NFT Auction Platform Development: Redefine Buying & Selling With NFT Auction Software

By RisingMax

December 27, 2022

NFT Auction Platform Development: Redefine Buying & Selling With NFT Auction Software

NFT Auction Software

Online Auctions or eAuctions provided a new way of buying and selling NFTs online. With NFT auction bidding software, investors, instead of picking a digital asset and buying it, use an auction method to buy an NFT. In an NFT auction, both buyer and seller interact via an online auction bidding software and agree on a price. As the process takes place online, it eliminates the chaotic scenes that exist in the traditional auctioning process.

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The rising popularity of these auction portals is why budding entrepreneurs are investing and launching their own online auction bidding software. This post is a must-read for those looking to jump the bandwagon and launch their own NFT auction portal. In this post, you will read - 

  • What is an NFT auction portal?
  • How does an NFT auction portal work?
  • Features Of NFT Online Auction Bidding Software
  • Benefits Of Our NFT Online Auction Bidding Software

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What is An NFT Auction Portal?

NFT auction portal is a platform where users can buy, sell, or trade non-fungible tokens of their preference with cryptocurrencies such as Ethereum. Online auction portal makes it easier for creators and collectors around the world to buy and sell non-fungible tokens. Anyone can use the NFT auction portal to enter the realm of non-fungible tokens and get immediate benefits. The digital NFT collectors can negotiate with the vendors in real-time and use these platforms to buy digital assets of their preference. With instant response for the digital creators, make NFT auction portal ideas for newbie digital collectors to get started.

With an online auction bidding software, anyone can participate in the auction and build their own collection of rare and unique non-fungible tokens.

So, now you have a basic understanding of the NFT auction portal. But that’s not enough to move further with the NFT auction portal development. In this next section, we will discuss how exactly these auction portals work.

NFT Marketplace Architecture

How Does An NFT Auction Portal Work?

The non-fungible auction portal makes it easy both for collectors and creators to buy and sell their digital assets. These auction portals are easy to use, and even new creators or collectors can use them without any hassle. The auction on these portals usually takes place in four stages - 

  1. Listing NFT - In this step, the creators list their already minted NFT for auction. Details about the NFT, such as description, currency, type, etc., are provided by the seller.
  2. Add NFT Category - After adding the necessary details about the listed NFT, the seller needs to specify the category under which NFTs are listed. This makes it easy for collectors to find digital assets as per their preference and participate in the auction.
  3. Auction Start and Close Dates - In the next auction stage, the seller of the NFT needs to select a start and close date for the auction. With this, the collectors have the information about when the bidding will start and end, allowing them to bid accordingly.
  4. Auto Bid Reset - This unique feature of the NFT auction portal sets itself apart from others. Auction begins at the starting date and time and ends at the specified time. The auto bid reset feature reset 15 minutes for each offer placed. And during the final countdown, the 15-minute extension gives collectors a chance to place final bids one last time.

NFT Auction Portal: Revenue Model

The NFT auction portal offers numerous opportunities for admin or investors to earn money and be profitable. Depending upon which revenue model suits your business requirement, you can choose one. Here are some popular revenue models for online auction bidding software.

NFT Sales Fee

The NFT auction portal charges a particular fee from the seller when the listed NFT gets sold through the platform. The platform can charge a fixed fee on every NFT sale or a customized fee depending upon the selling price.

Processing Fees

As an admin, you can charge a fixed or customized processing fee on every transaction that takes place on the platform. The higher the number of transactions happening through the platform, the higher will be the revenue generated.

Listing Fee

You can impose a listing fee and charge a fixed percentage from the creators when they list their digital assets for auction. Depending upon the value of the NFT, the listing fee can go up, or a fixed fee is charged for accessing the platform features.

Auction Portal Development

Features Of NFT Online Auction Bidding Software

The features of an NFT online auction bidding portal play an important role in the success of your new business venture. If you are unsure what features to add to your online auction portal, this section is a must-read for you. The features of your portal can be divided into three interfaces - 

  • Admin Panel
  • Buyers Panel
  • Seller Panel

Depending on who is accessing your NFT online auction portal, the features you need to add change.

How to Create a Website for Minting NFT

Admin Panel Features

Admin dashboard

The admin dashboard is where you can have an overview of what’s happening on your NFT auction bidding software. Here you can view information such as transactions, NFTs sold, total listed users, revenue generated, etc, all in one place. From here, you can click and have detailed information about anything happening over the auction portal.

Creator Management

This app feature allows admins to manage and keep an eye on creators who are trying to sell their digital assets on the platform. With this, they ensure the creator's authenticity and smooth running of the platform.

Collector Management

Admins can manage collectors or buyers who are willing to participate in the auction with this app feature. They can accept or reject the collector profile to ensure the smooth running of the NFT online auction bidding platform.

Set Bidding Options

There are numerous bidding options that admins can use to attract more buyers and sellers onto their platforms. Admins can set a single bidding option for everyone or provide sellers the option to choose from the bidding option. The bidding process will initiate only after the admin's approval on the platform.

Automated workflow

Admins can use this feature to streamline the NFT auction process and improve the overall efficiency of the business. With an automated workflow, both buyers and sellers can join the platform and bid on the listed NFTs without any delay.

Payment Management

This feature allows the admin to keep an eye on payment gateways, payment details, commissions, and transactions happening on the platform to ensure transparent transaction systems.

Buyers Panel Feature

Create account

A buyer can create an account by entering basic information such as name, email, phone number, etc, and join the platform. Only after creating an account, a buyer can enjoy the different features of online auction bidding software.

Social login

Users can speed up the registration process with social media login features and emanate the need to enter personal information to complete the registration process.

Customized feed

Based on the buyer’s interest, the NFT auction platform offers customized feed features that make it easy for them to choose and invest in NFTs.

Advanced search filters

Various NFTs are sold on the NFT online auction bidding software. The buyers can use these advanced search filters on the platform to find their favorite NFTs and bid on them without any hassle.

Put Top NFTs on Bidding

This is a unique feature of an NFT auction platform that allows buyers to have an overview of what’s happening on the platform. With just a glance, buyers can see NFTs that are trending, hot, new, and open for bidding.

Add to cart

With this feature, buyers can add their favorite NFT to the cart and later on purchase or bid on the same.

Seller Panel Feature

Create account

A seller can create an account by entering basic information such as name, email, phone number, etc, and join the platform.

Add NFTs 

This feature allows creators or sellers to add one or more NFT to the auction.

Add description/photos

To provide bidders with additional information, sellers can use this feature to add a description about the digital asset or add photos to give them a clear understanding.

Set Bid Timer

After uploading an NFT on the online auction bidding software, the seller can set a timer for the start and expiration of the bidding.

Auction stats 

Sellers can auction different digital assets at once; this feature allows sellers to watch different NFT auctions on a single screen.

What is The Development Cost of NFT Online Auction Bidding Software?

There are various factors that directly affect the development cost of an online auction bidding software. But the development process plays a major role in determining the overall development cost. There are two ways in which you can build an NFT auction bidding software:

Scratch Development

In this development process, the software is built from scratch with unique features and functionality. You need to hire a developer team, QA experts, business analysts, and others to ensure the software functions as you intend it to be. For this very reason, both the development cost and time was taken are high in this software development process. The development cost can be approximately $80,000- $100,000 approximately and even go up in case you want to add new features or functionalities to the platform. This process is more preferred in case you have a completely new concept with unique features.

Whitelabel App Development

Whitelabel solutions are pre-built and ready to deploy solutions. They are tested multiple times and are highly reliable solutions for launching an online auction bidding software. The development time and cost are relatively low as compared to the scratch development process. And probably the prime reason why startups and budding entrepreneurs choose them for launching their NFT auction platform. The development costs $40,000 - $50,000 and might go up in case you add new features and functionalities to the application.

Benefits Of Our NFT Online Auction Bidding Software

Online auction bidding software is becoming creators' or sellers' first preference to auction their digital assets and earn huge profits. With our NFT auction portal, you can provide sellers with a platform where they can auction their digital assets without any hassle. Here are some of the benefits that you can offer to the sellers -

Reach Large Audience

The NFT auction platform has investors and collectors from around the world all in one place. When a seller lists an NFT for auction on the platform, they can reach a wider audience base and sell their digital asset at a higher price.

Reach Worldwide

As you already know that the online auction bidding software is popular among NFT investors and collectors worldwide. Thus, making it easier even for newbie digital artists to reach international buyers with just a few mouse clicks.

Multiple Auctions

The multiple auction feature benefits both NFT buyers and sellers. Where buyers can choose multiple auctions to take part and bid on their favorite NFT, similarly, sellers can create multiple auctions for and sell their NFT all at once.

Buy Favorite NFT

Online auction bidding platforms have different categories of digital assets listed for auction. Buyers can use the search filters to find their favorite NFT and even bid on them. There is also no limitation on how many auctions you can take part in. So, just choose your favorite NFT and take part in its auction.

Easy Marketing

This platform provides digital creators or sellers opportunities to auction their NFTs and earn huge profits. Digital creators can use marketing features to reach a wider audience and sell their NFT at a higher price.

Customized Bidding Window

The online auction bidding software gives complete freedom to sellers to set their auction as they want it to be. Sellers can even set auction bidding start time, end time, bidding price, extra time, and do other customizations in the bidding process.

Secured Platform

The NFT auction software has built-in security features, and the smart contract makes them a secured platform for buying and selling digital assets.

Reasonable Pricing

With online auction software, both sellers and buyers are assured that they are buying an authentic digital asset at a reasonable price range.

Why Choose RisingMax as an Auction portal development company?

The popularity of digital assets is soaring, and with this, both buyers and sellers are searching for new ways to enter the virtual world. With our expertise in blockchain technology, we have built NFT online auction portals like Foundation clone and crypto trading software like Binance clone as well. Here’s why we are the best:

NFT, Auction & Blockchain Experts

Our expert team in blockchain technology assures that your NFT auction portal is a front runner with advanced traceability solutions with blockchain.

Platform Planning

We understand all the ins and outs when it comes to online auction bidding software. Before diving into the development phase, we first analyze and do research on the market to deliver the best business solution to our customers.

Customized Packages

Our NFT and blockchain expertise doesn’t come at a high price. Whether you are a startup or enterprise who are looking for customization and adding new features to the NFT auction software, we can do it all for you at a reasonable price.

Multi-Platform Support

We help our customers launch the NFT auction marketplace on different platforms such as websites, mobile apps, and software solutions with our expertise. Whatever your online auction bidding software development needs are, our team will handle the same for you.

So, Why wait?

Discuss your online auction bidding software requirement with our experts today!!

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