Beginners Guide to NFT SaaS Development

Looking to pivot to a new industry that serves as a giant income system for gifted people such as artists and composers? Then, non-fungible tokens or NFT SaaS development is for you. The significance of NFT has paved the way for numerous services, thanks to augmented and virtual reality.  

It has also spurred the appearance of unique and new tech solutions. Definitive proof of the industry expansion is the NFT cap which achieved a staggering $338,035,012 mark back in 2020. 

NFT SaaS development is a unique opportunity for many to showcase their creative intellects and solutions. It exhibits their talent with effective handling of digital assets. We’ve gathered here a few essentials on how to create a SaaS NFT marketplace. But before you delve into details, let’s just briefly outline what exactly is NFT. 

What is a Non-Fungible Token (NFT)? 

A non-fungible token is classed as a digital asset that is inimitable due to its unique identification codes and metadata. No two NFTs can be exchanged or traded at an equivalent unit. An NFT could be a photograph, video, app, game, track, or piece of an artifact. 

Each token is a rare item. But what really makes NFTs stand out from other digital currencies? The following properties of the token set it apart: 

Authenticity:

Every NFT belongs to someone. More importantly, it’s super easy to prove and verify.

Indivisibility:

Dividing them into tiny denominations is beyond the bounds of possibility.

Tradability:

You can trade NFTs on various cryptocurrency exchanges. People who own these tokens enjoy improved trading systems. In brief, the capabilities are never-ending.

Non-interoperability:

Unlike popular cryptocurrencies, NFTs are never equal, and it is not easy to exchange them.

Multiple Ecosystems:

Standards such as ERC 1155 and 721 make generating NFTs for digital collectibles possible. 

Liquidity:

The liquidity of NFTs is rather high as you can trade them at a non-stop regime. As a result, many might be keen to buy NFT. 

Scarcity:

Coders can enforce particular characteristics in these tokens that cannot be altered once launched.

Programmability:

Many believe that non-fungible tokens denote complicated mechanics that entail crafting, forging, and generating. Nevertheless, it is one of those niches that has great space for creativity. Plus, there are the infinite number of chances and variations.

Moreover, every NFT is a 100% original digital asset that boasts a unique set of metadata. Many collectors and artists now have the opportunity to join one of NFT platforms by tokenizing their goods. Mind you, NFT marketplaces either operate as auction platforms or regular stores. 

For better understanding, grab a few samples of non-fungibles. Below are some best-known examples: 

• Digital collectible 

• In-game item

• Original digital piece of art

• Music track

• Domain

• NFT art app

• Video

• Unique pair of shoes 

• Creative writing 

• Ticket or Coupon

• Pattern

These are some excellent examples of NFTs. Now let us brief you on NFT SaaS marketplace without further ado. 

What is NFT SaaS Marketplace? 

While some NFT SaaS marketplaces are minting fees in specific cryptocurrencies, others avoid fees altogether and run-on different platforms. They all differ from one another and have their own pros and cons. The key categories of non-fungible token marketplace platforms include universal NFT websites and niche peer-to-peer marketplaces. 

Several non-fungible token marketplaces have emerged in 2021. It’s an excellent opportunity for collectors to gather their favorite collections. Most of all, these marketplaces will serve as examples for those who are keen to build NFT marketplaces.  

Below are the most popular NFT projects around globe, as reported by CryptoSlam.

• Axie Infinity

• CryptoPunks

• Farmers World

• Parallel Alpha

• Bored Ape Yacht Club

• The Sandbox

• Fat Ape Club

• Mutant Ape Yacht Club

• Desperate ApeWives

• Art Blocks

Factors that Best Describe NFT Marketplace 

From digital assets to gaming industry collectibles, you can base this business on a wide variety of items. However, the key things that best describe non-fungible tokens and lure business executives are: 

• Unique tokens

• Unified tokens

• Transparency

• Indivisibility

• Ease of transfer

• Distinctiveness

• Trustworthiness 

• Compatibility 

• More power to ownership 

How Blockchain NFT Marketplace Works? 

A smart contract, popularly known as transaction protocol, is the heart and soul of non-fungible tokens. Let’s closely examine the smart contract. 

What is a Smart Contract? 

It points towards a self-executing contract that specifies an agreement between buyer and seller jot down in lines of codes. This data exists across a decentralized and distributed network. Bitcoin is the bedrock of smart contracts. 

How Do Smart Contracts Work? 

Non-fungible tokens work on smart contracts. Each token has unique and original info stored in a contract and blockchain to ensure safety and immutability. Smart contracts work in conjunction with blockchain tech and automatically generate their potential. 

For instance, a buyer sends money to buy a good he wants, and the seller grants the buying right to it. When both parties meet conditions, the contract transmits payment autonomously. 

How does the User Flow look on an NFT Marketplace? 

The user flow isn’t too different for NFT sites. The website visitors are required to create an account by filling in the necessary details. Then, create a wallet for crypto coins or connect an existing one to keep their digital cash in one place. 

The subsequent step is developing NFTs. People who pass registration should submit cyber assets that represent their work. You can build an entire collection and sell them at a specific price. Or establish a bidding system, so the one who offers the highest price gets the desired item. 

However, bear in mind that your goods will never show up on the website without checking and confirmation. Once the system approves non-fungible tokens, potential buyers can see them for sales or bidding. Buyers have the luxury of picking the desired cryptocurrency for deals. Each side will receive a notification once the items are sold. Ultimately, the service controls all movements of items and transactions. 

How to Launch NFT Marketplace as a Personal Business?  

If you are mulling your options to create a unique NFT marketplace from scratch, here’s what you should keep in mind: 

1. Target Market Segment 

Experts suggest that instead of going for a horizontal market, bet on a vertical one. The vertical market represents a space where participants try to provide goods or services that meet the requirements and expectations of a specific category of customers. eBay and Amazon aren’t the best examples to quote here. Why? These marketplaces offer nearly everything to everyone, which makes them horizontal suppliers.  

2. Propose User Rules 

Though there aren’t many options, yet one must think hard and carefully. For example, should they be admins, artists, or buyers? 

3. Map Out your Project & Design  

It all begins with documentation. It’s a routine thing because otherwise, you may risk wasting your time in the future if there are no docs. Unlike offshore pros, in-house staff does not require this sort of documentation. 

4. Begin to Build 

Shortly after your design concept is ready, it’s time to implement your idea. Choose a framework you believe will best serve your needs and goals. There is no harm in hiring a professional developer for NFT software development to ensure high performance and credibility. It will save you time and help cut expenses. 

5. Implement Smart Contracts Token Generator 

When it comes to NFT SaaS development, backend feels a bit different. Why? Well, the majority of the information is affirmed on the blockchain. If you want to build a decentralized app, pass internal logic to the localized part. 

6. Testing and Deployment 

Testing and deployment are a crucial stage. It allows you to detect pitfalls and fix them. Software examination ensures your project runs smoothly. Furthermore, post-launch support is also critical to continue eliminating bugs and guaranteeing quality work of the platform. 

Make sure you don’t launch the service in a rush. Check for issues in functionality to offer a seamless experience. If the final product meets your expectations, it would be a treat for your customers. Thus, this stage is crucial for ensuring supreme performance and credibility. 

Keeping its core features in mind is another aspect you shouldn’t forget before working on your top NFT platform. Also, don’t forget to calculate the estimated cost of the project. 

What are the Must-Have Features of a Top NFT Platform?    

Before listing the core features of your NFT platform, check out the following reasons that incline people towards NFT marketplaces. Blockchain technologies help preserve rights and make digital simpler to work with. In addition, you can trade NFTs freely. What’s more important is that blockchain tech gives customers the confidence that they will get what they want. 

Here are other essential features: 

1. Storefront

It’s a critical feature that must contain info such as preview, bids, price history, owners, etc. 

2.Filters

With filters, you can help customers pick the right product fast and effortlessly. Segregate all your offerings into different categories that affect customers’ decisions in most instances. These could be prices, best-selling items, hot offers, recent goods, and more. This way, users can quickly choose the items they need, which significantly increases the probability of purchasing.  

3. Advanced Search 

Customers want the desired data on items quickly. That too with minimal effort. Your NFT platform should have some features that can sort all items. For instance, art, memes, music, videos, and images. When you offer quick search, it always pleases the customer and compels them to return to your platform.      

4. Create Listings

Give your customers the luxury of creating and sending collectibles. Make sure they can do that swiftly and without any hassle. Create a page where buyers can submit a file by filling in the specific item data. Information such as description, title, and tags is a must in this scenario. 

5. Listing Status 

People who offer goods and successfully complete item verification procedures should be allowed to benefit from this option. It is leveraged to check the status of the confirmation procedure. This functionality is pretty helpful in implementing collectible verification. 

6. Bidding Option 

Making it possible to bid on items and purchase them is critical for any electronic commerce project. It attracts more customers as some love to see flexible pricing as they don’t wish to buy items at their starting fees. Above all, bidding is a lot of fun. That said, be sure to add an expiration date for the auction feature. 

Moreover, registered participants should be allowed to see the current status of their bids. It will enable them to decide whether they keep on placing new bids or buy the item. 

7. Integrate a Wallet

Your users will require a safe place to receive and store their NFTs. Sadly, not all options are secure, as some are unsafe for the security of funds. That’s why the NFT SaaS marketplace must have a wallet right from the beginning for submitting and saving tokens without any fear. Else, you will force your buyers to sign up with another digital wallet service. 

Be sure to keep their convenience at the forefront. Do not create a wallet from zero. Instead, think about integrating one that best works with your top NFT platform. It could be Coinbase, Fortmatic, or else.

It would be ideal to create list of probable wallets that most platforms or buyers prefer. Make every effort to ensure storing, submitting, and obtaining NFTs is as smooth as possible. 

8. Assign Ratings  

This particular feature will give newbies a good idea about where to start, how to buy quickly, and how the system works. For example, assigning ratings will enable buyers to know instantly if the users consider a specific seller reliable or not. With ratings, participants could rate sellers and provide valuable feedback to others based on their experience. 

It will help others figure out how credible each user is. For example, users with the best ratings get attractive rewards.  

How to Develop a SaaS NFT Marketplace? 

There are two ways to build a SaaS marketplace. A quicker and slightly less pricey approach that individuals would love is the use of tools. These tools include Software as a Service (SaaS), Platform as a Service (PaaS), application programming interface (API), and content management system (CMS). 

Among the most popular tools for NFT SaaS development is OpenSea SDK. It offers a marketplace that adapts to your original design. 

The second approach to building these platforms is third-party services. A professional custom NFT SaaS development company can be hired to develop a bespoke platform. Why? It’s a tried and tested method to create a marketplace that matches all your needs and requirements. 

When you hire an experienced team, they will take care of everything for you. From design to development, testing, and deployment, they have you covered. Adding new features and improving the platform can be done at any point in time. It means that when you scale your platform, you will attract more users. 

Below are a few other pros of building a custom NFT SaaS marketplace:

• Secure 

• Compatible 

• Scalable 

• Functional 

However, it is more expensive to develop a bespoke platform. Yet, a wide majority choose to go with custom NFT SaaS development because security is a top concern. Now that is something you can guarantee using this approach. How? You won’t have to deal with 3rd parties because the data will only belong to your networks or servers. 

What is the Cost of Building an NFT SaaS Marketplace? 

This question is of great significance, especially for those looking to work with a limited budget. The total cost of the project depends on the amount of work required to deploy the platform. Another critical factor is whether you are using a tool or custom approach to build the marketplace. 

Project complexity is another aspect that one needs to take into consideration. For instance, how many features you would like to add? How complex interface and navigation be? Remember, the higher the complexity, the higher the cost. To build a user-friendly marketplace, don’t hesitate to spend your time and money on:

• UI/UX Development 

• Main Page

• Product Page

• Rating Page 

• User Profiles

• Wallet Integration 

• Crypto Integration 

• Security

• Admin Panel

• Buyer Seller/Panel 

• Management   

The coders from the US and Europe are likely to charge high prices for NFT SaaS development. However, development agencies in Canada have lower rates, and they do not compromise on quality standards.