Maybe you are thinking of developing your own NFT Marketplace. But have you ever thought about what are the must-have features of an NFT Marketplace? We will find it out today. Hold your seat belt tightly, because you will face an explosion of information in this guide.
In a summary, having a storefront, a filtering system to find the perfect NFT, an advanced token search facility to find the required cryptos, facility of creating a list page, a rating system for the NFTs, a bidding system and a fully secured wallet are the 7 must have features of an NFT marketplace.
What is the NFT and NFT marketplace?
The Non-Fungible Token protocol is a technical revolution in the blockchain space. That enables unique digital assets to exist across different games and DApps.
It represents a new paradigm of value exchange and ownership. This enables impossible scenarios like real-life item trading within the game and cross-game marketplaces. The NFT product is a core part of this technical revolution. It makes it possible for digital assets to have value within a game.
The Non-Fungible Token (NFT) Marketplace is a revolutionary new protocol. Anyone with Internet access can instantiate and operate a virtual goods marketplace. The NFT Marketplace has many advantages over traditional centralized marketplaces.
Including an open and transparent ownership model, clear responsibilities, and protections for both buyers and sellers. Also, a revenue share plan that rewards early adopters.
Why do you need to have an NFT marketplace?
Imagine you have a collection of your favorite comic heroes. The collection is so special and valuable that you keep it in a safe deposit box, which costs you a lot of money. You can’t show off the collection to anyone except for the people who have access to the locker.
So, why don’t you display it for everyone? Why aren’t you able to sell or exchange items with other collectors? This is where the NFT marketplace comes into play.
A marketplace helps collectors show off their collections and make them available for sale by other people. A collector can also sell or exchange items with other collectors. Sellers can monetize their collections and earn money on them. As a result, buyers get their favorite hero’s collectibles, and sellers increase their income.
NFT marketplaces address the needs of both buyers and sellers. What kinds of features do you think this kind of marketplace might need?
Must have 7 features of the NFT marketplace to help you succeed
Once a buyer makes an order, the seller will receive payment instantly from either PayPal or Stripe before shipping out the items. Storefront includes all the features you need to create a successful online store.
Storefront is a decentralized marketplace built on the NFT protocol. Which facilitates the creation of powerful marketplaces with both digital and non-digital goods. E.g., tickets, real estate, etc.
- Storefront’s core is its product catalog, which manages all your listings and makes content discoverable.
- A searchable and filterable product catalog becomes an invaluable resource for buyers browsing through a retailer’s inventory.
- Customers can also update their profiles to help other users find them easier in search results and listings.
These are just some of the many benefits that Storefront’s product catalog brings to a decentralized marketplace. As a key feature, it will be available in every marketplace created through Storefront – no matter the industry or use case.
The Filter feature helps the seller list a specific item for sale. The seller can use this feature to give information about the item. For example, its name, rarity, and types of transactions allowed (e.g., trading only or peer-to-peer sales).
The Filter feature ensures a safe and secure online transaction. It allows you to search within a specific category of items only.
The Filter feature helps you narrow down the results based on the categories available:
- Notable Cards: Categories include cheapest cards, cards of this week, most expensive cards ever, new cards, and old cards.
- Notable Collections: Categories include Most valuable collections. Most valuable non-fungible tokens (NFTs). Most valuable tokenized artwork.
Advanced token search
A token search feature would allow users to find specific cryptocurrencies based on certain criteria. For example, let’s say someone wants to invest in cryptocurrency-related video games.
A search feature would allow them to input keywords describing potential projects. Also, use those keywords as filters to find the most suitable cryptocurrencies based on their investment goals.
The advanced search feature of NFT Marketplace is an essential tool to help NFT fans find their desired items. The other essential features are:
- Fast and safe transaction.
- Search by price, name, and issue date.
- Marketplace to see all the items for sale.
The “Creating listing” page has many features to help you create a professional and attractive listing. They include:
- Category: you can select your asset category and see the suggestions we made.
- Image gallery: you can upload the images you want to show in the listing or use some of them from the gallery. It’s up to you to choose whether to display all the images or just one.
- Description: Here, you can describe your asset in detail and add a description of its history. For example, it is important to describe the item itself as an in-game item. It’s important to provide some information about its origin.
- Sale type: When you pre-order an item, you’ll have a chance to decide how you want to handle the transaction. If you have already sold an item, you will have the option to either cancel the sale or close it.
A rating system allows buyers and sellers to check in the NFT marketplace. Sellers can list the products’ properties and their popularity among other users.
Sellers can also leave a review on previous transactions with this user to help others understand the experience. To maintain a friendly trading environment, buyers and sellers can view each other’s ratings before completing any transactions.
We calculate the ratings by taking into account data from many sources that include:
- The number of transactions per day.
- Average dollar value per transaction.
- Activity on social media channels.
- Traffic on those social media channels.
- The number of users who want to get.
The bidding option is a feature of NFT Marketplace that allows users to put an item up for auction. Where the highest bidder will win the auction and sell the item.
Each user has a “bid” value set on the settings page. Which states how much each token of theirs can be bid on an item. Additionally, the smallest value of bids allowed is configurable by the server owner.
When you use the bidding option, you can use the value of the item you are selling as the reserve price (the least price at which you will sell the item). With this feature, the seller can specify a bidding starting price and the most price.
The NFT marketplaces are struggling to get a user base because of the lack of functional wallets. The users are not willing to buy or sell virtual assets due to security and technical limitations.
The ability for users to buy, sell and trade from their wallets is a must-have feature for any marketplace. The marketplace needs to be able to take as much friction out of using the platform as possible for both seller and buyer.
The wallet will allow users to sell new things straight from the client. This allows for a seamless experience that we expect will be key in massively adopting these non-fungible tokens.
The Bottom Line
The NFT marketplaces have become a major attraction for newbies and crypto veterans alike. The recent frenzy has created an opportunity for many artists, collectors, and investors to make a fortune in the same way. That happened with bitcoin in the past.
If you are looking for an NFT marketplace to create your own collection or showcase your work, you should go through the above list of features to make the right choice.