DAO-enabled NFT Marketplace Platform Development - Evolution of NFT Platforms

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DAO-enabled NFT Marketplace All-in-One Solutions
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Introduction

• Not less than three decades ago, blockchain
  technology was still confined to academic
  high-speed computing research laboratories. But,
  no one then thought that these distributed
  digital ledgers would mark the dawn of the new
  internet era.
• Still, we know what happened later, which has led
  us to write this blog. It all started with the
  crypto legend Satoshi Nakamotos Bitcoin, which
  has become the top crypto asset so far, from
  where multiple applications based on
  cryptocurrencies began blooming. Later, many
  standalone applications and ventures based on
  them came up, such as NFTs, DeFi, DAOs, and
  Stable Coins.

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What is an NFT Marketplace?

• An NFT marketplace is a platform that helps users
  to buy, sell, and trade items backed by NFTs.
  These marketplaces exist on various blockchain
  networks, with the most famous ones among NFT
  marketplace owners being Ethereum, Polygon, BSC,
  Solana, Avalanche, Flow, Harmony, and Cardano.
  While some NFT marketplaces sell general NFT
  items, attracting a wider audience base, others
  intend to cater to particular sets of consumers
  by selling specific NFT items. Typical tender in
  these platforms is various cryptocurrencies,
  although a few accept crypto stable coins and
  fiat payments (debit/credit cards and wire
  transfer) to serve a broader target audience.

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Why are NFT Marketplaces Necessary?

• NFT marketplaces are necessary since they help
  creators/sellers to get close to their customers,
  which was not the case with Web2 e-commerce
  stores. Also, NFT marketplaces are mostly
  peer-to-peer, meaning that no one can meddle in
  your purchases. Although total transparency of
  the NFT marketplace brings concerns of data
  breaches, the names behind will stay anonymous,
  and any tampering attempt will be clearly
  visible. These platforms are also immensely
  beneficial to small-time entrepreneurs and newbie
  creators who need enough recognition before
  forming their community.

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Benefits of an NFT Marketplace

• An NFT marketplace provides a way for a creator
  to get closer to their fans as all trades
  involved are almost peer-to-peer.
• Such a platform also benefits users by allowing
  them to search and buy their favorite NFT items
  easily. 
• NFT marketplace platforms also help ease the
  entry barriers for new creators and small-scale
  NFT businesses that aspire to do big.
• Also, an NFT marketplace platform assists
  business firms by making them manage a
  utility-based community or even a decentralized
  autonomous organization, which has been the
  buzzword in recent times.

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Important Features of an NFT Marketplace Platform
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• Shopfront The shopfront should show all the
  important information about NFT items, such as
  descriptions, ownership history, bids, reviews,
  etc.
• Search Engine The marketplace platform should
  contain a sophisticated search engine where users
  can quickly search for their favorite NFT
  assets. 
• Filter and Sort Options The NFT marketplace
  should also have a filter engine so that users
  can easily get the necessary results and sort
  them easily according to their needs. 
• Listing Portal Creators on an NFT marketplace
  should be able to mint and list their NFTs easily
  by providing necessary information to sell their
  NFT items. 
• Status Portal This feature helps sellers list
  their NFTs for sale, as admin moderation will
  take some time.
• Bidding Portal Buyers on the NFT marketplace
  should be able to place bids quickly and update
  themselves with the current status of an NFT
  sale. 
• Crypto Wallet It is an essential feature for
  any NFT marketplace as they play an integral role
  in processing transactions. The wallet can be
  internally or externally integrated.
• Ratings and Reviews It is important to have
  these features so that buyers can know which
  sellers are the best before buying NFT items.

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 How Does an NFT Marketplace Work?

• To start with, a user (buyer/seller) should
  create their account on the portal and connect
  their cryptocurrency wallet or load
  cryptocurrency into the provided wallet.
• Now, the seller can mint NFTs to support their
  digital collectibles. They must provide detailed
  information about the NFT, including a
  description, cost (initial auction price/fixed
  price), deadline, utilities, etc.
• The marketplace administrator will moderate the
  NFT items, and if they match all their criteria,
  they are listed on the selling portal. The
  platform can also show the NFTs on a prominent
  space on the platform for a fee.
• A potential buyer looks at the NFT item and its
  details to place a bid or wants to pay the fixed
  price. The amount is debited from the buyers
  crypto wallet.
• If the seller finds that the bid amount satisfies
  them or the deadline is reached, they can accept
  the offer, which releases the NFTs to the buyer,
  and the amount is credited to the seller. 
• A transaction fee (apart from the blockchains
  gas fee) may also be charged during the
  transaction. The fees are typically taken as a
  proportion of final sales, which will be used to
  maintain the platform.

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How Much Does It Cost to Develop an NFT
Marketplace Platform?

• The cost involved in developing an NFT
  marketplace platform depends a lot on your
  preferences. For instance, creating your new
  platform from scratch costs more than using a
  customizable ready-made solution. Also, the
  features you want to integrate into your
  marketplace software and the blockchain(s) you
  wish to conduct business on also affect the final
  bill. The costs also include your working
  partners, as outsourcing your project to a
  specialist firm costs less than employing
  experienced blockchain developers. These are only
  a few main points involved in determining the
  cost of developing an NFT marketplace, although
  you can have a rough estimation once you draft
  the final roadmap for your project.

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How Do DAOs Change the NFT Marketplace Ecosystem?

• DAOs or decentralized autonomous organizations
  are a set of rules that work without human
  intervention. These empower the community around
  a business to participate in the decision-making
  process through various means. In the case of an
  NFT marketplace, a DAO can enable the user
  community to participate in major decisions
  through proposals and votes. This means the
  community will bear some responsibility for your
  venture, and take some pressure off you, which is
  a huge shift in the crypto business mentality.

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How Do NFT Marketplace Marketing Solutions Help?

• Marketing plays a vital role in the NFT world, as
  it is important to let the community know about
  your venture in the first place. To accomplish
  the mission effortlessly, there are a few firms
  that can help in promoting your NFT marketplace
  venture in a variety of ways. A marketing agency
  would usually utilize conventional and
  crypto-specific marketing tactics to advertise
  your platform to the world. You should also note
  that the plans will be based on your preferences
  and allocated budget.

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Conclusion

• Hence, we can say that running an NFT marketplace
  can be more than lucrative due to the certainty
  that your venture will sustain for a long time.
  Although this blog has not explained much about
  the development process involved, it is just like
  building any other NFT platform. So, we focused
  more on letting you know about additional
  important information. There are a few companies
  that excel in developing and marketing NFT
  marketplaces, and it might be the right time to
  start your journey in the crypto world as a
  business owner.

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Thank You!!!