Web3 companies across the globe are just beginning to unleash the potential of blockchain technology. Non-fungible tokens (NFTs) and their underlying smart contracts are one of the most impactful use cases for blockchain thus far. Now that NFTs are beginning to get mainstream attention, businesses in the space are broadening their perspective and understanding the critical role that NFT marketplaces play within the ecosystem.
Marketplaces set the terms of engagement, including platform fees, creator royalties, user experience, and more. All of these facets of the NFT ecosystem have a significant impact on Web3 companies and their communities. Once this is understood, the aha moment has brands and creators asking how to create an NFT marketplace. Ownership of dedicated NFT marketplaces leads to more control over business models and an increasingly decentralized industry.
Custom Develop an NFT Marketplace
One of the first options when looking at how to create an NFT marketplace involves custom development. Perhaps you are outsourcing the development or building an in-house team. Whatever the case may be, custom development can be a complicated process.
Development roadmaps are often flawed, and building something from the ground up requires time. This is where experience is critical, as the industry is still young and battle-tested devs are rare. Not only does the development team need to consider how to build and deploy a strong and pressure-tested initial product, but also prepare for scaling and the continuous evolution of this new technology.
All of these variables lead to increased exposure to delays and wasted resources. This is very important to consider, especially if you’re asking how much it costs to launch an NFT project. These development challenges have many looking toward a Web3 development platform and proven scalable infrastructure.
Use Existing NFT Infrastructure
Deploying a branded and secure NFT marketplace doesn’t have to be overly complicated. A variety of powerful Web3 infrastructure solutions exist that make it easy and fast to build, launch and control an NFT marketplace. From modular elements to end-to-end solutions, Web3 companies have options that help avoid the pitfalls of custom development and ease scalability.
Assessing the credibility and capabilities of existing solutions is much easier than with custom development. Existing NFT infrastructure can be demonstrably trusted and enable teams to build with confidence. This includes confidence in the ability to manage and scale your platform.
As your business looks to the future, it’s essential to consider the trajectory of technology and how scalable your offering is. Web3 businesses need future-proof solutions, and the best NFT infrastructure providers are always considering what’s next.
If you want to make your own marketplace, the conversation starts with those two options. Custom development certainly has its advantages, but it’s not always necessary to reinvent the wheel. Most Web3 projects would benefit from existing solutions that are trusted and demonstrably capable of delivering the functionality your business needs.
At Liteflow, we bring the flexibility of building web3 projects according to your needs while helping you own your revenue model for the internet’s next era. Our NFT infrastructure is built to scale alongside you, delivering powerful branded experiences and enabling your community to thrive. If you’re interested in bringing your ideas to life, reach out and schedule a call with one of our experts.