NFT Marketplace is one of the promising businesses in today’s competitive Crypto niche and is expected to make wonders in the next few years. Despite the promising numbers, the growth of an NFT Marketplace subsequently depends on the number of potential features it possess. Like online stores, NFT Marketplaces allow you to buy, sell, and auction NFTs (artwork, music pieces etc) through specialized features. Hence, knowing the top 10 features of NFT Marketplace can have a huge impact, if you aim to start a profitable NFT Marketplace Platform as a business idea.
Also, there is a common query among business heads, which is, “What features do I need in my NFT Marketplace for sustained growth”.
So, we have covered the answer to that with an entire features list, an NFT Marketplace should have for a tremendous business journey. Before that, let’s start with the…
Importance of Features in an NFT Marketplace
Features are the backbone of a website and act as a bridge between the NFT Marketplace and the user. They satisfy different criteria and bring an array of use cases in an NFT Marketplace.
Marketplace Performance
The features determine the platform’s overall performance in the competitive NFT Market. The platform’s transaction speed, traffic, and user interactions, all depend on the features, and “Features” can be clubbed as “The Building Blocks of the NFT Marketplace”.
Security Factors
Power-packed security features like identity verification, two-factor authentication, biometry, and anti-phishing mechanisms are important in NFT Marketplaces. Additionally, security features have the potential to earn trust among users and cannot be neglected.
More NFT Creators and Ecosystem built
Increased trust in your NFT Marketplace means users can feel more confident about their transactions. This, in turn, encourages NFT creators to make passive income and build the NFT ecosystem largely.
Flexibility for Users
With a broad array of trading features, users can utilize the platform with flexibility. The NFT Marketplace helps users trade NFTs anywhere at any time. Along with that, NFT Marketplaces can offer mobile apps, desktop apps, or any other usage mode for easing NFT transactions.
In the next part, let’s see about the essential features that an NFT Marketplace must possess.
Must-Have Features of NFT Marketplace
Here are the top 10 Must-have features of an NFT Marketplace.
Store-Front
The storefront contains important details like NFT name, collection name, creator, royalties, etc. Users can get complete information about the specific NFT easily. The feature has all the essential needs of a user including wallet integration, social sharing, customizable layout, etc. The storefront must be designed in an attractive and easy way for navigation. Apart from covering the diverse necessities of users, the storefront provides a personalized experience as well.
User Registration
The user registration feature is essential in NFT Marketplaces to create accounts quickly and manage the NFT collections. A proper user registration feature is usually built by considering user experience in mind, security, and wallet connection. For various activities like identity verification, email verification, and two-factor authentication, user registration becomes the first step.
Crypto Wallet Integration
Crypto Wallets are significant for storing and accessing NFTs in the NFT Marketplace. Since the platform is decentralized, a wallet connection is mandatory for users. In recent times, multi-chain integration features have become a common trend for providing different blockchain accessibility to users. So, Wallet integration plays a huge role in securing user’s assets and regaining trust in the platform.
Ratings & Reviews
The ratings and review system in NFT Marketplace allows users to give their feedback on the services in the platform. The purpose of ratings and reviews is to build trust, transparency, and brand among users entering the platform. Also, the rating is usually done based on the NFTs, the creators, or the transaction services in the platform. For the long-term survival of NFT Marketplaces, ratings and reviews become a highly influential feature.
User Profile
The NFT Marketplace possesses a separate section for users as a profile section. Here, users can maintain their account’s security by turning on two-factor authentication, fingerprint recognition, etc. Also, they can edit their profile settings, modify their email address, and view previous transaction history, vouchers, referral programs, theme, wallet connection, and payment mode settings for complete authority.
Listing & Status
The listing feature in NFT Marketplace allows users to list their NFTs for buying, selling, or other trading activities. The listed NFT contains information on recent transactions, auction prices, and bidding prices. To obtain the status and alerts regarding the NFT, Push notification options can be turned on. So, the listing feature allows top creators to make profits from their work while buyers can examine it completely before investing in the listed NFT.
Filter & Search
The enhanced filter and search option with various sub-categories in the NFT Marketplace helps find specific NFTs. This feature divides the NFTs into categories like price range, relevancy, popularity, and highly sold ones. Also, users can sort NFTs according to their needs and specifications. Basically, the filter and search engine ensure the users can find what they are looking for in a quicker way without much delay.
Bidding Option
The auction and bidding feature is one of the primary engagement source in the NFT Marketplace Platform. Users can place bids for a particular NFT in the auction and one who places the highest bid gets ownership of the NFT. Also, the bidding option provides information about the latest bid price, and maximum and minimum bid price for the NFTs and is key to encouraging more NFT users to participate.
NFT Minting
NFT Minting is the process of converting a digital collectible into NFT and storing the data on the blockchain. This feature is important for creators to showcase their unique identity and list them on the marketplace by deploying smart contracts and paying gas fees. Also, the blockchain choice is significant in determining the gas fee for minting NFTs.
Also Read : Top Blockchain Platforms to Create NFT Marketplace
Community Engagement
The community engagement feature allows NFT enthusiasts to learn about the current trends and popularity of the NFTs in your NFT platform. This feature improves the visibility of your NFT platform among a wider audience by commenting, linking, and building conversations. Along with that, Important events like Referral programs, bug bounty launches, and new NFT airdrop-like information are also conveyed through this community feature and act as a tool for trust building.
These are some of the essential features that every popular NFT Marketplace possesses. Apart from that, there are add-on modules or features that can be implemented in the marketplace that make them stand out of the box.
Add-on Features of NFT Marketplace
Here are some of the add-on features that an NFT Marketplace possesses.
Cross-Chain Compatibility
Cross-chain compatibility is an integral part of NFT Marketplace, allowing users to access different blockchains through one platform. So, the feature has many benefits for your users including improved acceptance and diverse opportunities for NFTs from around the globe.
Help Center
Today, every NFT Marketplace provides customer support or help centers to sort issues of crypto users. Here, the NFT users can raise tickets for technical issues or bugs. The admin will take the necessary steps to clear the problem as soon as possible for the user. Some NFT Marketplaces even offer 24/7 support where every user from anywhere at any time can raise tickets.
NFT Stats
This feature explains the entire NFT trend, price history, and the current status of a specific non-fungible token for user transaction reference. By offering real-time data, and analytics, users can complete their crypto trading more efficiently. This data will help users predict the price before the sale and help them trade the NFTs effectively.
Royalty Management
NFT Marketplaces provide royalty options for creators who list their NFTs in the marketplace. Creators can modify their royalty percentage for all the secondary sales in the marketplace. This will act as a potential revenue-reaping stream for NFT enthusiasts.
So, Each of these features can impact the overall cost required to build an NFT Marketplace business. Hence, consult top professionals in the NFT field while planning your business. .
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Final Takeaway
We hope that you have got essential information regarding the top features of the NFT Marketplace. As said earlier, without features, the NFT Marketplace is likely to lose its potential. Adding advanced-level features to your NFT Marketplace can be an added bonus.
As a leading NFT Marketplace development company, Coinsclone can help you fix the top features in your NFT platform. Our development team has plenty of experience in creating NFT Marketplaces without any hassles. For any guidance related to NFTs, you can contact our business team.