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NFT and NFT Marketplace 

NFT Marketplace 

Source : https://www.sbbit.jp/

Recently, there have been so many transactions that are worth millions of USD and they all have been settled on digital pictures or GIF files. Why do they make that high price while a digital asset can be copied easily? NFT is the key to these transactions.

1. What is NFT ?

NFT stands for a non-fungible token– a digital token that’s a type of cryptocurrency, much like Bitcoin or Ethereum. To understand fungible assets, let’s look at an example of the currencies, we can swap a $100 note with 2 $50 notes and it has the same value, it means that $100 is a fungible asset that can be interchanged.

However, if something is non-fungible, this is impossible – it means it has unique properties so it cannot be interchanged with something else.

The Mona Lisa painting is a good example of non-fungible assets. You can take a photo of it, can buy a copy of it but there is one and only one original Mona Lisa painting.

Nyan Cat

Photo: Nyan Cat

NFTs are part of the Ethereum blockchain and they are individual tokens with some extra information inside them. The extra information allows the digital assets like JPGs, MP3s, video, GIFs files to become NFT assets. 

Because NFT assets hold value, they can be bought – sold like other types of physical art and their value is set by the needs and demands of the market.

Same with Mona Lisa, we can have a large number of copies, there are many digital versions of an NFT art available- copies of an NFT are still valid parts of blockchain – but they will not hold the same value as the original.

2. What is the NFT Marketplace and NFT Marketplace Development

NFT marketplaces are platforms where NFTs can be stored, displayed, traded, or even be-ing minted (created). It’s similar to what ecom platforms like Amazon, eBay do for real goods.

The digital assets had significant dominance over the NFT marketplace and now many physical assets are converted into NFTs. The NFT market keeps expanding.

Currently, there are so many NFT marketplaces are available now and to access them, you need to have:

  • A crypto wallet:

You’ll need to have a wallet that is compatible with the blockchain network which supports the NFT marketplace that you want to join and buy or sell an NFT asset.

For example, if you want to join the NFT marketplace based on the Ethereum blockchain platform, you will need to use a compatible Ethereum wallet such as MetaMask. For NFTs sold on the Solana platform, you will need to use a wallet service such as Sollet.

  • An amount of coins in the wallet:

You can not purchase anything with zero balance in your wallet. You will need to pre-fund your wallet before buying, listing or minting an NFT. Again, you will need to find out which cryptocurrencies are supported by the marketplace you intend to use.

  • A user account:

Of course you have to have your own account on that NFT marketplace.  You will need to set up an account on the particular marketplace you wish to purchase NFTs from.

Even though there are so many NFT marketplaces available now, the need to create new NFT marketplace is still high. It’s not very hard to build your own NFT marketplace.  NFT marketplace development include many technical factors inside as below

  • Token standard
  • Blockchain technology
  • Frontend UI
  • Reliable and stable Backend
  • Extended supports

ERC-721 and ERC-1155 are the token standards that support only Non Fungible Tokens. Like many other projects,  NFT Marketplace Development can be done better by picking the right person or team to build it, so choose the right team and start to build your own NFT Marketplace.

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