SaaS is everywhere these days, and for good reason. It’s become the go-to solution for businesses looking for flexibility, lower costs, and easy scalability. Statista reports that in 2024, there will be approximately 9,100 SaaS companies in the United States alone. That’s a massive industry boom! But here’s the thing: while SaaS brings a ton of advantages, it also comes with its own set of challenges – especially when it comes to keeping your data secure. Our article lists the risks you can face with SaaS and – what’s most important – how to tackle them. Whether you’re a business owner who wants to keep things running smoothly or an IT manager responsible for your company’s tech, you’ll find useful advice here to safeguard your data and operations.
2024-11-2010 min read
What is NFT?
An NFT (non-fungible token) is a unique digital asset that allows you to own and trade digital objects with a certain value and uniqueness. For example, digital paintings, videos, audio tracks, and virtual real estate objects in the game universe can be traded as NFTs.
NFT is based on blockchain technology, guaranteeing digital transactions security, transparency, immutability, and data distribution. At the same time, the main difference between NFT and cryptocurrencies, such as Bitcoin, is its uniqueness and unrepeatability.
Another Bitcoin can replace one Bitcoin. When you use these coins to buy something, they have the same value. NFT is a unique copy that cannot be replaced, like the world's largest diamond or the Sistine Chapel.
If you are interested in how to create your own NFT, here is a helpful video.
What is an NFT marketplace?
NFTs are traded on a special platform — the NFT trading platform. On the NFT marketplace website, authors can place NFTs, and users can buy them and trade them. If compared with e-commerce, the NFT marketplace is something like Amazon.
One of the first NFT marketplaces is considered to be CryptoKitties, which appeared in 2017. It is based on the online game of the same name, in which users can create, breed, and sell unique virtual cats. CryptoKitties runs on the Ethereum blockchain. The game has become so popular that Ethereum has scaling issues due to high user activity.
CryptoPunks is another iconic NFT marketplace that was also launched in 2017. The marketplace offered unique digital characters that could be bought and sold on the Ethereum blockchain. CryptoPunks was one of the first successful NFT projects. The recognizable pixel art style inspired others to create similar platforms and helped NFT become a form of digital collecting.
Today, NFT marketplaces are pretty much the same as they were in their nascent stage. But there are two important differences:
- The first difference is that there are now hundreds of such marketplaces. Some are for luxury NFTs, others for collectible alcohol, pictures, virtual real estate, etc. NFT marketplaces handle a variety of NFTs, from digital art and collectible cards to virtual land and virtual real estate. These assets are created by artists, musicians, game developers, and ordinary users.
- The second difference is the linking of NFT to real objects. NFT becomes a way to tokenize assets from the real world (Real World Assets Tokenization). With the help of NFT, offline businesses can attract money from the crypto market. One of the most prominent examples is the digitization of real estate. In 2021, California-based startup Propy sold a penthouse in Kyiv for NFT, i.e., it essentially sold the right to own real estate in the form of NFT. Following Propy, large real estate developers in the US and Dubai started using NFT.
Types of NFT Marketplaces
Within NFT technology, rights to anything from memes to apartments can be transferred. Each NFT marketplace offers users different opportunities and differs in the range of NFTs offered, target audience, and degree of involvement in a particular niche. However, globally, all these marketplaces are platforms where users can buy and sell digital assets based on NFT technology.
Here are 5 main types of NFT marketplaces:
- Digital art NFT marketplace. The most popular marketplaces are OpenSea, Rarible, and Foundation. These marketplaces specialize in trading images, animations, music, and other media types. On Rarible, you can buy and sell photos, games, music, and memes for WETH coins. Bidding on Foundation is based on the auction model.
- Gaming assets NFT marketplace. Examples of NFT marketplaces for gaming assets are Axie Infinity Marketplace and NBA Top Shot. These marketplaces trade game assets and virtual game collectibles. Here, users sell, buy, and trade unique NFT items used within a game or have collectible value.
- Virtual real estate NFT marketplace. The most popular marketplaces for digital real estate transactions are Decentraland and The Sandbox Marketplace. These marketplaces allow you to buy and sell NFT pieces of virtual real estate. For example, you can purchase pieces of virtual space and create your own virtual worlds, items, and content. Decentraland features more than 90,000 land plots from the virtual metaverse.
- Collectibles NFT marketplace. Items for virtual collections are most often purchased on NBA Top Shot and CryptoPunks. Here, users collect sports highlights, virtual characters, historical artifacts, and anything else that can be collected.
- Domain name NFT marketplace. These marketplaces focus on buying and selling blockchain-based domain names as NFTs, often with unique extensions unavailable through traditional domain registrars. Unstoppable Domains sells blockchain-based domain names that can be used for websites or as cryptocurrency wallet addresses. Ethereum Name Service (ENS) allows users to purchase .eth domain names that can serve as human-readable addresses for Ethereum wallets.
Thinking about what solution to develop: Bitcoin NFT marketplace or ETH NFT marketplace? The DappRadar website will help you understand which marketplaces are trending today. You can always access up-to-date statistics on the most visited crypto NFT marketplaces there.
Key Features of an NFT Marketplace
With NFT marketplaces, sellers monetize their digital works, buyers become part of a subculture and collect digital art, and businesses use the technology to sell real assets in the digital environment. Here are the key features of NFT marketplaces:
- Easy and secure way to create NFTs. Any NFT art marketplace offers intuitive interfaces where sellers can easily upload their digital works, set a price, and choose different selling mechanisms, such as fixed price or auction.
- Anti-counterfeiting protection and guarantee of uniqueness. NFT marketplaces operate on blockchain technology. Each NFT has a unique footprint on the blockchain that guarantees its authenticity and ownership history. This assures buyers that they are purchasing an original and unique digital work. On the other hand, sellers are automatically rewarded for each subsequent asset sale.
- Earnings from the sale of digital assets. Sellers gain access to a global marketplace that connects buyers and collectors worldwide. With the global visibility and accessibility of NFT marketplaces, sellers can reach a wide audience and increase their chances of successfully selling their NFTs.
- Access to a huge variety of digital assets. Users can access digital assets, including digital art, collectibles, music, videos, games, and more. This opens up new opportunities to build digital collections and express individuality.
- Participation in the creation of digital art. NFT selling platforms allow buyers to interact with NFT creators and even participate in the creation of art through various features such as voting and auctions. The buyer becomes not only the owner of a unique asset but also part of a specific culture.
- Investing from the crypto world to the real world. NFT marketplaces became popular due to digital art because NFT is the most convenient way to transfer rights in digital transactions.
Now, NFT is not just an attribute of the crypto world. Traditional non-crypto businesses can launch NFT projects. This is a way to attract investors from the crypto world who are now having trouble investing in crypto assets in the real sector, as crypto assets and traditional assets are hard to convert into each other.
For example, real estate. A real estate developer can peg every room and even every square meter to NFT and then sell the property to many small investors. NFT technology makes investments accessible to everyone and allows construction to begin more quickly. Cryptocurrencies allow you to conveniently attract many investors willing to invest ten thousand dollars instead of looking for a dozen investors, each with a million dollars.
We have another example. Let's say you have a leasing company. You buy cars and lease them out. You can tie an NFT to each car or split each car into several tokens, making it cheaper for digital investors to buy that car. This will allow you to upgrade your fleet of cars faster and scale your business with crypto investors.
Tech Stack for NFT Marketplace Development
Here is the list of technologies you can choose from for NFT platform development.
Category | Technology Stack | Description |
---|---|---|
Blockchain Platform | Ethereum, Binance Smart Chain (BSC), Flow, Polygon, Solana | Platforms for minting, transferring, and trading NFTs, with varying costs and speeds. |
Smart Contract Development | Solidity (Ethereum), Vyper (Ethereum), Rust (Solana), Cadence (Flow), Cairo (StarkNet) | Languages for developing smart contracts to manage NFTs, royalties, and transactions. |
Storage Solutions | IPFS, Arweave, Filecoin, Pinata | Decentralized storage for NFT metadata and media files. |
Front-End Frameworks | React.js, Vue.js, Angular | Tools for building user interfaces and interactive marketplace features. |
Backend Development | Node.js, Express.js, Django, Flask | Manages APIs, transactions, and database interactions with blockchain integration. |
Database | MongoDB, PostgreSQL, MySQL | Stores user data, NFT details, and off-chain metadata. |
Wallet Integration | MetaMask, WalletConnect, Coinbase Wallet | Enables secure user authentication and crypto transactions within the marketplace. |
API for Blockchain | Infura, Alchemy, QuickNode | Provides connectivity to blockchain networks without hosting nodes. |
Payment Gateways | Stripe, MoonPay | Facilitates fiat-to-crypto conversions for users without cryptocurrency. |
NFT Standards | ERC-721, ERC-1155, BEP-721, BEP-1155, SPL Token (Solana), Flow NFT | Defines how NFTs are created, transferred, and managed on their respective blockchains. |
Middleware Services | Chainlink, The Graph | Provides off-chain data integration and blockchain data indexing for efficient querying. |
Security Tools | OpenZeppelin, Forta, ConsenSys Diligence | Ensures smart contracts are secure and free from vulnerabilities. |
Authentication | OAuth, JWT, Firebase | Provides secure user login and session management for marketplace users. |
Analytics | Google Analytics, Dune Analytics, Nansen, CryptoSlam | Tracks user behavior and marketplace performance, including on-chain activity. |
Search and Discovery | ElasticSearch, Algolia | Enhances search and filtering functionality for NFTs and collections. |
Content Delivery Network | Cloudflare, AWS CloudFront | Optimizes the delivery speed of NFT assets and metadata globally. |
DevOps and Cloud Hosting | AWS, Google Cloud, Microsoft Azure, DigitalOcean | Hosts the marketplace backend, ensuring scalability and uptime. |
Testing | Truffle, Hardhat, Ganache, Mocha | Simulates and tests smart contracts and application logic in local blockchain environments. |
How to Create an NFT Marketplace: Roadmap
Planning & Research (4-8 Weeks):
- Define Niche & Audience. Determine your marketplace's focus (art, music, collectibles, etc.) and target audience (collectors, artists, gamers).
- Competitor Analysis. Study existing NFT marketplaces (OpenSea, Rarible, SuperRare) to identify gaps and opportunities for differentiation.
- Blockchain Selection. Choose a blockchain platform (Ethereum, Binance Smart Chain, Polygon, Solana) based on transaction fees, speed, and ecosystem support.
- Business Model. Decide on your revenue model (listing fees, commission on sales, gas fees) and long-term monetization strategies.
- Legal & Compliance. Understand legal obligations such as KYC/AML, intellectual property rights, and token regulations.
Architecture Design (2-4 Weeks):
- Smart Contract Structure. Design smart contracts for minting NFTs, managing sales, and handling royalties. Consider using existing standards like ERC-721, ERC-1155.
- Back-End Architecture. Plan how the back-end will handle user accounts, transactions, and data storage. Design API architecture for blockchain interaction.
- Front-End Design. Draft wireframes and workflows for the marketplace's UI/UX, focusing on ease of use for NFT minting, trading, and browsing.
Development (3-6 Months):
- Smart Contract Development. Write and test smart contracts for NFT creation, auctions, royalties, and marketplace logic.
- Back-End Development. Build the server-side infrastructure to handle API calls, process transactions, manage databases, and interface with blockchain.
- Front-End Development. Develop a user-friendly front-end using frameworks like React.js or Vue.js. Integrate wallet functionalities (MetaMask, WalletConnect) and ensure smooth navigation.
- API & Blockchain Integration. Integrate blockchain APIs (Infura, Alchemy) for real-time data access and transaction handling.
- NFT Storage Setup. Implement decentralized storage solutions (IPFS, Arweave) for NFT metadata and media files.
Testing & Security (1-2 Months):
- Smart Contract Audit. Conduct a thorough audit of smart contracts with a third-party firm (e.g., CertiK, OpenZeppelin) to eliminate vulnerabilities.
- Performance Testing. Test the marketplace for scalability, speed, and user load capacity. Ensure the platform can handle high traffic and complex transactions.
- User Testing. Run usability tests to identify UX issues and improve user experience. Gather feedback from early adopters.
- Security Testing. Perform penetration testing and vulnerability assessments to protect user data and assets.
Launch & Deployment (2-4 Weeks):
- Deploy Smart Contracts. Launch smart contracts on the mainnet of the chosen blockchain.
- Set Up Hosting & Infrastructure. Deploy the marketplace on cloud platforms (AWS, Google Cloud), ensuring proper load balancing and backups.
- Marketing & PR Campaign. Start marketing campaigns via social media, influencer partnerships, and content creation to generate buzz pre-launch.
- Beta Launch. Conduct a soft launch for beta testers to identify any last-minute bugs or issues.
If you want to develop your own NFT marketplace, ask SapienPro for help. Our experts can develop any Web3 projects, including high-quality NFT marketplaces that will precisely fit the specific needs of the market.
How Much Does it Cost to Launch an NFT Marketplace?
NFT marketplace development involves many costs that can vary widely based on various factors, including the platform's complexity, the technology stack, and the features you want to include. Here’s a breakdown of the potential costs.
Cost Component | Estimated Cost Range | Approximate Scope of Work |
---|---|---|
Smart Contract Development | $10,000 - $40,000 | Write and audit smart contracts for minting, trading, royalties, and governance. Includes testing and deployment on the blockchain. |
Front-End Development | $10,000 - $50,000 | Design user interface (UI) and implement features like NFT display, filtering, search, and wallet integration. Custom UX increases scope. |
Back-End Development | $15,000 - $60,000 | Build server infrastructure to handle API calls, user authentication, transactions, and integration with blockchain and database. |
NFT Storage Solutions | $2,000 - $10,000 | Set up decentralized storage for NFT metadata and media using IPFS, Arweave, or Pinata. Pricing depends on storage volume and file size. |
Security and Audit | $5,000 - $30,000+ | Perform a comprehensive audit of smart contracts, test for vulnerabilities, and integrate security measures. |
Payment Integration (Fiat/Crypto) | $5,000 - $20,000 | Integrate payment gateways (Stripe, MoonPay) to allow users to buy NFTs with fiat, handle setup, and comply with local regulations. |
Wallet Integration | $2,000 - $10,000 | Integrate popular wallets like MetaMask, WalletConnect, and Coinbase Wallet, ensuring a secure and smooth connection with blockchain for transactions. |
API Integration | $3,000 - $15,000 | Connect blockchain APIs (Infura, Alchemy) to fetch transaction history, marketplace data, and real-time NFT information. |
DevOps and Cloud Hosting | $1,000 - $10,000+ (monthly) | Set up and maintain cloud hosting (AWS, Google Cloud), handle scaling, backups, server monitoring, and infrastructure for high traffic. |
Content Delivery Network (CDN) | $1,000 - $3,000+ (monthly) | Implement CDN (Cloudflare, AWS CloudFront) to deliver NFT assets quickly to global users and optimize loading speed. |
User Authentication | $1,000 - $5,000 | Implement secure user authentication (OAuth, JWT) to manage profiles, session tracking, and login via email or social accounts. |
Legal and Regulatory Compliance | $10,000 - $50,000+ | Obtain legal advice on KYC/AML compliance, terms of service, and intellectual property. Draft necessary contracts and policies. |
Total Estimated Cost | $65,000 - $435,000+ | The scope depends on custom features, blockchain selection, and market positioning, affecting total development and launch costs. |
Conclusion
If you think about NFT exchange platform development, you must:
- Conduct a preliminary market analysis;
- Competently design a development strategy;
- Meet users' demands;
- Offer good trading conditions;
- Promote your NFT marketplace solution.
Contact our SapientPro team for an NFT marketplace development service. As a reliable NFT marketplace developer, we will implement the necessary functionality, prepare a unique design, and audit all the security. You will get ready-to-work NFT marketplace software with a clear interface and modern, memorable visuals. Call or message us to get a consultation and specify the cost of NFT marketplace development service.