March 2020 has been of significance for NFT cryptos on the NFT marketplace on Ethereum. Non-fungible tokens are opening up a million-dollar investment and revenue options for users across many industries. From Artists to musicians and even real estate, NFT’s unique identity features provide a variety of investment opportunities in the digital economy.
NFT tokens are unique tokens on the blockchain representing specific assets, signature products, or identities such as artwork, music, game products, and lots more. Developing an NFT marketplace helps you to tokenize your collectable items.
That’s where you can rely on our expert blockchain developers at Applicature. We have successfully integrated several blockchain solutions with excellent results for our clients. You can check out our portfolio at applicature to discover the fantastic tools we have created on the blockchain. We offer you a secure NFT marketplace development platform to build a multi-million revenue system as an early NFT adopter.
The NFT marketplace acts as a lucrative income system for artists, musicians, and other unique creators; its importance in art and games creates multiple services to integrate AR/VR. The digitization of real estate in NFT takes the ecosystem of real estate and design into virtual settings. NFTs’ significance in the marketplace is still under research and development, and there is a massive potential for innovation and investment opportunities in this marketplace.
Record-breaking Month for NFTs
March 2021 stands out in significance for NFTs and could as well set the pace for what’s to come on the NFT marketplace. Here are some significant purchases made during this month.
- On March 11, first-ever NFT artwork sold at Christie’s auction for a staggering $69 million, putting artist Beeple among the top league of the most expensive living artists.
- Twitter CEO Jack Dorsey sold the first-ever tweet published on March 21, 2006, as an NFT for $2.9 million. The tweet reads: “just setting up my twttr,”.
- Gucci recently launched a digital-only footwear selling at hundreds of dollars below what their physical shoes usually sell.
- Now to the most significant and recent sale, Mars House, the world’s first-ever digital NFT (non-fungible token) home, sold for more than $500,000 US, bringing a potential digital real estate market into the spotlight.
- A hand-painted “self-portrait” by the world-famous humanoid robot, Sophia, has been sold at auction for over $688,000.
NFTs will keep making headlines for the online sale of artworks. This unique digital token efficiently verifies authenticity and ownership with the artist’s signature or trademark encrypted on the blockchain.
NFT marketplace platform development
The NFT marketplace platform development has generated millions of dollars for early adopters like OpenSea and Rarible. This potential marketplace has just 27 unique digital art platforms on Ethereum, with MakersPlace, Async Art SuperRare, and Known Origin facilitating between $1-$8 million in sales. This volume of sales is little for the vast potential it has to service many industries.
Features of the NFT Marketplace Platform
The NFT platform allows the trading of ERC-721 non-fungible tokens across multiple marketplaces. It will enable token holders to access numerous services like complex trading systems, bidding platforms, bundling opportunities, and opportunities to sell in a thriving market.
Standardization gives you access to the best non-fungible tokens on the blockchain. Developers build, deploy and fix various bugs and errors on these blockchain platforms. They also help to standardize ownership, transfer, and control of tokenized assets in NFT.
The liquidity pool offers the opportunity to convert crypto to quick cash and vice versa. The instant tradability of NFT assets makes them accessible to many traders or investors on the platform. This ability gives them the potential to expand unique digital assets and collectibles market.
NFT standard ERC-721 and ERC-1155 Tokens interact with multiple ecosystems. This feature allows the new projects of NFT to be available in numerous markets and accessible from different wallets in the marketplace. The open-source code is clear, consistent, reliable, and secure with API access permission for the reading and writing data.
NFTs can be programmed to create only a specified number of specific assets or rare items. This method makes it possible to place a large amount of capital on a separate list of non-fungible tokens and implement an unmodifiable property using a smart contract. This improves the uniqueness of created assets on the blockchain.
Even though NFTs are fully programmable, many have more complex design structures like random generation, forging, crafting, redeeming, and lots more. The design space offers a wide range of possibilities that allows for retaining control.
How to create, sell and buy NFT tokens
Even though there exist thousands of NFTs via various marketplaces, not all marketplaces can support the same NFTs due to different token standards. Ethereum leads the way among other blockchain platforms to create a standard, the ERC-721. ERC-1155 token standard was developed after the former one, and it allows bounding together multiple NFTs in a single transaction.
A use case example of this feature is seen in swapping many armor pieces from one character to another within a mobile game. Also, the BEP-721 was released by Binance in late 2020, and it was followed by the BEP-1155 standard released in early 2021.
How to create NFTs
Creating your own NFT artwork is a relatively straightforward process and doesn’t require a broad knowledge of the crypto industry. Whether it is a GIF or an image, NFT artworks are effortless to make. Everyone can also create collectibles like sets of digital cards.
Before you begin, you have to decide on the blockchain platform you want to issue your NFTs. As of today, Ethereum is the leading blockchain service for issuing NFTs. However, some other blockchain platforms are becoming more popular as NFT platforms. They include:
- Binance Smart Chain
- Flow by Dapper Labs
Every blockchain platform has its own separate NFT token standard, a wallet service, and marketplace. If you create NFTs on a blockchain, you can only sell them on platforms that support that blockchain. For example, NFTs from the Binance Smart Chain will only be sold on platforms that support Binance Smart Chain assets. The implication is that you wouldn’t sell them on something like VIV3 – a Flow blockchain-based marketplace – or OpenSea, an Ethereum-based NFT marketplace.
Ethereum blockchain has the largest NFT ecosystem. Hence, to mint your own NFT artwork, video, or music, you will need:
- An Ethereum wallet. The wallet should support Ethereum-based NFT token standard ERC-721, such as MetaMask, Coinbase, or Trust Wallet.
- Get about $50-$100 in ETH on your wallet. You can do this by buying crypto or changing fiat currency into crypto if your wallet supports this action.
Once these requirements are met, most of the NFT-centric platforms like OpenSea, Rarible, and Mintable will allow you to link your wallet and upload your chosen image or file that you want to turn into an NFT.
Why you should invest in NFTs
With the positive headlines made by NFTs, it is proving to become a profitable investment largely due to some of the following reasons.
Creation of valuable tokenized assets
Creating a medium for tokenizing physical objects like artwork eliminates its duplication and restricts its ownership to the owner. This leads to a scarcity of rare pieces of art and an increase in their value.
Liquidity for Investors
If you want to have an asset that you can easily convert to cash whenever you need it, this might be a suitable alternative for you. Tokenized assets like Non-fungible tokens are easy to convert to fiat currency. For example, owning a virtual land can allow you to rent out the land or virtual space to advertisers at a price while still retaining the ownership. Owners can also sell off a portion of the virtual land to get cash.
NFTs have the potential to appreciate in value over time. For example, ownership and control of virtual real estate allow deciding how you want to use your land, like renting it out or building a secure business for online sale adverts. Artworks also increase in value over time due to their uniqueness and scarcity.
Popular NFT Marketplaces
The increasing popularity of NFTs comes with a diverse number of new NFTs marketplace. It’s best to do your personal research before choosing a platform to avoid false or scam sites. Here are some popular NFTs marketplace
Rarible has witnessed significant success in recent months. This platform that started in 2020 was designed to be the first global NFT marketplace with the ERC-20 RARI token. RARI token holders participate in the governance and retain voting and management rights. It is the first token used for governance in the NFT platform.
Rarible also introduced the concept of “Marketplace liquidity mining”. In addition to being able to purchase no fungible tokens, the RARI token serves as a means of compensation for active users who buy or sell on the marketplace.
It is easy to create an account and set it up. Users need to confirm it is a verified platform by paying attention to the tiny tick on the profile picture. Rarible is backed by an excellent team even though there are many spam accounts out there. Rarible has an inclination towards artworks and others like domain names, gaming items, and collectibles. It has NFTs in hundreds of thousands.
The OpenSea is the largest and oldest NFT marketplace, dating back to as early as 2017. It offers various non-fungible tokens, including artwork, domain names, gaming items, collectibles, and tokenized representation of physical assets. This platform is like the “Amazon” of the NFT marketplace. OpenSea makes it effortless to visit other private sellers or the Ririble established, or even the CryptoPunks.
OpenSea makes available hundreds of thousands of NFTs with prices ranging from 0.05 ETH to 500+ ETH. The platform has items that match every budget. Another plus is that OpenSea makes it straightforward for anyone to build and host their NFT marketplace using the ERC-1155 and ERC-721 assets. Individuals can create a personalized design from selling unique CryptoKitties or Axies to virtual real estate within Decentaland or the Sandbox.
3- The Sandbox
Sandbox is another popular decentralized virtual reality platform on the blockchain. Users can buy ERC-721 and ERC-1155 LAND tokens using Ethereum or the SAND token. It also allows the single sale of land, bunching of lands into Estates, and many estates into districts.
Beyond Land, Sandbox offers anything and everything available within a decentralized metaverse. This possibility opens up the opportunity for passive income with crypto. Landowners allow users to create meaningful experiences on their land and charge for entrance or an activity. People can also build using Sandbox’s 3D virtual modeling software, VoxEdit.
4- Axie Infinity
This NFT marketplace is home to AXIE creatures that are similar to the 2017 CryptoKitties breeding game. Each NFT Axie is different and can be bred with another Axies to provide a multiplier effect and unique features. They use them in tournaments, and winners receive crypto coins as a prize. This feature is why many people desire Axie NFTs; they want their Axies to become champions. They achieve this by buying the best NFT assets to boost their gaming experience.
Users can either purchase Axies from an egg stage or alternatively at different ages of their lifespan to predict how they will turn out eventually. The platform also incorporates Axie Infinity features to add to Axie’s land, collections, or skill set.
Axie infinity, with more than 19,000 monthly active users, has been ranked as the number 1 game on Ethereum, and it has generated more than 6,000 ETH in income.
This protocol created the first NFT supermarket on Binance Smart Chain. The supermarket hosts digital artworks and allows payment using its native BAKE tokens. Some of the categories include Bitcoin, Binance, Musk & Doge, and more recently, Banana & Bake.
Bonus Bake tokens are gotten by using NFTs in ‘combo meals.’ This platform allows users to create their artwork using the “Mint Artwork” feature available on the BakerySwap supermarket landing page.
Other valuable platforms include:
In the booming world of the million-dollar blockchain market economy, NFT is ruling the crypto ecosystem. We invite you to make the most of this opportunity to launch your NFT platform and position your business to generate significant revenue. Contact us at Applicature, and let’s handle your non-fungible token platform’s development.