How to Create an NFT Marketplace App
Non-tangible tokens (NFT)s are gaining immense popularity as they offer a new way to store value and represent digital assets. They are unique as they cannot be replicated or destroyed. It makes them ideal for storing digital art, music, or other collectibles.
NFT marketplace is an online platform for selling and buying using blockchain technology. It offers a secure, transparent, decentralized way to buy or sell unique digital assets. NFT marketplace apps use smart contracts to facilitate transactions.
Creating an NFT marketplace is not tricky. However, it requires a good understanding of blockchain technology and how to develop decentralized applications (DApps). In this article, we will discuss how to create an NFT marketplace. So let’s dive into it.
Determine The NFT Marketplace Project Scope
The scope of creating the NFT marketplace project includes the development of a smart contract on a blockchain platform, designing a user-friendly interface, and deploying the DApp on a server. You need to analyze the project requirements and objectives to decide the scope.
To assess the scope of your project, you need to learn about your target audience, propositions, and business model. You should also understand the project risks and challenges. Marketplace research tools like Google Trends and Reddit Search can help you understand the project requirements. Discussing the project with the stakeholders and blockchain experts can also give you a better idea of the project scope.
Select Software Development Methodology
Selecting the development methodology determines how you will develop and deliver your project. The popular development methodologies are Agile, Scrum, Rapid Application Development (RAD), and waterfall.
The waterfall is a traditional development methodology in which the software development process follows a linear progression. Each phase must be completed in this approach before starting the next one. While it is a straightforward approach, it is not suitable for complex projects like developing an NFT marketplace.
Agile is a modern development methodology that follows an iterative and incremental approach. In this approach, the solutions evolve through collaboration and communication among the self-organizing and cross-functional teams. Agile is suitable for developing a complex project like an NFT marketplace as it is flexible and allows for changes.
Choose The Kind of App
Deciding the kind of mobile app you want to develop for creating your NFT marketplace is an important step. You can develop a web app, a hybrid app, or a native app. Native apps are developed for a specific mobile operating system like Android or iOS. They are faster and more reliable as they are designed specifically for the operating system.
A web app is designed for mobile devices. It can be accessed through a web browser like Google Chrome or Safari. Web apps are cheaper to develop as they can be created using existing web technologies.
Decide The Software Architecture Approach
The software architecture approach is the process of designing, creating, testing, and deploying the software. The popular software architecture approaches are microservices, monolithic, and event-driven.
- Monolithic is a traditional approach in which the entire software application is developed as a single unit. This approach is unsuitable for creating an NFT marketplace as it is challenging to change the code.
- Microservices is a modern approach in which the software application is developed as a set of independent services. These services are loosely coupled and can be deployed independently. This approach is suitable for developing an NFT marketplace as it allows for changes in the code without affecting the other services.
- Event-Driven is an approach in which the software application is developed as a set of independent services communicating with each other using events. You can also use this approach for developing an NFT marketplace.
Determine a Cloud Platform
The cloud platform is the infrastructure on which the software application will be deployed. Various cloud platforms are available today, like IaaS ((Infrastructure-as-a-Service), PaaS (Platform-as-a-Service), and MBaaS (Mobile-Backend-as-a-Service). Here is a brief description of these platforms:
- IaaS ((Infrastructure-as-a-Service) is a cloud platform that provides infrastructure like servers, storage, and networking.
- PaaS (Platform-as-a-Service) is a cloud platform for developing, testing, and deploying software applications.
- MBaaS (Mobile-Backend-as-a-Service) is a cloud platform that provides a backend for mobile applications. It facilitates the maintenance and development of the backend of the mobile app.
Select The Technology Stack
The development tools and technologies are the software required to develop the software application. You must choose the technology for frontend and backend development, SQL database, NoSQL database, API standard, and AI capabilities.
- The backend technology is responsible for the business logic of the software application. It includes technologies like PHP, Java, and Node.js.
- The SQL database is a relational database that stores data in tables. It is used for storing structured data. MySQL, Oracle, and Microsoft SQL Server are some popular SQL databases.
- The NoSQL database is a non-relational database that stores data in the form of documents. It is used for storing unstructured data. MongoDB, Cassandra, and CouchDB are some popular NoSQL databases.
- API standard is a set of rules that govern how software components interact with each other. REST (Representational State Transfer) and SOAP (Simple Object Access Protocol) are two popular API standards.
- AI capabilities refer to the software application’s ability to perform tasks like image recognition, natural language processing, and predictive analytics.
Building a Team of Expert Developers
After you have finalized the approach, platform, technology stack, and other requirements, it is time to build a team of developers. You need to hire WordPress developers, PHP developers, Java developers, and Node.js developers who have experience developing software applications using the selected technology stack.
It is also necessary to hire a project manager who will be responsible for managing the development process and ensuring that the project is delivered on time and within budget.