How to develop an NFT marketplace?

First, it’s worth understanding what crypto art is. NFT tokens are a kind of digital certificate that confirms the right to own a virtual asset, be it an image, video or audio. Virtual objects could be bought even before the advent of NFT, but before the data of the copyright holder was not recorded anywhere – now they are openly stored on blockchain platforms. Even after the sale, the NFT object remains on the Internet: anyone can download it, print it and, for example, hang it on the wall, but the buyer owns the original.

Now almost everyone is trading tokens: first, the blockchain company Injective Protocol burns a picture of Banksy live to convert the created performance into a digital object, then Edward Snowden sells his token for $ 5.5 million, and the singer The Weeknd even announces his new song in NFT format. Thanks to tokens, it’s easy to make a fortune in a matter of seconds: singer Grimes received almost $ 6 million in 20 minutes, and artist Beeple received 69 million in just one painting.

On the one hand, the boom in the crypto art market is a natural event both in terms of technical progress and in terms of coronavirus restrictions. In addition, the nft marketplace development  makes life easier for artists: to sell their works, they no longer need to work through intermediaries, they just need to have an account on a special resource and pay a small service commission, this is especially beneficial for beginners. Also, such an initiative allows better monitoring of copyright compliance and suppress the distribution of pirated material, and streaming services can quickly license films and series.

The rapid development of the NFT direction in the world gave a second wind to representatives of creative professions, artists, helped to gain fame for those who did not know before, and to make money on creative abilities in the field of cryptocurrency at a time when the real market was oversaturated with works of art and depreciated.

However, the creation and sale of products in the NFT format is the prerogative of not only art representatives. Anyone can translate their own ideas into digital content and sell it to collectors.

Why do NFT? Are you really sure you own it?

  • Unfortunately, resellers take on most of your revenue: Spotify pays $ 3,000 for 1 million plays. After other middlemen (eg record label, management) get their share, you only have $ 800 left.
  • Resellers own your content rights: Like many new artists, you’ve transferred the rights to your song to a record company. Without the rights to a song, you can’t even perform it live for fans without your label’s approval.
  • The middlemen control how many fans see your content: Spotify can change its detection algorithms or even remove the piece at any time.

Resellers help create content, reach out to fans, and make money. But they also extract most of the value from your content. Even Taylor Swift had to re-record her songs to get her music. Read more info here:

Create a wallet and put some cryptocurrency on it

A cryptocurrency wallet is an essential component of any blockchain system. According to the basic principles of blockchain, users need wallets to access various platforms, sign transactions and manage their balances. Consequently, NFT marketplaces eliminate the need to store user account data, making the platform more secure.

There are several cryptocurrency wallet applications available on smartphones for buying and storing cryptocurrencies. Many of them are designed specifically for newcomers to the blockchain space and can help them with transaction fees, security, and privacy.

There are many crypto wallets and browser extensions to access blockchain-based applications that can do their job. Some offer enhanced security beyond a simple email address and password with a twelve-word initial passphrase.

Before setting up a wallet, the most important thing is to make sure it matches the cryptocurrency used on the platform you intend to use.

When creating a token on the blockchain, users have to pay for gas (Gas). Gas charge refers to the payment made by the user to offset the computational energy required to process and verify transactions on the blockchain. Gas limit is the maximum amount of gas that a user is willing to spend on a specific transaction.

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