Generally, there is a standard user flow on all NFT marketplaces:
Step 1: User registers/registers an account on the NFT marketplace platform
Step 2: The user is then asked to set up a crypto wallet
Step 3: Now, we have reached the initial NFT creation step. Users can upload digital collectibles (any asset the user wishes to tokenize) to showcase their work
Step 4: When listing an asset for sale, the user has two options: set a fixed price or auction the item, and finally choose a bid
Step 5: Assets are reviewed
Step 6: Once the new NFTs are approved, potential customers can find them in the sale listing
Step 7: NFT owners can start by accepting bids
Step 8: When the auction ends, the platform informs the token owner of the highest bid
Step 9: The NFT platform regulates and approves the transfer of digital assets and funds
What are the core functions of the NFT platform application?
Here are some basic features that reflect the absolute philosophy of NFT platform applications:
front page
Dashboard or landing page for the NFT platform. Additionally, it provides users with information about the asset. The description may usually include:
asset details,
asset owner,
historical bids,
price history etc.
Search function
A promising NFT platform must support category division and management functions. It basically allows users to easily search for collectibles they are willing to buy.
Create a list
This feature of the NFT marketplace is primarily aimed at sellers. The platform should provide users with the possibility to create listings where they can add NFT details.
Auction and Buying
An efficient NFT trading system is an essential function of NFT platform development services. You should give users the option to enter the bid amount, due date, and a watchlist that displays bid status details.
wallet
Your users will need to use wallets to pay, receive and store NFTs and cryptocurrencies. Related to this, you can add your own wallet to the app or integrate an existing wallet into the app for a hassle-free experience.
While these are must-have features for NFT platforms, there are many others such as
The ability to mint NFTs,
Multiple payment gateway integrations and more
Business owners can choose to combine NFT platforms, NFT crypto platforms, and NFT trading platforms into one space.
Determining a price range can be challenging if we consider the various features of an NFT platform.
Will cryptocurrency be a profitable business venture?
Yes. By 2050, more than 9 million financial transactions will be digitized. Cryptocurrencies exist online and anyone can buy them from all over the world. It has nothing to do with their age or where they come from. Now imagine how much money a business can make by taking risks.
Can Hengpai help my business with NFT game development?
"Game development" is the next digital gold rush, and your business can be one step ahead. We have considered games, game clothing, game skins and other in-app purchases as NFT game assets. However, the advancement of cryptocurrencies and blockchain technology to game development is beyond our imagination. Hiring an agency like Idea Usher can help streamline your workflow and give you more time for brand strategy and market planning.
How long does it take to develop an NFT application?
The development of an NFT app or NFT marketplace wallet/app takes about 7-20 days. Also, it mostly depends on your requirements.