Blockchain, Marketing

How to create an NFT Marketplace?

NFT is a digital asset, these NFTs may be music, art, photos, videos, metaverse, cards, or any digital collectibles. NFT is at...

avatar Written by LucasAndrew · 3 min read >
How to create an NFT Marketplace?

NFT is a digital asset, these NFTs may be music, art, photos, videos, metaverse, cards, or any digital collectibles. NFT is at its peak with most youngsters creating various NFTs in various fields. The non-fungible token is minted on any of the blockchain networks, the minted NFT holds specific metadata which makes the NFT unique. The first NFT was minted on the Ethereum blockchain network. These non-fungible tokens are stored on the minted blockchain network and these NFTs cannot be sold in parts like Fungible tokens.

NFT Marketplace

NFT marketplace is the digital space where the NFTs are listed for sale in exchange for cryptos. The creators of the NFT list their NFT on these platforms either in the auction or open bid, where the users buy NFTs in which they are interested. In the past two years, several NFT marketplaces have evolved because of the young user’s entry into the crypto world, and the knowledge of the crypto and NFT has been acquired by most youngsters all over the globe. This results in the development and launch of multiple NFT marketplaces for various concepts on different blockchain networks. Ethereum, Binance Smart Chain, Solana, Cardano, and Polygon are dominant blockchain networks where most of the NFT marketplaces are developed. Open sea is the famous NFT marketplace with the most active users and it is the only marketplace with the most number of the marketplace.

NFT Marketplace Development

The NFT marketplace is either developed from scratch or maybe a white label NFT Marketplace. An NFT marketplace from scratch will present your platform as a unique one to the users with all the unique features including the marketplace functionalities. In the case of a white label NFT marketplace, it is a 100% customizable platform with all its end-to-end functionalities of an NFT marketplace. Multiple features can be added to the NFT marketplace even incase of white labels and most of them choose the white label NFT marketplace as it can be developed within less time and with minimum cost. The sample development codes are related to blockchain.

Create your own NFT Marketplace

The NFT Marketplace is created with the below-mentioned workflow

  • Creating User Interface – Developers create the best user Interface attracts for the marketplace which attracts most of the users.
  • Coding Smart Contracts – NFT marketplace is a decentralized platform where all the functions are performed with smart contracts.
  • IPFS, DB storage setup – All the NFTs of the marketplace are stored in the IPFS where unique metadata and all other data are created for every NFT.
  • Integrating backend & frontend – After developing the NFT marketplace the platform will be integrated with the user interface which makes the users access the platform easily.
  • Smart Contract Auditing – The platform is audited and all the bugs will be fixed to perform its best without any interruptions.
  • Deployment on Client’s Server – The completed marketplace is deployed on the client’s server and made available on the global market for the users.

In the case of the white label NFT marketplace, the developers work on the available script used to develop the other NFT marketplace.

NFT Minting Process

Once the creator creates the digital asset whether it may be music, image, art, or anything else, it has to be minted as an NFT to list on the marketplace. The user mints the digital asset as an NFT and in any of the marketplaces with the pre-programmed smart contracts. The minted NFT will be stored in the blockchain network.

#Minting

A sample code on minting an NFT in the marketplace. A main function for minting digital assets as non-fungible tokens.

function Minting() {

let selectedOption;

const [ipfs, setIpfs] = useState([])

const [name, setName] = useState([])

const [description, setDescription] = useState([])

const [ipfsLink, setipfsLink] = useState([])

function mintToken() {

console.log(“Minting token…”);

console.log(“Form values: “, name, description, ipfsLink);

addNFT(name, description, getImage(ipfsLink), ipfsLink, getRandomInt(999999));

}

function handleChange(selectedOption) {

setIpfs(selectedOption.value);

console.log(`Option selected:`, selectedOption);

}

NFT Buy/Sell

The created NFT will be listed on the marketplace where the users of the marketplace can buy the NFTs in exchange for NFTs. The creator of the NFT can list the NFT with the royalty percentage where the creator gets a fixed percentage for every sale that NFT is sold to the next person.

#Transaction

import { useContext } from “preact/hooks”;

import { TransactionContext } from “../components/TransactionContext”;

export const useTransactions = () => {

const { artifacts, setArtifacts } = useContext(TransactionContext);

return {

artifacts,

setArtifacts,

addArtifact: (a) => setArtifacts([…artifacts, a]),

removeArtifact: (a) => setArtifacts(artifacts.filter((b) => b.id !== a.id)),

isArtifactPending: (a) => artifacts.map((b) => b.id).includes(a.id),

};

};

NFT Exchange

Once the NFT is listed and bought by the user of the NFT marketplace the minted NFT will be transferred from the seller’s wallet to the buyer’s wallet. Most of the marketplace have third-party wallets like Metamask, trust wallet, and more where the NFT will be stored and transferred. Check out our How to build an NFT Marketplace blog to know about detailed information on developing an NFT marketplace.

#Migration Contract

A sample code for migrating an NFT from the owner or the sender of the NFT to receiver

pragma solidity >=0.4.25 <0.7.0;

contract Migrations {

address public owner;

uint public last_completed_migration;

modifier restricted() {

if (msg.sender == owner) _;

}

constructor() public {

owner = msg.sender;

}

function setCompleted(uint completed) public restricted {

last_completed_migration = completed;

}

}

Wrapping Up:

As the knowledge of blockchain and cryptos has been acquired by entrepreneurs all over the globe, multiple NFT marketplaces have been launched in the past 2 years resulting in the NFT marketplace crossing billion-dollar market value. Investors and Businessmen thinking to enter the crypto sphere can create NFT Marketplace with their ideas and make their profits in millions. Also, Metaverse NFT marketplace Development is growing, launching a Metaverse NFT Marketplace also will benefit you in the future.

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Written by LucasAndrew
A Blockchain consultant.
 
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