Today, technological advances are moving us into the virtual world, where we can explore new places, interact with each other, and do much more without actually visiting any place physically. All the world’s assets are now available in the form of NFTs or non-fungible tokens. Therefore, it is a smart move to start your NFT marketplace now that your business is still young and you are ready to secure the first-mover advantage by capitalizing on the NFT craze.
The high-tech future of the virtual world may sound like something straight out of science fiction, but this is the future. NFT metaverse platforms aim to bridge the gap between the virtual and real worlds using virtual reality supported by blockchain technology. This blog is a complete A to Z guide on NFT metaverse market development. Keep reading to know more.
What is the NFT Market?
Non-fungible or NFT tokens function as a public blockchain platform. This platform is currently gaining ground and driving major companies to build a market despite being in its early stages. The NFT marketplace is a platform that makes it easy to sell and store NFTs.
The tokens are available for auction and purchase at a fixed price. To use the NFT marketplace, you will need crypto wallets to store and trade the NFT tokens. A metaverse app development company like ours can create an NFT marketplace for you that is reliable, secure, and easy to use.
Why Metaverse in NFT is the next big thing
Now that you know “what is the NFT marketplace”, let’s discuss how metaverse development services empower people to be a part of this revolutionary industry. The popularity of the NFT metaverse has increased lately. The metaverse NFT marketplace is popular among entrepreneurs and entrepreneurs who want to grow their business and scale it to new heights.
The metaverse NFT marketplace platform can be adapted to all types of users, from those new to the market to well-established traders looking for increased security. As more people discover its advantages, the use cases are also growing exponentially, so there will soon be an increase in demand.
The Metaverse in NFT is the next big thing because it’s not only limited by the creator’s imagination. With metaverse development services, digital trading is possible on metaverse NFT exchanges. It is a parallel universe where companies can launch their own NFT metaverse marketplace and connect with NFT users and traders.
Metaverse offers a fair and open economy fully supported by blockchain technology. Entering the NFT metaverse market with your products and services will be a great opportunity to expand your business, reach more audiences and increase sales. Let’s look at some of the benefits of Metaverse NFT Marketplace Development.
All transactions made on the NFT metaverse marketplace are protected by the blockchain, making it impossible for someone to steal your digital assets. Also, being immutable, your assets can never be erased, altered, removed, or misplaced from the blockchain network.
Users of the metaverse marketplace can easily view all the transactions that are constantly occurring in the marketplace. Thus, it helps to build trust and confidence that the traditional market fails to achieve.
3. Growth potential
The NFT metaverse market is well positioned to attract maximum attention from investors around the world, which may enable its rapid growth. Thanks to the madness surrounding cryptocurrencies and NFTs.
4. Instant Payments
All transactions and payments made with cryptocurrency do not require full personal information or credit card details, making it easy, fast, private and hassle-free for users to make instant payments.
5. Seamless trading experience
Compared to the other marketplaces, NFT metaverse marketplace offers a smooth and efficient trading experience. The platform is created using algorithms and strategies to offer the best asset trading process, thus offering clients a high-level experience.
6. Quick Transfer of Assets
The NFT metaverse marketplace allows buyers to own an original item and provides built-in authentication that serves as proof of ownership. The custom NFT marketplace metaverse will allow users to tokenize their assets and sell them to the marketplace.
7. Future Proof
Although the NFT market world of the metaverse has faced much criticism, the growing popularity of NFTs is undeniable. Crypto is going to be the future. Therefore, taking advantage of this meteoric rise of NFTs is one of the sure ways to ensure a future-proof business.
What are the different types of metaverse markets?
The overwhelming popularity of the metaverse has encouraged various brands to create their own NFT target market and engage users by incorporating the concept of gamification and virtual gaming. Let’s see how many types of industries there are now in the metaverse markets:
1. Metaverse Real Estate Market
Selling real estate on a VR platform for real world money sounds a bit crazy, right?
Yes, you heard right.
You can sell and buy property in the metaverse world. Users can specifically bid on digital land or any property of their choice by paying the full cost to obtain the property.
Decentraland is a great example of a metaverse real estate market. Like Decentraland, members of the metaverse can easily sell, buy and rent properties and also hold NFT auctions. Companies can also show their architectural projects, including presentations or prototypes of real-world properties. Users of the metaverse, in the form of personal avatars, can explore the area of apartments, buildings, and land from end to end, regardless of their physical presence.
Another example is a blockchain-powered real estate metaverse project, Upland, which is primarily designed for virtual property trading that includes buying and selling digital land. Properties on the Upland platform are represented through NFTs, which users can easily own and become digital owners.
Unlike other unique real estate metaverse projects, Upland seeks to create a digital economy that bridges the gap between the virtual and real worlds.
2. Metaverse Games Market
Play-to-Earn (P2E) or Gami-Fi games primarily allow players to earn game characters, accessories, and in-game assets through smart contracts and blockchain technology. Since these games are decentralized, players can withdraw the NFT items to their wallets which remain connected to the game markets.
Therefore, players in the NFT metaverse can buy, search, and trade different game assets on both the primary and secondary markets. These game markets offer realistic settings with real-time navigation for everyone, especially gamers. By hiring a metaverse game development company, you can quickly enter the world of metaverse games.
Popular games like Sorare, Axie Infinity, and The Sandbox are some of the successful examples of metaverse game apps that have millions of users. Gaming brands like Axie Infinity have over 350,000 average active users, demonstrating the popularity of the gaming experience in the metaverse world.
3. Metaverse Ecommerce Marketplace
With technology at your fingertips, online shopping is crazy nowadays. However, few customer groups always prefer offline shopping to online shopping as they want a complete shopping experience.
But what if I told you about an eCommerce mobile app that lets you browse your products and try them before you make a purchase?
It may sound unbelievable, but most of today’s eCommerce applications have started to harness the power of the ecommerce metaverse. All thanks to the e-commerce development of metaverse. With metaverse, users can now visit stores in virtual reality, view, compare, and try on different products simultaneously. With the help of their virtual reality headsets, users can have their avatars try out the products they are willing to buy in the metaverse’s e-commerce marketplace.
4. Metaverse NFT Art Market
Just like the other industries, there are also some popular metaverse marketplaces that are already famous for trading NFT arts that come in the form of digital files like GIFs, images, audio, and videos. All of these sell for millions of dollars on the metaverse NFT art market.
Metaverse NFT Art Markets offer users an interactive and engaging way to explore various works of art. Users in their personal avatars can attend virtual galleries of popular NFT artists, view their works, explore their performances, and be a part of live NFT art auctions.
Characteristics of the Metaverse NFT Market Development
Before you dive into the world of the metaverse and implement it in your market, it is crucial that you are aware of the peculiarities of metaverse and NFT development. Check out the list of features for the same.
1. Decentralized platform
Blockchain markets have a decentralized platform infrastructure. This means that these markets cannot have a single owner. In fact, it is a system that can be operated by multiple users on a single platform where data can be easily transferred. Therefore, it offers users a secure, private, controlled platform and allows the mobility of transactions without third party control.
2. Secure P2P transactions
With a decentralized marketplace, users can make easy and secure P2P transactions. This type of marketplace platform allows users to transact end-to-end crypto assets. Peer-to-peer technology and robust security systems ensure users are protected against cyber attacks. User data and purchase details are securely encrypted and automatically transferred with smart contracts.
Interop features work the same way in the metaverse as they do on the blockchain. Interoperability allows a decentralized system to share arbitrary data, interact, and use each other’s services and features, enabling cross-chain social connections, commerce, and other activities that would not be possible in an isolated ecosystem.
Interoperability is vital to connecting multiple metaverse projects so that users can enjoy a great unified experience while participating together as avatars in various socio-cultural activities, just like in the real world.
4. Simple tokenization
Users with its tokenization features should be able to tokenize their assets for easy listing on the marketplace. This is one of the crucial features of the metaverse marketplace, as you can not only sell the NFTs, but also convert your assets into tokens.
You need to comply with the various token standards so that your users can tokenize their digital assets to gain sole ownership and trade the assets on the marketplace.
5. Interactive experience
In addition to focusing on the technical aspects of the metaverse marketplace, it’s also important to work on the design of your environment. You need to make sure that your metaverse marketplace is interactive and vivid.
You need to provide users with an engaging and immersive experience despite their physical presence. Give users a realistic 3D environment that can help them socialize with other users and engage in various business activities.
6. NFT Wallets
With the integration of NFT wallets, users could send, buy and store digital assets, as well as provide connectivity to the world of the metaverse. The wallets need to integrate with the number of third-party wallets to facilitate transactions.
The NFT wallet does not work like a physical wallet as you do not need to store cryptocurrency in it. Instead, these wallets provide users with access to the assets found on the blockchain network.
7. DAO Integration
Currently, most metaverse markets are adopting the Decentralized Autonomous Organization (DAO) model to establish an autonomous organization that would be completely free of hierarchical structure. A DAO-enabled marketplace can be regulated for members where all kinds of decisions would be made through proposals and voting.
8. Auctions and Sales
The metaverse NFT marketplace abides by the same rule as metaverse art galleries in the real world. It’s not just art pieces that can be auctioned and sold; Different types of NFT assets can be auctioned.
Users can host an auction program for NFT assets that can be used in the metaverse world. Users themselves can organize live auctions in which people or other users can propose their prices for a particular product, from higher prices to lower prices.
Complete NFT Market Development Process
The metaverse and NFT development process requires deep technical knowledge and of course experience. We have professional blockchain experts who can help businesses build a strong metaverse NFT marketplace. Let’s look at some of the fundamental factors that should be given the utmost importance when creating a metaverse NFT marketplace.
1. Make the right decision for the Blockchain network
It is a well-known fact that the metaverse NFT marketplace operates on robust, scalable, and interoperable blockchain networks. Therefore, the first step of NFT software development is to make the right choice of your blockchain network based on which the market will run and exist for a longer period of time.
Few sought-after blockchain networks to create an NFT marketplace include Ethereum, Solana, Polkadot, Stellar, TRON, Tezos, and more. Among all these, Ethereum is a searchable blockchain network where various metaverse projects currently exist.
2. Choose top-notch features
When developing an NFT marketplace, it is important to implement advanced features and lead the way in improving and optimizing the functionality of the metaverse NFT marketplace. The more features you integrate, the better the functionality and performance of your NFT marketplace will be.
Depending on your project requirements, be specific about the features. Use various options, likely decentralization, 3D visualization, interoperability, social media interaction element, wallet integration, and other crucial features.
3. Focus on creating an intuitive user interface
It is always recommended to ensure attractive, intuitive and user-friendly interfaces for NFT Marketplace. This ensures safe and flawless metaverse NFT trading without any hurdles like glitches and errors. Furthermore, the development of smart contracts should also automate asset transactions.
Remember, a great user interface can create a good impression for your metaverse market. So try to keep it aesthetic, simple and responsive while showing off the features in the best light possible; so that users can have a good time using the platform.
4. IPFS and Database Storage
The next step in the metaverse and NFT development process of the metaverse NFT marketplace is to create an immutable and secure database. This database will be solely responsible for maintaining the sensitive and private databases of the user and administrator profile.
The database will also carry information about your tokens. The IPFS or Interplanetary File System is used to store and share data in the form of distributed file and database systems.
5. Create smart contracts
The benefits of using smart contracts in the metaverse are numerous. It is backed by trust and reliability. The functionality of a smart contract depends on the feature, the requirements structure, and the technical aspects of the metaverse project. The smart contract you create must be well aligned and reliable with the functions that NFT Marketplace intends to perform.
6. Test and implement
The test is the pre-final stage that is carried out at the end of the creation of the database and the integration of the smart contracts. The NFT Marketplace platform is extensively tested for errors and failures in this process. If any fault is found, it is instantly rectified or eliminated at this stage.
Cost estimation for Metaverse software development
With the metaverse being the recent talk of the town, companies are now willing to spend more to reap the benefits of the immersive environment for the promotion of their products and services. Before investing a fortune in the virtual world of the metaverse, companies need to understand its different facets, from the influence of the metaverse on users to how it links our physical and digital worlds.
Furthermore, it is also important to understand the cost of developing a metaverse virtual world along with the technicalities involved. You should consider some factors that influence the cost of NFT market development.
- The complexity of the application functions
- Use of multiple technologies.
- Application platform selection
- The UI/UX aspect of the application
- Development team
- Using the technical stack
- Application maintenance and support
At Appinventiv, we create robust NFT metaverse marketplace solutions that are feature-rich and reliable. While creating an NFT marketplace clone script would cost you around $100,000 – $500,000, for an exact estimate of the cost to develop a metaverse NFT marketplace, please contact our metaverse app development experts and start your journey towards it.
Build a Metaverse NFT marketplace with experts like us!
If you want to get the maximum audience and increase your sales, the best way is to enter the world of metaverse and NFT development at the right time to offer your customer an unmatched experience for various activities like trading, shopping, etc. To achieve this, you will need a fully functional metaverse NFT platform that is tailored to your business requirements.
Although the NFT metaverse is in its early stages, it has shown signs of tremendous growth. The market size of the metaverse is expected to reach a valuation of $1,607.12 billion by the end of the year 2030. The growing popularity of crypto gaming, NFTs, and online gaming are some of the key factors driving the huge demand in the industry.
It is expected that over time, these advanced technologies will develop further development that will significantly change our lives in the coming years.
Appinventiv is the leading metaverse development company providing world class metaverse NFT market development services. If you want to get into the virtual world, we can create the perfect custom app development solution for your needs. With their years of experience, our competent team can make the NFT Marketplace metaverse idea of your dreams launch very soon by developing it on the major blockchain networks. Launch your marketplace today and see the scale of your business.