Ultimate Checklist: Hire NFT Marketplace Development Company

With the recent NFT boom, people all over the world were eager to buy non-fungible digital assets. Exactly opposite to this, few creative people thought of launching unique NFT marketplaces with a unique niche to empower local and international artists. This novel idea led such creative minds to start hunting for the best NFT marketplace development company.

Though few were successful in hunting down their ideal partner, many are still on the hunt. And it's not because they are too picky, but rather because they know their tastes much better than the others.

However, since NFT is a relatively new concept, even professional minds cannot assess capable NFT development services. And a creative mind that entirely focuses on quality art won't be able to choose the ideal companion if it doesn't know its critical parameters.

This article aims to ease these creatives' minds with a checklist that covers the essentials of the NFT marketplace, its development types, and how to choose the right NFT development company using a few criteria.

Overview of The Technology

Non-fungible tokens are non-interchangeable unique digital assets secured with cryptographic hashes. They operate over the blockchain, a distributed ledger that functions over a massive network of computers.

The NFT marketplace is a platform for trading NFTs and they require a blockchain with a consensus mechanism (proof of work, proof of stake, etc.) to add blocks or mint new NFTs.

These NFTs platforms securely hold digital assets using Crypto/ NFT wallets to sell or purchase digital goods.

Again, they can be bought using different cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others. Furthermore, depending on its consensus mechanism, the platform must charge a gas fee (transaction cost) because it consumes a lot of power in verifying transactions and minting NFTs and coins.

Things To Consider For NFT Marketplace Development

If you want your marketplace to stand out from the others, you have to consider a few points and effectively assess each for implementation. So here are a few parameters one should think about when building their NFT marketplace.

Niche

Every element of your NFT marketplace revolves around the niche you choose. Various marketplaces list different or single niches just to stand out from one another.

And if you want to gain traction in the market you have to come up with a unique niche for a specific type of audience, and once you have that you can further scale the same marketplace or build entirely new for different niches.

Blockchain

You need a blockchain to power your NFT marketplace and there are many to choose from, like Ethereum, Polygon, Solana, and others.

Most marketplaces use Ethereum as their primary blockchain because of its consensus mechanism. However, it consumes an awful lot of power, which results in charging users high gas fees (transaction costs).

That is why we highly suggest using the Ethereum layer 2 solutions, Polygon.

Functionalities

NFT marketplace development services offer a multitude of functionality to enhance the operation of your marketplace, and you can use a few of them to streamline your platform and quickly gain traction in the market.

Here are some of the important features to include in your NFT marketplace.

• Filters

• Digital StoreFront

• Lists

• Buy action

• Payment methods

• Crypto/NFT storage app

Monetization

To gain maximum profits from your platform, you have to think about monetization techniques. One way could be to charge gas fees on every transaction and attract more audiences by implementing the minting method.

The Build Approach

There are two ways to build any NFT marketplace,

From Scratch

You can reach out to a capable NFT development company to build your custom platform from scratch with all your preferred functionalities and features.

However, it requires an awful lot of time and money, since the marketplace tends to be full of complexity.

Whitelabel Solution

The white-labeled solutions are ready-made and can be customized to promote as yours. These white-label NFT marketplaces are tuned over time for enhanced performance and have all the required functionalities to trade NFTs.

This is a cost-effective approach and it requires less time to configure as per your requirement since the complexity of the platforms has already been taken care of.

Type of Development

Before we move ahead and take a look at the parameters to hire an NFT marketplace development company we have to understand the in-house, freelance, and offshore/ outsourced development.

The reason we are diving in is just to give you an overall understanding of the best options and how they align with your needs.

Checklist for Hiring NFT Marketplace Development Company

NFT is a relatively new technology and since only a handful of companies provide its services it's hard to tell which one is best for your custom NFT marketplace development.

If you start to look for resources on assessing an NFT development company, it would consume an awful lot of time. Here, it's all taken care of, the article has a list that you can use to join hands with the right firm.

Experience

The foremost thing to consider when you assess a company is its experience in providing NFT solutions. And not just only the marketplace but blockchain, crypto marketplace, NFT games, and Tokens, just to ensure the company is well-versed in decentralized technology.

Moreover, greater experience in the NFT domain promises top-quality NFT solutions. For this reason, you should always choose NFT development services that have years of experience.

Portfolio

The only way to find out if a company has a robust knowledge of delivering NFT solutions is by looking at its portfolio. You can take a look at their previous NFT projects, reviews from clients, and overall ratings to narrow down your choices.

NFT Tech Stack

The NFT tech stack is the core of NFT solutions. The NFT development company should be aware of the various technologies used to develop decentralized NFT solutions.

NFT Technology Stack

Programming Languages

Solidity, Vyper, Rust, Python, and C++

Blockchain Networks

Ethereum, Binance, Polygon, Solana, Cardano, etc.

Smart Contracts

Truffle, Openzeppline, Hardhat, Infura, Alchemy, Geth, Quicknode, etc.

Frameworks

Ether JS, Web3 JS, Node JS, React JS

Database

MongoDB, CouchDB, The Graph

Digital Wallets

Metamask, Truewallet, Coinbase, Wallet connect

Additional Technical Expertise

Cryptography, Web Development, Scripts

Pricing

Since not all can afford pricey development, most of the clients focus on this very parameter. In such a case, you may want to dig a little and get insights into the pricing for a particular NFT project and if the company offers budget-oriented solutions.

If a company meets all the above parameters including the budget you are comfortable with, then you have the ideal NFT development companion.

Hands-on Support

Decentralized product development is not easy hence you should always expect the unexpected. Even if the company promises high success rates the possibility of something going wrong will be always high.

This is where the hand on support shines, where you get live updates from your development partner regarding the recovery phase of your NFT marketplace.

So you should always pick an NFT solution provider which offers hands-on support to its clients wherever required to get issues resolved.

Conclusion

This is the ultimate checklist for hiring the best NFT marketplace development company.

NFT is a comparatively new concept and it's hard to know everything about it with such short resources available. That being said, before looking for NFT solution providers a client must get aware of its basics and critical aspects.

On top of this, the NFT market is always volatile. This means clients should focus only on "the bang for the buck solution" and should always stay up to date with its latest trends to drive agility in their NFT marketplace.