NFTs, as you must know from our NFT guide article, run on smart contracts. Every token has a set of unique information recorded in a smart contract and a blockchain to provide security and immutability.
The working of NFT goes with these simple steps:
Step 1:
Usually, all the NFT marketplaces work on a common flow. The user signs up on the platform and installs a digital wallet where they store cryptocurrencies and NFTs. They then create their collection by displaying the work and choose choosing the payment token they’d like to accept for their digital item.
Step 2:
The next step is either selecting a bid for the auction or keeping a fixed price. When an item is listed, a transaction is created, which launches a smart contract for the user’s wallet.
Step 3:
Once you approve the platform’s collection moderation request, the NFTs appear on the list of sales where you can then accept bids.
In return for the work that the platform does for transferring funds and NFTs, the marketplace charges some fees on the selling amount.
Now that you have the prerequisite knowledge of the NFT marketplace space and its working, let us answer one of the most asked questions, ‘How much it costs to develop an NFT marketplace?’ The entire cost of it is dependent on the NFT marketplace features set it contains – the information that we will be looking into in the next section.
How can Appinventiv Help you Build an NFT Marketplace?
Now that you know the working and the features of the NFT market and how much it costs to build an NFT marketplace, the next step is to connect with a blockchain software development company in the US that can help you convert your idea into a highly profitable marketplace with their custom NFT marketplace development specialization.
Having developed NFT business models and marketplaces, we understand the space inside out. We can offer you the options of both: building a custom NFT marketplace or developing one which is based on OpenSea SDK. In addition to the marketplace, we can also help you with the creation of NFTs that are specific to your brand – as a way to expand your revenue model.
Originally Published On - https://appinventiv.com/blog/cost-of-nft-marketplace-development/