Why Should You Develop An NFT Marketplace Like OpenSea?

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The NFT( non-fungible tokens) business is already booming – and it is only going to improve as time passes. NFT marketplaces like OpenSea are gaining popularity due to their benefits over traditional marketplaces. People are investing millions in NFTs, sensing the gradual shift towards virtual reality.

Existing NFT marketplaces like OpenSea are successful, but they have scope for improvement, which you can address in your NFT marketplace.

For instance, you will have control over fundamental aspects of NFT marketplace development like OpenSea, such as UI and UX. Professional NFT marketplace development services can also help you include additional functionalities to stand out from competitors.

Need more convincing? Here’s a look at the top reasons why building an NFT marketplace like OpenSea is an excellent idea in the current scenario.

NFT Marketplace Development Services: Features & Perks Of An OpenSea-Like Marketplace

Ask any NFT marketplace development company about the reasons behind developing an OpenSea-like marketplace, and they’ll likely mention the following:

Largest NFT Marketplace

Founded in 2017, OpenSea has built a massive user base over the years. It boasts over a million active users, more than 80 million NFTs, and $20+ billion in sales volume. 

OpenSea’s vast reach and diverse audience have made it a well-known brand among NFT enthusiasts worldwide. As your NFT marketplace inspiration, OpenSea emphasizes the needs of the largest target market. You will be able to create an all-encompassing entity that covers all the features a modern NFT marketplace should have.

You can, hence, take its popularity trends into account when developing your NFT marketplace.

User Convenience

OpenSea has successfully appealed to millions of NFT users despite being the first of its kind. Its continued popularity is because its creators have maintained a convenient, practical, and engaging interface.

Therefore, it is a good idea to ask marketplace developers to ensure your platform’s design is interactive and fulfills the needs of your users.

Smart Contracts

An NFT marketplace like OpenSea provides high levels of security in the form of smart contracts. They facilitate the exchange of NFTs and cryptocurrencies.

The platform also has several data security measures and protocols to handle threats. It has dealt with its share of cyberattacks, which you can explore and take steps to avoid on your platform.

Royalties

NFT creators can also claim resale royalties while keeping ownership rights, and OpenSea provides a 10% royalty fee. The only thing they need to do is implement a smart contract that specifies a percentage per transaction. Their share of each exchange will be guaranteed if the smart contract is in place.

A Professional NFT Marketplace Development Company Can Help!

An NFT marketplace offers all the advantages traditional marketplaces cannot, and now’s the best time to own one. You can start looking for professional NFT marketplace development services now that you know this.

There are several other popular NFT( non-fungible tokens) marketplaces like Rarible and SuperRare out there with their own pros and cons. You may want to know more about their specific advantages to include in your project before you get started.


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