Considering the massive growth in NFT revenue, it’s not surprising many companies want to get in on this emerging market. In fact, DappRadar reported monthly global NFT sales exceeded $6 billion towards the end of last summer, a near exponential increase. Still, simply wrapping a token around a digital item and throwing it up on OpenSea isn’t the right approach for any business new to this scene. Developing a successful NFT marketplace requires a more discerning strategy.
Remember, we are still in the early stages of the NFT, let alone other related technologies like blockchain and cryptocurrencies. With this relatively volatile market comes an increased measure of risk. However, the opportunities for massive profit potential also exist given the right approach towards building and marketing an NFT marketplace. Attracting customers new to this concept also requires making them feel secure conducting these new kinds of transactions.
So with an eye toward increasing the adoption of your company’s new NFT market, here are a few tips worth considering. Leverage this advice to make your organization’s foray into this emerging opportunity the envy of your competition. The nearly limitless growth potential offers your business an intriguing opportunity for success.
Design The Right NFT Marketplace For Your Business
When entering the NFT space, your organization is faced with one important question. Do you build a bespoke marketplace for your business or simply use an existing service like OpenSea? Answer this question after analyzing what your organization hopes to achieve by offering NFTs in the first place. Ultimately, if you want to reap massive benefits for your brand, building your own market makes the most sense.
Owning your own NFT marketplace provides many significant advantages. You gain the ability to design a site matching your organization’s branding and culture. Access to customer and transactional data also provides critical insights the business requires to make a long-lasting impact in the NFT market.
Leverage customer and market analysis to include the features your ideal user wants in an NFT marketplace. Identify your top power users as an exclusive group to gain access to your marketplace before releasing it to the wider public. Providing other perks also helps to drive demand and valuation for your company’s initial NFT offerings.
Make It Easy For Customers to Shop at Your NFT Marketplace
As with any emerging technology-based website, expect many of your potential customers to be making their first NFT “shopping” trip when visiting your marketplace. Because of this, providing them an easy and secure experience becomes critical. Expect visitors to boast little understanding of NFTs as well as crypto or blockchain. This is especially the case if your company’s current customer base trends older.
Allowing customers to use their credit card to purchase NFTs remains part of the equation for generating trust. As with any new process, this trust helps make your users feel comfortable shopping on your marketplace. Ensuring the entire flow feels similar to other eCommerce websites is a worthy goal.
Also your marketplace must provide a secure experience to NFT shoppers. With cyber-attacks a regular occurrence in the news, many online customers might be hesitant to explore your marketplace without a strong cybersecurity footprint. In the end, any successful launch of an NFT marketplace depends on lowering the barrier for your customers in these myriad ways.
Provide Customers With a Custodial Wallet
A custodial wallet is another important piece your NFT marketplace needs to offer customers new to the world of purchasing tokens. These wallets make it easier for regular users to purchase NFTs in a manner closer to any eCommerce transaction. In this scenario, a third-party service manages the cryptocurrency private keys without the shopper themselves needing to worry about this concept. Consider offering a wallet to your customers if your base skews older and less technically-adept.
Note that some veterans of this space feel this approach goes against the reasons for crypto and blockchain in the first place. For some it’s incompatible with the founding principles of the technology. However, engendering a massive acceptance of NFTs – and driving demand and subsequent valuations – depends on making non-technical users feel comfortable spending real money in this emerging world of cryptocurrency and blockchain.
Ultimately, if you want your company’s NFT marketplace to truly go viral, welcoming all customers is a must, even those with a low blockchain experience level. A custodial wallet is a must for this scenario.
Develop an NFT Tutorial For Customers New to Blockchain Technology
Remember, not everyone in the market for NFTs really understands the concept of a non-fungible token. They simply hear about the growing buzz surrounding crypto and tokens and want a piece of the action. To help these nascent NFT consumers, provide a helpful tutorial explaining these newfangled ideas to make them feel more comfortable spending their money.
In addition to explaining non-fungible tokens, also provide definitions of cryptocurrency, blockchain, and other important concepts users need to understand before engaging in this new world of eCommerce. In addition to a tutorial, also include a robust contextual help section throughout the marketplace. Ensuring your new users fully understand everything about shopping for and purchasing NFTs from your site is critical.
Provide Meaningful Copyright Protection For All NFTs in Your Marketplace
One of the issues hampering acceptance of NFTs relates to their copyright protection. NFTs for digital items remain highly easy to spoof without providing a framework to verify true ownership and copyright. Since a buyer of a spoofed NFT piece of art is able to be sued for copyright infringement, take special care to show proof of ownership for any item sold on your marketplace. Ultimately, this extra effort helps boost the adoption rate for your NFT store.
If this emerging world of NFTs and blockchain seems simultaneously intriguing and confusing, reach out to the experts at Gigster. We boast significant experience in building NFT marketplaces and related cryptocurrency systems, so put our expertise to use helping your organization craft a marketplace with the potential to quickly go viral.
Our skills in the latest software development technologies and methodologies ensure a successful project. Connect with our team at your earliest convenience to discuss your NFT marketplace concepts.