NFTs or “Non-Fungible Tokens” are digital assets identifiable by their unique codes. If you want to ride the NFT wave and grow in this space, reach out to the Seven Bits team today.

1. NFT Marketplace Development: Everything You Must Know About This Exciting Trend
NFTs or “Non-Fungible Tokens” are digital assets identifiable by their unique codes. The
uniqueness of this technology, combined with the promise of efficient asset exchange, turned
NFTs into a global phenomenon in 2021. Celebrities and massive corporations threw their
weight behind this exciting new asset form. As a result, NFTs exploded into the public
consciousness over the past year. A CNBC report highlights that NFT trades spiked to more
than $17 billion in 2021, growing by an impressive 21000%. The massive trading surge in this
hot new asset signifies a growing demand for suitable marketplaces to exchange them. NFT
Marketplace Development is a vital service for capitalizing on this trend and feeding the
growth engine. Let's break down all the details of this future-ready service.
Untangling the Nuances of NFTs
NFTs exist on the blockchain, holding digital data that stands for unique assets. These tokens
are non-fungible and are not amenable to like-for-like exchanges. While currency bills are
exchangeable against other currency bills of equivalent value, NFTs are distinctive in their
identity and value. This quality is known as non-fungibility.
NFTs often denote intellectual property like art or music. They can represent both digital files
and physical items. They turn real-world assets like real estate into non-interchangeable
tokens for ease of storage, exchange, and trading. NFTs allow easy trading of the valuable
commodities and intangible assets they represent. However, an NFT exchange platform is
essential for facilitating these trades.
Why Do NFTs Need Separate Marketplaces?
NFTs, like cryptocurrencies, exist on the blockchain. Yet, they cannot be traded on
cryptocurrency exchanges where popular crypto coins like Bitcoin, Ethereum, and Ripple are
tradeable. Why? This constraint arises because NFTs do not have flat rates for direct
fungibility. Each NFT has a unique value. Hence, trading it against another is a complex task.

2. An NFT marketplace development company will play a critical role in addressing this issue.
They can design marketplace apps that navigate the functionality related to NFT trading.
What are the Advantages of Building an NFT Marketplace?
The NFT exchange platforms exist on the blockchain, drawing on its benefits in the following
way:
● Decentralization: Blockchain operates like a distributed ledger, preventing centralized
control and corruption. An NFT marketplace works on the same principle and
distributes the information across all the nodes.
● Fraud Prevention: The immutability of blockchain transactions prevents double-
spending and fraudulent transactions.
● Security: NFT marketplace developers utilize cryptography features and blockchain
consensus norms to ensure secure and transparent transactions.
How Do Developers Create NFT Marketplaces?
NFT exchange platform development entails a series of steps to design and deploy the
marketplace. The developers select a suitable blockchain (Ethereum or Polygon) and design
the project blueprint. They develop the front-end features and execute smart contracts to
make the transactions seamless. Developers also have to establish NFT metadata storage and
complete integration steps before final deployment and testing. All these steps require a
strategic plan of action and technical competence for the effective delivery of the project.
If you want to ride the NFT wave and grow in this space, reach out to the Seven Bits team
today. They will leverage over a decade of experience to help you build a stellar platform that
makes the most of this trend!