How To Build A NFT Fashion Marketplace?

Many industries implement the latest trends, turning them into the best possible opportunity for marketing, customer engagement, better user experience, or any other purpose. One such emerging trend is NFT. 

NFTs work on Blockchain technology. It is a non-fungible token representing digital assets like artwork, music, in-game items, videos, and even real estate. These non-interchangeable tokens define the ownership of unique items bought and sold online.

Initially used by the gaming industry, NFTs are slowly moving towards other sectors like Fashion. One of the common ways NFTs are being used in the fashion space is through NFT marketplace development. 

This blog will highlight the NFT properties necessary for your fashion business and how you can build your own NFT Marketplace with its essential features and working process.

NFT Properties

1. Limited Run

The foremost property of NFT that excites customers is that it runs on Scarcity. The owner of the NFT gets to decide how many NFTs they are going to release. For example, Louis Vuitton, on its 200th anniversary birthday, released an adventure game consisting of 30 hidden NFTs with 10 NFTs in collaboration with “Beeple,” which was an incredible idea for engaging with customers.

2. Collectibles

This is the following property of NFT from which fashion brands can take inspiration. Some people like to collect unique, luxury, and antique items, especially someone with interest in Fashion or art. For instance, Krigler, a luxury fragrance brand, presumed their customers were interested in collecting perfume bottles, especially antique ones, as a memory of the fragrance or hobby. Anticipating this, they released NFTs where customers can lease an archival Krigler scent. 

3. Earnings for Creators

Apart from excellent marketing and customer engagement properties, businesses use NFTs to make a profit. Many brands publish their work on social media for exposure; however, they don’t earn anything directly. With NFTs, brands can attract customers and earn by selling NFTs. The NFT market sale reached approximately $2.5 billion in the first half of 2021. 

4. Uniqueness

NFTs are the unique cryptographic tokens on the Blockchain network that cannot be replicated. Thus, it can be used to represent real-world items like artwork, real estate, one-of-a-kind fashion items, and more. Therefore, fashion brands are leveraging this property through NFT marketplace development to buy, sell, and efficiently trade NFTs while reducing the possibility of fraud.

How NFT Marketplace Works

For a user, the NFT marketplace usually follows a similar workflow. Firstly, a user must register and connect the crypto wallet to store NFT. Users can create NFT on that marketplace and upload their items to exhibit the NFT details like the price and permitted payment tokens. After the NFTs get configured, it is listed for sale. Next, the interested users can place a bid. The NFT is sold to the highest bidder, and the transaction process takes place via a crypto wallet.

Several significant factors and technologies play essential parts, from listing an item for sale to selling. The underlying technology in the NFT marketplace process is Blockchain. It makes these NFTs unique and distinct and enables traceability of ownership. 

The working of the NFT marketplace is done automatically through Smart Contracts. It identifies data associated with an NFT and explains terms of sale between a buyer and seller through a self-executing digital contract coded into the Blockchain network. These Blockchain development services facilitate an NFT marketplace defining unique ownership of any particular NFT.

Must-Have Features in Your NFT Fashion Marketplace

1. Storefront to view different NFTs and their details such as price or auction window.
2. Filters by category, payment method, due time, and listing status.
3. NFT Listing with step-by-step uploading and selling instructions.
4. Buying and Auction to facilitate selling mechanisms.
5. Crypto Wallet Solutions to carry out transactions.
6. Review and Rating to get the user’s insights on the NFTs.

How to Develop a Fashion NFT Marketplace

1. Requirements Gathering 

Firstly, you need to focus on defining the resources, including business requirements, user requirements, and system requirements. You should also be aware of your audience niche and their feature requirements. You should also carefully decide on a domain name as it will represent your brand and play an essential role in SEO.

2. UI/UX Design

A UI/UX design will help you understand the look and feel of the NFT marketplace and deliver an efficient product. You can determine whether your NFT marketplace provides an excellent user experience through user interfaces and screen mockups before the development process. 

3. Select a Blockchain Model

Blockchain technology enables the operation of an NFT marketplace. Therefore, you would need a Blockchain platform to facilitate Smart Contracts in your marketplace. Based on the strength of the targeting community and budget, you can select a Blockchain platform. 

Some of the Blockchain platforms that you can consider are:

1. Ethereum
2. Flow 
3. Cardano 
4. Tezos
5. Solana

4. Implementing the Features 

Above, we have mentioned the convenient features and platforms of the NFT marketplace, as well as the UI/UX design process on which your marketplace functionally will be based. After selecting the relevant features and technology, you can integrate them into your NFT marketplace through suitable SDK and APIs. 

5. Test and Launch

Only implementing the features in the development stage will not complete your work. You need to ensure your marketplace is free from errors, bugs, or glitches. Therefore, testing the platform is very important. It will also ensure your NFT marketplace functions properly and offers an excellent user experience as well as security. 

Conclusion

The popularity of NFT is increasing at a high rate. As per Statista, as of April 15, 2022, the NFT sales recorded $54 million in just the previous 30 days. Looking at these stats, we can conclude that NFT is a promising industry. Thus, to establish the presence of your business here, it is the right choice to build an NFT fashion marketplace.

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Author’s Bio

Tom Hardy is a Sr. Software developer in a leading Blockchain development company. In his free time, he likes to share his knowledge on the latest technology like AI, AR/VR, Blockchain, and NFTs through blog writing.