mortgages, can be duplicated, can be fragmented for shared ownership. The possibilities of NFT are limited only by imagination, not by technical ability.<\/span><\/p>\n

Perhaps your idea to use NFT would appeal to the market and the community. So how do you bring your vision of using NFT to life? Here’s a step-by-step plan.\u00a0<\/span><\/p>\n

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  1. NFT market research: identifying the prospects and current needs of the industry;<\/span><\/li>\n
  2. Understanding how NFT marketplaces work in order to determine the lower bound of functionality for your marketplace;<\/span><\/li>\n
  3. Coming up with a business model for the marketplace: possible scenarios for resolving individual market needs and subsequent project scaling;<\/span><\/li>\n
  4. Developing the NFT marketplace: outlining the implementation specifications;<\/span><\/li>\n
  5. Collaborating with other projects: it is important to interact with other projects in the industry and look for common ground.<\/span><\/li>\n
  6. Marketing strategy: outlining the main project promotion scenarios;<\/span><\/li>\n
  7. Launching the turnkey NFT marketplace: a couple of words on best practices.<\/span><\/li>\n<\/ol>\n

    NFT Market Research<\/span><\/h3>\n

    The NFT market grew significantly in 2021 and sales of NFTs reached some $25 billion, in 2020 sales volume was just $94.9 million (adding 24900% in sales volume).\u00a0 In December, total sales in the NFT market <\/span>surpassed $12.0 billion<\/span><\/a>, and the total number of sales exceeded 13 million\u00a0<\/span><\/p>\n

    In the first two weeks of 2022, the NFTs\/Gaming vertical within the crypto sector <\/span>received nearly $5.0 billion<\/span><\/a> in venture funding, ranking third among private funding. At the end of 2021, the NFT segment had edged out even the unstoppable growth of the DeFi industry, nearly equaling the number of deals.<\/span><\/p>\n