Non-fungible tokens or NFTs are not niche or obscure anymore. Every wave of technology goes through a ‘validating’ phase. There is a cambrian explosion of innovations. Many of these innovations and concepts die out in the testing phase. The market does not have room for everything. Only the fittest survive. With that said, we must remember that NFTs have had their market validation stage. Hence, we’ll see NFTs start getting adopted in every industry and market sector in this decade. The future for NFTs is bright. Today’s post is to help you understand how to build an NFT website. Let’s get started.
What are NFTs?
While most of our readers would be familiar with the concept of NFTs, it is better to set the context again. Market cycles see participants arrive, eager to learn about the latest technologies. Likewise, we know how they will affect our socio-economic lives. It is the same with non-fungible tokens or NFTs.
Non-fungible tokens or NFTs are digital files (assets) that live on the blockchain. The blockchain is a database (think it’s like an excel sheet full of data and records). It is not in control of any one person or group. Hence, NFTs represent programmable digital files. We’re most familiar with NFTs as digital artworks. Likewise, from popular projects like CryptoPunks or Bored Ape Yacht Club. Hence, different types of NFTs exist whose utility and value depend on the type of the NFT project. It also depends on the pedigree of its community and team members to state their vision in clear terms.
What is an NFT Website?
An NFT website is a website that allows people to mint, buy, and sell NFTs. Hence, it is a place where you can hang out, meet other people, check out NFTs and trade them with each other. Think of it like a socio-religious gathering of like-minded people. It is similar as the real-world events we see happening all around us today. An immersive experience with virtual reality headsets will make this happen. Hence, for now, we can rely on graphics and custom-built tools. This is to give a sense of community and ownership over our passions and interests on the internet. Likewise, think of NFT marketplaces as a more formal term suited to the internet we’ve built today. Let’s stick to NFT websites for today’s post since this term is broader and includes not just NFT marketplaces.
How do you build an NFT website?
There are many factors to consider when building your own NFT website. Let’s start with each one of them and explain them one after the other. It is clear that NFT websites for price discovery and great projects takes effort and work. This is to sustain and grow. Hence, with that said let’s begin.
What is Your Unique Selling Point?
Decide how you want to differentiate yourself going forwards. For instance, you will find many NFT websites, broad and generic. They serve to fill up every interest vertical. This was fine when the NFT market was beginning. Now, it is better to focus on different positions. For example, some NFT websites choose to focus only on music or sports. Some prefer to go even more niche. Like permissioned networks for selected artists focused on Anime. Likewise, there are others who serve buyers interested in comics. Hence, it is up to you to decide how best you understand a particular market. Someone interested in food can study how NFTs work in the food market. And create a vision paper for something of interest and start a food NFT website! Only your imagination has limits.
Hence, NFT websites have no limits in train of thought. If you can think of an interesting NFT concept, do not wait. Start executing! Today, there will be service providers who will help you create your NFT websites from scratch.
Blockchains for your NFT Website: Choose your Chains Well
As a builder, you would want your NFT website to be compatible with as many chains as possible. This is so that you do not miss out on any project. But, when beginning, you’ll need to make some choices. For example, say you’ve found NFT projects which are minting on the Ethereum blockchain. Now, you want to gather users for these projects by using your website to showcase their work. To create hype, you would want the mint process to happen on your website. Here’s where things can get tricky. Ethereum’s popularity means that gas fees may get very high, turning some users off. But, there are other chains that offer NFT minting for cheap. Hence, do research when choosing partner blockchains and NFT projects to work with. This is by projecting their quality and future potential.
This is because you would need tokens of the underlying blockchains. Hence, to change the ownership data when there’s buying and selling happening via your website. Hence, as your website scales to accommodate blockchains, you would need more tokens. Likewise, to ensure that you process the sales at the right time.
List of Features You Must Take Account for your NFT Website
Below is the list of factors that you must consider beforehand:
Liquidity: your marketplace should be as liquid as possible. Hence, users should get the best prices they can.User-friendly: users should navigate across your NFT website as easy as possibleSearch Filters: users should be able to find the NFTs they are looking for as fast as possibleDecentralization: users must understand the concept of decentralizationCrypto Wallet Integration: it should be easy for users to convert their currenciesTransparent Network: users should see all the transactions on the blockchain. From your website so that they can understand the effectiveness of your websiteSecurity: your website should get updated with the latest security features. This is including the quickness of transactions to register on-chainPricing Model: how will you ensure that you price your services in the right way? You can adopt a commission model or a subscription model. Some also go for a pay-per-transaction model.
NFTs sweep the world of culture and commerce, everyone will collect digital collectibles. NFT enthusiasts possess opportunities to enter the NFT market and play it for years to come. That is how early all of us are. Many will fall by the wayside, but the ones that remain will become giants. The fundamentals of blockchain technology will rewire the very concept of price discovery itself. NFTs represent the first step to this future.
NFTICALLY is a venture that helps brands, creators and enterprises to create and launch their own NFT marketplaces.