Build your own NFT Marketplace
                     
What Are NFTs?
Non-fungible tokens or NFTs are digital tokens designed to function as 
digital certificates of ownership of physical or virtual assets such as 
photos, videos, tweets, codes, etc. Each NFT is a unique, immutable 
and indivisible digital asset. . Which means that NFTs cannot be sold or 
used as a payment method because they are different from Bitcoin and 
Ethereum.
For example, the Cryptopunk 4250 NFT is proof of ownership of a 
unique character in the digital world, a pixelated image of a punk 
woman wearing welding goggles with tousled hair and purple lipstick, 
as described. This lot is being sold at Larva Labs for $116,913.
What Is An NFT Marketplace?
NFT Marketplace is an online marketplace that sells various high-
priced cryptocurrency items through auctions. In this Marketplace, 
producers sell non-fungible virtual products, and buyers or investors 
use cryptocurrencies such as Bitcoin or Ethereum to purchase them.
The NFT Marketplace charges a fee for each transaction that 
purchases NFTs on the platform.
After purchasing NFT, the buyers or investors receive tokens. Here, a 
token is a unique identifier consisting of proof of ownership and 
information about its author, origin and authenticity.
On the NFT Marketplace, buyers can bid on hosted auctions to 
purchase different types of artwork, in-game assets, fashion 
accessories, memes, and many other items on the Internet.
How Does An NFT Marketplace Work?
Before we dive into how an NFT marketplace is created, it is important 
to understand how the NFT marketplace functions from a client’s point 
of view. In general, all NFT platforms use a similar workflow.
First, users need to register on the platform and install a digital wallet to 
store their NFTs.
It’s only after that users can then create assets by uploading items to 
showcase their work. Users can also choose which payment tokens to 
accept for their work and set fees if the platform offers them.
The next step in the workflow is to list the items for sale. Users can 
choose to bid on a fixed price or auction. When selling an item, a 
transaction is created to initiate a private transaction smart contract on 
the user’s wallet.
The platform may need to reconcile the collection, and the NFT will 
appear on the list once approved.
7 Steps to Creating An NFT Marketplace 
App
The trading platform for buying and selling NFTs is complex software, 
so developers should have a lot of experience like OyeLabs. Since 
2015, we have been helping a variety of companies and people to 
launch fintech and blockchain projects, and we would love to help you 
out with your NFT Marketplace as well.
Talking about the development of the NFT marketplace, it requires the 
following steps:
Step 1. Starting The Project Itself
To gain a better understanding of the same, here are the questions to 
need to answer beforehand:
•What is your niche?
•How to sell NFT?
•Who is your target audience?
•Which token protocol do you want to use?
•What technology stack would you like to implement?
•What is your monetization model?
•How is your platform different from existing ones in the market?
•What features would you like to see in your platform?
The answers to this question will guide the development process and 
help determine the nature of the NFT market.
Step 2. The Development Process
Once the technical aspects and plans are discussed, the 
app development team can get to work. First, with a business 
analyst or designer, you create the basic concept of your app’s user 
interface, including all the frameworks, templates, and prototypes, 
and then explain the user flow and functionality. Then an effective 
architecture of the trading platform is created.
Step 3. UX/UI Design
Navigation and user experience are very important to the NFT 
marketplace as first impressions, usability, and user experience depend 
on the NFT market. So, be sure that your design will appeal to your 
audience and that it will be simple enough for everyone to understand 
how to use it. It should remind you of Amazon or eBay.
Step 4. Backend and Smart Contracts
At this level, the backend developers do the job. Much important 
business logic and market functions have been developed here, 
including blockchains, smart contracts, wallets, and auction engines 
(many NFTs are sold at auctions).
Step 5. Front-end
This is the external part of the trading platform that is responsible 
for user interaction. The main focus of front-end design is to provide 
a simple interface, security measures, and performance.
Step 6. Product Testing
During this phase, several test cycles are performed to ensure that the 
platform is functioning properly. The QA team goes through multiple 
review cycles to ensure that the project is free of critical issues or bugs. 
It also tests content, usability, security, reliability, and performance in 
a variety of scenarios.
Step 7. Platform Release + Support
Once the testing is complete, it’s time to launch the NFT platform on 
our cloud servers. This is not the last step as we need to organize the 
work of the help desk. It would help if you also planned for further 
development of the platform to meet market trends and user 
requirements.
Technology Stack For An NFT Marketplace 
Platform
•Cloud hosting platforms– Amazon Web Services (AWS), Machine 
Learning (ML), Elastic Compute Cloud (EC2), Relational Database 
Service (RDS), and Simple Storage Service (S3),  Filecoin and 
InterPlanetary File Systems (IPFS).
•Database management systems– MongoDB, MySQL, and 
PostgreSQL 
•Front-end and back-end frameworks-  React.js, Express.js and Node.js
•Programming languages–  JavaScript, Kotlin, Python, Solidity, Swift, 
and Typescript, Ethereum Virtual Machine (EVM).
•Smart contract deployment tools– Drizzle, Ganache, Truffle, 
Brownie, Hardhat, and OpenZeppelin
Wrapping Up
The development of the NFT market is a new trend with an ever-
increasing value. As the value of non-fungible tokens rises, the 
platform attracts more and more users due to its attractive features. 
It is advised to launch a basic MVP with the only required features 
and to later introduce additional features as per user feedback.
Additionally, investors are increasingly choosing 
blockchain platforms because of their high trend graphs. Therefore, 
the opportunities for the NFT market shortly are quite large. And for 
this very reason — we highly urge you to get your NFT platform built 
and make millions and billions of dollars using other people’s art.