How To Create Your Own NFT Platform | What You Need To Know?
Are you influenced by NFTs and looking for creating your own NFT platform? If yes, then you have come to the right place. Creating your own NFT platform is not easy but it isn’t impossible as well. It has a long procedure to follow. So, here is your step to step guide on how to create your own NFT Platform.
NFTs are the latest trend. Top companies and celebrities are creating their own NFTs and some of them are creating their own NFT marketplaces as well. If you are used to NFTs, then it is quite simple for you to understand the process. If you are a fresher to this world, then we suggest you go through our posts on NFTs before getting started.
In this post, we will cover everything you need to know about how to create your own NFT platform. We started from the basics and then touched on the higher concepts of the NFT marketplace. So, without losing time, let’s get started with how to create your own NFT Platform.
What Is An NFT Marketplace?
NFT marketplaces are platforms where NFTs can be stored, displayed, traded, and in some cases minted (created). These marketplaces are to NFTs what Amazon or eBay are to goods.
In order to access and use these types of marketplaces, you will need to have the following:
- A crypto wallet: You’ll need to choose a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy (below). For example, if you plan to buy or sell NFTs based on the Ethereum blockchain platform, you will need to use a compatible Ethereum wallet such as MetaMask. For NFTs sold on the Solana platform, you will need to use a wallet service such as Sollet.
- Coins in the wallet: You will need to pre-fund your wallet before buying, listing, or minting an NFT. Again, you will need to find out which cryptocurrencies are supported by the marketplace you intend to use.
- A user account: You will need to set up an account on the particular marketplace you wish to purchase NFTs from.
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How Does An NFT Marketplace Work?
Before jumping on how to create your own NFT platform, let’s have a look at how it does work. To use a marketplace, you should register and connect the crypto wallet to your account. Next, you need to follow some steps:
- Create an NFT and define all preferred parameters.
- List your digital goods for sale and wait for the completion of the moderation.
- Buyers put in their bids when auctions occur.
- When auctions are complete, the marketplace transfers cryptocurrency and digital products.
An NFT marketplace utilizes particular transaction protocols known as smart contracts. These protocols regulate the connections between the seller and the buyer. Moreover, these smart contracts contain identifying data associated with an NFT. Hence, the process of buying and selling tokens becomes user-friendly and convenient.
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How To Create Your Own NFT Platform?
Since you know how NFT marketplaces work and what types of platforms are on the market, you need to understand who you are developing your platform for and what problems it can solve.
You need to decide on a list of features and choose the technology stacks and NFT standards for your marketplace. Following are some of the features that can be added to the NFT marketplace:
1. Storefront
NFT marketplace should have a storefront that offers users all the information required for an item: bids, owners, previews, or price history.
2. Filters
Using filters, it becomes easier to navigate a site, specifically if you plan to build a marketplace place for a lot of collectibles. By adding the filters feature, users can select items by payment method, listing status, category, and collection.
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3. Searching For Items
An NFT marketplace platform should support tagging and category management to allow users to search collectibles. Use a search bar on the site and add categories.
4. Create Listings
A user should be able to create and submit collectibles. Using this feature, a user should upload files and fill in the token information such as name, tags, and description.
5. Buy And Bid
The NFT marketplace platform should have a feature that allows users to buy and bid for NFTs listed on the platform. The bidding feature should include a bid expiration date and allow users to view the bids’ current status details.
6. Wallet
The NFT Marketplace Platform should have a wallet that allows users to store, send and receive non-fungible tokens. The easiest way to integrate this feature is to provide users with a connected wallet that they already use. For example, you can integrate the most popular wallets like Coinbase, Formatic, or MyEtherWallet.
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Technology Stack Required For Building An NFT Marketplace
Blockchain Platforms
It’s clear how to create your own NFT platform, but you must be aware of the different technological Stack that is required to build an NFT. The requirement for the Blockchain platform are:
1. Ethereum
Ethereum is one of the most popular platforms when it comes to NFT marketplace or non-fungible token development. Since transaction history and token metadata is publicly verifiable on Ethereum, it is easier to prove ownership history. As all Ethereum products share the common backend, NFTs become portable across products. Also, Ethereum never goes down; therefore, tokens will always be available for sale.
2. Flow
Flow is a rapid and decentralized blockchain designed for a new generation of digital assets, apps, and games. The platform is being widely used to create both the NFT marketplace and NFTs using the Cadence programming language.
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3. Tezos
Tezos is an open-source blockchain platform for applications and assets backed by a community of builders, researchers, and validators. Using a pre-compiled FA2 NFT contract written in LIGO smart contract language, Tezos supports the development of NFT marketplaces and NFTs.
4. Cardano
Cardano is a blockchain platform with technologies and tools required to provide unmatched security and sustainability to decentralized systems and applications. It also supports the development of NFTs and other digital assets.
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Storage Platforms
the technological Stack required for the Storage Platform are:
1. IPFS
IPFS is a peer-to-peer hypermedia protocol designed to store media content in a decentralized way. As the media file related to NFTs cannot be stored directly on the blockchain, IPFS can store all that data.
2. Filecoin
Filecoin is a decentralized storage network designed specifically to store the most critical information, such as media files. The storage platform includes everything that a developer will require to get started with decentralized storage for NFTs. Knowing its benefits, Truffle Suite has also launched NFT Development Template with Filecoin Box.
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3. Pinata
Pinata is also one of the popular platforms to upload and manage files on IPFS. It provides secure and verifiable files for NFTs.
NFT Standards
- ERC-721
- ERC-1155
- FA2
- dGoods
- TRC-721
Front-end Frameworks
- React
- Angular
- Vue
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How Much Does It Cost To Create An NFT Marketplace?
Since you are aware of how to create your own NFT platform, you must be aware of what it costs. The cost and duration depend on the performance of the marketplace. If you want to create a complex platform, you must invest more money in developing the NFT art marketplace.
If you use a ready-made solution, there is no assurance of security, and the product’s dependency will be on the platform from which you receive the key. However, the cost will be lower in this scenario.
On the other hand, you may hire a software development team to create a custom app for you. After all, the specialists will create a user flow, build the functionality, add features, and design the marketplace from the beginning. Hence, the price may increase a little more.
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Wrapping Up:
At this point, we conclude our post on how to create your own NFT platform. It is quite simple to create an NFT platform, however, you need planning and creativity to do it. You will also require an expert if you are not used to this platform.
Keep exploring our website to know more about NFTs.
Frequently Asked Questions
Q1. Can I Just Create An NFT?
An NFT is a unique digital item with a sole owner. That rarity gives an NFT value. Make sure that you own the intellectual property rights to the item you want to turn into an NFT. Creating an NFT for a digital asset you don’t own could get you into legal trouble.
Q2. Can I Create My Own NFT For free?
All of them have launched their own Non-Fungible Tokens (NFTs). NFTs are all the rage right now. But don’t worry, you don’t need Bruce Wayne’s fortune to launch your own NFTs, you can do it for free.
Q3. How Do I Make NFT Art Without Coding?
You can use the NFT collection generator to easily create an NFT collection. There is no need to code anything to generate NFT. All you need to do is use the no-code NFT collection generator.
