When it comes to the development of the NFT marketplace app in the blockchain ecosystem, many people have tried their hand at it. However, these projects have been complete failures in most cases and have eventually closed down.
Non-fungible tokens (NFTs) are digital assets that intrinsically do not have the same value. They may be traded like fungible tokens. However, they cannot be replaced like cryptocurrencies like Bitcoin and Ethereum. The tokens must also follow specific rules to maintain their authenticity and uniqueness for decentralized trading platforms to recognize them.
NFT marketplace is an online platform where anyone can buy and sell non-fungible tokens. They typically allow sellers to set their asking price, which allows them to earn more money than they might on other platforms like eBay.
While there is no definitive answer, NFT marketplaces can be classified into a single product and multi-category marketplaces. The former mainly focuses on selling unique or collectible items like Cryptokitties. At the same time, the latter allows users to sell their products irrespective of their type, whether it is digital or physical.
NFT marketplaces come in handy when buying rare items that can either be lost or stolen by the user. It is because cryptocurrencies are difficult to recover and easily hackable, unlike NFTs. Also, with blockchain technology, the seller can’t quickly go back on their word and offer refunds or cancel transactions.
Currently, there is a real need for the development of NFT marketplaces. According to Dapp Review, Cryptokitties has over 1 million users. There are other NFTs in different niches like cryptocurrency collectibles that need good platforms for managing their business operations. It has the potential of pushing growth within this sector at a time when it is needed most.
The NFT market app is a digital platform that allows NFTs to trade with each other. It is an online portal where anyone looking for rare and unique items can visit, browse through the different listings and make purchases.
Meanwhile, the NFT market is being dominated by two significant players in this regard - Rarebits & OpenSea.
In today's article, we will analyze both these NFT marketplace apps and see which one stands ahead of the other.
Rarebits is an online project started in 2017. It has gained significant traction following Cryptokitties acquiring the platform last year.
Features of Rarebits
The team created this project at Fluence Labs. Their goal was to provide users with a place where they could trade, purchase and sell NFTs without having to worry about any fraudulent activities or scams. The first version of their marketplace was released in 2017 and is still the same as then.
OpenSea is a decentralized platform with 300,000 monthly transactions between users. The app was launched in 2017 and is backed by Binance Labs, Hashed Health, and GBIC, among other investors.
Features of OpenSea
This NFT marketplace app also offers escrow services to help safeguard users from transaction reversals. In case a seller fails to deliver the item to a purchaser, they can claim the escrowed funds without having to go through an arduously long process. The escrow protocol is known as "multi-sig," which requires more than one individual's signature to release funds.
When creating an NFT marketplace app, some essentials must be considered. The following are the most important of all:
When it comes to nft development, you need to have the utmost focus on your target audience. If you want to develop an NFT marketplace app, you must know the kinds of requirements that potential users will demand.
Always work with a reputable developer to know all the requirements and essentials of an NFT marketplace app. They will also be aware of how vital it is to create a user-friendly platform that can appeal to rookie and veteran traders alike. They should also have the technical expertise needed to keep such software as secure as possible to safeguard all potential scammers' transactions.
The platform will be an intermediary between buyers and sellers, so it must have all the required safeguards to ensure that both parties get what they bargained for without any hassles. It is why before choosing a developer to work with, you must know precisely what kind of NFT marketplace app will suit your requirements and suit them perfectly.