Learning To Build Extensible Social Media NFT Marketplaces

Here we’ll learn about different sides of the cryptos, why there’s a buzz around lesser-known crypto-currencies and the whirlwind of social media around NFT Marketplaces!

Cryptocurrencies are a digital form of money, which is not issued by central banks, aren’t controlled by any individual or institution and are instead governed by a code. They enable secure transactions free from corporate or government influence. These are encrypted and is not possible to issue counterfeit currency or double–spend. Cryptocurrencies emerged in the wake of the global financial crisis when people were disillusioned with the banking system. High liquidity and low-interest rates led to demand for riskier assets.

Different Sides of Coins

  • Bitcoin is the biggest and the oldest cryptocurrency in terms of market cap.
  • Altcoins – It is an alternative to Bitcoin. Cryptocurrencies linked to an asset like Gold or Dollar are called Stablecoins as they are less volatile.
  • Blockchain – A decentralized public ledger tech, which is the base for crypto.
  • CBDC – Digital currency issued by a central bank. It is a legal tender.
  • Mining – Process through which Blockchain transactions are verified. It is also how new tokens are created.

Another Coin is NFT, which we’ll discuss separately as the major topic of conversation here.

NFT – Non-fungible tokens are digital coins created through Blockchain Technology. These are mostly used as certificates of ownership of digital assets like art, audio, or photos. It is a unique token such as a unique digital baseball card, or piece of artwork. But, you can’t just download the same video, picture or music file as the person who paid millions for X NFT? Just like you can buy Counterfeit Monalisa’s, you don’t have any ownership or copyright on the original, which is the reason it is worth $10 and not $100,000,000’s. The actual NFT is also stored on a Blockchain, on a Cryptocurrency like Ethereum or Theta and is unique to that owner, even if there are 50 versions of X trading cards (example).

While some people have minted millions from little-known crypto-currencies, many shady coins collapse overnight, leaving investors saddled with major losses.

Luna, Cardano, Polygon’s Matic, Solana, Ethereum, TRON, Binance Smart Chain, Polkadot, Matic – are some other eco-friendly coins than Bitcoin since transactions consume less energy.

Bitcoin vs. NFT

While the main difference between cryptocurrencies like Bitcoin (BTC) and NFT is that the BTC token is identical to all others out there. But each wallet address for NFTs can store one coin which is different from all others.

Each wallet address can store one coin which is different from all others. All varieties of collectibles function this way: videogames items, cards, plushies, etc, but now your favourite game characters could be represented by an actual token.

What is DeFi?

Decentralized Finance (DeFi) is a term that explains financial services that are built with decentralized technologies. They run on Blockchain. This means that users don’t have to deal with banking regulations and all other headaches.

DeFi products can operate across borders, not just in one country or region. Plus, they enable faster transactions because you only need the internet to use them.

Additionally, Metaverse is a platform focused on building an open-source protocol for asset tokenization and digital identities. DeFi and NFT would be nothing without it.

While each of them individually brings value to various industries and businesses globally, the Metaverse unites all three under one roof while ensuring compliance with regulation and security of assets.

More About NFTs

NFTs are ultimate collectibles that are immune to damage or deterioration and impossible to knock off copy, or pirate, they are soaring in popularity and value. These are exploding out of the ether this year. From art and music to tacos and toilet paper, digital treasures to physical assets, tangible assets such as buildings, sequences of GIFs like NFTTacoBells, these digital assets are selling like 17th-century exotic Dutch tulips, some for millions of dollars.

NFT’s can be considered as one unit (one atom) of an entire Blockchain (a constitution). Every single NFT is unique, is not interchangeable with any other NFT. Example – Beeple’s Art was auctioned for $69 million. Similarly, WazirX, another cryptocurrency exchange platform has launched a marketplace where Indian artists display and sell their work via the NFT exchange.

Why is NFT Preferable?

NFTs are secure due to their non-replaceability and uniqueness. NFT Development Businesses help effectively streamline NFT transactions, offer credibility assurance, secure identity, protection against swindlers, streamlines data, are good for KYC, hard to temper.

Is NFT Worth the Money?

But are NFTs worth the money or is it hype? Some experts say they’re a bubble poised to pop, like the dot-com craze and here to stay, and that they will change investing forever.

NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change thanks to huge sales to a new crypto–audience. And celebrities are joining in as they spot a new opportunity to connect with fans. They can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.

What is NFT Marketplaces

NFTs are now a preferred medium to buy and sell digital artwork. India is establishing itself as a technological powerhouse, making it an obvious choice for businesses looking to scale up. Start-ups are expanding into enterprise-level businesses in India, resulting in a significant demand for NFT developers and NFT marketplace development.

Best NFT Marketplace Apps Examples (In Order)

Top NFT Marketplaces (Highest Trading Volume)

  1. OpenSea
  2. Axie Infinity
  3. NBA Top Shot
  4. AtomicMarket
  5. Decentraland

Top NFT marketplaces (Highest Sales)

  1. CryptoKitties
  2. Gods Unchained
  3. Sorare
  4. Ethereum Name Service
  5. Decentraland

Top NFT marketplaces (Highest Number of Traders)

  1. AtomicMarket
  2. NBA Top Shot
  3. Axie Infinity
  4. OpenSea
  5. Sorare

Other NFT Marketplaces – Sketcher, PixelChain, NFT Go

What should you know before building an NFT Marketplace?

NFT Standards – These are the NFT driving force that showcases the ways of interaction with basic functionalities of an asset. Currently, there are two core standards – ERC721, ERC1155.

NFT Metadata – It helps look for the owner of NFT Smart Contract by checking descriptive information in Metadata for a specific token number or an ID like descriptions, pictures, and any additional features.

Legal Documentation – In addition to the nomenclature you require forming a company, terms of service, community standards, privacy policy, details of IP consideration.

Role of NFTs in Social Media

NFT serves as an alternative revenue source for Social Media Companies. For example, Users with a Twitter Blue subscription have an NFT display option. Facebook has rolled Meta avatars, YouTube has been distributing personalized NFTs to its users.

How do social media NFT marketplaces work?

The first step to start building an NFT Marketplace, is registration/sign-up
Second, user verification with completing the KYC procedure by providing relevant information
Third, connecting the user’s wallet with the NFT marketplace account
Fourth, now sellers can create their Non-Fungible Tokens and list them with the required information by selecting auction or fixed-price sale option
Fifth, set royalties and tokens to be obtained while selling their non-fungible tokens
Sixth, now the buyers can look for the digital assets via search and filters, and choose to purchase by proceeding with the options of buying or bidding
Seventh, Buyers can directly buy the digital assets and make payment transactions by opting for available payment modes, when sellers have mentioned the fixed price.
Eighth, if sellers opt for an auction, the potential buyers have to join the auction. Once the auction ends, the one who bids high gets the chance to hold the digital assets and make payments.

Features in NFT Marketplace Applications

  • Storefront Dashboard
  • Smart Search & Advanced Filters
  • Create Listings
  • Options to Bid & Buy
  • Digital Wallet/s
  • Storefront
  • Live Auction Feature
  • Search Functionality
  • Trending Collections
  • Create Listing
  • Auction and Buy
  • Various Payment Methods
  • Instant Notification
  • 24/7 Customer Support

Technology Stack for NFT Platform Development

Blockchain Platform – OpenSea, Rarible, SuperRare, Foundation, AtomicMarket, Myth Market, BakerySwap, KnownOrigin, Enjin Marketplace, Portion
Storage Platforms – IPFS, ERC721, Metadata
NFT Standards – ERC-721, ERC-1155, FA2, dGoods, TRC-721, BEP-20
Front-end Frameworks – Ionic, Angular, Vue

Steps to Build a Highly Scalable Social Media NFT Marketplace (Significant Phases)

  1. Selecting Blockchain Network on which the marketplace has to be built e.g. Solana, Cardano, Polygon
  2. Designing a user-friendly, attractive, easy to understand interface
  3. Robust Smart Contract to handle all marketplace operations
  4. IPFS lets users fetch and store NFT’s detail, and information stored in a database.
  5. Integration of backend and frontend
  6. Beta testing to check any hindrances
  7. Final deployment

Cost To Create an NFT Trading Platform

It depends upon budget constraints, platform, technology stack, number of features, level of customization, developer’s cost, total time taken for development, third-party API integration:

  • Buyer Interface – $3045 – $7680
  • Author Interface – $5085 – $15.840
  • Admin Interface – $3775 – $10,200
  • Total – $50,000 – $116,040 (Objective)

Cost Breakup:

FactorsAverage Costs
UI/UX Development$2395 – $5040
Authorisation and Security$3285 – $8640
User Profiles$2395 – $5040
Home Page$3645 – $10,080
Search and Filters$4005 – $11,520
Product Page$2385 – $5040
Reviews and Ratings$2565 – $5760
Shopping Cart$2565 – $5760
Payments$2385 – $5040
Notifications$2085 – $3840
Ethereum Incorporation$4005 – $11,520
NFT Management$4005 – $11,520
Inventory Management$2385 – $5040
Buyer Panel$3045 – $7680
Author Panel$5085 – $15,840
Admin Panel$3775 – $10,200
Total$50,000 – $116,040

In Conclusion:

We aimed to debunk several myths around NFTs here, we hope it helps. Metaverse, Real Estate, Art and Games are the most significant areas that are budding within the NFT craze. Visit https://www.itfirms.co for expert advice, discussions, and the latest updates on NFT development companies.

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