Peer-To-Peer NFT Marketplace Development Company
Why is P2P NFT Marketplace preferred by Entrepreneurs?
Peer to Peer NFT Marketplaces are decentralized because there is no centralized authority controlling the Marketplace. This marketplace has lower fees than other traditional marketplace types, which can help entrepreneurs maximize their profits.
P2P NFT Marketplaces have a worldwide reach, allowing entrepreneurs to reach out to every NFT enthusiast out there. By 2023, the P2P NFT Marketplace platform will have over 1 million users overall. In 2023, revenue in the NFT category is expected to reach $3,546.00 million.
Revenue is estimated to rise at a 22.82% annual rate (CAGR 2023-2027), reaching a total of US$8,068.00m by 2027. In 2023, the average revenue per user in the NFT segment is US$70.46.
Peer-to-Peer NFT Marketplace Development
A Peer-to-Peer NFT marketplace is a decentralized platform that allows users to buy, sell, and trade Non-Fungible Tokens (NFTs). P2P NFT marketplace, unlike traditional marketplaces, are not controlled by a central authority, and transactions are facilitated through smart contracts on a blockchain network.
Transactions in a P2P NFT marketplace are recorded on a blockchain which is a decentralized and tamper-proof ledger. This allows you to easily verify and track the ownership and provenance of the NFTs. Lower fees, better control over sales and distribution, and access to a worldwide market are some of the benefits of P2P NFT markets over traditional marketplaces.
Features of P2P NFT Marketplace
Smart Contract Integration
Transactions and the ownership of NFTs on the market are managed through smart contracts. They should be developed to ensure their efficiency and security.
Search and filter functionality
To identify the NFTs they are interested in, users may quickly search and filter among the ones available on the marketplace.
List and Buy/ Sell functionality
Users are able to list their own NFTs for sale and they can set their own prices. And also they are able to buy the NFTs at affordable prices using the sorting function easily.
Secure wallet integration
P2P NFT Marketplaces will have an integrated wallet that helps the users to store and manage their NFTs securely. The marketplace should allow every third party wallet to access the NFT storage and buy/sell process.
Payment Gateway Integration
To support transactions on the marketplace, a payment gateway is required. It should be incorporated in such a way that it is secure, quick, and easy to use. The gateway should be capable of processing multiple cryptocurrencies at a time.
NFT Minting Engine
NFT Minting Engine is integrated for helping the users to upload their artwork on the digital platform seamlessly. The NFT minting engine should be fast and efficient in minting the digital artworks as bulk NFT minting may happen at a time.
Royalty Payment Support
Royalty Payment Support is an important integration in the p2p NFT marketplace with the intention of offering to pay creators in a lifetime. During the NFT minting process, creators can specify royalty in the smart contract. Royalties usually vary from 5% to 10%, and the money is instantly sent to the artist's wallet upon the completion of a subsequent sale.
P2P NFT Marketplaces should support Multi-chain interoperability, which allows assets, data, and smart contracts to interact with multiple blockchains. The interoperability can make your p2p NFT marketplace accessible in all networks regardless of native blockchain.
Gas-Free Marketplace Solution
The gas-Free marketplace solution allows users to buy and sell the NFTs without any gas fees. Gas fees are the costs associated while executing NFT transactions, and keeping the marketplace gas free can significantly increase your user base. This can be achieved by interconnecting with blockchains like polygon and solana.
Advantages of P2P NFT Marketplace
As the future becomes more dependent on virtual world platforms, starting a P2P NFT marketplace will generate millions in revenue and provide a high return on investment.
A high level of extra security will be built into the P2P NFT Marketplace, including DDOS, CSRF, SSRF, 2FA, and others, to prevent restrictive hacking and other external assaults.
After the NFT is transferred to the buyer's wallet and the payment has been made in accordance with the contract, the P2P NFT Marketplace will be able to provide instant ownership.
Within this marketplace, there are various types of crypto wallets that may be used to store the cryptos for transactions including buying, selling, and trading.
Effective Data Analysis
The platform offers real-time information on each NFT, every user, and every transaction since each NFT was minted on the platform. It also offers the history of each NFT from that time.
Multiple Currency Support
P2P NFT Marketplaces allow users to buy/sell and trade the nfts using multiple currencies. It also includes fiat deposits and other altcoins. This customization will be based on the client’s requirements.
White Label P2P NFT Marketplace Development
White label P2P NFT marketplace is a pre-built software solution built to manage the full cycle of a P2P NFT marketplace. This enables clients to customize the software to their own business needs.
The P2P NFT marketplace source code is developed by including all of the features found in popular P2P NFT marketplaces. This White Label NFT Marketplace solution enables startups and entrepreneurs to launch their own P2P NFT Marketplace quickly.
Cost to develop a P2P NFT Marketplace
Cost of the P2P NFT Marketplace Development would be determined by the features and requirements provided by the client. There are several factors that will affect the development cost where the major factors are Number of Features Included, Level of Customization, Tech Stack, Third-Party API Integration, and more.
Why is Hivelance the best P2P NFT Marketplace Development Company?
Being a leading P2P NFT Marketplace Development company, Hivelance provides end-to-end NFT Marketplace Development Services and solutions. We can develop a nft marketplace on various blockchain networks like BinanceSmartChain, Ethereum, Tron, Matic, etc based on your business needs.
Our skilled developers have 10+ years experience who develop software with the latest technology and tools. Our experts will design and develop the p2p NFT marketplace platform with exclusive features and functionalities to meet our expectations