The popularity of NFTs is growing day by day. So, NFT marketplaces have evolved their distinct trend in the crypto sphere. We’re trying to help you benefit from this trend. According to statistics, the general capitalization of NFTs surged by almost 2100% in the first quarter of 2021(the total transaction of the year 2020 is 299 percent). It drastically increases the craze on NFT among the people.
If you’re not a maker or a receiver but want to get profit from NFTs, you might think about starting an NFT marketplace using smart contracts.
What is a Non-fungible Token?
NFT tokens are Non-Fungible Tokens (NFT) that are irreplaceable due to their uniqueness. These tokens are present in the blockchain and represent ownership of the unique items. It helps to find out the original owner of the digital asset and holds the token's name, fingerprint & symbol. The creator of the NFT retains the copyrights and reproduction rights. Unlike bitcoin and ethereum, NFT cannot be used to make payments.
How does the NFT Marketplace work?
Unlike cryptocurrencies, NFTs cannot be traded on the crypto exchanges. So we need an NFT marketplace that facilitates the storage and trade of digital assets. Here, NFTs are sold at a fixed price or an auction. NFT marketplaces are decentralized ones. So, trades are happening through smart contracts. The NFT marketplace serves as a link between buyers and vendors. It includes a marketplace as well as a bidding platform. Here, buyers can browse the market and bid on an item if an artist sells their NFT artwork in the marketplace. This platform requires crypto wallets for carrying out transactions. Users must register on the site and install the digital wallet before they store NFT outside of it. Here, we can tokenize things like arts, songs, movies.
Reliable Characteristics of NFT Marketplace
1. The NFTs information tab is substantial and highlights its uniqueness. This data is secure and correct.
2. NFT tokens cannot be revoked or deleted at any point due to the high level of security.
3. Many entrepreneurs wish to get more earnings. NFT marketplace provides them an opportunity to earn money while sleeping.
4. It is impossible to divide these tokens into different denominations due to their indivisibility.
5. Paucity - Once delivered, the characteristics of an NFT platform will not change.
What is a Smart Contract & How does it work?
NFT platforms are working based on smart contracts (that is self-executing contracts). Features and functionalities of the NFT platforms are stored in the form of programs that run when it meets a predetermined condition. New smart contracts are deployed for individual tokens and store the metadata of NFT tokens. The very first NFT smart contracts were created from the ethereum blockchain using the ERC721 protocol. Now it is created from various blockchain networks such as Binance Smart Chain(BSC), Tron & Polkadot.
NFT marketplace smart contracts differ from the regular project’s back-end part. Because we need to integrate smart contract protocol where all the logic and functionalities are laid down. Since the platforms are decentralized, most of the data is verified by the blockchain.
Advantages of the NFT Smart Contract
1. Functions are immutable
2. Reduces the gas fee
3. Fast transactions
4. Fully automated
5. Resist hackers
NFT Smart Contract Development
Maticz, the leading NFT Smart Contract Development Company provides NFT Smart contract development services in various fields such as sports, arts, digital collectibles, games & music. These can be developed on various blockchain networks according to the client's business needs.
1. NFT smart contract development for arts
The development of the NFT Art Marketplace is the process of converting artworks into tokens that can be traded on the NFT Marketplace. It is beneficial for the artist to get more popularity and profitability.
2. NFT smart contract development for games
NFT games make it possible to earn NFTs instead of actual money. The NFT gaming marketplace has a huge following. The NFT marketplace will make the cost of game assets transparent. The game's revenue will be transparent to the games industry. So, contribution rewards for gamers in NFTs are made easier.
3. NFT smart contract development for music
NFTmarket place development for the music creates an auction platform to sell their assets in a digital format. NFT marketplace development for music provides huge profits in the music business through its amazing capabilities. Artists hold the rights of their music with the help of private keys.
4. NFT smart contract development for sports
NFT Marketplace for Sports gives a huge sporting future. Audiences have begun to appreciate sporting events in NFT, and sports enthusiasts will undoubtedly smile. Here, people can tokenize their sports assets.
5. NFT smart contract development for digital collectibles
Development of the NFT MarketPlace for Digital Collectibles Delivered exclusively for a platform that allows users to trade digital collectibles and goods. We can get rare digital items and crypto-collectibles from the peer-to-peer platform. Cryptopunk NFT platform is one of the most popular digital collectibles platforms. Digital collectibles include such as videos, audio, pictures, GIFs.
How to Create an NFT Smart Contract?
NFTs can be created using smart contracts. Smart contracts live on the blockchain and store the unique information of the token. It keeps track of the current owner and the previous owner. Solidity, an object-oriented programming language, can be used to create smart contracts.
Here are some basic Steps to Create NFT Smart Contract,
1. Scope Finalizing
2. Development Phase
3. Debugging Phase
4. Deployment Phase
5. Marketing Strategies
1. Scope finalizing
People must have a clear objective or strategy for the project. After getting thorough research about the NFT marketplace, finalize the scope. Prepare a detailed document that facilitates all the features and functionalities that you gonna integrate into your NFT marketplace platform. Get the detailed features list of the platform after finalizing the scope
2. Development phase
Once you get tie-up with the best trustworthy NFT smart contract development company, get started with the development phase. The development of the NFT Marketplace comprises the integration of high-end security systems as well as the most up-to-date technologies that provide a better user experience. The development of the NFT marketplace is different from the standard custom development. Because It is completely run based on the back-end smart contract.
Here, NFT tokens are developed using various protocols such as ERC721, ERC1155, and BEP. ERC 721 and ERC 1155 live on the ethereum blockchain. Popular crypto exchange platform binance has created its blockchain named Binance Smart Chain (BSC) that supports BEP tokens.
Important Features of the NFT Marketplaces
>> NFT marketplace must have a flexible search engine with advanced search options.
>> Wallets that store NFT tokens support functionalities such as to send/receive and deposit/withdraw.
>>Trading history, to check the activity of the platform and helps to understand the popularity of the platform.
>> Push - Pop notifications help to get to know the new bets on the categories that are preferred by the users.
>> Rating - It helps new users to get to know about the platform and confirms the reliability of the platform.
3. Debugging phase
This is a very crucial part of the NFT smart contract development. Because once the Smart contract of the NFT gets deployed on the server means it cannot be changed That is, smart contracts are immutable. So several test cycles are run in this step to ensure the platform's performance. The QA team performs several tests to ensure that the product is free of critical flaws and faults. In addition, the information, accessibility, confidentiality, stability, and efficiency are all put to the test in a variety of circumstances.
4. Deployment phase
Once the testing phase is over, the NFT smart contract will be deployed on the client’s server. Here, platform-related files are handed over to the client's end and the source code will be deployed on the main net. Compared to other platform projects, smart contract projects are different. General CEX platforms can be updated after deployment. But, smart contract-based platforms cannot be altered because it is immutable.
5. Marketing strategies
Marketing strategies are important to lift the platform and make the product visible globally. This will help to create awareness about the website and increase the community circle. To taste success, marketing strategies are the most considerable one to get exposure and get potential clients to the platform.
Why Choose Maticz for NFT Smart Contract Development Services?
Maticz, a market-leading NFT Development Company providing smart contracts for NFT marketplace and token development that operates over different blockchain networks. We provide NFT smart contract platforms with the best security features to provide users with a better user experience. Our NFT smart contacts thoroughly tested NFT Smart Contracts Audit Services to ensure that they are free of vulnerabilities and faults. We have blockchain professionals on board who will work with you throughout the project and offer the best solutions to any issues that arise and act as a flexible supporting team to manage your platform.