The Perfect Roadmap for NFT Marketplace development in 2023
NFT is emerging as a lucrative industry that offers a massive revenue stream for talented people like artists, composers, and collectors. The market of non-fungible tokens shows no sign of slowing down. If you stay updated with the industry, you would notice the rising graph of NFT marketplace development every year.
The NFT cap serves as a great proof of industry expansion. As per Statista, the revenue in the NFT segment is projected to reach $2,520 million in 2022. It is expected to grow at a CAGR of 27.6% resulting in a projected total amount of $8,412 million by 2027.
NFT marketplace development is a unique opportunity for new-gen leaders to show up and represent their collectibles that encourages revenue generation with effective digital asset management. However, a big question that commonly arises for many cryptopreneurs is- how to start an NFT marketplace.
In this article, we will show everything you need to know about NFT marketplace development and will help you understand what is an NFT roadmap and how to create a NFT roadmap for NFT marketplace development. But before that, let’s understand the various factors that define the success of non-fungible tokens (NFTs) marketplace.
Factors that Define Non-fungible Token Marketplace
If you are ready to enter the NFT business world, you need to understand that NFT developers can make unlimited number of NFTs. No matter whether to plan to create and sell NFTs or aunctioning them as your core business, these factors always come into play.
The main properties that make NFTs appealing to crypto enthusiasts are:
- Unified tokens
- More ownership rights
- Unique tokens
Along with these, indivisibility, smoothness, and secure asset transfer plays a crucial role for the success of your NFT marketplace. A few of the best NFT roadmap examples are OpenSea, Atomic Hub, Rarible, SuperRare, etc. These platforms server as a source of inspiration for everyone who is interested in building an NFT marketplace.
Roadmap for NFT Marketplace Development
Now, that you’re familiar with the various factors that sum up the success criteria of an NFT marketplace, let’s understand the perfect NFT roadmap for marketplace development. Below we have shared the multiple stages that will help you create an efficient roadmap for your NFT marketplace development.
The very first thing you need to do is analyze the market and your target audience profoundly. It must involve identifying the ideal purchasers of the NFTs. Expertes suggest to focus on the vertical market instead of a horizontal market. The horizontal market offers everything to everyone, so go with vertical marketing initially. It implies that the services you are going to provide needs to be unique.
Currently, NFT is a vast business as it includes all kinds of prominent industries from eCommerce to art to gaming. So, you need to select your target niche wisely and frame your idea keeping in mind the users and market trends.
The second stage is proposing roles to your stakeholders. Though, it’s doesn’t offer many options but you need to think carefully about them. Are they buyers, artists, or admins? Your target audience varies depending on the domain you use. You need to identify your target users and provide them features as per their roles.
Define project and design
The next step for developing the best NFT roadmap involves defining project and design. Project documentation includes a routine that includes the cases on which the team will be working, technical feasibility, NFT development platform to be used, and identify any barriers that might arise. The documentation might not be needed by an inhouse team but if you are outsourcing an NFT marketplace development company, this documentation will come handy.
The design of your NFT marketplace architecture must be user-friendly and interactive. An efficient UI/UX design tempts users to take actions promptly. Similarly, the navigation buttons on the NFT market platform must be designed that offers smooth navigation.
NFT marketplace development
Once you’re ready with the NFT marketplace design concept, the next stage involves converting your idea into reality i.e. development phase. The front-end development includes separate modules for users, creators, landing pages, etc. The best method is to partner with an NFT marketplace development company as they guarantee excellent performance and credibility while saving time and cutting expenses.
Smart contracts token generator
The next stage is the backend development. If you are building an NFT marketplace, you must know the backend development is different as most of the information is confirmed on the blockchain. If you are building a decentralized app, you need to pass the internal logic to decentralized part by applying smart contracts token generator. You can also program all other things like functionality of the platform, ownership details, etc.
Test and deploy
Once your development is completed, next is testing and launching the beta version. The beta version helps you verifiy the product is ready to launch for a wide range of audience. Make sure you market your product effectively as it will help you maintain better social connections and get valuable feedback.
Key Pointers While Developing Your Own NFT Marketplace Roadmap
An NFT marketplace roadmap will help you create an understanding of the future vision and will assist you in tracking your progress for the project. Below are some key components that you must include while creating your own NFT marketplace roadmap.
- Define your overall vision for the project
- Outline the specific goals and objectives
- Create milestones for each development stage
- Assign timelines for each milestone
- Determine responsibilities for each team member
- Set budget parameters
- Consistently review and revise the roadmap
Hope you liked the above shared information on what is a NFT roadmap and how you can create a perfect one. NFTs roadmaps help you stay focused and organized as you work towards your goals. Developing an NFT marketplace development roadmap ensures that your stakeholders is on the same page and working together towards a same goal. If you are looking to develop a custom NFT marketplace, research for the best NFT development companies to help you get started with everything you need, from roadmap creation to development and deployment.