NFT has become a hot topic even beyond the crypto world. The interest in it keeps on growing at a striking rate and so are the investments going into it both from the business and consumer side. This has paved the way for NFT Development Services to be highly sought after by emerging businesses in the Crypto and Blockchain space.
With millions of dollars pouring into the market in just 2021, NFTs are getting wide recognition even from the non-tech-savvy public. NFT Marketplace Development has gained popularity since a lot of businesses and investors and looking to enter the NFT ecosystem with their own marketplace to enable buying and selling of digital assets and even real-world assets as NFTs.
Many famous artists, companies, and celebrities have joined the bandwagon. It is a newfound opportunity for collectors and creators to buy or sell digital assets. This explosive growth has the power to revolutionize the way digital commerce works. Let us explain more about what NFTs are and the merits of investing in NFT Marketplace Development, in case you are new to this topic.
What is a Non-Fungible Token (NFT)?
NFTs also known as Non-fungible tokens are digital collectibles or assets that represent unique ownership of arts, music, graphic cards, etc., secured by a blockchain network. Some of the best-known digital assets that are popular are
- digital art
- coupon, etc.
NFT Marketplace and its key users
There is a lot of fuss about selling digital arts in recent times. NFT Marketplace is a digital space where one can mint, sell, and collect NFTs. This is no more than an evolution in the art sector “digitally”. The NFT Marketplace can be considered exclusive for different users.
For an artist, creating an NFT is like a Fixed Deposit. The value for the artist’s work keeps on rising. That is, when the work is sold, it doesn’t just stop there. Each time the artist’s NFT is sold on a secondary market, the artist gets a certain percentage as a commission, as a ‘royalty fee’.
For a buyer or a collector, it gives them the copyright of the asset. It is purely an investment wherein the buyer or the collector buys an NFT, waits for its value to balloon up, and then sells it for a profit.
Prominent players in the market
There are many NFT Marketplace Development Companies. Some of them are,
It is the first and the biggest NFT Marketplace.
It is a popular open marketplace letting users trade assets.
A marketplace solely for trading and managing virtual teams with player cards.
- NBA Topshots
An essential marketplace enabling trading of NBA authorized tokenization of videos, GIFs, and so on.
This is an interesting marketplace letting the users buy virtual cats, breed and sell them.
This marketplace allows people to convert tweets into NFTs and to buy and sell them.
Of all the above-mentioned marketplaces, OpenSea and Rarible are the best NFT Marketplaces which are global and digital art-oriented platforms.
Rarible has raised $16M in its funding round in June. Also, it is notable that in July, OpenSea raised around $100M funds in the latest funding round. They are in plans to evolve the technology they currently run NFTs on.
Facts that justify why investing in NFT Marketplace Development is the best thing
As the NFT market is reaching big numbers day-to-day, it is a wiser decision to invest in NFT Marketplace Development. The funds raised by Rarible and OpenSea have already aided to prove that this is the right time to invest. Here are a few other justifications.
1. Biggest NFT Sales
Here are some of the big-budget NFTs that are sold to date.
- Beeple’s (digital artist) EveryDays sold the picture “The First 5000 Days” for $69 million.
- The collector who had bought Beeple’s “Crossroads” picture depicting the US Presidential election worth $6.6 million, gained 100 times the initial price.
- Beeple’s “Ocean Front” showing the dangers of climate change was sold for $6 million.
- Edward Snowden’s (artist) “Stay Free” NFT that featured court documents was sold for $5.4 million.
- Mad Dog Jones, a famous Canadian artist, sold his NFT art “Replicator” for $4.1 million. This made him 180 to 220 new NFTs having their resale values.
- A crypto-art pioneer XCOPY sold his work “Death Dip” for $1.58 million.
- Kevin McCoy’s “Quantum”, the first-ever minted NFT, was sold for $1.58 million.
- Pak’s “The Switch”, the triggerable NFT, was sold for $1.444444 million.
- Pak’s “The Pixel” was sold for $1.355555 million.
- Justin David Blau achieved $11 million in the NFT sales for his music album “Gunky’s Uprising” which was sold for $1.333333 million initially.
From the above NFT Sales information, you might have known the worth of investing in NFTs.
2. Reasons why the NFT Marketplaces are popular
- Instant settlements
NFT Marketplace lets users carry out payment and payout methods by accepting cryptocurrencies. So, the transaction becomes instant with no intermediaries.
- Significant engagement and support
The expansion of the NFT platform supports the engagement of a wide range of talented artists and content creators. The facts of how well creators are getting their fair share of income and how their fans are loving to get hands-on something exclusive is increasing the support for the creators and engagement of the NFTs and NFT marketplaces.
- Flawless User Interface
NFT Marketplaces are developed on top of blockchain technologies, thus, providing seamless and embraceable tokenization and storage.
- Future of Tech & Art
NFT is not just about traditional arts. They are now moving towards every possible sector. The tech-world opportunities have highly increased through NFTs.
3. Awesome features!
These awesome features will let you settle down for the NFT Marketplace.
- Robust and secure
An NFT Marketplace becomes highly secure with Blockchain technologies such as Ethereum, Binance, TRON, and so on.
For the enhanced security of the non-fungible tokens, every NFT Marketplace provides users with options to connect their MetaMask wallet to the platform, thereby making the storing of NFTs easier.
- Anything and everything as an NFT
Every creator in this world can possess NFT. Let it be art, music, technology, manufacturing, or any other sector.
All the NFTs are categorized according to their popularity and other criteria. This classification makes searches fun and easier.
- Traceable owners
NFT allows you to track the entire transaction and ownership history. This avoids third-party verification needs.
Now that we have a better vision about investing in NFT Marketplace Development, let us see if this is the right time to invest. Every new project that arrives in the marketplace draws attention to traders. It is never too late to invest since NFT Marketplace has great investment opportunities and astonishing outcomes.
The market capitalization of NFT has grown from $23 million to $432 million since the kick-start of 2021. And the NFTs are not just limited to arts but also becoming remarkable in the gaming industry. Its efficient characteristics such as non-interoperability, high liquidity, standardization, and controllability are attracting investors to explore the value of NFTs. These fleet-footed growth swings of NFTs are a major reason why you should invest in NFT Marketplace Development these days.
Taking into account the skyrocketing NFT market values, it is a great idea to invest in NFT Marketplace Development at this moment. NFTs are one-of-a-kind and irreplaceable. NFTs have risen by 299% across 2020. The NFT market’s sales have grown by 2,882% in February. All these numbers are still that of the nascent stage of the blockchain ecosystem!
Exciting innovations in the NFT sphere are making way for the development of industry-specific and feature-rich NFT marketplaces.
The popularity and adoption rate of NFTs are at an all-time high and there are not many NFT Marketplaces to address the rising demand. If you have been thinking about NFT Marketplace Development, there is no better time than now. Invest early in the NFT ecosystem to leverage your business on the assured massive gains in the near future.
Consult with an NFT marketplace development company to arrive at the NFT Development services that will help you get to the market fast and hit the ground running.