You have definitely heard already about NFTs and what they do, but let’s do a recap. An NFT aka a non-fungible token is a unit of data stored on a blockchain, that is unique and cannot be shared with other parties. The NFTs can be common files such as photos, videos, sounds, etc. An NFT marketplace is basically what the name says, a common market, a digital fair where you can auction for and therefore own, these types of files.
Top 5 NFT Marketplaces
We will state a piece of very obvious information: as NFT is a large trend in the current digital world, there are already some established trendsetters in the field. Some of them you know, some of them probably you don’t, but here’s the defined top 5:
Most Fun NFT Marketplace
Of course, there are good and innovative NFT marketplaces, but there are also fun and interactive ones. Let’s talk about one of these. Crypto Kitties is, as they describe themselves, a game where you can collect and breed adorable digital creatures that look like kitties. Basically, instead of mining coins, you are the matchmaker of the perfect cats that will make the perfect sellable and marketable kitty.
After breeding the perfect kitty, you can list it for auction and other people will bid on it.
The difference between NFTs and Cryptocurrencies
The difference stands right in the name NFTs are non-fungible, and cryptocurrencies are fungible, meaning that they are interchangeable and transferable in terms of address, carrying the same information as other native tokens on the blockchain platform. The NFTs are unique, the value of one NFT will not be correspondent to one of another. Most of the fungible tokens are dividable into smaller units, much like real currency where you can divide bills into smaller bills or coins. As we said before NFTs are unique, one is not like the other and every piece of information they hold is different.
Key Element of NFT Marketplaces
NFT Marketplaces are based on solely one thing: on auctions. Basically, the only thing that you need for starting this sort of business is an auctioning platform. Well, of course, there is also the component of NFT developers, but the task of finding them is not that complicated, considering that there are more developers than existing marketplaces.
Here’s what we advise you: get yourself the iBid – Multi-Vendor WordPress Auction Theme and use the NFT Marketplace Demo to build your own. In essence, what you will need for this sort of business is some WordPress skills and a version of the software compatible with our theme.
Build your Marketplace
If you are a developer yourself, you won’t need guidelines for programming and writing codes, but we will give you some advice if you wish to customize your website:
- Create an attractive UI so you can lure users to your website
- Make sure that you have high-level security and a memorable domain
- Test before you launch – a proper NFT marketplace respects this rule – you don’t want users to leave because of bad website functionality
- Make everything possible to ensure fast transactions and high speed when navigating
- Make it accessible – you can filter the users of your marketplace in order to remove toxic persons or scammers, but your platform should be the exact definition of a market: everyone can come and buy, but there are some restrictions to sell
- Allow the users to customize their shop
- Let the users pay by using real money or cryptocurrencies
- Keep it transparent: show the user a clear view of each transaction made in the marketplace.
We know you are a good developer and you can handle all these suggestions.
Start your own NFT Marketplace with iBid
iBid is the most iconic and trend-setting auctions & shop marketplace for WooCommerce. It is based on WordPress and comes for more than 25 marketplace niches. On the niches is the NFT. Basically, you can start a NFT Marketplace with just a few bucks and in just a few moments.
The NFT Marketplace for our Auctions theme, iBid, is a starting point for affiliates and also cryptocurrency traders. You can enable crypto payments (ETH, BTC…etc) and sell your NFT’s or simply create affiliate products and win from commissions from opensea.io or any other NFT Marketplace.