According to Blockchain experts, NFT Marketplaces are online marketplaces where users can buy, sell, or trade tokenized assets, also known as Non-Fungible Tokens (NFTs).
There are various non-fungible token marketplaces available currently worldwide, and Binance, known as Binance.US in the USA, is one of the leading marketplaces where trading of NFTs takes place.
With a wide range of NFTs, along with multi-level asset protection norms and low trading fees, the Binance marketplace is one of the preferred choices of investors and other users interested in owning and trading non-fungible tokens.
But, how can one build an NFT marketplace like Binance? Well, if you do not have an answer to this question, this blog is a must-read for you. We have provided a detailed guide to developing an NFT marketplace like Binance NFT in this blog. So, without any further delay, let’s get the conversation started.
Non-Fungible Token Marketplaces – Latest Market Statistics
The number one rule of any business is to understand the market before entering it. Therefore, it would be beneficial to comprehend the market size, user growth, etc., before the NFT marketplace development.
Here are some useful numbers with sources that can help understand the NFT marketplace development industry.
Source: Statista
- The total revenue in the NFT market is estimated to be $3369 million in 2028, growing at a CAGR of 9.10% between 2024-2028.
- The users of the Non-Fungible Token market are growing at an exponential rate. According to the reports, it is expected that there will be 19.31 million users by 2027.
- Binance marketplace is one of the world’s largest and fastest-growing centralized NFT marketplace, selling over 3 million NFTs worldwide.
Thus, by witnessing these numbers, it is clear that the market for NFT marketplace development like Binance is very promising. Hence, let’s proceed to the development process of the non-fungible token marketplace.
How to Develop an NFT Marketplace like Binance?
The NFT marketplace development process is complex and tedious. You will require extensive expertise in programming, Blockchain, and NFT development. Thus, if you do not possess the relevant technical expertise, you can hire top Blockchain developers or a leading NFT marketplace development company to create your customized NFT marketplace like Binance.
Moreover, if you have the relevant skills or an experienced in-house development team, you can follow the detailed guide given below to develop your non-fungible token marketplace similar to Binance NFT.
- Extensive Market Research
Before the NFT marketplace development, it is crucial to research your potential target market, demographic, and blockchain platform to build the NFT marketplace.
Also choose the ideal technology stack, features, and functionalities to enhance your marketplace, its monetizing strategies, and more. It is also highly recommended to analyze the competitors, understand their strengths and pain points, and what are their unique selling propositions (USP).
In-depth research before developing the NFT marketplace will assist you in the further development process.
- Strategize Your Development Process
Have in-depth consultation sessions with your NFT marketplace development team and share the insights you get by researching the market and your competitors.
Afterward, strategize the development process, that is, the project timeline and the number of dedicated developers working on a particular task, and coordinate with the project managers for smooth execution of the development phase.
- Chain Selection
With the discussions with your NFT development team, choose the ideal blockchain network that aligns with your business requirements to build your tokenized asset marketplace.
A few popular blockchain platforms you may choose include:
- Ethereum
Ethereum is one of the most popular blockchain networks used for NFT marketplace development. It supports the ERC-721 and ERC-1155 standards, that define the protocols for creating non-fungible tokens.
- Solana
Solana is an exceptionally good blockchain network with quick transaction speeds and cheap costs. It is gaining popularity as an environment for NFT marketplace development because of its versatility and efficiency.
- Cardano
Cardano is a blockchain network known for its focus on sustainability, scalability, and security. It supports the creation of an NFT marketplace through token standards like the Cardano Token Standard (CTS).
- Tezos
Tezos is another Blockchain network used by NFT marketplace developers to offer a unique approach to blockchain governance and security. It supports standards like FA2 for creating an NFT marketplace and has seen adoption in the Non-Fungible Token industry.
- Binance Smart Chain (BNB)
Binance Smart Chain is the best alternative to the Ethereum network, as it offers lower transaction fees and faster confirmation times. Moreover, it supports standards like BEP-721 and BEP-1155 for Non-Fungible Tokens.
You can choose any of the above-mentioned Blockchain networks to build your NFT marketplace.
- Begin Developing the Smart Contracts
After choosing the Blockchain network, you need to develop custom Smart Contracts, having the terms and conditions, Minting, and royalty mechanisms written in the code, for selling, buying, and transferring Non-Fungible Tokens in the marketplace.
- Add Wallet Services in the NFT Marketplace
For buying tokenized digital assets, users need to payments through cryptocurrencies, such as Bitcoin, Ethereum, Solana, Polygon, etc., and to manage them, you need to integrate Wallet in your NFT marketplace.
In the Binance marketplace, users leverage Binance cryptocurrency to trade Non-Fungible Tokens, managed by the internal Binance Funding and Spot wallets. Likewise, you must integrate a wallet to allow your users to manage cryptocurrencies in the marketplace.
Some popular wallets are – Metamask, Coinbase, Trust Wallet, WalletConnect, and others. But remember to analyze the conditions and transaction costs of the respective wallet before using it in your NFT marketplace.
- Build the Frontend of the NFT Marketplace
Once the backend development is about to finish, proceed with creating the front end of the NFT marketplace similar to Binance NFT. It is crucial to create an intuitive, light, and sophisticated user interface for the Non-Fungible marketplace.
With the assistance of Blockchain app developers, you need to integrate frontend features, such as a search button, filtering and sorting options, and collections management, into the NFT marketplace.
Additionally, you can enhance the potential of the NFT marketplace by adding advanced features, such as voice search and AI-powered filtering and sorting options.
- Implement Security Measures
After creating the front end of the Binance-like NFT marketplace, it’s time to implement security measures to ensure the security of digital assets and financial transactions.
- You can employ various data encryption techniques to protect the user and transactional data.
- Multi-factor authentication (MFA) to minimize the risk of unauthorized access to user accounts.
- Use of cryptographic techniques, such as digital signatures, to ensure the authenticity and integrity of transactions.
- Leveraging secure communication protocols, such as HTTPS, to encrypt data transmitted between users and the platform.
- You may also ensure compliance with relevant legal and regulatory requirements like anti-money laundering (AML) and know-your-customer (KYC) regulations.
- Last, but not least, it is recommended to conduct regular security audits and penetration testing to find and address security vulnerabilities proactively.
- Integrate Payment Gateway
If you want to develop a centralized NFT marketplace and reach out to a wide user base, you need to provide multiple payment options, other than cryptocurrencies, to allow users to buy and sell NFTs.
Hence, you need to integrate a payment gateway supporting traditional payment options, such as bank transfers, debit/credit cards, mobile wallet payments, and others.
- Testing and Quality Assurance
Once the development phase is over, it’s time to test the Non-Fungible Token marketplace with the help of testers in your development team.
Rigorously test your marketplace, place buying and selling orders, and conduct dummy transactions using traditional payments and cryptocurrencies to ensure the whole NFT marketplace is working well without any glitches.
Moreover, you can release a Beta version of the NFT marketplace like Binance to gather user feedback and evaluate its performance within a limited user base.
- Deploy the NFT Marketplace
Once you make the final changes to your NFT marketplace, launch it for public use. Deploy and run your NFT marketplace similar to Binance on a server so that your users can access it over the internet.
Also, you can opt for deployment on a cloud-hosting platform, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform, to reap the benefits of Cloud technology.
- Regular Maintenance
Every NFT marketplace, whether it is Binance marketplace or any other, requires maintenance regularly to function properly. Thus, it is necessary to maintain your NFT marketplace, update it with new features, and fix bugs that arise with time, to retain your users and deliver them a top-notch Non-Fungible Token trading experience.
Hence, by following this NFT marketplace development guide, you can create your custom NFT marketplace, just like or even better than the Binance NFT marketplace.
Top Features of Non-Fungible Token Marketplace
Here is the list of must-have features to integrate into your Non-Fungible Token marketplace.
- Signup and Login
To use the NFT marketplace, one has to sign up and create an account by providing the necessary information, such as name, address, and bank account details, and fulfill the KYC requirements.
Remember to keep the account creation process simple and ask for only relevant information, otherwise, it will irritate the user and affect the user experience.
- Storefront
Storefront is the first thing that your user will witness after signing up or logging into your NFT marketplace. Thus, it becomes crucial to make it de-cluttered and easy to navigate.
The storefront must consist of various Non-Fungible Tokens with eye-catching graphics and details like name, price, bids, previews, owners, detailed description, price history, and more.
Also, it must have the Token Search option and Filtering and Sorting options to allow users to find their preferred NFTs easily.
- Buying and Auction
Another essential feature to enhance the user experience of buying and selling NFTs is the buying and auction feature. In your NFT marketplace, you can add the AI-powered Auction feature, so that users can bid the highest price for a particular NFT, and access the live bidding prices in real-time.
Bidding plays a vital role when the demand for an NFT is high, but the supply is low. In such cases, users can bid, and whoever bids the high, gets the possession of the Non-Fungible Token.
- Listing Status
Listing Status shows the NFTs the user has added to the cart, their quantity with its price, and the total amount payable. It also has other details, such as transaction information and a unique identification number.
Listing Status is the last checkout where if the user wants, he/she can make the changes in the NFTs picked and their quantity, and proceed with the payments.
- Secured Wallets
For payments, you need to integrate highly secured payment wallets supporting traditional payment methods, such as mobile wallets, debit/credit cards, net banking, etc.
Moreover, you also need to add crypto wallets to allow users to transact cryptocurrencies against the Non-Fungible Tokens. Crypto wallets allow users to manage cryptocurrencies and let them buy NFTs using different cryptos, such as Bitcoin, Solana, Dogecoin, and more.
- Ratings and Reviews
The ratings and reviews feature lets users rate their NFT buying and selling experience on the platform. Additionally, users can add reviews about experiences using the NFT marketplace like Binance NFT.
Ratings and reviews can help other users to know more about your Non-Fungible Token marketplace platform, and attract them if your marketplace has positive ratings and encouraging reviews.
- Gen AI-powered Chatbots
Generative AI-enabled chatbots can address users’ frequently asked queries in real-time, with no or minimal human intervention.
Generative AI is an emerging technology that allows chatbots to understand the context of prompts (user’s queries) and generate custom solutions, using machine learning and deep learning capabilities.
Also, another benefit of using chatbots driven by Generative AI is that you can train the Gen-AI model with your custom data, that aligns with your specific business needs.
Hence, these are the best features of the NFT marketplace that you can integrate with your marketplace to enhance user experience.
Various Types of NFT Marketplaces
In this section, we have given a list of various kinds of NFT marketplaces that you can develop for your business.
- General-Purpose NFT Marketplace
These are the NFT marketplaces that support the buying, selling, and trading of digital assets, or NFTs, of a wide range. It can include art, virtual real estate, collectibles, artwork, domain names, and more. Binance marketplace is the best example of a General-Purpose NFT marketplace.
- Gaming NFT Marketplaces
These marketplaces allow users to trade Non-Fungible Tokens related to gaming, such as in-game items, avatars, equipment, characters, and virtual land. A popular example of a Gaming NFT marketplace is Axie Infinity Marketplace.
- Real Estate NFT Marketplaces
As the name suggests, the Real Estate Non-Fungible Token marketplaces allow users to trade real estate-related NFTs. The list includes virtual pieces of land, buildings, and other virtual properties. Decentraland is the best example of a Real Estate NFT marketplace.
- Art-focused NFT Marketplaces
These NFT marketplace platforms cater to artists and art collectors. These Art-oriented NFT marketplaces provide a curated environment for buying, selling, and showcasing digital artworks. SuperRare is a popular Art-focused NFT marketplace.
- Music and Entertainment NFT Marketplaces
These are various NFT marketplaces that are built especially for the music and entertainment industry. These marketplaces focus on NFTs related to music, videos, memes, and other forms of entertainment. Audius is a popular example of a Music and Entertainment NFT marketplace.
- Domain NFT Marketplaces
These types of NFT marketplaces deal specifically with the trading of domain names as NFTs (Non-Fungible Tokens). Unstoppable Domains is the best example of a Domain NFT marketplace.
- Photography NFT Marketplaces
The Photography NFT marketplaces are developed to allow users to tokenize their work and sell it as digital assets. Lensy is a well-known Photography NFT marketplace.
- Fashion and Luxury NFT Marketplaces
The Fashion and Luxury NFT marketplaces focus on digital tokenized assets related to fashion items, luxury goods, and digital wearables. VeVe is a popular example of the Fashion and Luxury NFT marketplace.
So, these are the leading categories of NFT marketplaces. You can choose to develop any of the domain-specific NFT marketplace, or also can choose to build a general NFT marketplace, which includes NFTs from all industries.
Benefits of Building a Non-Fungible Token Marketplace
Developing a Non-Fungible Token Marketplace similar to Binance can be beneficial for a business in the following ways:
- Additional Revenue Generation
By developing an NFT marketplace like Binance, a business can set up additional sources of revenue. As NFT trading is gaining momentum these years, you can build an NFT marketplace and charge a commission in terms of transaction fees, listing fees, gas fees, and others.
The higher the volume of transactions on the NFT marketplace, the more commission you will earn.
- Brand Exposure and Recognition
When you develop an NFT marketplace, you enhance brand visibility and recognition in the growing NFT ecosystem.
A wide audience will know about your business and you will get a chance to collaborate with artists, creators, NFT collectors, and more, which increase your brand exposure.
- Community Engagement
NFT marketplaces are the common digital platform where various creators, artists, and NFT enthusiasts meet and greet each other.
Thus, by engaging with these communities, you can gain valuable insights, partnership opportunities, collaborations, and more, which will improve brand loyalty and more users will engage with your NFT marketplace.
- Market Differentiation
Establishing an NFT marketplace can differentiate your business from competitors in the market, especially if it serves a niche market or offers unique features or services.
Therefore, to gain a competitive advantage in a crowded market, developing an NFT marketplace can prove to be a profitable idea.
- Long-Term Value Creation
By establishing relationships with numerous creators, collectors, and users, you can create long-term value for your business brand and stakeholders.
Hence, if you build a reputable and sustainable NFT marketplace, it can contribute to the overall growth and create long-term value for your business.
By considering the growing demand for digital assets, the NFT marketplace development is a cost-effective business idea. Thus, hire a leading NFT marketplace development firm and build a custom NFT marketplace to reap the above-mentioned benefits.
Conclusion
Non-fungible token marketplaces are the digital marketplaces where buying, selling, and reselling of tokenized assets, or NFTs, take place. In recent times, the number of people investing in non-fungible tokens has increased and tends to increase more in the coming years.
Thus, it is the best opportunity to develop an NFT marketplace like Binance, set up additional income, and improve brand image through collaborations and partnerships with the leading NFT stakeholders.
When it comes to the NFT marketplace, reach out to the best NFT marketplace development company, Quytech. We have developed various NFT marketplaces for businesses and startups worldwide. To learn more about our work, visit our Portfolio page.
Leading businesses and startups hire Quytech to develop their NFT marketplace for the following reasons.
- We understand your business needs in-depth and recommend the best approaches for NFT marketplace development.
- Our team of Blockchain developers and NFT experts have 25+ years of experience in the industry.
- We leverage the best tools, frameworks, and cutting-edge technologies to build your Non-Fungible Token marketplace.
- At Quytech, we provide post-development support and maintenance to make relevant changes and upgrade your NFT marketplace from time to time.
So, don’t wait anymore and connect with us now to develop a custom Non-Fungible Token Marketplace tailored to your specific business needs. Visit: www.quytech.com