As the non-fungible token market reaches a vast number, it is good to look back on the initial days of NFTs and remember the challenges revealed by Cryptokitties.
Cryptokitties was the first example of potential NFT mass adoption built by the Dapper Labs team. Since then, new NFT marketplace platforms such as Rarible, Sorare and OpenSea have been introduced to encourage NFT Development. The research published on NonFungible.com says that the total value of NFT transactions in 2020 increased by 299% compared to 2019 and exceeded $250 million. Experts predict that non-fungible tokens will be the driving force behind the virtual economy in the coming 10 years.
The NFT marketplace is expected to grow tremendously, and developing an NFT marketplace is a great opportunity. Therefore, we have put together a complete guide that will answer questions about building an NFT marketplace.
What is an NFT Marketplace?
NFT marketplaces will continue to gain prominence in 2021 and NFTs are growing as a new asset class in the crypto space. NFT marketplace platform is a decentralized platform that allows users to create, buy, sell and store non-fungible tokens.
NFT marketplaces are focused on selling specific assets. For example, the Valuables NFT marketplace allows users to buy and sell tweets.
Niche marketplaces are gaining a lot of traction as they have a clearly defined target audience. Therefore, you should think about the type of platform you will launch before building an NFT marketplace.
Michael Scott Blog 