Metaverse development is at the forefront of this transformative shift, bridging the gap between the physical and digital realms. As technology advances, the integration of Non-Fungible Tokens (NFTs) into the metaverse offers unique opportunities for users to own and trade digital assets, further enriching their virtual experiences through immersive technologies like virtual reality. This convergence of NFTs and the metaverse is shaping the future of how we interact with the digital world.
In this rapidly evolving landscape, the demand for specialized services like ecommerce web development services is on the rise, as businesses seek to establish a robust presence within the Metaverse NFT. These services are instrumental in creating immersive virtual storefronts and engaging customer experiences. Understanding the potential of the Metaverse NFT is essential for companies aiming to stay at the forefront of this transformative technology.
NFT marketplace is a unique concept of developing & integrating virtual marketplaces in the metaverse space. Metaverse NFT marketplace allows users to trade digital lands, in-game elements & avatars. Despite being in its very early phases, Metaverse NFT is presently gaining good traction & effectively driving businesses to build a marketplace.
Custom software application development is essential for crafting a tailor-made NFT marketplace that seamlessly integrates into the various facets of the Metaverse. This approach ensures that businesses can offer a truly unique and decentralized experience to their users, allowing for the tokenization and frictionless trade of digital assets within the blockchain ecosystem.
Metaverse makes NFTs simpler to use as well as more valuable. It also brings transparency to NFT trading. NFT adoption has started increasing gradually & effectively fueling the growth of NFT platforms. According to the current report, Metaverse NFTs account for 3% of the entire market value. Moreover, it’s also predicted that the economic projection of the Metaverse could reach approx 800 billion by 2025.
Before you start the metaverse NFT marketplace development, you need to know its features and functionalities. The following are widely popular features that make NFT marketplace robust and future-ready.
Moreover, it also allows users to explore various marketplaces & engage in sociocultural activities without any limitations. For instance, Decentraland has an interoperability feature.
We specialize in offering tailor-made metaverse development solutions across several industries.
The entire process of Metaverse NFT marketplace development needs technical knowledge & expertise. Professional NFT experts use a number of Metaverse development tools & technologies to make the development process faster. Let’s check what is required for making an NFT marketplace.
Required Tools
Unity, Metaverse studio and Unreal Engine
Programming languages
HTML, RUST, C++, Solidity and Javascript
Technologies
Blockchain, Augmented reality, Virtual reality, 3D reconstruction, IoT, AI & Cryptography
Now, we’re going to proceed to the major steps of Metaverse NFT marketplace development. For your convenience, we have kept the steps well-planned & strategic. Let’s dive in:
Every well-known NFT marketplace runs on an interoperable, robust, and scalable blockchain network. Therefore, it’s important to choose a project-specific blockchain network based on which marketplace will run or exist for a long period.
Most projects currently run on the Ethereum network and you can also build your marketplace on third-gen blockchain ecosystems like Polkadot, Cardano, Near protocol, etc. These protocols effectively support cross-chain marketplace development in the metaverse.
Once you choose your network, you need to proceed to create UI/UX that will grab your user’s attention in your marketplace. A metaverse development companies always suggests creating an interface engaging, responsive, intuitive, and user-friendly.
This is because a good interface always reflects the impression of the NFT marketplace. It also ensures flawless & secure trading of NFTs without glitches & bugs. Moreover, you can showcase your marketplace features in a unique way to your users to enhance user experience.
Implementing advanced features is important to optimize and enhance the functionality of the NFT marketplace. Based on the project requirements, you can select different features like decentralization, decentralization, 3D display, storefront, wallet integration, interoperability, etc. It’s recommended to be specific on the NFT marketplace features.
The marketplace you build needs a decentralized storage space that will store NFTs and user data with high-end security. The database is highly responsible for keeping the private and sensitive data of the admin & user profile. Moreover, this database also carries information about the tokens.
On the other hand, the Interplanetary File System or IPFS is used to store and share data in the form of database systems and distributed files. Setting up an IPFS & a database ensures maximum security and high efficiency on the platform.
Smart contracts technically run through blockchain protocols. No intermediary is required for blockchain to manage the platform as blockchain uses smart contracts for regulating and implementing all operations. The advantages of using metaverse smart contracts are huge.
The smart contract functionalities rely on the technical aspects, features, and requirements structure of the project. While creating a smart contract in Metaverse, always keep in mind that it must be aligned with key features. After that, you can integrate some essential tools such as dApps, wallet, payment gateway, and browser extension to make your marketplace operable.
The testing stage is done upon integrating smart contracts and completing the database creation. In the final stage, you should audit your smart contract rigorously to ensure that there is no defect or glitch in the codes. Before deployment, several quality testing processes are performed to address bugs & defects related to the marketplace. If any error is identified, it’s removed or rectified at this stage instantly.
Top NFT marketplaces like Superfarm, Rarible, and OpenSea are the epicenter of high revenue & funding. As per the report, the NFT market segment revenue is projected to reach approx 8412 million USD by 2027.
Sr.No.
Year
Revenue in USD
1
2022
$2520 Million
2
2023
$3686 Million
3
2024
$4935 Million
4
2025
$6220 Million
5
2026
$7435 Million
6
2027
$8412 Million
According to the report, the average cost of NFT marketplaces usually ranges from $50,000 to $500,000. However, it usually depends on the customizations you look for to meet all your business needs. If you would like to create an NFT marketplace from scratch, you have to pay more than a ready-made solution. Moreover, the cost of developing an NFT marketplace also depends on several factors such as
A tech stack consists of frameworks, tools, and technologies that will help in the NFT marketplace development process and it also plays a big role in development cost assessment. The standard technology stack mainly depends on NFT standards, frontend frameworks, storage, and blockchain platforms. Here is a complete analysis of the tech stack used:
1.
Blockchain platforms
Ethereum, Flow, Tazos and Cardano
2.
NFT standards
ERC-721 and ERC-1155
3.
Storage platforms
IPFS, Pinata and FileCoin
4.
Frontend frameworks
React, Vue and Angular
The overall cost of metaverse marketplace development also depends on the categories you’ve chosen. For example, if you go for collectibles, the NFT platform should be more secure as compared to an open app market. The top four NFT marketplaces include:
Based on these categories, here is an estimated cost analysis of metaverse NFT marketplace development.
Sr. No.
Category
Estimated Cost in USD
1.
Open & premium marketplace
$50,000 to $150,000
2.
Curated & non-curated marketplace
$80,000 to $200,000
3.
Games marketplace
$60,000 to $250,000
4.
Collectibles marketplace
$1000,000 to $500,000
The developer’s hourly rate is one of the crucial factors that effectively influence the cost of Metaverse and NFT development. The developer’s hourly rate usually varies depending on different locations. For example, the hourly rate of US-based Metaverse NFT marketplace development company ranges from $100 to $200 but this range will be different in other regions.
For your convenience, we’ve shared a table that shows the location wise hourly rate of Metaverse NFT marketplace development company.
Sr. No.
Region
Hourly Rate
1.
US
$100 to $200 Per Hour
2.
Australia and Europe
$80 Per Hour
3.
India
$50 Per Hour
Considering the support and maintenance cost of the NFT marketplace is important if you would like to build an NFT solution for long-term use. NFT maintenance & associated Metaverse NFT price depend on the following factors:
Sr. No.
Factors
Estimated Cost
1.
Platform Updates
$5,000 to $10,000
2.
Third Party Integration
$2,000 to $10,000
3.
Security Patches
$10,000 to $20,000
4.
Server costs
$10,000 to $15,000
5.
Bug Fixes
$5,000 to $10,000
With our deep expertise in metaverse development, we help brands create a futuristic virtual space.
NFTs and Metaverse complement each other, bringing a number of growth opportunities for modern businesses. Many tech giants like Microsoft and Facebook have started investing in this technology to transform their business models into Metaverse enterprises. Therefore, as a business owner, it’s a perfect time for you to build your NFT marketplace in a metaverse that will help your users with an immersive 3D experience.
Moreover, with Metaverse NFTs, you can use immersive simulations and open infinite possibilities & for your business. To achieve this, you must require a fully-featured platform that suits your all business requirements. Would you like to know more about NFTs and Metaverse development services? Feel free to contact us for expert guidance.
