Experts predict that the notion of non-fungible tokens, or NFTs as they are widely known, will continue to revolutionize the cryptocurrency industry. The NFT industry is enormous, with revenues expected to reach $24.9 billion in 2021 and $7 billion by January 2022. In addition, the competition is fierce. Having stated that, one must question why it is attracting such attention. In this essay, we will examine the workings of NFTs and the current importance of cross-chain nfts in particular.
A NFT marketplace is a blockchain-based platform that enables the trade of a wide variety of non-fungible token assets for different cryptocurrencies. NFT assets can be anything, including real-world objects, music, in-game goods, and physical or digital artwork. Running an NFT marketplace solely on one of the many well-known blockchains is insufficient to serve the full market because the community is dispersed across blockchain networks. Cross chain NFT marketplace development is therefore picking up speed and is wanted by many people in the market.
Advantages of cross chain NFT marketplaces
There is not a deficiency of NFT marketplaces in the digital world. Infact multiple marketplaces have already made it to mainstream.OpenSea, Rarible, SuperRare, and Solsea are notable and famous NFT marketplaces. In-game markets in Decentraland, Axie Infinity, and Sandbox are a few examples of exclusive marketplaces. Some of these marketplaces utilize only one blockchain, whereas others utilize two. However, it has been difficult to integrate multiple blockchains in a single marketplace. Now we will discuss the advantages of a cross chain NFT marketplaces.
- You may increase your user base regardless of the network they use by enabling your marketplace platform to operate across several blockchains and so ensuring interoperability.
- Because someone will always be active on any one of the blockchain networks, cross chain NFT marketplaces secure liquidity easier.
- The cross chain NFT marketplace will log every trade carried out on it, so security issues will still not be a problem even if in the broader perspective it appears that way.
- If you can execute cross-chain functionality flawlessly, it ensures trade authenticity and increases user trust. Additionally, it will draw additional customers to the marketplace.
Features a cross chain marketplace must have
Ask a cross-chain nft marketplace developer and they will tell you that There are not a lot of differences with usual NFT marketplaces in terms of features. In this section, we will discuss most basic of such features. Note that there are other features that may be included in such a marketplace.
Crypto wallet
A wallet is necessary for transactions on both ends of an NFT marketplace. Existing marketplaces either have third-party cryptocurrency wallets like Metamask or Coinbase can be integrated into them, or have custom wallets built into the portal that users must use in order to trade. Cross chain NFT marketplaces must have wallets compatible with multiple blockchains.
Storefront
A cross-chain NFT marketplace's storefront will resemble any e-commerce website, with products featured under sections like Trending, Featured, Coming Soon, Best-selling, and more. Users should be able to verify uniqueness by looking at the details of specific NFT goods, which should also offer further information about the blockchain and protocols.
Search bar
A search bar that helps consumers to quickly find the item they want to buy should be present on every marketplace portal. To make navigating the platform easier, it must also offer a variety of filtering choices. This is a feature that exists even in ecommerce web pages.
Customer support portal
Any user that runs into a problem in the marketplace would need a support portal. This is why NFT Marketplace developers must include it as one of the essential components of a cross-chain NFT marketplace that is available 24/7. Both chatbots and actual developers must be available in this portal.
Notifications
The ability to notify users via email and push notifications of the newest offers, impending drops, bids on their NFTs, and other information is crucial for a cross-chain NFT marketplace gateway to succeed. The notifications must be quick and should be integrated in a manner most useful to the user.
How do you develop a cross chain NFT marketplace?
Cross chain NFT marketplace development is a difficult craft, but if you contact the right people you will be able to develop your custom marketplace . This section will describe the steps involved in such development.
Planning stage
It's crucial to have everything planned out before creating your cross-chain NFT marketplace. The initial stage of planning entails determining your new business's specialization. The type of NFTs you would sell would need to be decided. Additionally, you must choose the blockchains on which your site will operate.
Design stage
The NFT market's user interface (UI) and user experience (UX) need to be properly designed. This might be accomplished by employing internal specialists or a business with experience designing such components. When there is so much competition in the market, it is essential to have an appealing design and a seamless experience to increase consumer satisfaction and popularity.
Development stage
Development stage for cross chain NFT marketplaces is more difficult than traditional marketplace development. Particularly, backend development and integration of different blockchains in the marketplace presents a challenge. However, frontend development must also be considered to be important as the user end must be as efficient as possible for the marketplace to be successful. The development stage can be completed successfully if one contacts a good NFT marketplace development company that has years of experience in such activities.
Testing stage
Bugs, mistakes, and other flaws might impair the platform's seamless operation in a cross-chain NFT marketplace, and this is done after the development stage. Prior to deployment, these need to be checked for and troubleshooted. If further defects are discovered or problems develop after the first release, support can be required. The final release follows after this stage of development is completed.
Upgrade stage
Frequent upgrades are required to maintain the business's security and relevancy as the user base grows and more issues appear. It is better to take the help of the same company that has developed the marketplace initially to upgrade the marketplace. Each upgrade must be tested before it is released to the public.
Conclusion
Cross-chain NFT marketplaces are one of the more interesting use cases for blockchain technology that can be very advantageous to people who are in the NFT space. Up until now, there hasn't been an NFT marketplace platform that operates on various blockchain networks. Although this area of research is still in its infancy, a company like Nextbrain can easily create a cross-chain NFT marketplace at a reasonable price as it is a reputable NFT marketplace development company. This is because Nextbrain has years of experience dealing with blockchain and NFT in general.
Saran
July 05, 2022 Author