SuperRare is an art-dedicated NFT marketplace allowing artists to tokenize, store, sell, and purchase art NFTs. The marketplace users get royalties for their work when sold or resold.
This NFT marketplace has been developed using Ethereum Blockchain at its core to execute transactions and store bidding details, and transaction records.
Tokenized work can be held in wallets within the marketplace.
The platform has a gamified, lightweight, and social-based interface that engages a simplistic user experience for its customers.
Artists can filter listed NFTs in different categories such as latest collections, top buys, most popular, etc.
If you are a business enthusiast planning to create an NFT marketplace like SuperRare, this blog post shall help you get a clear understanding of what it takes to create such a platform.
1. Know What’s Your Niche
By developing a niche-based NFT marketplace, you can attract a particular audience looking to invest in your marketplace. However, it can be complex at times as you still have a limited audience. Your audience is looking for certain characteristics which you need to fulfill your tokens.
2. Who’s Your Audience?
Now that you know that you are focusing on a niche, you might understand the type of NFTs that they take interest in. You can explore your contenders in the market and identify what better they offer, what they lack, and more.
3. How Do You Validate Your NFT Marketplace Idea?
SuperRare has gained immense popularity for its unique art NFTs. The platform is known for its limited authentication process where artists request invites to join the platform.
The team at SuperRare reaches out to artists requesting their membership and review and approve their portfolios.
Even if your idea has similarities with SuperRare, it does not assure you the same growth as it has been for the popular NFT marketplace. Thus, it is recommended to consult an NFT marketplace development company to help you validate your plans and implementation roadmap accordingly.
4. Keep Track of Your Project Goals
To monitor your project goals and their execution, NFT marketplace development companies can document your vision. Comprehensive documentation helps the developers to easily track the progress and take needful decisions as required.
5. Developing an Interactive UI
Your application’s UI is the first resource your customers would interact with. It becomes significant to keep it appealing and lightweight.
6. Set Up Blockchain Architecture
To incorporate the decentralized functionalities into your application, you can set up a Blockchain architecture. You can choose a Blockchain framework that would allow you to package decentralization to your NFT marketplace. You can write Smart Contracts on Ethereum Blockchain using the Solidity programming language.
7. Integrate Digital Wallet
Digital wallets like MetaMask can be significantly helpful when it comes to adding tokens and using them for different purposes. These wallets can act as a third-party tool that runs compatibly with the NFT marketplace.
These wallets enable easy monitoring of cryptographic assets available in different formats, i.e, pictures, video, art, etc. Talking about the numbers, such digital wallets used by NFT marketplace users across the globe have stored millions of dollars generated from NFTs sales.
8. Test & Launch
Once you have an NFT marketplace designed and developed through a streamlined development process, you can then test it based on functionality, usability, and overall performance.
An independent team of testing professionals can help you identify the loopholes and make required changes before the product gets into the hands of NFT enthusiasts looking to trade in NFTs.
You can explore more about the trends, features, costs, and more by reading an NFT marketplace development guide.
Conclusion
NFT marketplaces are becoming a popular Web 3.0 application type with large revenues.
SuperRare has gained $204.17k of sales volume from NFT collections as of July 7, 2022.
With multiple success factors, SuperRare has been one of the most popular NFT marketplaces in the market.
Business owners are investing in creating clones and other white-label marketplaces like SuperRare to attain growth in terms of revenues and customer base.