The moment has come to launch an NFT marketplace website. People spend billions of dollars on nice digital assets, so why not capitalize on them? Why not do a business out of it?
Imagine, for Bitcoin; it took more than a decade to approach its present-day value. However, a random NFT art from Mike Winkelmann (aka) Beeple sold for $69million at Christie’s (the Auction house).
This blog is a wonderful place to start if you want to learn how to build an NFT marketplace on BSC from the ground up. I’ll go over some pointers and walk through the steps of creating an NFT marketplace platform.
Why Binance Smart Chain (BSC)?
Binance Smart Chain (BSC) is a binance-owned blockchain network that works alongside Binance Chain. Binance Smart Chain powers smart contract capabilities and is compatible with the Ethereum Virtual Machine (EVM).
Cheap Transaction Fees refers to the fee users pay whenever they accomplish a transaction (over the blockchain network). Binance smart chain is more cost-effective than most networks.
Dual Chain Architecture - The Binance Smart Chain is constructed on a dual-chain architecture, allowing users to transfer assets between blockchains with ease. Binance Smart Chain's interoperability will enable users to tap into a huge ecosystem with many applications.
Speedy Transactions - The number of confirmations is necessary to accomplish a transaction. The purpose of confirmations is to prevent double-spending. Fortunately, the Binance NFT marketplace development enjoys shorter confirmation times and higher transaction speeds.
Binance Smart Chain offers faster and less expensive transactions than most blockchains, and developers may easily migrate from Ethereum to Binance Smart Chain.
Must-have Features - NFT Marketplace on BSC
The NFT marketplace creation guide would be incomplete if I didn't highlight our marketplace's features to be successful.
NFT Storefront
Ironically, an NFT marketplace resembles an eCommerce website more or less a resemblance. Like an eCommerce platform (for instance, Amazon), an NFT marketplace needs a storefront to showcase its products (non-fungible tokens).
You can drive a positive user experience (UI) by including these options:
Advanced Search filters
Sorting Types
Categories & Sub-categories
Wallet Integration
We won't build up an NFT marketplace without a crypto wallet that supports non-fungible tokens. What if you take on newcomers who don't have access to a cryptocurrency wallet? They'll like that they can make a wallet immediately on the marketplace.
Buyer-friendly Trading Mechanisms
NFTs are usually sold at an auction or at a predetermined price. You are, nonetheless, free to try new things. To drive swift traction, you can even include giveaways with the NFT marketplace on BSC to drive quick traction.
Typical Ones
Profile management, notifications (web extension or push notifications for mobile), and settings are typical marketplace-specific features. However, you can include features like two-factor authentication (2FA) for enhanced security, an AI-driven chatbot for round-the-clock support, and more.
One-for-all or Niche-specific?
If you’re an NFT marketplace aspirant reading this, I’m not sure your go-to niche for building an NFT marketplace. Remember that the NFT marketplace development on Binace smart chain supports every niche possible.
If you want to appease art enthusiasts, you can build an all-art NFT marketplace with a visually-appealing storefront.
Or else, you can build an interactive trading marketplace if you want to develop one for Gaming and ardent gamers.
What if you wish to build a sports-specific marketplace like sorare? You can leverage Binance smart chain’s efficiency (in handling transactions) to appease sporting fanatics.
Conclusion
Launching an NFT marketplace is a next-gen business idea. You must have robust backing like the BSC network to drive the business without technical glitches. Talking about glitches, Binance smart chain is one of the blockchain networks that rarely witnessed such hiccups.
Well, that’s it. But wait - don’t forget to hire your technology partner (aka) NFT marketplace development company.
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