Creating an NFT marketplace is an open door where you can earn without necessarily creating the NFT. Yes, you heard that right! With an NFT marketplace, you only have to charge a small percentage fee for transactions carried out on your platform, which Rarible and OpenSea do with their site. The tech team behind these NFT marketplaces earns a substantial amount from the purchases made on their site. But creating an NFT marketplace is not as easy as most people imagine.
That said, if you want to learn how to create an NFT marketplace site like Rarible and OpenSea, you’ve come to the right place. But first, let me take you through a short refresher description of what is an NFT marketplace. That should help you understand the whole article. So, without further ado, let’s get started, shall we?
What is an NFT marketplace?
In simple terms, an NFT marketplace is a digital version of an auction place. The biggest difference between the traditional auction places and the NFT marketplace is it’s digital. Additionally, these digital assets carry record data that can’t be alternated. That technically safeguards the buyers and sellers against counterfeit items.
All in all, to buy and sell NFTs, you will need access to a marketplace. That means the demand for these marketplaces is growing by the minute. That’s all thanks to the current NFT trend happening worldwide. That said, we will discuss how to create an NFT marketplace so you can also profit from the current trend.
Creating an NFT Marketplace like Rarible or OpenSea
For your NFT to be effective, there are certain functions that it needs to perform. The primary goal is to allow users to create and sell their collectibles, but you will need a little extra feature for an excellent user experience. These features include:
- StoreFront: like any other marketplace, you will need a storefront where your customers can showcase their items.
- Ideal Search Engine: you should ensure your store has a convenient search system that will divide
- Filters: your marketplace will need to have a filter system that users can utilize to navigate the platform. The filter system should include the highest and lowest price options.
- Listing status and creation: the listing process should be straightforward and the status of their items. That will make it easy for the NFT artists to create their items on your profile.
- Auction: creating an efficient auction system should be your number one priority and the key stage for your NFT marketplace. Don’t forget to include an expiration date in the form.
- Wallet: the wallets will act as temporary places to hold the NFTs and other digital assets.
- Ratings: ratings will help new users find the ideal NFTs for them. You can also use the rating system to reward reliable users on your platform.
Now that you understand the essentials of creating an NFT marketplace, here are the two ways to creating such an auction system.
1. Ready Solutions of Creating an NFT marketplace
Certain sites offer ready solutions for anyone who would like to start their platforms. An example that’s worth mentioning is the SDK that OpenSea offers. The site offers tools that you can use, and the infrastructure is identical to OpenSea. Yes, that’s right! With these tools, you can create an identical platform to OpenSea with, of course, a few customized features.
The platform offers full customization of your website to match up with the blockchain ecosystem. That’s all without learning or practicing even one line of code. If you also want a ready-made, customizable marketplace with your logo on it, all you have to do is send an email to email@example.com, and they’ll get back to you. Simple, right?
2. Outsourcing Labor
Another effective way that doesn’t include learning any code is by outsourcing from someone with coding skills. Today, we have millions of freelancers willing to help you with the coding, marketing, and eventual managerial roles of the NFT marketplace. All you have to do is find the right NFT marketplace freelancer company. Such a platform will cost between $4000 to $10000 depending on the company’s experience and reputation.
Should I create an NFT Marketplace?
The short answer is yes. However, the process is a bit more complicated than that. As you can see, if you don’t have any coding skills, you will have to outsource the skills. Or you can try to work with OpenSea. But obviously, there’s a price to the SDK offered by OpenSea. That said, make sure that before engaging with OpenSea, you have all the facts right.
Is creating an NFT Marketplace profitable?
We can all agree that this industry is relatively young. The concept has been in development for ages, but only recently did the community engage with NFT marketplaces. That said, this industry is still highly profitable. There are millions of NFT miners with few NFT marketplaces. That means the demand is high. Therefore, creating an NFT marketplace is a profitable venture when done correctly.
Are NFT Marketplaces liable to tax?
Currently, no state has announced the way forward for NFT marketplaces and NFTs in general. However, NFTs are subject to tax, and some states are already working on a statutory framework to impose taxes on these items. That will also include the NFT platform. Additionally, selling NFTs to buyers in a different state could result in state income tax requirements. Therefore, it’s advisable to keep an eye out for the legal tax obligations if you want to launch an NFT marketplace soon. That should save you the headache of incurring penalties that result from not filing your tax returns. The same case applies to anyone selling these items online.
Take Away Message
Well, there you have it! You can create an NFT marketplace even if you don’t have any coding skills. Before we wind up, it’s important to note that there are several scam freelancers out there. So, before you decide to hire someone to create an NFT marketplace for you, take your time to research their services plus experiences with previous buyers. All in all, stick around for more interesting topics on the same.