The hi-tech future of the virtual world may sound like something straight coming out of science fiction, but this is the future. The NFT metaverse platforms aim to bridge the gap between the virtual and real worlds by utilizing virtual reality backed by blockchain technology. This blog is a complete A to Z guide on metaverse NFT marketplace development. Keep reading to know more.
What is the NFT Marketplace?
The non-fungible tokens or NFT function as a public blockchain platform. This platform is currently gaining traction and driving major businesses to construct a marketplace despite being in its early stages. The NFT marketplace is a platform that makes it simple to sell and store NFTs.
The tokens are available for auction and purchase at a set price. For utilizing the NFT marketplace, you will need crypto wallets to store and trade the NFT tokens. A metaverse app development company like ours can create an NFT marketplace for you that is reliable, secured, and user-friendly.
Why Metaverse in NFT is the Next Big Thing?
Now that you know ‘what is NFT marketplace’, let’s discuss how metaverse development services drive people to be a part of this revolutionary industry. The popularity of the NFT metaverse has increased of late. The metaverse NFT marketplace is popular among business people and entrepreneurs who want to grow their business and scale it to new heights.
The metaverse NFT marketplace platform can accommodate all types of users, from those new to the market to well-established traders looking for greater security. As more people discover its advantages, the use cases are also exponentially growing, so there will be an increase in demand soon.
Metaverse in NFT is the next big thing because it is not just limited by the creator’s imagination. With metaverse development services, digital trading is possible on metaverse NFT exchanges. It is a parallel universe where businesses can launch their own NFT metaverse marketplace and connect with the NFT users and traders.
Benefits of Metaverse NFT Marketplace
Metaverse offers a fair and open economy completely backed by blockchain technology. Entering the metaverse NFT marketplace with your products and services will be a great opportunity for you to expand your business, reach out to more audiences and boost sales. Let’s check out some of the Metaverse NFT Marketplace Development benefits.
All the transactions made in the metaverse NFT marketplace are secured by blockchain, thus making it impossible for anyone to steal your digital assets. Also, being immutable, your assets can never be erased, altered, removed, or misplaced from the blockchain network.
The metaverse marketplace users can easily view all the transactions that consistently occur in the marketplace. Thus, it helps build trust and confidence that the traditional market fails to achieve.
3. Growth Potential
The metaverse NFT marketplace is well-poised to garner maximum attention from investors all over the world, which can enable its rapid growth. Thanks to the craze surrounding crypto and NFTs.
4. Instant Payments
All the transactions and payments made with cryptocurrency do not require complete personal information or credit card details, thus making it easy, quick, private, and hassle-free for the users to make instant payments.
5. Seamless Trading Experience
Compared to the other marketplaces, the metaverse NFT marketplace offers an efficient and seamless trading experience. The platform is created by utilizing the algorithms and strategies to offer the best asset trading process, thus offering the clients a high-end experience.
6. Quick Transfer of Assets
The metaverse NFT marketplace allows the buyers to own an original item and provides a built-in authentication that serves as proof of ownership. The custom-built NFT marketplace metaverse will allow the users to tokenize their assets and sell them to the marketplace.
Although the world of metaverse NFT marketplace has faced much criticism, the growing popularity of NFTs is undeniable. Crypto is going to be the future. Therefore, taking advantage of this meteoric rise of the NFTs is one of the sure-fire ways to ensure a future-proof business.
What are the Different Types of Metaverse Marketplaces
The overwhelming popularity of metaverse has encouraged various brands to create their own meta NFT marketplace and engage users by bringing in the concept of gamification. Let’s check out how many types of industries are now into metaverse marketplaces:
1. Metaverse Real Estate Marketplace
Selling real estate on a virtual reality platform for real-world money sounds a bit crazy, right?
Yes, you heard it right.
You can sell and buy a piece of property in the metaverse world. The users can specifically bid for a piece of digital land or any property of their choice by paying the full cost for gaining ownership.
Decentraland is a great example of a metaverse real estate marketplace. Like Decentraland, the metaverse members can easily sell, buy and rent properties and also conduct NFT auctions. Companies can also display their architectural projects, including presentations or prototypes of real-world properties. The metaverse users, in the form of personal avatars, can explore the end-to-end area of apartments, buildings, and pieces of land regardless of their physical presence.
Another example is a blockchain-powered real-estate metaverse project, Upland, that is mainly designed for virtual trading of properties that includes buying and selling of digital lands. The properties in the Upland platform are represented through NFTs, which the users can easily own and become digital landowners.
Unlike other unique real-estate metaverse projects, Upland seeks to create a digital economy that diminishes the gap between the virtual and real world.
2. Metaverse Gaming Marketplace
Play-to-Earn (P2E) or Gami-Fi games mainly allow the gamers earn gaming characters, accessories, and in-game assets through smart contracts and blockchain technology. Since these games are decentralized, the gamers can withdraw the NFT items to their wallets that remain attached to the gaming marketplaces.
Therefore, the metaverse NFT gamers can purchase, search and trade for different gaming assets on both primary and secondary markets. These gaming marketplaces offer a realistic setup with real-time navigation for everyone, especially gamers. By hiring a metaverse game development company, you can make your quick entry into the world of metaverse gaming.
Popular games like Sorare, Axie Infinity, and The Sandbox are some of the successful metaverse gaming application examples that have millions of users. Gaming brands like Axie Infinity have more than 350,000 average active users, which shows the popularity of the gaming experience in the metaverse world.
3. Metaverse Ecommerce Marketplace
With technology at one’s fingertips, online shopping is just a craze today. However, few groups of customers always prefer offline shopping over online since they want a complete buying experience.
But what if I tell you about an eCommerce mobile app that lets you browse their products and try them out before making a purchase?
It might sound unbelievable, but most eCommerce applications today have started leveraging the power of metaverse in eCommerce. All thanks to metaverse eCommerce development. With metaverse, users can now visit shops in virtual reality, check out different products, compare those, and simultaneously try them on. With the help of their VR devices, users can make their avatars try on the products they are willing to buy at the metaverse eCommerce marketplace.
4. Metaverse NFT Art Marketplace
Like the other industries, there are also a few popular metaverse marketplaces already famous for trading in NFT arts that come in the form of digital files like GIFs, images, audio, and videos. All these are being sold for millions of dollars at the metaverse NFT art marketplace.
The metaverse NFT art marketplaces offer users an interactive and appealing way to explore various artworks. The users in their personal avatars can attend virtual galleries of the popular NFT artists, view their works, explore their presentations and be a part of the live NFT art auctions.
Features of Metaverse NFT Marketplace Development
Before taking a plunge into the metaverse world and implementing it in your marketplace, it is crucial for you to know the peculiarities of the metaverse and NFT development. Check out the list of features for the same.
1. Decentralized Platform
The blockchain marketplaces have a decentralized platform infrastructure. This means that these marketplaces cannot have a single owner. In fact, it is a system that can be operated by multiple users in a single platform where data can be easily transferred. Hence, it offers the users a secured, private, controlled platform and allows the mobility of transactions with no third-party control.
2. Secured P2P Transactions
With a decentralized marketplace, the users can make easy and secure P2P transactions. This kind of marketplace platform allows the users to undergo end-to-end encrypted asset transactions. The peer-to-peer technology and strong security systems ensure users’ protection from cyber attacks. The user data and the purchase details are coded securely which gets transferred automatically with smart contracts.
The interoperability features work the same in the metaverse as it works in the blockchain. Interoperability allows a decentralized system to share arbitrary data, and interact and utilize each other’s services and features, enabling cross-chain social connections, trading, and other activities that wouldn’t be possible in a siloed ecosystem.
Interoperability is vital for connecting multiple metaverse projects so that the users can enjoy a great unified experience as they together participate as avatars in various socio-cultural activities, just like in the real world.
4. Simple Tokenization
Users with its tokenization features should be allowed to tokenize their assets to list them on the marketplace easily. This is one of the crucial features of the metaverse marketplace, as you are not just able to sell the NFTs but also turn your assets into tokens.
You need to abide by the various token standards so that your users can tokenize their digital assets to gain unique ownership and trade the assets on the marketplace.
5. Interactive Experience
Besides focusing on the technical aspects of the metaverse marketplace, it is also important to work on its environment design. You need to ensure that your metaverse marketplace is interactive and vivid.
It should provide users with an engaging and immersive experience despite their physical presence. Offer the users a realistic 3D environment that can help them socialize with other users and engage in various trade activities.
6. NFT Wallets
With the integration of NFT wallets, the users would be able to send, buy, and store digital assets, along with providing connectivity to the metaverse world. Wallets should be integrated with the number of third-party wallets to facilitate easier transactions.
The NFT wallet does not function like a physical wallet, as you don’t need to store cryptocurrencies in it. Instead, these wallets provide the user access to the assets that are held on the blockchain network.
7. DAO Integration
Currently, most metaverse marketplaces are now adopting the Decentralized Autonomous Organization (DAO) model to set up an autonomous organization that would be completely free of the hierarchical structure. A marketplace that is DAO-enabled can be regulated for members where all types of decisions would be made through proposals and voting.
8. Auction and Sales
The metaverse NFT marketplace fulfills the same rule as the metaverse art galleries do in the real world. It is not just the art pieces that can be put for auction and sales; different kinds of NFT assets can be put into auction.
The users can host an auction program for the NFT assets that can be used in the world of the metaverse. The users can themselves arrange for live auctions where people or other users can propose their prices for a particular product ranging from higher to lower prices.
Complete NFT Marketplace Development Process
The process for metaverse and NFT development requires in-depth technical knowledge and of course, expertise. We have professional blockchain experts who can aid businesses in creating a robust metaverse NFT marketplace. Let’s check out some of the pivotal factors that need to be given utmost importance while creating a metaverse NFT marketplace.
1. Make the Right Choice for Blockchain Network
It is a well-known fact that the metaverse NFT marketplace operates on robust, scalable, and interoperable blockchain networks. Therefore, the very first step of NFT software development is to make the right choice of your blockchain network based on which the marketplace will run and exist for a longer period of time.
Few sought-after blockchain networks for creating an NFT marketplace include Ethereum, Solana, Polkadot, Stellar, TRON, Tezos, and more. Among all these, Ethereum is one search blockchain network where several metaverse projects currently exist.
2. Choose Top-Notch Features
While developing an NFT marketplace, it is important to implement the advanced features and lead the way to enhance and optimize the functionality of the metaverse NFT marketplace. The more features you integrate, the better functionality and performance of your NFT marketplace will be.
Based on your project requirements, be specific on the features. Use various options, likely decentralization, 3D display, interoperability, social media interaction element, wallet integration, and other crucial features.
3. Focus on Creating an Intuitive User Interface
It is always recommended to ensure engaging, intuitive, and easy-to-use interfaces for NFT Marketplace. This ensures secure and flawless trading of metaverse NFTs without any obstacles like glitches and bugs. Furthermore, the development of smart contracts should also automate asset transactions.
Remember, a great user interface can create a good impression for your metaverse marketplace. Therefore, try to keep it aesthetic, simple, and responsive while displaying the features in the best possible way; so that the users can have a great time utilizing the platform.
4. IPFS and Database Storage
The next step in the metaverse and NFT development process of the metaverse NFT marketplace is to build an immutable and secured database. This database will be solely responsible for holding the sensitive and private databases of the user and admin profile.
The database will also carry information about their tokens. The IPFS or Interplanetary File System is utilized for storing and sharing data in the form of distributed files and database systems.
5. Create Smart Contracts
The benefits of utilizing smart contracts in the metaverse are numerous. It is backed by trustworthiness and reliability. The functionality of a smart contract depends on the feature, requirements structure, and technical aspects of the metaverse project. The smart contract you create should be well aligned and reliable with the features that the NFT Marketplace intends to perform.
6. Test and Deploy
Testing is the pre-final stage that is done upon finishing the creation of the database and integrating smart contracts. The NFT Marketplace platform gets tested thoroughly for any bugs and glitches in this process. If any fault is found, it is instantly rectified or removed at this stage.
Cost Estimation for Metaverse Software Development
With metaverse being the recent talk of the town, businesses are now willing to spend more to get the immersive environment benefits for the promotion of their products and services. Before investing a fortune in the metaverse virtual world, businesses should be aware of its different facets, right from the influence of the metaverse on the users to how it links our physical and digital worlds.
Also, knowing the cost of developing a metaverse virtual world along with the technicalities involved is also important to understand. You need to consider a few factors, that influence the cost of NFT marketplace development.
- The complexity of app’s features
- Utilization of multiple technologies
- Selection of app’s platform
- The UI/UX aspect of the app
- Development team
- Usage of the technical stack
- App maintenance and support
At Appinventiv, we create robust metaverse NFT marketplace solutions that are feature-rich and reliable. Although building an NFT marketplace clone script would cost you around $100,000 – $500,000, to know the exact cost estimation for developing a metaverse NFT marketplace, reach out to our metaverse app development experts and kickstart your journey into the same.
Related Read- How much does it cost to make an app?
Build a Metaverse NFT Marketplace with Experts like us!
If you want to get the maximum audience and boost your sales, then the ultimate way is to make an entry into the world of metaverse and NFT development at the right time to offer your customer an unmatchable experience for various activities like trading, shopping, etc. For achieving this, you will require a fully-functional metaverse NFT platform that suits your business requirements.
Although the metaverse NFT is in its early stages, it has shown signs of enormous growth. The metaverse market size is expected to reach a valuation of $1,607,12 Billion by the end of the year 2030. The upsurging popularity of crypto gaming, NFTs, and online gaming are some of the key factors driving huge demand in the industry.
It is expected that with time, these advanced technologies will unfold more development that will significantly change our lives within the next few years.
Appinventiv is the leading metaverse development company that offers world-class metaverse NFT marketplace development services. If you want to enter the virtual world, we can create the perfect custom-made app development solution for your needs. With their years of experience, our proficient team can get your dream NFT Marketplace metaverse idea launched very soon by developing it in the leading blockchain networks. Launch your marketplace today and see your business scale.
Q. What does metaverse hold for the upcoming future?
A. The world of metaverse holds various lucrative opportunities. Since the future is closer to this innovation, experts have recently realized its huge potential for disrupting multiple industries. The metaverse NFT business can help your business get a competitive edge, enabling you to connect with users globally. Connect with a metaverse NFT marketplace development company like Appinventiv to know they develop blockchain-based products for the metaverse environment.
Q. Are Metaverse NFT marketplaces profitable?
A. NFTs, cryptocurrency, and metaverse are booming in popularity. Although this technology is still in a developing stage, the values of these technologies are constantly fluctuating. However, we can assure you that it is certainly to stay. So yes, investing in a marketplace of metaverse NFT can be extremely profitable if the business model is still young.
Q. How does a Metaverse NFT marketplace work?
A. After a user signs the platform and connects the digital wallet, they can easily create and upload their assets in the form of NFTs. They can specify their price and set them up for auction. In this way, the buyers can view and purchase the NFT assets with the currency of their choice. Soon after a buyer makes a purchase, the asset gets transferred from the seller’s wallet to the buyer.
Q. What is the white-label metaverse NFT marketplace?
A. The demand for the NFT marketplace has skyrocketed with the rapid rise of NFTs. This is where the white-label metaverse NFT marketplace comes in. They are a great advantage to companies looking to establish their own NFT marketplace in the digital network.
Q. Is metaverse built on Blockchain?
A. Yes, the metaverse is built on blockchain. Web 3.0 is the main foundation for the metaverse. It consists of blockchain-enabled decentralized applications (Dapps) that support an economy of users who own crypto-based assets. Connect with a metaverse development company like ours and know more about the process of metaverse app development.