With the rise of NFT games such as Axie Infinity, it’s only natural that we’re seeing more game NFT marketplaces popping up. These NFT marketplaces serve as trading platforms for players who want to earn profits from their earned items – and from the developer’s perspective, launching one’s own NFT marketplace is no longer a luxury but a must-have for most game NFT projects out there.
In this article, we’ll take a different approach and discuss the best way for you to go around NFT game marketplace development.
A NFT game marketplace is, simply put, an aggregated NFT marketplace where players gather and trade their NFTs. It is arguably one of the most important pieces of every gaming NFT project out there since players who play NFT games are after profits, and NFT marketplaces are practically the way to drive their profits from their earned NFTs.
For example, a player who plays Axie Infinity can collect NFTs in-game and then, later on, trade their collected NFTs on the game’s in-house NFT marketplace.
When considering launching a game NFT marketplace, you’ll need to consider the many benefits that come with opening one and weighing the pros and cons of it all.
Because of its nature, a game NFT marketplace opens up various earning opportunities that make it a great revenue source for your business.
🔎 For example, users could be charged a transaction fee when trading on your NFT marketplace, and since NFT assets have significantly higher prices compared to traditional games, this could add up and make a difference.
As the game NFT marketplace is a rapidly growing industry with interest from investors all over the world, chances are your NFT project could be next in line to receive funding from investors.
A well-built game NFT marketplace that is based on your NFT game could be just the missing piece to show investors that your project is complete and ready to take off.
Because of its blockchain-based nature, a game NFT marketplace is completely transparent as all transactions are recorded in the blockchain and available for viewing by all.
This is why that NFTs are virtually impossible to forge, and your users could consequently feel more loyal and comfortable with your brand.
Developing a game NFT marketplace isn’t the most straightforward thing. And if you’re inexperienced and/or haven’t done the proper research beforehand, chances are you would run into these common pitfalls:
Since NFT marketplaces in general are still relatively new, it’s no easy task to choose which solution you should go for. Your options are either to develop the whole NFT game marketplace from scratch or rely on white-label NFT marketplace solutions, each approach with its own pros and cons which is why you should weigh your options carefully before committing to it.
If you’re just launching the NFT marketplace now, it might be worth it to consider the competition that you might face when the NFT marketplace is launched. To rise above the rest, you’ll want to ensure that you’ve done the proper market research and identified your target audience beforehand. In this way, you can develop a user-first marketplace that is both reliable and engaging.
Not every game NFT marketplace is the same, but these are the essential features that all game NFT marketplaces must have for basic functionality. When looking for developing a game NFT marketplace, you’ll need to make sure that it has the following features and functionalities:
More payment methods help make the NFT space a little bit less complicated for new users. With off-ramp and on-ramp solutions, for example, you can allow for seamless cash flow between fiat money and cryptocurrencies and vice versa, which means even more options for users to do their trading/buying. And since every unfinished transaction is a loss sale, you’ll want every chance you can get to encourage users to that finish line.
📌 Read more: Buying NFTs With Credit Cards
The point of a game NFT marketplace is that buyers should be able to resell their NFTs once they have already bought them, thus allowing for an economy that can attract newcomers and retain long-time players. For this to happen, secondary sale is a vital feature and must function without faults.
📌 Read more: Buy and Resale NFT
Game NFTs often come with attributes and rarities to set themselves apart from other NFTs of the same kind. To make the experience better for both buyers and sellers, you’ll want to include the ability to filter NFTs by their specific attributes, rarity, popularity, price, and so on.
The front aka storefront of your game NFT marketplace will need to be capable of attracting new visitors. For this to happen, you’ll need some sort of customizability in the backend which allows you to make changes to the way your storefront looks.
Most solution providers should provide some sort of customizability to the storefront, but in order to achieve the ideal look and feel, you’ll want to look into developing a game NFT marketplace from scratch.
📌 Read more: Advanced NFT Store Theme Customization
Between potentially hundreds or thousands of game NFTs in your marketplace, you’ll want a way to let visitors know what’s hot and trending – and rankings based on metrics such as price or view, visitors are a good way for this.
Depending on your specific requirements, it might be hard to properly determine the exact cost & development time needed for your NFT game marketplace.
For most game projects out there, the total cost can range from $100,000 to $500,000 and development time can take months. The reason for this huge variance between development costs for NFT marketplaces is that these marketplaces are complex and require deep integration with specific NFT games.
Every solution provider is different, but for most of them, there’s still a process to developing a game NFT marketplace. Typically, this is what you would normally see when working with a solution provider:
That’s a lot of information to process. So we’ve also prepared a summary inforgraphic for your convenience
A game NFT marketplace is undoubtedly crucial to the success of your game project, as it helps to foster your own NFT economy while driving up the value of your project’s token at the same time. For game project owners, you might want to look into launching your game NFT marketplace as soon as possible since any delay in doing it could mean wasted opportunity costs for your NFT business.
Fortunately, with NFTify, you can launch your own game NFT marketplace for free & within days with our white label game NFT marketplace solution. We support custom tokens, bulk upload, customizable theme – and basically all the necessary tools & freedom you need to launch a fully-functional game NFT marketplace.
📌 Go ahead & open your NFT marketplace via: http://nftify.network/