A quick guide on how to develop NFT Marketplace like OpenSea

Article about A quick guide on how to develop NFT Marketplace like OpenSea

Published by

Nov 1, 2021

Non Fungible Tokens(NFTs) are being greeted in this crypto world as everyone is talking about that. So now, the NFT Marketplaces gain eminence due to the immense growth of NFTs. Due to this, more people are ahead to tokenize their own NFTs and create an NFT marketplace. Niche marketplaces like OpenSea are becoming more popular because they have a clearly defined target audience. The immense growth of these platforms incites more people to launch NFT Marketplace platforms like OpenSea. 


What is OpenSea?


OpenSea is the world's first and largest dedicated NFT Marketplace developed on Ethereum Blockchain Network that promotes people to trade and manage NFT assets and cryptos. These NFTs can be domain names, collectibles, music, utility, virtual worlds, sports, arts, trading cards.


Why create an OpenSea Clone?


The enormous growth of OpenSea and its fame among crypto traders stimulates many crypto investors to launch an NFT Marketplace like OpenSea. OpenSea Clone is an NFT Marketplace that imitates the features and functionalities of OpenSea. Hence, launching an OpenSea Clone is the best revenue-generating business model in today's crypto world. 


Maticz, a pro player in NFT Marketplace Development offers the best OpenSea Clone Software which can be customized based on investors’ wishes. If you’re a newbie to the crypto industry and want to launch an NFT Marketplace like OpenSea, you can go with the OpenSea Clone Script solution.


How does OpenSea Clone Script work? 


Before getting into the NFT Marketplace Development, it is necessary to know the functional flow of the OpenSea Clone Script from both the client’s and admin's perspectives. 


Client's Perspective


1. First, the user needs to sign up, existing users can skip this step.


2. Set up a wallet to hold digital assets and funding with cryptocurrency.


3. Users can create their own collections space to create, maintain, and showcase their work. 


4. The developed NFTs are listed for sale after getting approval from the admin.


5. Sellers can choose the payment method they would like to accept for their NFTs from the buyer.


6. Buyers can purchase NFTs at a fixed price or an auction process.

 

7. The purchased NFTs price includes the NFT price plus the gas fee.


Admin's Perspective


1. Gas fee structure edition


2. List of users and created NFTs


3. NFT token burning option to burn duplicate NFTs


4. Option for services list editing


5. Adding new filters and categories


6. Whitelist and blocklist to prevent the platform from malicious activities


Alluring features of OpenSea Clone Script


Storefront - Furnishes the end-to-end information about the platform. 


Filters- Helps to navigate the site to buy favored collectibles for users. 


Create Listing - Allows users to send the relevant categorical collectibles immediately.


Buy and Bid- Encourages bidders with an easy-to-use and effective NFT purchasing system.


Wallet- Used to hold and manage NFT assets and cryptos.


How to develop an NFT Marketplace like OpenSea?


1. Analyse the market correlated to your business.


2. Set the goal & finalize the business requirements and know the purpose of launching the platform.


3. Choose the best company for NFT Marketplace Development.


4. Select the respective blockchain, technology stack, and NFT standards for your NFT marketplace.


5. Start the development process with simple and good UI/UX development.


6. Smart contract and back-end(admin panel) development with high-end security.


7. Front-end (user panel) development with the market-leading user attractive features.


8. Testing - Detecting and fixing bugs and glitches to ensure the functional flow of the platform with the original project requirements.


9. After completion of testing, deploy the fully functional, bug-free platform on the client's production server. 


10. Provide 24/7 support for technical issues and feature upgrades.


Why Maticz for OpenSea Clone development?


Being the top-rated NFT Marketplace Development Company, Maticz offers best-in-class, robust-free, guaranteed NFT products. Our team of experts will help to launch an effective marketplace like OpenSea. If you are an ardent fan of cryptocurrency exchange, you can launch your NFT Marketplace with OpenSea Clone Script.


On the whole


The growth of NFT is steadily increasing and remodeling every sector due to its vast performance. So, undoubtedly the development of the NFT Marketplace attracts more people. On the whole, launching an NFT marketplace like OpenSea seems like a promising endeavor for early adopters.