How to build NFT marketplace: guide
NFT, or “New Financial Token”, is building a full-fledged marketplace for the digital currency and collectibles industry. They combine the benefits of an online marketplace with the security and convenience of a closed-end investment fund, creating a truly unique hybrid marketplace.
This article will introduce you to the NFT project and its upcoming marketplace, as well as provide some useful tips on how to invest.
What is NFT?
NFT is a digital token designed and built by a team of experienced software developers and digital currency enthusiasts.
It is intended to serve as a payment method for content creators, merchants and other members of the digital currency community. It is open source and built on top of the Ethereum blockchain, using some of the most well-known tools in the industry such as MetaMask and MyERC721Token.
The NFT project was originally started by Jon Choi, who began exploring the idea of a decentralized marketplace in early 2018. He envisioned a platform that would allow users to seamlessly make purchases with a variety of currencies, including BCH, BSV, Ethereum, and more. The funds from these transactions will then be managed and invested in a diversified portfolio of digital assets, ensuring users have maximum exposure to the largest number of markets while providing them with the convenience of instant settlement.
The NFT project received an overwhelming amount of support in the form of positive press and community involvement, and the concept resonated with many. It quickly became clear that a digital token solution would not only be the preferred payment method, but would also provide a number of additional benefits to content creators, traders and other members of the digital currency community.
Why is the digital currency industry in demand?
The rise of digital currencies and blockchain technology has been nothing short of spectacular. We are now witnessing the incredible mainstream adoption that was once reserved for tech-forward industries like online shopping and cryptocurrency trading.
The number of consumers engaging with cryptocurrency has grown from 1% to 4% to 10% in 2018. And that doesn’t include the billions of dollars in market capitalization that keep changing hands as a result of active cryptocurrency trading or value fluctuations due to industry volatility.
In addition, the number of people looking to enter or exit the cryptocurrency space has decreased, with an increasing number of users staying in the market because they see it as a long-term holding, similar to investing in gold or another long-term store of value.
The demand for a hybrid marketplace consisting of both online and offline channels is significant, given the convenience that online shopping provides by making purchases available 24/7, 365 days a year from the comfort of your home. And with the ability to make instant settlements and minimal delivery times, online marketplaces allow for quick turnarounds and hyper-growth, two important factors for small and medium-sized businesses, content creators and other members of the digital currency community.
How does NFT plan to achieve mainstream adoption?
NFT intends to harness the combined power of a blockchain-based digital token with the benefits of an online marketplace. The digital token will allow users to make purchases in a number of ways, including but not limited to:
- purchasing digital content, such as novels, e-books and music albums;
- pay for software and hardware upgrades;
- fund social media platforms; and
- participate in crowdfunding campaigns.
The combination of an online marketplace with the security and efficiency of a blockchain-based digital token will provide consumers with an easy way to participate in cryptocurrency and digital asset markets while ensuring that their transactions are always processed accurately and securely. The end result is increased trust and comfort in the digital currency community, which drives mainstream adoption.
What is the NFT Marketplace?
The NFT marketplace is a hybrid marketplace that combines the benefits of a trusted third party (TTP) with the security and efficiency of a blockchain-based digital token. It is a place where content creators, software developers and other members of the digital currency community can sell their products and services to a sophisticated audience of online customers, using the value of a token as a common currency.
The NFT marketplace is fully operational and available for use by the public, with users able to make purchases using a variety of cryptocurrencies and traditional fiat currencies. It also provides a fully integrated solution for users interested in opening an account and using the many features available, including:
- an escrow service to protect content creators, software developers and other stakeholders from fraud and theft;
- a diversified portfolio of cryptographically certified investments;
- a built-in knowledge base with tutorials, FAQs and other useful content; and
- full KYC/AML compliance for all users and investors as required by law.
The NFT Project is currently seeking to raise $25,000,000 USD to build and launch their NFT Marketplace. If you want to learn more about NFT, you can visit their website, blog, telegram group, or contact their team directly through one of their social media channels. You can also watch their introductory video below, which gives an overview of the project and its upcoming marketplace.
