DAO-enabled NFT Marketplace Platform Development - Evolution of NFT Platforms - PowerPoint PPT Presentation

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


To understand DAO-enabled NFT platforms or the NFT marketplaces, we first need to understand the DAO and its governance. DAOs bring transparency via a distributed decision-making system. It automates the governance of NFT platforms, allowing users to actively decide the future of the platforms. – PowerPoint PPT presentation

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

DAO-enabled NFT Marketplace All-in-One Solutions
  • 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.

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.

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.

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
  • 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.

Important Features of an NFT Marketplace Platform
  • Shopfront The shopfront should show all the
    important information about NFT items, such as
    descriptions, ownership history, bids, reviews,
  • Search Engine The marketplace platform should
    contain a sophisticated search engine where users
    can quickly search for their favorite NFT
  • 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
  • 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.

 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.

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.

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.

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.

  • 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.

Thank You!!!
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