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How to Create an NFT Marketplace Development? – Build it on your own!



How to Create an NFT Marketplace Development? - Build it on your own!

“A new NFT marketplace for Indian artists has been launched on a blockchain platform. The doors are open for Indian creators to place their digital assets for auction in the NFT marketplace to earn profits in upcoming years. NFT marketplace development has enabled ways for instant sale of digital assets and collectibles like art, audio, video, and games from other digital services.

The NFT market has grown over 299% in 2020 for more than $250 million as a total transaction.”

Create an NFT Marketplace Development – Build it on your own

The NFT platform is gradually increasing in recent years worldwide. Millions of users prefer this blockchain-based platform as it is more reliable and efficient since the value is soaring in the marketplace.

Many companies worldwide are stepping forward to tokenize their own NFTs with the latest features initiated along with it. The NFT marketplace’s creation is challenging and lures many users & developers as the NFT recorded more differences in the trade rate.

What is an NFT Marketplace?

The non-fungible tokens (NFTs) are considered digital assets that hold unique characteristics. However, the NFTs are different from other crypto-tokens since they belong to fungible. It conveys that BTC value to be similar to that of another BTC.

The fungible tokens are interchangeable and transferable since it holds similar details like other crypto-tokens in the blockchain platform.

Fungible tokens can be divided into small units, whereas NFT cannot since it is unique. The information present in NFTs possess unique functions that are transparent and verifies the scarcity of NFTs. Digital assets like art and games are used in NFT.

The NFT offers powerful ownership rights, high-level security, and immutability.

Why is the NFT Marketplace solution efficient for future growth?

The NFT has stormed the internet in recent times, and many users worldwide have been hyped after certain collectibles like art and music went viral after the launch made by celebrities like Elon Musk.

NFT market cap has increased tenfold in two years and topped the table with high value. The NFT marketplace allows digital assets to be sold by sellers on customers’ requirements.

The exchange of transactions made in the NFT platform is charged at significantly less fee and maintains transparency. The smart contract initialization in NFT based blockchain platform has raised active users of 200 in 2020 and more than 500 in 2021. The transaction volume measured weekly in the marketplace found that NFTs value is high when compared to Ethereum. The value of NFT has dropped at times but primarily stable all the time in the marketplace.

Workflow of NFT Marketplace :

The NFTs operated using the integration of smart contract systems. The NFT tokens have unique information stored in the smart contract as records. The development of the NFT marketplace requires the creation of a non-fungible token protocol in the ethereum network. Smart contracts present in the marketplace system enable the initialization of certain features or functions.

Create Your Own Profile

Once the marketplace of NFT is ready, users can create their profiles on this platform and download their wallets to store NFTs and other cryptocurrencies. The user can prefer the tokens as they wish to pay and get the art for selling it on a secondary platform to earn more income. The users can list their collection of NFTs bought and bid for an auction to make it hassle-free access.

Efficient Features of NFT Marketplace Development :

  • Security is a prominent feature in the NFT platform regarding the transaction of tokens between traders in the marketplace. The in-built security protects from transaction loss and other unwanted activities since it is secured with private keys.
  • Transparency is maintained to show the user a clear view of each transaction made in the marketplace. The blockchain network ensures a bug-free payment process to have smooth transactions.
  • Smart Contracts are initialized by signing the agreement digitally to prevent fraud activities and eliminate the intermediaries for no commission fee. The smart contracts are written in lines of code to automate the process.
  • Decentralization in the NFT platform enables all data to be copied and distributed to various blockchain networks. Each time a new block is introduced, the NFT platform’s network updates its blockchain to make changes.
  • Payments and Charges in the NFT marketplace initiate instant payments as cryptocurrency. There will be no need for personal information or card details to access this platform for trading.

Benefits of NFT Marketplace

  • The platform of the NFT marketplace is user-friendly and has unique properties.
  • Enables easy customization of UI.
  • Wallet integration is seamless.
  • Provides safe and secure transactions.
  • Track and record transactions efficiently.
  • Low traffic congestion.
  • Less transaction fee.

Creation of NFT Marketplace like Rarible :

  • The NFT marketplace like Rarible has legal compliance in their functioning process and attractive user interface (UI) to lure users towards this NFT platform.
  • It offers comprehensive service to buyers and sellers for making this NFT marketplace well known globally.
  • A marketplace like Rarible provides high-level security, immutability, fast transactions and fewer transaction fees.
  • The creation of a marketplace like Rarible built using the latest technology stack software and professional expert’s assistance.
  • The marketplace like Rarible is then tested under certain stages and made ready to launch for investors to skyrocket their business.
  • Investment towards a marketplace like Rarible has more potential in trading and a lot to offer users since the token value is high for competing with others in the market.

Development steps of NFT Marketplace like OpenSea:

Marketplaces like OpenSea are considered to be best for buy, sell and trade across the globe in recent times. This platform offers a lot of unique digital items for users to trade and benefit from it.

The users are attracted to this marketplace since they can tokenize their games, art, and real-world assets to NFTs and earn more income in less time.

The main reason to choose a marketplace like OpenSea is that it acts quickly in transactions with less wait time and has more value in the trade market.

  • The NFT marketplace like OpenSea offers various digital collectibles like domain names, art, games, etc.
  • A marketplace like OpenSea always allows anyone to buy or sell NFTs.
  • The built quality of this platform is highly scalable and comes customizable according to users requirements.
  • It enables a multi-wallet payment gateway for the purchase of various NFTs and crypto-tokens.

Summing Up :

The NFT marketplace development is the current trendsetter in the digital world. The value of NFTs has not dropped and is still stable in the marketplace.

The increase in NFT token value has gained users’ attraction to adopt this platform for its efficient features. It’s high time for investors to consider this blockchain platform since the market for NFT marketplaces is trending in recent times.

A similar platform with all technical features is developed and given by professional experts. Connect with a leading blockchain company to raise the business standards and compete with others in the marketplace.

Linda John

Linda John is a Senior Technical Writer in Blockchain App Factory, tangling through a wide range of cryptocurrency analysis and forecasts. Based on Chicago, Linda John’s astute mind and counsel is most sought after among blockchain enthusiasts for guidance into new avenues.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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