NFT in the music industry can also have significant benefits and use cases for artists, music companies, distributors, and music lovers. NFTs are becoming more and more popular among millennials and GenZ. It could be the most convenient way for them to connect with their favorite artists. Moreover, the amalgamation of NFTs and the Metaverse could bring the most drastic changes in the music industry. In this blog, we are going to talk about the impact of NFT on the Music industry and NFT marketplace development.  Before we talk about the impact on the music industry, we should learn about NFT technology. 

What is an NFT?

An NFT is a digital or cryptographic asset present on a Blockchain network. These tokens cannot be replicated since they have unique identification codes and metadata to separate them from other NFTs. Moreover, we can even use NFTs for representing real-world items like real estate or artwork.

However, unlike cryptocurrencies, we cannot replicate or divide an NFT on the Blockchain. We can just transfer the ownership of an NFT to another person. Encryption codes and digital signatures play a very important role in ensuring protection against theft, duplication, and hacking of NFTs. Thus, NFTs can have an ideal use case in protecting the copyright of digital content. 

Characteristics of NFT

Each NFT on a marketplace is unique from the others. Therefore, it can support music artists and music companies to efficiently distribute their digital content over the web. For this reason, NFT in the media and entertainment industry can be great implementers of NFTs. These are some characteristics of NFTs which will further prove their suitability of NFTs in the music industry; 

• They are Indivisible

It is not possible to divide an NFT into smaller pieces. Therefore, it makes it even harder to copy music present in the form of NFTs. 

• Ownership is Certain

There can’t be multiple ownership of a single NFT. We can only transfer or verify the ownership. Thus, it could become a great method for reducing piracy. 

• Non-Interoperability

Every NFT present on a Blockchain will have a different value. Therefore, we cannot use NFTs for trading like BTC, Ether, and other cryptocurrencies. 

• Amazing Trading Possibilities

It is true that we cannot exchange NFTs for other NFTs. However, trading of NFTs is possible through effective NFT marketplace development. Thus, there could be limitless trading possibilities for content creators, investors, and end users. 

•  Amazing Liquidity

Due to the uniqueness and unlimited trading possibilities of NFTs, it provides amazing liquidity to digital assets. For this reason, many investors have shown a massive interest in investing in NFTs. 

• Superior Customization and Programmability

Developing an NFT requires the assistance of an NFT Marketplace Development company. Therefore, content creators can take the full liberty to show their creativity by customizing their NFTs with true craftsmanship and innovation.

The Problems with the Music Industry

The global music industry is a gargantuan billion-dollar industry with thousands of artists, engineers, and other professionals. In fact, by the end of 2020, this industry had already generated a massive revenue of $21.6 billion. Despite this humongous growth and market, there are certain issues in the music industry.

Firstly, it becomes really hard for musicians to sustain themselves in the industry and continuously make money through their content. Above all, some music companies and distributors often exploit artists irrespective of their efforts and talent.

Secondly, legal contracts and record deals turn this into a systematic process of exploitation. This makes the artists stick to particular companies and restrict them from starting independently. Moreover, popular artists like Kanye West have often called the record deals “modern-day slavery”.

Lastly, the artists only receive a minimum share for the work the companies produce and people actually listen to. Actually, this is a result of the long chain of participants involved in the production of music in this industry.

There’s a huge chain of revenue split between the music artists, managers, record companies, lawyers, agents, distributors, and other stakeholders. Moreover, the record companies actually have ownership over the content or the original recording of the song. Therefore, the actual music artist has no control over where and when it is playing. Ultimately, this creates huge restrictions on the creative freedom of the artist.

Tough Place for Newcomers

This has been a major problem in the music industry since its inception. The record labels have been controlling many music artists according to their own desire. This made it incredibly harder for newcomers to enter the industry and make their name. Moreover, practices like nepotism and favoritism also created a massive hindrance for new talent to enter the industry.

Community-driven platforms like YouTube, TikTok, and Instagram have given a lot of power back to the creators. Nowadays, they can start their content campaigns and host digital content on these platforms. Thus, it is now much easier for music artists to promote and market their music to the public.

Moreover, monetization tools are also available on these platforms to help artists to make a living. However, the problem of intermediaries still exists because big corporations are also controlling these platforms. Thus, we need an innovative solution which will reduce the involvement of the intermediaries in the music production process.

Using NFTs to transform the Music Industry  

The COVID-19 era brought a massive challenge to the concerts, sports, and entertainment industries. NFTs gave a new way for fans to connect with their favourite artists, content creators, companies, and teams.

Many creators started to focus on white label NFT marketplace development to indulge more buyers in accessing their content. This movement encouraged many celebrities and NFT enthusiasts to buy digital collectables such as Cool Cats, Crypto Punks, Bored Apes, etc.

NFTs present on various Blockchains such as Ethereum, Binance, Solana, and Smart Chain are verifiable, unique, and valuable. Above all, NFT in media and entertainment industry allow artists to have a new medium to present their work to actual users. 

Therefore, they can market their work present on a Blockchain via NFT marketplaces. This would enable them to engage fans and also help them to determine the rates of their creations. Ultimately, content creators will be able to democratize access to music marketplaces. 

How are NFTs Creating New Revenue Sources for Music Artists?

Although, you might think that NFTs are just like digital art files. However, we can also combine them with smart contracts to infuse additional terms or benefits with each NFT purchase. Therefore, NFT in music industry can customize the contracts according to their own conditions. Here’s how musicians will be able to gain new revenue opportunities with the implementation of NFTs; 

# New Platforms for Musicians to Sell their Music

NFT in music industry would help the artists to have diverse options to sell their music. In fact, instead of rushing to the top music labels, they can just create and distribute music according to their own terms. Therefore, musicians might have more freedom of choice with the help of effective NFT marketplace development.

New artists would gain more opportunities to showcase their talent on a proper platform. By releasing their music on NFT marketplaces, they will be able to develop a closer connection with their fanbase. Providing more freedom to the creators is a top feature of NFT marketplaces. Thus, the music creators will have better control over their productions and how it is being distributed to end users.

# Huge Reduction of Middleman

As we have discussed before, the music industry consists of so many participants to create and distribute a piece of music. NFT in music industry would help the artists to become more independent and reduce the involvement of middlemen. In fact, the chain of managers, record companies, lawyers, agents, distributors, and other stakeholders can also be removed with effective NFT marketplace development.  This would help music artists to gain more control in the process of creating and distributing music. 

# Decentralized Streaming Platform

The boom of NFTs will also give birth to new decentralized streaming platforms where content creators can start participating without many restrictions. Above all, this could be a brilliant use case of NFT in media and entertainment industry. 

Audius is a remarkable example of a decentralized streaming platform that runs on the concept of NFTs. Therefore, NFT in music industry would certainly massive changes and the way how artists adopt technological innovations.

The Drastic Change in Distribution Strategies 

There are many stakeholders present in the music distribution process, and each one is dependent on the other. Therefore, NFT in music industry can be a significant game changer for music artists. Above all, it could provide better ownership and utilities for them to explore. Here’s how NFT would bring change in music distribution strategies; 

– Events, Collectibles, and Merchs

In order to build an engaging community of fans, music artists have to organize events and create merchandise and collectables continuously. Using digital versions of these assets could be a great idea to engage a larger community for a longer period of time. Therefore, the artists would be able to connect with their new potential fans that are purchasing their NFT tokens. 

– Digital Ownership of Music

The effective combination of NFTs and Smart Contracts will ensure proper ownership of music and provide the appropriate amount of royalties as well. This would be the first use case where the fans will be directly supporting the artist to unlock their full potential. These digital assets can be either sold, traded, or rented for profit.

Therefore, the concept of ownership will drastically improve with NFT in music industry. This would be more important since the mainstream music industry now focuses on streaming services over digital downloads. Moreover, it would also resolve copyright issues and legal disputes, which often led to court cases.

– Fan-to-Access Community

NFT in music industry can help artists create a fan-to-artist ‘access pass’ that would help the fans directly connect with their favorite artists. Furthermore, this community would provide fans with direct access to exclusive behind the scene footage, a glimpse into the personal life of the artists, and more. Moreover, one-to-one video calls, backstage access, and discounts can also be provided through these innovative NFT solutions.

The Present Scenario of NFT in Music Industry 

You might think that linking NFTs with music industry would be a distant future. However, it has already become a reality. 3LAU, an electronic music producer, has already become the first one to release a tokenized music album.

It made a whopping $3.6 million in sales and became the best-selling album with NFT technology. Moreover, popular Columbian artist Shakira is also collaborating with BossLogic to release her own NFt for her fans.

Plenty of other artists have been using social media platforms to show interest in NFT in music industry. Above all, this clearly shows the potential of NFTs in this industry. However, we also understand that NFTs will be used as a personal branding strategy among music artists. The nature of their NFT will depend on the Blockchain they invest in.

Potential Problems with NFTs in Music Industry

Not everything is green with the use of NFT in music industry. These could be some potential drawbacks or problems with NFTs;

a. Huge Environmental Impact

It requires an enormous amount of energy to process and mint NFTs into a Blockchain network. However, this is a major issue with cryptocurrencies in general. In fact, popular Blockchain networks Bitcoin and Ethereum consume the same amount of energy as the entire region of Chile.

For this reason, the Ethereum Foundation has already switched from the energy-intensive PoW to the PoS consensus method to reduce the environmental impact. This would drastically reduce the energy consumption necessary for minting NFTs. However, not all Blockchain networks follow the energy-efficient Proof-of-Stake mechanism. Thus, more efforts are required to make other Blockchains energy efficient.

b. Copyright Issues

So far, we might have discussed a lot of creative freedom and giving ownership to the artists. Despite having a huge potential copyright innovation, still, there’s a huge problem in terms of the rate of adoption.

People are still not clear about the limitations on who owns the intellectual assets of a song after its publication as an NFT. Moreover, record companies might continue to dominate the industry by ensuring the continuation of monetization of artists to the maximum extent. Therefore, there could be a lot of legal conflicts in the future while implementing NFTs in music industry. Ultimately, this might slow down the advancements of NFTs.

The quicker adoption of NFT can only be ensured when it will define clear limitations of copyrights and help artists to adopt this technology. Moreover, the original artist will get compensation after their song has been playing. However, the adoption process might take some time to implement due to the limitations of Blockchain technology.

c. NFTs Could be Expensive

Again this could be a huge hindrance for the newcomers in the industry. Since every NFT is unique and has built-in scarcity, the minting process is also quite expensive. Plus, the sale also depends on the best or highest offer. Thus, the sale might exclude a huge population of music fans who might lack the financial means to purchase an NFT. Even with effective NFT Marketplace Development, it would be quite hard to regulate the price of music NFTs.

Therefore, the distributors must take strict measures to ensure that the artist is able to create real connections with fans and that no one is cut off. However, it would be very difficult to maintain the price of this high-end content. Even though NFTs are known for building a community, they might also neglect the existing social inequalities in society.

NFT Royalties

We all know that Royalties are the backbone of the entertainment and music industry. It is a constant source of income for music artists, depending on their success. Using NFTs will impact the music artists by; 

• Merging the royalties into NFT smart contracts 
• Taking full advantage of royalty account software like Curve to generate reports on royalties. 

What is a Music Royalty?

A royalty is a legal contract that provides monetary compensation to the individual artist in return for continuous use of their music content. These Royalty payments can be made when their songs are: 

• Played on the television or radio 
• Used as a soundtrack in movies 
• Played at restaurants, bars, or events 
• Listened through streaming platforms like Spotify, Apple Music, etc. 

How do NFT Royalties work?

When artists integrate their music into an NFT to be sold in a marketplace, they are given a share of the sale price. Then, the royalties are paid continuously and automatically with the help of Smart Contracts.

However, there are certain differences between NFT royalties and traditional forms of royalties. In NFT royalties, the payments are given to the published based on the secondary sales. These royalties are implemented automatically with the help of a Blockchain-based NFT smart contract.

Whenever a sale is made, the Smart Contract is responsible for verifying that the terms of NFT have been satisfied properly. Therefore, a portion of the money is given to the music artist upon successful sale. Above all, there’s no need for the involvement of any middlemen in transactions.

However, it is very important to learn that not every NFT is meant to generate royalties. It must be stated by the NFT owner while defining its conditions. Once the conditions of the Smart Contract are written in the Blockchain, the entire process will continue with automation. Generating royalties for the creators has been a top feature of NFT marketplaces.

What Will be the Future of NFTs in Music Industry?

The picture might not be very clear about the implementation of NFTs in the music industry. However, the constant popularity and growth of Blockchain will have a massive impact on every industry, including the music industry. Moreover, many artists and creators have already shown a massive interest in investing in NFT technology. Royalty calculation platforms like Curve are also creating a big difference in the music industry and royalty management.

Therefore, we can anticipate the NFT ecosystem to grow even further with smooth implementation in the music industry. NFT in media and entertainment industry might be a drastic reform on how we consume and distribute media.

NFT Marketplace Development with MobileCoderz

If you are also planning to develop an NFT or NFT marketplace, then you would need extensive technical expertise with Blockchain technology. MobileCoderz, a leading digital transformation company, has years of experience with Blockchain, Smart Contracts, Defi, and NFTs. We have expert Blockchain developers, designers, QA experts, and project managers who can make the development process a breeze. Moreover, we have an extensive portfolio of clients from various industries. 

The post How will NFTs Impact the Music Industry? appeared first on MobileCoderz.

With the integration of NFT in eCommerce development, online shopping is set to reach the next level. Today, customers can virtually try on products and make good selections. They can get ownership of their digital assets and customize their products as per choice. 

Hence, the growing expansion of NFTs in eCommerce development has evoked a big curiosity about the future of NFTs in eCommerce. 

• How does NFT work in eCommerce?
• What benefits eCommerce businesses drive from NFTs?
• How NFTs will change the eCommerce industry in the future?

If you run an eCommerce business then these questions matter a lot. It is because NFTs are trending and their usage in the eCommerce industry is growing exponentially. So it is important to know what is the future of NFTs in the eCommerce industry. And in this blog, we will discuss this hot subject. 

What is NFT?

NFTs are non-fungible tokens which are built on a blockchain platform. The term non-fungible means that it is unique and can’t be manipulated with anything. It doesn’t allow replication of any kind of data manipulation. Therefore, NFTs can’t be mutually interchanged with other digital products. 

NFTs could be any type of digital asset that consists of images, videos, music, audio, digital artwork, cards, currency, or other digital things. The best part of the NFT concept is that it allows you to convert any physical asset into NFT which has the ability to be digitized.

And therefore, this unique feature of NFT marketplace empowers eCommerce businesses to take advantage of innovative technologies in their existing ecosystems. 

NFT in eCommerce: What’s Happening Right Now?

The popularity of NFTs is rising with skyrocketing speed. Investors and businesses are heavily investing in NFTs and NFT marketplace development seeing its rapid growth. NFTs, however, are meant for only digital accessibility. 

But it has the ability to be used in other different use cases. Specifically, in eCommerce, NFTs offer a variety of benefits to online businesses. With NFTs, eCommerce companies are able to make an attractive digital representation of their physical products. 

They give exciting offers in the form of NFTs to attract more customers. And therefore, the use of NFT in eCommerce is growing significantly. 

According to market reports, many eCommerce companies have started utilizing the abilities of NFTs in their existing business models and driving new revenue streams. 

With NFTs, eCommerce is getting a new source of revenue and developing a secure and robust ecosystem to improve the ability of their eCommerce website and mobile application. 

Here are real-life examples of eCommerce businesses that have implemented NFTs in their system. 

Shopify, a leading eCommerce platform has made it possible to sell NFTs via its platform. Shopify allows its merchants to sell NFT content directly from their online stores. 

Nike has recently introduced CryptoKicks patent facility in their shopping platform. CrytoKicks is an NFT-based system that allows users to split two pairs of virtual shoes to create a new one. If customers like any of them, they can register it with the seller and receive a corresponding NFT. If the patented shoes are sold again or purchased by other customers then the digital token will be rewarded to the patent holder. 

America’s leading clothing brand Fred Segal used NFT to create a physical display of their products. Some of their NFTs have even sold out for thousands of dollars. 

How NFTs work in eCommerce?

While you might feel excited about this hot integration, the fact is NFT and eCommerce are two completely different technology domains. eCommerce works as an online trading or shopping platform. It allows people to buy and sell products over an Internet network from their devices. 

The current eCommerce ecosystem uses a centralized or a single server for managing all the online operations of the eCommerce site or mobile app. However, NFTs are built on blockchain platforms that are fully based on decentralized concepts. 

Therefore, the merger of NFTs and eCommerce is actually not an easy match. eCommerce uses centralized web and mobile app development technologies. Whereas, NFTs use blockchain technology to convert a digital asset into an NFT. 

So the question arises how NFTs can be integrated with eCommerce?

How could NFTs work in eCommerce when they both are built on entirely different architecture and technology?

Well, it’s true that the integration of NFTs in eCommerce platforms appears to be a barrier or complex task. But the common attribute of eCommerce and NFT which is to trade online gives great scope for implementing NFT in eCommerce. 

It is because the current top eCommerce platforms work on a centralized ecosystem. They largely have to depend on third-party services for the trade of products and services on the eCommerce site.

And this is where NFTs enter eCommerce to provide a better solution for online trade and exchange. By implementing NFTs eCommerce businesses can eliminate the involvement of third parties. It helps eCommerce businesses to assign a unique digital token to their product or service. In this way, NFTs enable eCommerce to utilize blockchain technology. 

What types of eCommerce businesses can benefit from NFTs?

While the use of NFT in eCommerce development is currently evolving and limited to digital artwork and content. NFTs still provide many abilities to eCommerce in terms of digital ownership, fast and secured accessibility, and data traceability. 

NFTs provide support to a variety of eCommerce businesses to improve their efficiency and sales growth. Let’s take a look at what are those online businesses that can take advantage of NFTs. 

1. Digital collectibles
2. Home Decor
3. Fashion & Apparel
4. Custom software
5. Subscription services
6. Digital artworks and images
7. NFT eCommerce platform

Benefits of Using NFT in eCommerce

There is a huge scope for NFTs in eCommerce. It provides immense benefits in various ways. NFTs empower eCommerce businesses to utilize advanced technologies like blockchain, Web 3.0, cryptocurrency and augmented reality. 

With NFTs, online businesses can make their online eCommerce platform in the NFT eCommerce marketplace and sell digital assets along with physical products. There are more benefits beyond this. Let’s take a look at the benefits NFT provides to ecommerce. 

1. Create NFTs of physical products

NFTs could play an influential role in improving customer loyalty. eCommerce businesses can assign NFTs to their physical products to attract more customers. Or they can simply create NFTs of their physical products and sell them along with the same products. 

As a result, NFTs can attract customers with better exclusive benefits and rewards. Since the popularity of NFTs is growing in the market. Customers might feel more interested in seeing NFTs along with physical products. 

However, if you try to sell NFT directly it is difficult to find a direct buyer. But, offering NFTs on eCommerce platforms can attract customers easily. Hence, NFTs help the eCommerce industry by offering exclusive and attractive rewards and offers to customers. 

2. Strong product authenticity verification

There has been a drastic need for solid product authenticity in the eCommerce industry. Often, customers have to face many issues in getting wrong or ingenuine products. This happens due to lack of functionality that verifies the authenticity of products.

From Amazon to eBay and Walmart to Alibaba, even big eCommerce brands suffer great financial loss due to wrong or false products. In this case, NFT works as the best solution. NFT is based on the blockchain development approach which makes it completely unique, immutable, and traceable.

With NFT, one can assign a unique value to any physical product and verify its authenticity to assure the sold product is genuine. Consequently, it will help eCommerce businesses establish trust and brand reliability in customers which will ultimately continue to increase sales. 

3. Better inventory management

One of the top features of NFT is that it has good traceability. And this feature helps eCommerce businesses in inventory management. Since online business owners and eCommerce companies have to put immense efforts into managing large data storage and inventory resources.

And if a company has a large number of sales in a day then inventory management could be a herculean task. Therefore, the implementation of NFTs in eCommerce is highly needed. As NFTs come with great tracking and traceability features, it helps them manage their inventory and other processes efficiently and accurately.

Many eCommerce app development companies use NFT to build CRMs and NFT marketplaces  for eCommerce businesses. They have witnessed good results in terms of better efficiency and savings in NFT marketplace development cost. 

4. Authenticated transaction record

Since NFTs are built on a blockchain network it allows a platform to record authenticated transactions. eCommerce and online businesses have to deal with countless transactions in the form of mobile payments, card payments, wallet payments, and so on.

And storing and verifying these transactions becomes a highly complex task. By implementing NFTs in eCommerce business owners can easily validate online transactions and store data in a foolproof place.

With NFT, it becomes quite easy to track the history of transactions and establish transparency and security in the platform. This is because NFTs use the decentralized ability of blockchain technology. But to enable this functionality in your eCommerce platform you will need assistance from a blockchain development company. 

5. Create value-added customer loyalty programs

The current eCommerce market is getting highly competitive day by day. With the arrival of new online stores or eCommerce companies, no business can survive or grow without running customer loyalty programs in today’s market.

But despite eCommerce businesses offering customer loyalty programs. They still struggle to retain customers through loyalty programs.

According to RetailWire reports, around 40% of consumers don’t feel interested in joining loyalty programs offered by online stores. After analyzing further they found consumers want long-term benefits as the current loyalty programs run for a very short time.

NFT here assists eCommerce businesses in creating value-added customer loyalty programs with exciting features. They can offer NFT-based rewards and discounts to customers.

Online businesses can offer free NFTs as customer loyalty programs to retain customers on a long-term scale. As a result, NFT helps eCommerce companies to retain their valuable customers by creating value-added customer loyalty programs. 

What is the future of NFT in eCommerce?

NFT is trending in eCommerce. It empowers eCommerce businesses with many abilities to improve their online business ecosystem. They can use NFTs in several ways to increase customer base and revenue streams. There are many eCommerce companies and retail brands that have already implemented NFTs in their business models. And they have witnessed great results. 

So considering the potential of NFTs and the benefits they provide to online businesses, the future of NFTs in eCommerce seems prosperous and lucrative.

The way eCommerce companies are adopting NFT and blockchain-based solutions in their products. The use of NFTs in the eCommerce market will have a substantial share in the future market.

However, NFT is not expanding quickly and evolving at a moderate speed. It has been applied by only the world’s big e-commerce brands and companies that have sufficient funds and resources to implement NFT and blockchain technology in eCommerce websites and mobile apps. Small and medium size businesses are still far behind in utilizing NFTs in eCommerce. 

But as big companies have started, this trend will get fast space gradually and more business people will adopt this unique technology concept in the future. 

Why Should You Choose MobileCoderz for NFT eCommerce solutions?

MobileCoderz is among the top blockchain development company in the industry. We have highly experienced and skilled blockchain developers and software engineers who are well-versed in creating blockchain-based solutions for multiple industries.

Our team can help you integrate NFT into your eCommerce platform and build result-driven solutions. Our expertise in using NFT in eCommerce has enabled many online businesses to witness impressive changes and outcomes in terms of more customers and better revenue growth.

Conclusion

eCommerce is a big industry. Since it uses digital technologies it has huge scope for embracing NFTs and blockchain technology-based solutions. NFT empowers eCommerce with different capabilities that help them provide a next-gen online shopping experience to customers. 

Today, consumers are highly interested in trading NFTs and using them for exchanging different products. The usage of NFTs in eCommerce will increase tremendously in the future. Therefore, you shouldn’t stay behind in adopting this innovative technology in your business to take an early competitive advantage. 

But since integrating NFTs in eCommerce requires high-level expertise in blockchain and other technologies you will need assistance from a professional blockchain company that can help you build NFT eCommerce solutions.

Just Book a Free Consultation and Discuss Your Project Right Away 

The post Are NFTs The Future Of Ecommerce Industry? appeared first on MobileCoderz.

In this blog, we are going to learn how you can build your own NFT marketplace like OpenSea. 

Before we talk about the process of building an NFT marketplace like Open, we should learn a few things about NFTs. 

What Is An NFT?

An NFT or a Non-Fungible Token is basically a cryptographic asset present on a Blockchain network. Content creators and individuals can mint their own NFTs for any digital asset such as video, image, artwork, audio, etc. However, it is also possible to use NFTs for backing up a real-world asset like real estate. Every NFT is encrypted with the help of a unique code.

Unlike cryptocurrencies, it is not possible to replicate an NFT on a Blockchain. However, you can just change the ownership of NFTs. Furthermore, complex digital signatures and encryption codes are used for creating protection against hacking, duplication, and theft.

Key Features of NFTs

Each NFT product on a marketplace is unique. For this reason, they attract a lot of investors, businesses, and collectors. These are some of the key characteristics of NFTs; 

1. Indivisible 

You cannot divide an NFT token into smaller denominations. However, this is possible with other cryptocurrencies. 

2. Authentic 

Every NFT must have a valid owner. The ownership could be transferred and verified accordingly.

3. Non-Interoperable 

Each NFT will have a different value. Thus, it might not be possible to exchange them like other popular cryptocurrencies like BTC, Ether, or XRP. 

4. Tradable 

It is possible to trade NFT tokens with the help of numerous cryptocurrency exchanges. Trading platforms like an NFT marketplace can provide practically limitless trading facilities to NFT owners and investors.

5. Connected with Various Blockchain Ecosystems 

Today’s NFTs are known for being amazing digital collectables that can work with various standards such as ERC1155 and 721.

6. Good Liquidity 

Due to the limitless possibilities of trading without losing any value, NFTs provide high liquidity. For this reason, even mainstream internet users might have an interest in purchasing NFTs. 

7. Programmability 

Building an NFT is a long and complex process. However, the creators can unleash their creativity by exploring crafting and generating possibilities. 

What is Meant by NFT Marketplace Development?

NFT marketplace development is the long process of creating a store where users can buy or sell NFTs with ease. Moreover, the final stores have an interface and user flow just like traditional eCommerce stores. However, every trade is done for virtual items, unlike real-world products. 

In order to build your own NFT marketplace, you have to hire Blockchain developers from a prominent Blockchain development company. These developers would often use innovative Blockchain technologies like Binance, Ethereum, Solana, Smart Chain, etc.

Open Sea: A Successful NFT Marketplace

Today, there are tons of NFT marketplaces to choose from. However, OpenSea stands as the largest digital marketplace for crypto collectables and NFTs. Both entrepreneurs and content creators are able to participate in the next-generation digital ownership and digital economy of the future. In fact, it is the perfect example of quality NFT marketplace development. 

The platform enables users to buy or sell collectables with ease. However, the users have to set up a wallet in order to make any purchase from OpenSea. 

OpenSea Market Overview 

• OpenSea has over 1 million active users on its NFT marketplace
• There are more than 80 million types of unique NFTs present on the platform 
• Around 23% of the total traffic of OpenSea comes from the United States of America 
• OpenSea generated total revenue of $365 million in the year 2021. 
• OpenSea currently holds a market value of $13.3 billion 
• The average trading value of OpenSea is more than $260 million 

Reasons Behind the Popularity of Open Sea

Content creators and users often use NFTs for representing any original artwork to earn big profits. Above all, OpenSea has been one of the first players to develop an NFT marketplace for the active trading of NFTs.

These are some important reasons why OpenSea is different from other NFT marketplaces; 

1. Multiple Wallet Support

OpenSea is known for supporting multiple wallets such as MathWallet, MetaMask, TrustWallet, etc. In fact, having an integrated wallet is one of the most important features of NFT marketplaces . 

2. Currency Support

OpenSea is known for supporting more than 150 cryptocurrencies like ETH, WETH, and many more.

3. Affordable Service Fee

Unlike other NFT marketplaces, Open Sea provides remarkably affordable services at a 2.5% commission and service fee. Moreover, this is comparatively low compared with other NFT marketplaces.

4. Better Security Standards

OpenSea uses robust Blockchain standards to secure the NFTs. Thus, users can ensure better security while buying or trading NFTs on the OpenSea platform. 

Important Features For NFT Marketplace Development

If you are planning to develop an NFT marketplace like OpenSea, then you have to hire marketplace developers who can implement the following features; 

• An Amazing Storefront 

A storefront of an NFT marketplace is like a homepage where you will have your NFT exhibition. Furthermore, to make it informative, you can include critical information such as owner information, token name, pricing info, description, and more. Above all, you can make the design incredibly appealing with the help of a prominent NFT marketplace development company. 

• Advanced Search Options 

Search options provide the most relevant search results to ensure better user engagement. Therefore, Thus, your development team must include advanced filters and customization options. Ultimately, the user experience will also be much superior when you have such advanced integrations. 

• Smooth Digital Payments 

Just like a traditional eCommerce website, an NFT marketplace should also provide multiple payment options to the users. For this reason, payment methods should include both fiat currencies and cryptocurrencies for added convenience.

• Easy Filtering 

Making the best use of filters helps users to easily categorize the NFTs on the marketplace. In fact, the shopping experience is much superior when you enable the users to categorize NFTs accordingly. In order to implement such functionality, you should hire Blockchain developers with proper certification and skills.

• Custom Notifications 

When you are developing an NFT marketplace like OpenSea, then it becomes important to implement custom notifications. Above all, these notifications are very useful for notifying users about the sale of digital assets, special offers, new bids, and other important updates. Ultimately, having the right NFT marketplace developers can help you implement such special features into your marketplace.

Different Monetization Strategies to Build an NFT Marketplace Like OpenSea 

When you are investing money in NFT marketplace development, you have to create a monetization strategy which will ensure ROI. These are some of the most prominent strategies that you should consider while building an NFT marketplace like OpenSea;

• Transaction Fees 
• Initial Setup Fees 
• Minting Fees 
• Listing Fees 
• Bidding Charges 
• And more!

The Development Process of NFT Marketplace

Working on the Blockchain itself is not an easy task. It requires extensive experience and skills for proper NFT marketplace development. Moreover, there are multiple technology stacks and tools required for creating an NFT marketplace like OpenSea. 

To simplify the development process, we have divided it into eight critical key phases; 

1. Defining the Niche of Your NFT Marketplace 

Every NFT marketplace focuses on a specific niche of digital assets. This helps the marketplace owners to fulfill the needs of specific communities instead of being a jack of all trades. Before starting NFT marketplace development, you have to determine the digital assets that you will be selling or trading on your marketplace; 

• Music 
• Images 
• Videos 
• Trading Cards 
• Domain Names 
• Games 
• Collectables 
• Social Media Posts 
• Digital Artwork 
• Virtual Fashion Items 
• Property Ownership Rights 
• And more! 

2. Working on the UI Design of the NFT Marketplace 

Even before you think about the core functionalities of your NFT marketplace, you need to focus on the UI/UX design. Above all, a beautiful and user-friendly UI is the key to creating a good first impression.

You have to think from a user’s point of view while designing the user interface of your NFT marketplace. For this reason, everything on your marketplace should be easily accessible and easy to understand. 

It would be highly advisable to hire a Blockchain development company to help you analyze every aspect and purpose of the NFT marketplace development. Moreover, they will be working with various wireframes and prototypes to provide the ultimate design suitable for your NFT marketplace. 

Some of the Best NFT Marketplace Designing Practices 

Designing the interface of an NFT marketplace is just like eCommerce app designing. In fact, you have to follow almost the same principles in NFT marketplace development. However, you should also pay some attention to the interesting design trends in the crypto industry. 

These are some of the current trends in the crypto and blockchain industry;

• The smart use of black backgrounds
• The right implementation of bright colors like yellow, pink, and purple 
•  The effective use of futuristic elements in the design, 

However, before going over the limits, you should know that the design can significantly impact the NFT marketplace development cost. Plus, it is also important to ensure that your platform meets the needs of every user, from novices to NFT gurus. Therefore, these are some must-follow practices in NFT marketplace development;

• Smooth and thoughtful user experience 
• Straightforward user navigation flows 
• Consistency of design throughout your NFT marketplace
• Responsive design to ensure scalability on various devices 

3. Choosing the Right Technology Stack 

Before starting NFT marketplace development, you must understand that your platform will cater to a large audience’s needs. Therefore, the technology stack must provide a seamless experience, fast page loading speed, and handle heavy loads. 

You can hire NFT marketplace developers to get complete assistance while choosing the technology stack to meet the quality standards and software requirements. 

These are known as some of the best technology stacks while building a typical NFT marketplace; 

• • Platform: Blockchain, Amazon Web Services (AWS) 
  • Programming Languages: JavaScript, TypeScript, Python, Solidity, etc
  • Libraries, Tools, and Frameworks: Django, Redux, React, REST framework, Docker, Kubernetes, etc. 
  • Database and Storage Solutions: Filecoin, PostgreSQL, IPFS 

The Architecture of The NFT Marketplace

These are some of the most important architectural components that you must include during NFT marketplace development; 

A Marketplace Application

Your NFT marketplace should have a mobile or web application to ensure the smooth trading of NFTs. 

– Wallet

You can hire Blockchain developers for integrating a cryptocurrency wallet that ensures storing, exchanging, and sending of digital assets. 

– NFT Metadata

Each NFT present on your platform must have the metadata (details). 

– IPFS

It is an InterPlanetary File System required for effectively storing from various distributed networks. 

– Smart Contracts

Each NFT present on your platform will require a unique identifier for verification. Thus, Smart Contracts are deployed to provide such unique identifiers. 

– Blockchain

This technology will create the foundation of your NFT marketplace to enjoy the benefits of decentralization and secure transactions. 

4. Determining the Features of Your NFT Marketplace 

You have to decide the features that you will be including in your NFT marketplace like OpenSea. This will help you target your customers with better offerings and assurance to engage them for long periods of time. Accordingly, these are some of the most prominent features that you should include during your NFT marketplace development for a seamless experience;  

There are some Critical User Side Features; 

• NFT Showcase 
• Online Auction 
• Search Engine and Filters 
• User Wallet 
• Popular Collections 
• Listing 
• Payment Methods 
• Notifications 
• Support 

These are some critical admin side features; 

• Information Panel 
• Website user Management 
• Platform Management 
• Automatization 
• Reports 

5. Hiring the Right Technical Professionals 

You’ve three options when it comes to building your NFT marketplace development team. Either you can build a dedicated in-house team, hire freelancers, or outsource your project to a top Blockchain development company. 

The last option is always more cost-effective and efficient. In fact, it will provide you with better clarity on your budget and long-term goals. The hiring of tech professionals depends on the requirements and scale of your NFT marketplace. Therefore, the Blockchain development company should allow you to individually handpick professionals from their team. You will need developers, designers, QA professionals, and project manager/s. 

6 . Creating an MVP 

Before building the entire NFT marketplace, it would be if you are able to develop a functional MVP. Thus, by having minimum essential features, you can determine the viability of your NFT marketplace. Furthermore, this would also help you understand how your platform reacts to the features that you are implementing. 

You will be able to dodge potential risks and technical errors that might compromise the success of your platform. Moreover, you can take instant measures to eliminate the flaws and even reduce the NFT marketplace development cost. 

7. Core NFT Marketplace Development 

The core development process will include the implementation of features and technology stacks to develop your own NFT marketplace. Your development team should be following the Agile methodology to ensure a smooth development flow with adaptability to change. The NFT marketplace developers will be providing you with constant updates about each milestone of the development process. 

8. Testing and Launch 

Testing is a very important process to ensure that every function of your NFT marketplace is working properly as you had intended. Your NFT marketplace developers should organize multiple test cases to test the performance, integrity, reliability, security and resilience of your NFT marketplace.

It is also a good idea to release a demo version of your NFT marketplace to obtain some constructive feedback from real-world users. Moreover, you can also rely on user engagement metrics to improve and make alterations in your NFT marketplace. It will also help you to keep up with the changing market trends and user requirements.

Promising Niches for Your NFT Marketplace that You Should Consider

EdTech Industry

Education businesses can rely on NFTs to sell their lesson plans, courses, and lectures online on NFT marketplaces. Blockchain technology can greatly benefit content creators in effectively tracing distribution and usage.

• Investment Projects 

An NFT marketplace can also be used as a stock exchange trading platform for tangible assets and securities trading. For this reason, the owners have to tokenize the assets and gain permission from the regulators. 

• Authentication Keys 

We can also use non-fungible tokens as access keys for various products and content. Your NFT marketplace can work as a trading platform for these assets. 

• Luxury Items 

Counterfeiting is a huge problem for luxury goods such as shoes, clothes, jewellery, watches, etc. Using an NFT token for each item could be a great measure for providing authenticity and ownership rights.

NFT Marketplace Development Cost Like OpenSea 

There are multiple internet and external factors that might determine the total cost of developing an NFT marketplace. In fact, It is very hard to provide you with an accurate estimate of NFT marketplace development cost. Accordingly, factors like technology stacks, development timeframe, the scale of the marketplace, and features can have a huge impact on the total development cost.

Still, to provide you with a rough estimate about the budget to build an NFT marketplace like OpenSea, this chart will give a good clarification. 

How MobileCoderz Can Help You With NFT Marketplace Development?

If you are planning to develop an NFT marketplace, then you have to hire Blockchain developers from a prominent NFT marketplace development company like MobileCoderz. We have an expert team of developers, designers, QA professionals, and project managers who can streamline your development process with ease.

Our Blockchain development company has extensive experience with Blockchain technology, NFTs, Smart Contracts, edge computing, and more. These are some key benefits of choosing MobileCoderz for NFT marketplace development; 

• Military-grade security protocols 
• Complete transparency in development 
• Quick support and dispute solutions 
• Custom UI/UX according to your choice 
• Customizable features implementation 
• Cross-platform compliance 
• Ready-to-use integrations

Common FAQs Related to NFT Marketplace Development 

1. How are NFTs different from cryptocurrencies? 

NFTs are cryptographic assets present on a Blockchain with encryption and identification codes. Therefore, each NFT is different from the others with a unique identity. Unlike cryptocurrencies, NFTs cannot be duplicated or exchanged at equivalency. For this reason, you can just change the ownership of NFTs. 

2. What can I tokenize with NFTs? 

We can tokenize almost anything to an NFT. In fact, we can also associate NFTs with real-world assets such as real estate or gold. Thus, you just have to list your NFT on a marketplace for trading. 

3. What are the reasons behind the popularity of NFTs? 

These are some of the prominent reasons behind the popularity of NFTs; 

• NFTs give value to virtual assets like digital art or other media 
• They can have volatility 
• NFTs have become a good medium for trading among investors 
• NFTs are gaining popularity among the mainstream audience 

4. Can NFTs be replicated? 

No, unlike cryptocurrencies, it is not possible to replicate NFTs because each NFT is encrypted with a unique cryptographic code. The code of this NFT is stored in a Blockchain network in an immutable form. 

The post How to Build Your Own NFT Marketplace Like Opensea? appeared first on MobileCoderz.

This shows the importance of investing in the NFT marketplace and game development. In this blog, we are going to discuss NFT gaming platforms like REVV Racing.

Before we talk about NFT game development, we should quickly understand NFTs. 

What is an NFT?

NFT or Non-fungible tokens are basically unique cryptographic assets hosted on a Blockchain. Above all, each NFT has its own unique identification codes and metadata to differentiate it from other NFTs. Moreover, you cannot trade or exchange NFTs at equivalency like cryptocurrencies.  Thus, each NFT is never identical to the other. 

Key Features of NFT 

• NFTs existing on a Blockchain cannot be replicated since they are cryptographic tokens. 
• Businesses can use NFTs for representing real-world items like real estate and artwork. 
• It becomes more efficient to buy and sell assets and also reduce fraud when we tokenize real-world tangible assets. 
• We can also use NFTs for representing individuals, identities, property rights, etc. 

NFT Key Statistics 

Now that you know about the definition of NFT and its key characteristics, let’s understand the key statistics of NFT from different industries. 

• The first appearance of the concept of NFT technology emerged back in 2012 and 2013. Back then it wasn’t even related to Blockchain technology until 2017. 
• One of the first NFT integrations was done with Christie’s auction house. It was the place where the real picture in a JPG format of famous artist Beeple was sold for $69 million. 
• Jack Dorsey, the CEO of Twitter sold an NFT of his first Tweet at an exorbitant price tag of $2.9 million. 
• It is estimated that musician Grimes earned $6 million after selling the NFT collection of digital artwork and videos. 

What is Revv Racing and Why is it so Popular?

Revv Racing is an increasingly popular NFT based game. It features an interactive arcade simulator for car racing games. Moreover, all the racing in the Revv Motorsport ecosystem works on the concept of play-and-earn. This ecosystem works on the Polygon network, a solution of the robust Ethereum blockchain. 

With the growing popularity of gaming in Web3, NFT gaming platform like REVV Racing are also gaining traction among businesses. These NFT based games can have a significant long-lasting impact on the gaming industry. 

The play to earn the business model of the game can open up new income opportunities for the gamers. Quality NFT game development can also be a significant contributing factor to the growth of the Metaverse and Web3 as a concept. 

The NFT based game uses cars as non-fungible tokens (NFTs). Users can use the cars as non-fungible tokens (NFTs) for trading with the in-game native token known as REVV. Above all, the proper NFT Racing game development in Revv Racing gives a 3D racing experience just like traditional PC or console games. However, the users enjoy the perks of the play-to-earn mechanism of the NFT based game. 

Reasons Behind its Popularity 

• The game provides photo-realistic effects with the view from both first and third-person perspectives. Furthermore, the game also features additional camera angles of the cars. 
• Just like any other traditional PC or console racing game, players can take total real-time control over their cars during the gameplay in this NFT based game. 
• The effective NFT game development ensures that the players can use external game controllers, or standard keyboard and mouse to play Revv Racing.  
• Revv Racing players can own in-game NFTSs in the form of cars and the native token of the platform to trade them for real-world monetary benefits. 
• You can also build an NFT gaming platform like REVV Racing on a Blockchain with less effort, time, and expenditure. 
• The native token of the game could be helpful to power the game and future extensions of the ecosystems. 

Why Should You Build Your Own NFT Gaming Platform like REVV Racing? 

Developing an NFT gaming platform will help you enjoy the following benefits; 

• Building your own NFT gaming platform like REVV Racing can help to gain a reputation as an arcade simulation game publisher. 
• Creating an NFT based game can help you earn huge profits in a very short period of time. However, you just need to ensure good content to gain the interest of gamers in your game. 
• Considering Building an NFT gaming platform like REVV Racing can help you build a much wider 3D racing metaverse NFT ecosystem. 
• Developing an NFT based game like Revv Racing gives you the opportunity to build an exclusive NFT marketplace where users can trade NFT cars and other elements. 
• Developing an NFT gaming platform like Revv racing can provide you with a headstart to create dedicated racing games for the Metaverse with VR/AR technology. 
  Also Read:

  Top 7 Necessary Features of NFT Marketplace

Benefits of NFT Based Games

NFT game development can provide you with remarkable benefits over traditional game development. These are some of the most notable benefits of developing NFT based games; 

• Unparalleled Transparency 

Transparency has been a major problem in the traditional gaming industry. When you take proper NFT game platform development services, you are able to tokenize digital gaming assets. 

Thus, this provides better transparency to the users. If you plan to consider NFT Racing game development, the users could check all the transactions taking place on the Blockchain. Lastly, this will also ensure better security and immutability. 

• Better Verification of Transactions 

The use of NFTs in the gaming industry would certainly make the transactions more verifiable in real-time. Thus, gamers will have more trust in the game development companies. You should consider taking NFT game platform development services from a prominent digital transformation company if you want to provide this trust to your users. 

• The Aspect of Rarity 

We have already discussed that each NFT is unique from the others. Plus, NFTs also have a unique identification code. Thus, developing an NFT based game could bring a factor of a rarity with unique in-game assets. For example, if you are considering NFT Racing game development, then there could only be a single Porsche 911 GT3 RS in your game. This creates more anticipation and exclusivity in your NFT based game. 

• The Incredible Use of Smart Contracts 

Using Smart Contracts is also possible when you are investing in NFT game development. This would remove the need for additional intermediaries, which is helpful in avoiding cyber-attacks and other fraudulent activities. The decentralized infrastructure of your NFT based game ensures both security and performance. 

• Better Liquidity 

The instant tradability aspect of NFT based games will ensure better liquidity. Thus, the users are able to easily convert digital assets into fiat currencies. In comparison, this might not be possible with traditional games, where the users had to face a painstakingly long conversion process.

Features of NFT Based Games

NFT gaming provides an incredible set of features to both gamers and game developers. The smart introduction of Blockchain technology has the potential of changing the gaming rules and features commonly associated with games. 

# Metaverse 

NFT gaming will become an important component of the gaming industry in the Metaverse. In fact, NFTs will help the game creators in creating the perfect economy in the virtual world of the Metaverse. Moreover, NFTs can make the Metaverse by connecting the fashion, music, art, and entertainment industries to the Metaverse. 

# Zero-Trust 

NFTs work with the concept of zero-trust, here every transaction or any alteration in the block is checked and verified again. No one in the Blockchain network is a trustworthy entity. Therefore, verification and checking become important components for NFTs. 

# Community Focused 

Owning an NFT also provides some social benefits to the owners. Many NFT projects have already turned into vibrant communities, where every participant can contribute to the development of the NFT. The NFT collectors can gain access to members-only discord servers, exclusive merchandise, and more. 

# Immutability 

If a traditional online game shuts down its operations, the users will also lose their in-game purchases and assets. NFTs are immutable, thus, they can exist independently instead of relying on a specific platform. Such in-game purchases in NFT games can be purchased and sold again without considering the situation of the game itself. Lastly, new games can be developed on the same Blockchain protocol to effectively utilize that asset.

What is the Future of NFT Game Development?

In the age of Blockchain technology and concepts like the Metaverse, we say that the future of NFT game development will be bright. In fact, top businesses are already considering investing in development services for NFT marketplaces. The launch of an actual Metaverse would have a significant impact on the future of NFT gaming. 

Developing an NFT based game would be more feasible with the instant launch, cost-effectiveness, and blockchain network of your choice. Ultimately, it could be a profitable business model if you have the right content and a Blockchain development team.

The future of NFT games might be completely different from popular games like World of Warcraft, Fortnite, and Grand Theft Auto. 

It is very possible that NFT games will create different Metaverses with their respective micro-economies. The gamers will be able to earn income by playing these games. Thus, gaming could even become a full-time job for individuals instead of just a side hustle or lottery. 

The users will have more participation in the development and improvement of a game. Moreover, they will be having complete ownership over the assets to buy and earn in the game. Thus, this will ensure the potential growth of the game. 

Steps To Build an NFT Gaming Platform like Revv Racing

These are some of the most critical steps that you must consider while developing an NFT gaming platform. Following the right advice from the beginning will help you ensure a more successful and popular digital product.

1. Focus on the Designing Part 

You have to get on a drawing board first to decide the genre and aspects of your NFT based game. Thus, you have to analyze different use cases where others have implemented NFT gaming. This would help you decide the right genre to start the NFT game development process. We can segregate the NFT games into the following categories; 

• Racing Games
• Action Games 
• Arcade Games 
• Adventure Games 
• Card Games 
• Online Board Games
• Casino Games
• And more! 

Hiring a Blockchain app development company can give you the best suggestions for the design part of your NFT based game. Moreover, you will be able to discover better innovations for your game idea and reach a wider user base. 

2. Selecting the Technology Stack 

When it comes to proper game development, Unreal Engine and Unity are the most popular game engines which help game developers to create both interactive 2D and 3D games. You will also need some experience with scripting APIs and efficient tools to build incredible NFT based games. 

3. Getting into the Core Development 

After working on the designing part, you have to get started with the development process of NFT game app development. This would involve working on the front-end and back-end parts of the game.  

You will also need to choose a Blockchain network, where your NFT gaming platform like REVV Racing will be hosted. The Ethereum Blockchain is often the most suitable Blockchain network for NFT game development. You also have other options like Binance Smart Chain, Solana, Azure, and Stellar for NFT gaming projects. 

To get started with the front-end of your NFT based game, you can either go with JavaScript or TypeScript. Plus, you will need to use React, Vue, and Angular for effective front-end development. For the back-end part, you will need to rely on Node.js. Since this would be an NFT-based game, you will also need to integrate a crypto wallet to enable in-game trade. Hiring a Blockchain app development company will ensure a smooth development process. 

4. Crypto Gaming Wallets 

If you are considering building NFT Play to earn gaming solutions, then you will also need to choose a crypto gaming wallet. It will help the users to securely store, invest and have transactions on the platform. The majority of the NFT based games are built on the Ethereum blockchain, thus, they are also connected with the Ethereum wallet.  

AlphaWallet, Math Wallet, and Metamask are known as some of the best crypto wallets to support your NFT game development projects. Furthermore, they will help you ensure multichain support, cross-device compatibility, and high security. 

5. Ethereum: Leading Blockchain for NFT Gaming 

The Ethereum Blockchain is known for featuring a highly secure platform for building dApp games and providing superior support for creating Smart Contracts. Moreover, this Blockchain enables the users to easily transfer the digital assets with other Ethereum game accounts. Thus, you get a very empowering technology for NFT game development. 

The Ethereum Blockchain has been the major backbone behind the rapid advancements in the gaming industry. In NFT-based games, the users can use a private key for securing their ether on the Ethereum blockchain. 

6. Testing and Deployment 

Indulging in NFT Racing game development will need you to focus on extensive testing before the deployment. In fact, you have to build multiple test cases to organize both automated and manual testing of the project. Ultimately, after completing the NFT game development process, you will also need to focus on marketing campaigns to make your digital product successful in the market. 

The Play to Earn Concept

The concept of playing to earn games allows people to gain real-world value with the help of in-game assets and other digital assets like NFTs, cryptocurrencies, and other blockchain protocols. The introduction of NFT technology completely changes the way the gaming industry can evolve with free-to-play and play-to-earn games. These games can ensure a higher user base since they can enjoy real financial benefits by playing with the game.

NFT game development allows the creation of plenty of digital assets with unique values that can’t be replicated. Blockchain developers just need to create a smart contract to enforce an NFT into the game’s interface. Thus, we can say it is just like self-executing pieces of code present on a Blockchain. 

NFT App Development Cost

Developing an NFT marketplace is a complex task and requires extensive technical expertise. It would be very hard to provide an accurate estimate for the NFT app development cost. Moreover, it takes a significant amount of time and resources to build an NFT marketplace from scratch. These are some of the important factors that could significantly impact the development costs; 

• Performance 
• Efficiency 
• Safety
• Simple to Use 
• Adaptability 

Usually, it takes around $60,000 to $116,040 to develop an NFT marketplace. Similarly, it would be hard to determine the exact cost of developing an NFT based game since there is no set cost. Still, developing a normal NFT based game would cost you around $200-$350k. The total game development cost would also depend upon features, development team, gameplay, graphics, etc. 

How Can MobileCoderz Help You with NFT Games?

MobileCoderz is a leading Blockchain development company with expertise in NFT marketplace development and game development. You can hire our expert developers, designers, QA professionals, and project managers for effective NFT game development. We have a stellar portfolio of clients ranging from diverse industries.

The post NFT Game Development like REVV Racing appeared first on MobileCoderz.

The situation changes dramatically, however, if you decide to exchange an NFT with your friend. The NFT you receive after the exchange will no longer be the same as the NFT you gave away.

The reason for this is that NFTs are non-fungible by definition: they are unique, distinct, cannot be replaced, and they cannot be divided in half. Each NFT is composed of algorithms and meta-data, making it individual and unique. When you have an NFT, that entity is only yours, in the whole world.

I hope you are now ready to take full advantage of this finest business opportunity. To do this, you must make your platform more robust and full of features.

Here is a blog we would like you to explore about what NFT is? And what are some of the NFT Marketplace Development features? 

What Are NFTs?

Every digital file can be an intangible token. NFTs are data files that are tracked using this same technology which supports cryptocurrency such as Bitcoin & Ethereum. This technique lets sellers and buyers keep an accurate record of ownership for the file.

Most importantly, every NFT is digitally distinct. Although people are able to copy images, possession of original files is safe. In this way, NFTs are akin to a visit to an original piece of art in an art gallery. It is possible that you will find it enjoyable enough that you decide to visit the museum’s store to purchase prints for your own home, but the original artwork will remain on display.

Below we can see the rise of NFT marketplace transactions & sales as per Statista 2022.

Many NFTs gained traction during the summer of 2021, resulting in an increase in transactions. Several of these transactions likely involved the Axie Infinity Video game, which was the world’s most coveted NFT item in September 2021. 

Since then, its sales have declined. Among non-fungible token (NFT) markets in 2020, the gaming segment had the highest revenue, over six times that of sports projects. According to that year’s figures, this segment contributed roughly 23 percent of the total revenue generated by the NFT market.

NFT Marketplace: An Overview

The NFT marketplace is the place to trade, purchase and make digital assets. It allows you to store NFTs, trade and mint them quickly.

Usually, tokens are auctioned or bought at a fixed cost. Investors or buyers must have a crypto wallet to perform transactions through any NFT marketplace.

Investors are able to store tokens on the wallet. Each marketplace, however, supports particular tokens, or is a separate token or NFTs. Make sure you have funds in your crypto wallet prior to and then bid.

NFT Marketplace Development: Which Items can We List?

As NFT popularity increases, NFT developers have been busy developing markets for the files. Certain markets currently are general-purpose trading platforms for all kinds of NFTs. Other marketplaces are geared towards the top-end art market or handle files related to certain online games or specific niche subjects.

Moreover, we can list with NFT Marketplace Development:

1. Domain
2. Digital Artifacts
3. Digital Art Piece
4. Music tracks
5. Essay Writings
6. Pattern
7. NFT Art App
8. In-game Purchases
9. Unique Shoes/ Dresses/Purses

NFT Marketplace Development: How Does It Work?

The table below will showcase how NFT marketplace works:

In the background the marketplace generates blockchain-based contracts for every listed NFT. The tokens are added to a unique metadata data form and, from there, the specific parameters are added to the NFT to make it distinct.

Now you will move onto the NFT Marketplace Development Guide.

NFT Marketplace Development Features: Top 7 You Need to Know

1. Storefront

The concept of an NFT marketplace is similar to an online store. It requires a storefront which is attractive & easy to navigate. The administrator has to decide on the amount of information to show on each file. Similar to collectors of physical art, NFT buyers will want to know the origin as well as the authenticity of the documents.

In addition, they must provide details of the rareness in their respective NFTs. While you aren’t able to duplicate a private NFT, artists can publish several NFTs of the same art.

2. Search Options

The NFT marketplace must have an extensive features-rich and efficient search engine that allows users to easily search for their preferred NFTs in relation to music, video photographs, art memes, gaming characters & much more. The search engine will be able detect the intention and purpose of the user and present the relevant information in real-time.

3. Filters

The goal of the filtering option on the website is to simplify your search process. It is possible to divide the products according to various categories, with prices that aid customers in making their decisions. Certain filter options could also be hot-offers, most popular, & other recent additions to the site.

4. Buying & Auction

NFT developers can equip your website with a variety of selling tools. Artists with a following typically get the most affordable prices by using auctions that are timed because the market can increase the price quickly.

But the work behind running an auction is more difficult than normal sales. Particularly near the close of the auction, the bids may be intense and the auction site should provide live information on the auction procedure.

Direct selling and buying is an easier process. However, the use of smart contracts on Blockchain will require more work than payment gateways on traditional e-commerce websites.

5. Wallet

People always seek safe places to store their NFTs. There is nothing more satisfying to their security concerns than a wallet’s creation. This is the reason NFT marketplaces first choose to insert wallets to save and submit tokens.

It also allows users to quickly sign up with their preferred wallet, rather than signing up for other online wallets. Also, use the most effective methods to store, transfer, & receive tokens.

6. Listing Status

Each party who participates in the NFT marketplace transaction requires details about the process. For sellers and buyers, the marketplace will provide information about the percentage of users who have seen the file along with bids made in an auction.

The file can also alert users when they make an offer. Buyers should be aware that the file is subject to an expertly crafted authentication procedure before making the sale. The more authentic items stand out to collectors.

7. Ratings & Reviews

This is a problem for those who are new to the system. The novice may not know what to begin with or how the system functions and how to pick items quickly. Checking out a seller’s rating to determine if other customers consider this seller reliable might suffice.

With the help of the system’s ratings, participants can give feedback to others & rate them. It helps others understand the level of trust. People with the highest scores get impressive rewards.

NFT Marketplace Development: A Booming Success!!

The NFT’s popularity is expected to continue to climb up with the passage of time. There will always be enthusiastic collectors willing to go to any lengths to find the missing components of their collections, whether it involves trading cards or artworks. With regard to the present situation, a good idea is to introduce NFT platforms or apps.

If you’re planning to start your own NFT marketplace and are looking for professional NFT marketplace developers. Then MobileCoderz will be able to assist you immediately. Contact our knowledgeable NFT app developers today, and begin the first step toward dominating the growing NFT market.

Why Us?

MobileCoderz Technologies is a technology giant, setting the standard for NFT marketplace development. We are the leading Blockchain Development Company in the industry in terms of technical expertise for the development of Blockchains & Cryptos. Additionally, we have extensive expertise in the field of direct communication between customers and the technical team, a strong security team, proven results, & an affordable price.

The post Top 7 Necessary Features of NFT Marketplace appeared first on MobileCoderz.

Eminem had a live concert this month, and do you know what was the interesting feature of this concert? The show wasn’t in a stadium or an arena, which we are used to seeing in our daily life. This live concert was held in the metaverse (a virtual world). 

Fans from all over the world watched Eminem’s avatar’s performance. Especially investors who were enjoying the show more enthusiastically not only because of Eminem but also for the preparation for buying a virtual real estate land for building virtual concert venues, shopping malls, and other properties in the metaverse. The event was held fantastically and everyone enjoyed this virtual night. 

Does it sound fictional to you?

Yes, it is not real. There is no such event held anywhere. This is just a future possibility. You may attend your favorite star’s concert or any event from any location in the world. You can see, play, interact with your favorite star and other people, and also buy products and make huge money through your avatars, AR VR glasses, and mobile apps. And all these things will be happening in the metaverse.

It is not possible now but the way real estate businesses have started investing in the metaverse soon you are going to experience something like this. Time has changed when real estate agents have to put a lot of effort into purchasing and selling physically. A new virtual world- Metaverse NFT marketplace is now emerging dramatically and creating new scope for real estate.

The Metaverse Group, a real estate company, recently bought a piece of land for USD 2.43M in Decentraland (a virtual platform). A person bought a digital land in Snoop Dogg’s new virtual world called Snoopverse, for USD 450,000. 

A patch of virtual real estate sold for a record $2.4 million worth of cryptocurrency. The plot exists in the online environment ‘Decentraland,’ where users can buy land, visit buildings and meet people as avatars https://t.co/NoDHHhVBrY pic.twitter.com/V8B9KWJOEq

— Reuters (@Reuters) November 24, 2021

 

This is the rise of the metaverse NFT marketplace. Here you can buy or trade art, purchase a home, shop as nonfungible tokens, or NFTs, which are blockchain-based digital assets that serve as proof of ownership. Cryptocurrency is used as money to exchange anything in these virtual worlds. Industry experts believe this is just the beginning and in the upcoming years, metaverse will be a whole new digital universe for the real estate businesses. 

In this article, we will discuss what is the future of real estate in Metaverse NFT marketplace development and how startups or entrepreneurs who are looking to invest in Metaverse NFT marketplace development can take benefit from it. 

What is Metaverse NFT Marketplace Development

At first, you need to understand what is metaverse. Metaverse is a virtual world or the digital resemble of the physical world where you can do exactly what you do in the material world. It allows you to create your own avatar, a digital version of a person, by which you can do a lot of things including making money, in fact, huge money.

So the metaverse NFT marketplace development is the process of building an NFT marketplace where users can create or design their own virtual land as they imagine. Metaverse NFT marketplace is a kind of virtual world that runs on the blockchain network. It enables its users to sell, purchase, and bid in the metaverse. This trade is done through NFTs (Non Fungible tokens) and for this, users require a digital wallet that stores and remits ETH or crypto coins.

Key Features of Metaverse NFT Marketplace:

#1. 3D Display:

It allows users to see a 3-dimensional virtual world.

#2. Interactive Experience:

Users can play and interact with digital things and other virtual products.

#3.  Social Interaction:

Unlike in the current 2D social media platforms, users can interact with other users’ avatars through their own avatars.

#4. Safe Transaction:

It allows consumers to keep extremely rare NFTs.

#5. Decentralization:

There is no need for third parties, this is completely decentralized.

#6. NFT Wallet Integration:

Users can buy, sell, and store NFTs with the NFT wallet integration.

#7. Interoperability:

It allows other coins to exchange in the crypto-verse.

#8. Peer-to-Peer (P2P) Interactions:

 It has P2P based method for safer digital asset transactions.

#9. Two-Factor Authentication:

 It gives safer login. 

#10. Tokenization: 

Users can tokenize their assets.

Popular Metaverse NFT marketplace in the Current Market

• Somunium Space:

It is a virtual reality world developed on the Ethereum blockchain. It is an open-source platform that enables users to buy virtual lands, homes, buildings, and myriad in-game assets of value.

• Sloties NFT:

A growing NFT project which has a collection of 10,000 NFTs developed on the Ethereum blockchain network.

• Axie Infinity:

A blockchain-based NFT gaming platform

• Decentraland: 

A metaverse NFT marketplace where users can buy and sell digital land.

How is Real Estate in the Metaverse Booming?

Metaverse NFT Marketplace is a digital world or virtual resemblance of the physical world where people or users can buy, sell, bid on the digital land or anything through their avatars. It allows users to list their metaverse NFT for sale. They can meet and communicate with other virtual avatars, explore new areas, and create amazing content. 

This metaverse marketplace provides an immersive user experience through the use of VR headsets, AR glasses, and mobile apps. Metaverse acts as same as the real world where people buy virtual land as NFT, instead of buying physical land or building with government currency.

Real estate in the Metaverse marketplace has a lot of future scopes. Many tech giant companies from Facebook to Microsoft are dedicatedly working on the development of the Metaverse NFT marketplace where users can do amazing things virtually the way they currently do in the real life. 

There have been many announcements recently on the Internet on the purchase of multi-million dollar digital real properties on several metaverse platforms. 

According to the Reports

According to the Dappradar report, in June 2021, a digital real estate investment fund company Republic Realm invested $913,228 to buy an NFT for a plot on Decentraland. And recently in 2021,  the Metaverse Group also bought a piece of land in the same metaverse platform Decentarland.

In another report from Livewire, one person purchased a plot of digital land in Snoopverse, which is the metaverse platform of the famous American rapper Snoop Dogg. 

In February 2021, Axie Infinity, a virtual gaming world, reportedly sold nine of its land parcels collectively for 888.25 ETH (equivalent to $1.5 million at that time).

All these incidents clearly prove how real estate investment in the metaverse is investing for future business prospects. Almost, every deal is bagging million dollars. This growth has pushed to evolve more NFT marketplace development companies to help businesses and investors build NFTs and other blockchain-based projects. Here are some of the Top NFT Marketplace Development Companies in 2022:

1. MobileCoderz Technologies

2. Hyperlink Info System

3. Infinite Block Tech

4. Inoru

5. Zfort Group

6. Silicon IT Hub

The Future of Real Estate in Metaverse NFT Marketplace Development

You must have heard of the news of Facebook rebranding itself to ‘Meta’ in Oct 2021. 

The major reason why big companies are investing in the Metaverse NFT marketplace development is that, in the upcoming years, metaverse will have huge dominance in the market. It will act like a 3D version of the Internet where Users can socialize, play, learn, do fun, and make money virtually. 

While the virtual property doesn’t give shelter from material problems like a real house does, the purpose of metaverse NFT development is beyond that. Here, you can buy a piece of land and build or design your own virtual infrastructure as you like, you can even purchase a home of other people or buy various digital products. 

And to make transactions in these virtual worlds, users will need cryptocurrency or non-fungible tokens (NFTs) for monetizing and exchanging products. The NFT is a distinctive or unique digital asset that could include digital art, videos, images, music, and lands as well. Virtual land is also an NFT and you can use this NFT to buy different products or exchange for something within the online platform. 

And that is why the NFT real estate market is booming with wider business opportunities. If you pay attention to the latest report of the nonfungible.com, metaverse has is acquiring more investment because of the NFT boom and popular brands’ announcements in the same technology.

We have already witnessed many examples of how the value of virtual real estate or land is bagging million-dollar deals. Seeing these market incidents, it is clear that NFT real estate marketplace industry is going to rise tremendously.

The Final Words

Real estate has a lot of business scope in the Metaverse. NFT investors know in the near time the world will have a virtual platform where people can do exciting things. Industry leaders also expect the bright future of the NFT-based real estate business. However, it would be worth noting how users, blockchain users, technologists, and governments understand the merits of real estate in metaverse NFT marketplaces. But the latest news of various million-dollar deals gives a positive signal. 

If you need assistance to build an NFT marketplace, MobileCoderz can do help you in this project. We are a premier NFT development company in India and take pride in developing various projects in blockchain development, NFT marketplace development, NFT development, and more. Our blockchain developers and software engineers can turn your complex idea into a fully-fledged solution.

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