Top 25 Must Have Features in NFT Marketplace | Functionality of NFT Marketplace
December 27, 2022
Hoping you have prepared your mind to step into the most lucrative business opportunity. Therefore, you are seeking features in your platform. To give your concern a shape, here we have created a blog defining what NFT is? And what are the essential features in the NFT Marketplace?
NFT or Non-Fungible Tokens are living up the world with one of its kind and non-interchangeable features. Therefore, whether it's ecommerce, sports, OTT platforms, fashion, real estate, or anything else, everyone is shifting to an NFT based platform to exchange products.
If you are looking to join the giant income system for talented people like composers and artists, reading this post will greatly assist you. Here we have explained in-depth details about the most prominent NFT based marketplaces and their unique NFT marketplace app features. Whether you are new to the platform or planning to shift your traditional platform, scroll and explore this blog to understand the best features in your NFT marketplace platform.
What is NFT?
Before proceeding with the NFT marketplaces development, you should understand the NFT marketplace? NFT or Non-Fungible Tokens are digital assets bearing a unique identity with blockchain technology. The digital assets can be anything like photographs, tracks, videos, apps, games, and other pieces of art. It is impossible to exchange these articles in other equivalent units.
Check out the significant properties of NFT tokens.
Interaction with multiple ecosystems
In essence, every token listed and exchanged in NFT is 100% unique and embedded with a unique set of metadata. Hence, many artists and collectors can join your platform to tokenize their artwork. Artists can get the privilege to auction or regularly store their one-in-kind work.
What can you list on your NFT marketplace?
Digital piece of art
NFT art app
Unique pair of shoes/ Purses/ Dresses
These are just a few examples that you can list on your marketplace. You can add more whatever you can think of.
Now, begin with the NFT marketplace development guide.
TOP NFT MARKETPLACE PLAYERS
Every marketplace is different in cryptocurrency mining fees, blockchain technologies, or other ways. Let's have a closer look at the TOP leading NFT marketplaces in 2021.
OpenSea is regarded as a leader in NFT sales. The first-ever platform has all sorts of digital assets with free sign-up offers. The easy-to-use platform allows artists and creators to tokenize their work trading cards, art pieces, collectibles, domains, sports, and more. Creators can also mint their unique work. The widely accepted platform has more than 150 tokens to support the marketplace that symbolize its name too. You can build a similar platform with our OpenSea Clone platform.
Features of OpenSea NFT Marketplace
When proceeding with the NFT Marketplace, the right choice of features plays a fundamental role in marketplace development. Here we have a list of some unavoidable features on the platform.
The attractive storefront is the first segment that holds users' and visitors' attention. Some key details involved in the OpenSea storefront are name, bids, value, history, and other relevant information.
NFT Listing And Tracking
Users who have registered with the platform can mint their work and list them in their previous data. It helps customers to sort artwork based on artists or artwork. Creators can also keep track record of their artwork sales and prospects of buyers.
The search bar ensures a smoother user experience to find desired results by tapping a few keys only. Users can also reach your first item, collection, or account listed on the platform. It's a strategy to simplify user work and promote business sales.
Wallet the prominent features that allow users to sell and purchase digital assets in cryptocurrency. So, integrating a wallet in your NFT marketplace is a crucial step to generating income. With this, do not forget to link more wallets on the platform.
Biddings boost the chances for sales and earn the highest possible income. Offer real-time auction rights to artists on your platform for digital assets. When the auction ends, the highest bid will hold the digital asset.
One of the top-rated NFT marketplace with an aim "Anything is Possible." Their services are owned by the entire community - Art, Photography, Games, Metaverse, Music, Domain, Defi, Memes, Punks, NSFW. Participants can reward their work as $RARI with an option of timed auctions, fixed price. Besides, creators can post "not for sale" or "open for an offer" on the post. Collections are really impressive! Click here to know more about the Rarible platform.
Features of Rarible NFT Marketplace
Ethereum-based NFT marketplace
The marketplace allows only users to sign in who have Ethereum wallets such as Metamask, Argent, or Coinbase wallets. The platform allows you to purchase ETH via an exchange with a credit card once users linked to the wallet can browse for purchasing.
Community Run Software
Rarible is a community-run NFT platform that allows like-minded people to join the marketplace. Artists can exhibit their artwork with close connections that affect their sales.
The platform allows buyers to enjoy partial digital assets rights. A marketplace is a perfect option for those who do not want to enjoy the complete rights of the property. Holding fractional ownership lets users enjoy partial rights.
The platform works on a decentralized network that reveals complete transparency and data access. Thereby, it eliminated third-party intervention in networks that build a strong connection.
Rarbile provides complete convenience to users with easy to join live auctions, collections, sales types, and more. Moreover, users can find categories of digital collectibles such as photography, games, and memes.
All the trade proceedings were completed on a smart contract at this platform. It helps in smooth transaction flow and works as a legal clearance.
The platform charges a certain percentage as royalty from the creator on a sale of NFT collectibles. The royalty is not chargeable on the first sale and on subsequent third-party sales.
The latest one: Messaging Features
The company is launching new messaging features on the platform. It will help Ethereum-based platform users to communicate about NFT sales and connect creators to their fans and communities.
SuperRare is another prominent marketplace for Non-Fungible tokens. The platform involves the latest collection of digital artwork. The platform is strict about its sign-in policies, only authorized authors can enter. Speaking about features, Its artwork details segment involves filters to find the right NFT based on - List price, reserve price, love auction, upcoming auction, secondary sale, open offer, setting a price range, file type, and minted date.
Features of SuperRare NFT Marketplace
Based on the Ethereum blockchain
The crypto platform named SuperRare uses the Ethereum blockchain to mint, transact, and verify NFTs listed at this marketplace. It helps decentralized applications to run without downtime, fraud, control, or interference from a third party.
Just like other NFT marketplaces, SuperRare is a non-custodial marketplace which means the seller's NFT is locked in a smart contract. The seller is bound to be in the wallet until a particular NFT is not sold.
SuperRare charges 10% royalty-free for all secondary sales. This means it's a win-win situation for artists as they enjoy free of charge and know that they have the potential to enjoy further sales. Your platform also offers such features for the benefit of artists and promotes your platform to engage with more artists and artwork.
Opensea works with ERC-1155 and ERC-721, both smart contracts, whereas SuperRare deals exclusively with ERC-721 contracts. Every metadata is stored in Ethereum blockchain technology.
Must-Have Features of NFT Marketplace to Help You Succeed
As you have gone through some essential features of top-rate NFT marketplaces. Now it's time to take you one step ahead and find out the hard to ignore features in your app or website.
Eye-catchy and easy-to-access storefront is the primary feature of the NFT marketplace. So make sure it contains all the essential details such as bids, preview, owners, price history. Most importantly design must be easy to access with sticky headers, hamburger menus, and a floating shopping cart button.
Advanced Token Search
Customers always get eager to check the desired token with minimal effort. NFT marketplace is a place where they can sort items such as images, art, memes, and music items with minimum effort. Quick search is a perfect business strategy to enhance customer experience.
The function of the filter option on the website is to ensure fast and effortless results. You can divide all products based on several categories, prices that assist buyers in making decisions. Some of the filter options can also involve hot-offers, best-selling, and recently added articles.
Allow your customers to create and sell collectibles. For this, generate a page where your customers can submit files with no obstacles type details such as image title, tag, price description, and more.
Bidding is a fun feature. So do not forget to add it to your NFT Platform. It allows creators to generate more revenue and bidders to check fluctuating bidding prices. Bidders can wait or bid according to the increasing or decreasing price of the collectibles. Also, add bidding expiry date and time to make bidding more valuable and invite auctions to participate.
Users always look for a safer place to store NFTs. Nothing can more satisfy them from security threats than a wallet creation. That's why NFT marketplaces choose initially inserted wallets for saving and submitting tokens. It also helps users quickly sign in with their desired wallet rather than sign up with other online wallets. Finally, do the best techniques to store, submit, and obtain tokens.
Rating is a perfect technique for newbies to understand the real worth of collectibles. Past users share their experience in words or stars to inform others whether the specific seller is reliable or not. Uses with the top rating obtain attractive rewards.
We have explained almost every essential feature in an app; still, you feel something is missing, approach us. Our experts are 24*7 available to guide you.
Now, if the question arises,
RisingMax is a technological giant in setting benchmarks in NFT marketplace development. We have already built similar platforms such as Decenrland, NFT clone script, white label NFT marketplace, White Label Rarible NFT marketplace. We have the best in industry technical prowess for blockchain and cryptocurrency development.
9+ years of rich experience in the industry
Direct communication between clients and technical team
Strong security team
To know more, Get In Touch With Us And Schedule A Demo Now!!