What’s the Role of NFT Marketplace
NFT MarketPlace is a kind of Web 3 platform that could allow people to buy and sell NFTs. It is very much like the secondary market of the stock market. One can see the NFT Project team as the primary market, as they issue their NFTs in various ways. People are allowed to list and sell their NFTs to each other on NFT marketplaces..
What’s Good About a Self-Build NFT Marketplace?
There are many third party marketplaces out there, but for web 3.0 startups, especially in specific niche such as social, gaming and connection, there lies the need to create a project’s own marketplace.
The famous polygon NFT game project Aavegochi has its pixel-style NFT collectibles for sale, and they created an NFT Marketplace with its own pixel-based aesthetics, which really increased the likelihood of customer purchases, provided customers with a very comprehensive in-game purchase experience.
In addition to adjustments in UI, you can also have more customized features integrated into your own NFT marketplaces. For example, A GameFi project Mirror World has the special feature of their NFTs being interactable. They have integrated the AI conversation feature in their NFT marketplace that would allow one to talk to their “Mirror NFT” right after one’s purchase. That is once you have purchased an NFT, you will be able to talk to them through typing in the marketplace. That is something you cannot possibly customize if you use a third-party marketplace for asset transactions.
Mirror World NFT marketplace with AI conversation feature
Another reason you should have your own NFT marketplace built out is that you will be able to monitor your NFT transaction metrics, such as transaction volume, click rate, search rate, and so on. That is not something that you can do in third-party marketplaces like Opensea or Magic Eden. The importance of data collection needs not to be stressed these days. It would be a tremendous help in terms of knowing what is going on in your project, adjusting your marketing strategies, and spying potential risks in advance.
Common Issue When Building an NFT Marketplace
Once you decide to build your own NFT marketplace, you might find it a very long and complex process. The average NFT MarketPlace launch time could take up to 3-4 months, which could cost up to 150,000 USD. Here are some potential obstacles you might encounter during launching your own NFT marketplace..
Build an NFT MarketPlace Yourself
For a marketplace that is fully customized for you, it is always a good idea to build a marketplace yourself. You do have to, though, work on many different aspects and make sure they are integrated smoothly.
For example,to design the front-end, you have the storefront, user/seller profile, and product list to work on. The back end is a bit more complicated, involving smart contracts, on-chain data transmission, wallet connection, gas fee, and maybe more, depending on the complexity of your project. In many situations, the problems you will need to solve to have a good NFT project are way more than the aforementioned technical issues. For example, if you were to build a good GameFi project, the game development itself would take up a lot of attention. After all, that is your actual project and your key to success, and an average game would take months or even years to build, not to mention the testing part of it. It would be hard to pay a lot of attention to your own web 3.0 side of infrastructure.
Once all the logistics above have been taken care of, more problems might follow. We all know that there is no finish line in building a project. After building the initial application, the team will face updates, maintenance, data collection and analysis, adding features and so on, and that is no easy work at all. The process of people tearing up old codes and reconstructing them could be incredibly tedious and time-consuming. For an NFT project, it is crucial to make your project function in the highest performance possible for it to be trusted, sometimes work could really pile up.
Finally, you do want to make sure your MarketPlace is absolutely safe to run. You might have heard a lot about NFT projects being hacked and the value evaporated in one day, security is not a joke at all!
How does Mirror World SDK help you build your own Marketplace?
Mirror World has successfully rolled out a Web 3 game this year and has one on the way, both powered by Mirror World SDK, along with their native mobile NFT MarketPlace.
Mirror World Mobile-Native NFT Marketplace
Having said that, we all know that as a project, building a customized marketplace can create greater value for their NFTs. That’s why large-scale projects with more resources often invest decent amounts of budget and manpower to build their own one. However, for smaller-scale projects, let alone the high development threshold, the time and budget they have to invest into this are all very limited. Even with a full-scale SDK, they might still need people to spare resources from the game development part to help build the front-end of the marketplace.
To solve the pain points of these users, Mirror World also provided a general Storefront, helping users directly deploy their marketplace. All they need to do is configure with a few lines of code, minimizing the development cost of the project. Project teams who want to maximize the degree of market customization under a limited budget can also flexibly use the Mirror World SDK to build their own Storefront and focus more on the optimization of the product itself. We help you handle all the tedious and complex processes!
In addition to the trading functions that the Marketplace itself can provide, it is worth mentioning that joining the Mirror World ecosystem will bring a series of added value to you and your users. As a project, using Mirror World SDK can help you analyze user behavior, optimize game content according to the liquidity and value of NFTs in the market, provide users with a more interesting game experience, and thereby improve the DAU of the game. End users will benefit from this process as well. By providing game data, users can help projects effectively iterate game content and increase their own income through token incentives. Project parties can also use Marketplace as a carrier to organize activities in combination with game content or events to increase user activity and market liquidity to and generate more income out of it.