NFTs and NFT marketplace is the newest craze and an interesting topic to discuss. Marketplaces are now emerging with innovative ideas and features that encourage more people to develop one. At the same time, NFT marketplace development has become a growing trend that is not limited to the trading and cryptocurrency industries. So, let’s answer your questions about building an NFT marketplace, but it’s essential that we first understand its core concept.
What is NFT Marketplace?
NFT marketplaces are blockchain-based virtual platforms where people can buy, sell, store, exhibit, and create non-fungible tokens. We can also understand the NFT marketplace taking the example of an online shopping platform where one can buy/sell commodities. Still, the difference is that the NFT marketplace sells digital collectibles and uses NFT tokens that certify the digital assets’ ownership.
The marketplace provides excellent opportunities for people to mint collectibles, showcase their non-fungible items, and sell digital assets. Remember, we must hold crypto wallets to execute transactions, whether it’s about physical or digital assets.
Types of NFT Marketplaces
Universal NFTs marketplace
Using this marketplace, people can trade in various types of assets, digital assets, collectibles, or domains. OpenSea, Mintable, Rarible are the world-renowned NFT marketplaces.
Niche-based peer-to-peer NFTs marketplaces are dedicated to offering assets in a particular niche. For instance, one website allows you to buy/sell logos while another offers tweets.
So, how can you build an NFT Marketplace?
We are now aware of the NFT marketplace and its types, so let’s start discussing the NFT marketplace development using the leading protocols IPFS and Flow.
Step:1 Setting up tools
At first, install CLI on your operating system. We must also install a Nodejs and text editor to highlight the Flow smart contract code. When both are done, proceed to create a directory for the project.
Step:2 Deploying the contract
Contracts are needed to mint NFT, associate metadata to the NFT and ensure that metadata points to the assets stored in IPFS. For this, we will define inata Party Contract and then create a resource code within it.
Step:3 Minting NFTs
The process of minting NFT using an app and user interface is simple. You need to use the command line and Cadence scripts to mint the collectibles and display how mint.
Step:4 Displaying NFT collectibles
Under this step, you need to build a simple react app that can interact with Flow smart contracts to validate and NFTs for a particular account to display them.
Step:5 Fetching token data from Flow
It’s important to communicate with the Flow blockchain to display the NFTs we created. To do this, you create a component that facilitates the fetching of data and displays the NFTs.
Step:6 Getting Media from IPFS
Once you sign up for the Pinata account and add the video file to IPFS, you will be redirected to the IPFS gateway, from where you can view IPFS content by clicking on the hash given in the Pin Explorer.
Setp:7 Transferring NFTs
This step requires the creation of contracts for setting up the NFT marketplace and transferring the NFTs to start selling.
Step:8 Deploying and Minting Tokens
For deployment and minting of tokens, you need to update the flow.json in the project. Also, ensure that the flow.json file references the new contract, and it must have the emulator-account reference.
Step:9 Developing an NFT Marketplace
Development of the NFT marketplace requires you to have a contract that handles the marketplace creation and management and the front-end development work. So, you first need to import the NFT contract and fungible token contract to accomplish the NFT marketplace development project.
Although you can build an NFT marketplace from source code, hiring a reliable NFT marketplace development company is the best means to attain perfection. If you are looking for such a company, then contact LeewayHertz as their team is very professional and has excellent blockchain development skills. Hope this helps!