Over the past few years, NFTs have become a multibillion-dollar business, with new projects created regularly, as one can easily see on an exchange platform. They are popular in the gaming and metaverse communities and have raised the interest of major corporations and individuals alike. At the beginning of the crypto revolution, people were mainly interested in the bitcoin price chart as well as the features of altcoins, but things have evolved a lot since then in this exciting market, with NFTs making waves. The NFT market is projected to generate a total revenue of US$608.6m by 2025, and its future looks really promising. Its applications span different fields beyond cryptocurrency, such as games, art, and intellectual property, revolutionizing the perception of tokens in considerable ways. Given the popularity of NFTs, developing an NFT marketplace is an exciting endeavor, whether you are an entrepreneur seeking to get into the NFT arena or a developer who wants to broaden their horizon. In this blog, we will cover the features of a successful NFT platform, so keep reading to learn how to best serve the demands of collectors and artists alike.

Easy-to-navigate storefront

Think of NFT marketplace’s storefront as an individual mall store. Naturally, you want to ensure it’s attractive enough for customers and easy to navigate, right? This is essential because it will help you retain existing and new customers, giving you more chances to close deals. At this step, you want to decide the information proportion that you will display on the storefront, which could include bids, previews, owners, price history, rates and offers, and a detailed description of the NFTs, to name a few. Ultimately, the point is to focus on what users want to see when they step into the storefront – most of the time, one of their main interests is to understand the authenticity and provenance of an NFT.

Filters 

When developing an NFT marketplace, it’s essential to consider the types of traded files. While the first marketplaces developed were broader and handled any NFTs, they have evolved into specialty ones, catering to specific NFT sorts. It’s imperative to include filters on an NFT marketplace to ensure users will easily find what they’re searching for. Some examples include sorting by popularity, price, creator, or category or searching by keyword. Offering these alternatives helps customers find what they are looking for and have an enjoyable experience when navigating your marketplace. 

When developing an NFT marketplace, your main priority is to make your customers’ experience truly memorable. To this end, advanced token search is a feature you shouldn’t overlook, as it will help ensure that users get the information they are looking for immediately, without much effort. The point is to make the process as seamless and convenient as possible, and this feature would provide just that by enabling them to find the token of their choice. Hence, it’s a good idea to split NFTs into various categories, like videos, music, images, and so on. Implementing advanced token search into the NFT marketplace also enables users to update collections and auctions, boosting customer satisfaction.

Buying and auction option

The ability to buy and sell NFTs is a critical characteristic of an NFT marketplace, and it can be accomplished in different ways, like fixed-price sales, auctions, and so on. Auctions are very popular when it comes to selling NFTs, as they enable buyers to bid on products by fighting for ownership. This can potentially boost pricing and lead to a sense of urgency around the transaction. Another effective way of selling NFTs is fixed-price sales, which allow vendors to establish a fixed price for the products, ensuring that consumers can quickly and conveniently buy them. 

Wallet

Users need to know they can safely store their tokens, so a web3 wallet is an essential feature of any NFT marketplace. Since it’s now possible to provide a connected wallet right from your NFT platform, there’s no need to ask users to use their online wallets for payment. No, this doesn’t mean you should build a wallet from the ground up – there’s a smarter way to approach this: integrating an already existing wallet into your marketplace. However, keep in mind to check its compatibility with your platform, and take the time to assess its advantages and features. By including a wallet in your NFT marketplace, you assist consumers in safeguarding their NFTs while ensuring they can retrieve their things anytime.

Listings 

Another must-have feature in an NFT marketplace is listings, which enable sellers to create and send collectibles quickly and without facing major hurdles. A successful NFT platform should offer step-by-step instructions on how necessary files can be uploaded and list specific information, such as titles, tags, and descriptions. 

Listing status

As NFT is developed upon the blockchain, an essential feature of an NFT marketplace is that parties involved in the transaction should know how the procedure works. Listing status does just that, enabling parties to verify the status of the sell-and-buy process. This way, sellers can become aware of the percentage of people who have seen their bids and files during the auction and also check if their file has gone through verification, as collectors find verified items to be much more appealing. Buyers, on the other hand, can get notified once an offer is made and verify the status of the confirmation process, thus allowing them to know if they can own the desired items. 

Ratings and reviews system 

Ratings and reviews system is essential in an NFT marketplace, enabling users to rank and evaluate what they buy or sell. This feature benefits particularly newbies who lack knowledge of various collectibles, making it easier for them to understand the real value of digital assets before they make a choice. Users need a clear and simple ratings and reviews system, so it’s essential to include data such as the number of reviews and stars an item has acquired and other people’s opinions on it. By implementing this feature, you can assist consumers in making an informed decision about what to buy or sell, which, in the long run, will ensure the success of your NFT platform as users will have a smooth experience and will find the marketplace trustworthy. 

The bottom line

Developing an NFT marketplace isn’t easy, as it requires careful evaluation of different features and their accurate implementation. However, it’s definitely worth the effort, as ultimately, this will guarantee the success of your NFT platform, offering consumers a seamless way to buy and sell their things.