Must know features before developing an NFT Marketplace

Article about Must know features before developing an NFT Marketplace

Published by

Robert John activities: IT, Investor Relations/Marketing, Trader, IT

Sep 21, 2021

Investors continue to pump in more money on crypto collectibles. 40,760 digital collectibles valued at $214.54 million have been bought by traders in the last 7 days as per the NonFungible data portal.  With artists getting huge revenue and traders making a fortune, blockchain-powered trading platforms are getting more attention. Entrepreneurs can also enrich themselves by collaborating with an NFT Marketplace development company


Know the fabulous features of an NFT Marketplace website


  • Activity dashboard


Each user will be aware of the latest happenings on an NFT trading platform. They can tap their personalized Activity panel and check out the number of (bids, listings, purchases, sales, and transfers). 


  • Category-wise asset display


Crypto collectibles are showcased under various sections. Content creators can choose options like artwork, domain names, games, memes, photos, sports goods, trading cards, videos etc. 


  • Integration with digital wallets


Users of an NFT buying and selling platform ought to store their digital collectibles safely. For instance, they can use software wallets like Coinbase Wallet, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, and Torus. Artists, as well as, investors can protect their virtual assets with private keys. 


  • Search mechanism


“Fast is fine but accuracy is everything”. NFT enthusiasts can view individual collectibles and multiple collections uploaded by different artists. 

 

  • Split royalties 


Content developers will receive royalties whenever there is a secondary sale of their creations. Generally, the royalty percentage differs from one marketplace to another. Split royalty is a new feature where two artists can share the proceeds proportionately. They can also donate it for charity purposes. 


  • Stats section


Latest information is available about changes in price, floor price, the number of NFTs and owners, and trading volume. This will ensure that investors make the right decision based on the market movement. 


  • Timed auctions


Declining price and Fixed price auctions are available for skilled artists. They can choose either the Dutch or the English style as per their requirements. Prospective investors have to submit bids before a certain deadline. 


  • 24x7 technical support 


Techpreneurs must ensure round the clock assistance for content creators and investors. Users can resolve issues related to auction placement, bidding of collectibles, duplication, and payment processing glitches. 


Wrapping Up


Crypto collectibles have set the yardstick for paying content creators a fair share of their revenue. Moreover, the entry of big tech companies and payment giants into the metaverse is exciting. Across borders and classes, the only buzzword is digital collectibles. Entrepreneurs can make the right call now, collaborate with a reputed enterprise, and launch an NFT marketplace website soon.



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