How to Create an NFT Marketplace Platform like OpenSea?
NFT has been declared the word of the year 2021. Do you know why? The sales volume of NFTs has reached 24.9 billion USD making it one of the trending tech of the decade. NFT marketplace like OpenSea is getting attention from people all around the world.
Collectibles can never get out of trend because people always want to own something exclusively. Pak’s “The Merge” is the most expensive NFT sold, with a value of 91. 8 million USD. Entrepreneurs, buckle up; it is time to launch NFT Marketplace like OpenSea. Here is a guide for you to know everything about NFT marketplace development
NFT Marketplace- A short Intro
You know a Non-Fungible Token is a unique, one-of-a-kind, non-interchangeable unit of data etched in the blockchain. These tokens give exclusive ownership of a particular digital asset that can be traded.
An NFT marketplace is a platform where users can buy, sell and trade NFTs with other users where they use cryptocurrencies for transactions. This is a platform that helps in increasing the liquidity of the cryptocurrency. Anything in the real world that is digital can be made into NFTs. Digital art is one trending digital asset since the introduction of NFTs. Music, meme, images, videos, and even tweets can be minted as NFTs and sold. Jack Dorsey, the CEO of Twitter, sold the first-ever tweet on Twitter for 2.9 million dollars.
OpenSea- the Ocean for NFTs
OpenSea is a Peer to peer NFT exchange marketplace, where users can sell, buy, and auction NFTs to other users. Rare digital items, unique digital arts, digital assets, and crypto-collectibles can be traded here. It is a platform where independent and creative artists can mint their own NFTs and sell or auction them in OpenSea.
It is also a platform for in-game assets, avatars, accessories, and trading cards. It is a paradise for collectors who are into rare collectibles and for people who are looking for a passive income. OpenSea is an ocean to fish rare NFTs.
OpenSea clone is a Whitelabel solution of a comprehensive NFT marketplace that is developed and tested already. It is a readymade solution ready to hit the market at your command.
How does an OpenSea clone work on the user end?
- The user will have to register themselves in the platform with basic details.
- It is essential to integrate the desired wallet to store the NFTs
- If a user is willing to sell a digital asset, he can mint the asset as an NFT.
- The users can mint NFTs based on various token standards
- Once the NFT is minted the user can list it down in the platform for sale or auction with a minimum bid amount
- The item moderation and approval from the admin is necessary for listing on the OpenSea clone
- Now other registered users who are ready to buy the NFTs will start bidding
- Meanwhile, the seller will start getting the potential bids and will be notified during the time of closing.
- Now the Peer to Peer transaction takes place where the ownership of the NFT is changed to the buyer from the seller with the crypto transaction.
OpenSea clone uses different token standards for minting an NFT. On the Ethereum blockchain, the users can mint their NFTs on token standards like ERC721, ERC 998, and ERC 1155. It uses Smart contracts for P2P transactions to ensure security for the users.
Sectors where NFTs emerge
NFTs are slowly capturing every sector on the planet. Right from celebrities to common independent artists, people are interested in minting as well as buying NFTs. The NFT sales received 10.7 billion USD in the third quarter of 2021. This indicates the onset of NFT popularity. With that governments of various countries are taking steps to legalize NFT sales. This has brought a huge attraction towards NFTs. The sectors that offer a gateway to the NFT marketplace like OpenSea clone are
There are also other areas where NFTs can be created for digital content creators in social media. Blogs, videos, tweets, and every social media post can be NFTs.
Features of an NFT marketplace like OpenSea clone
An NFT marketplace should have a user-friendly interface so that even beginners can get into the NFT field without any difficulties. OpenSea clone is a future rich platform, some of the essential features that should be present in a decentralized NFT marketplace are
- NFT storefront
- Powerful search engine
- Advanced Filters and categories
- Product description and details
- Wallet integration
- Secured payment gateway
- Smart contract
- Fiat wallet
- User ratings
- User profile
NFTs are getting bigger, and it is not too late to get into NFT. OpenSea clone is an affordable readymade solution that can be Customised according to future needs. There are a number of experienced NFT marketplace developers in the field who can help you with the launch of the NFT marketplace like OpenSea. Be an early adopter of the rising trend.