For entrepreneurs in the NFT industry, starting a successful business model will be a huge factor in making profits. Many startups have entered the NFT industry and haven’t withstood long, as their unique strategies were not up to the mark. Instead, choosing a thriving NFT Marketplace as a business model could have easily solved many problems, as the strategy or ideas of those NFT marketplaces have been proven to be successful.
Additionally, the NFT Market is all set to hit the highs in the next few years. With more competitors likely to enter the industry, reaching the heights quickly is expected to be a game changer. Many traders are still curious about NFTs and how such profits are made through these digitalized assets. For that, analyzing the best NFT Marketplaces in the market will be the solution.
For startups, with confusion over how to choose the best NFT Marketplace for business, We, at Coinsclone have presented the answer to the question in this blog. Before that, you should also know why NFT Marketplace is the best business idea in the market.
Why is NFT Marketplace Development the Best Business Idea in the Market?
Currently, there are plenty of options in the blockchain industry in terms of starting a business. However, NFT Marketplace development is a much more promising idea since a lot of revenue streams are available for entrepreneurs. The revenue streams include a minting fee, Listing fee, trading fee, auction and bidding fee, Deposit fee, etc.
Additionally, entrepreneurs can add their own revenue stream options according to their choices. Hence, NFT Marketplace development owners can easily make millions in quick time. Apart from this, the NFT Market is peaking gradually like in 2021 and many startups are yet to realize the potential of the business idea.
However, choosing the best NFT Marketplace as the business model plays an important role here.
Significance of Choosing the Best NFT Marketplace for Business
Since the NFT Market is highly competitive, faster brand growth and reach are vital to withstand long. Also, many entrepreneurs have started their NFT Marketplace without a proper pipeline or vision. Because every NFT Marketplace that is created tends to offer tremendous profits in terms of revenue to those business people. So, many business enthusiasts are favored to start an NFT Marketplace which makes them more successful in the field. For that, by following the outline of popular or best NFT Marketplaces in the industry, business success is guaranteed.
So, what are the popular choices for the best NFT Marketplaces in the industry?
Popular NFT Marketplaces for Business Development
While many NFT Marketplaces have arrived, only a few have established their presence with large trading volume and revenue generation. These exchanges are quite familiar in the market for specific purposes and have adopted brilliant strategies to overcome market complications. Here are the popular NFT Marketplace choices for business development.
OpenSea – Largest NFT Marketplace
OpenSea is by far, the largest NFT Marketplace in the industry. Started in 2017, OpenSea has a market cap of valuation of more than 13 billion. In August 2021, this NFT Marketplace had a trading volume of 6x the usual volume, and showed enormous growth. With more than 1.5 million active users, OpenSea is one of the most popular blockchains on Ethereum.
Blur – Most Promising NFT Marketplace
Blur is an exciting NFT Marketplace with great potential and has gained a lot of attention in recent times. According to a recent study, the market cap of Blur is around $38 billion and is expected to rise constantly. The marketplace is built on the Ethereum blockchain and has been a great addition to the market.
Rarible – Specialized NFT Marketplace for Features
Rarible is a feature-rich NFT Marketplace allowing the creation and trading of NFTs comfortably for users. The current market cap of Rarible is around $15 million and is reaching greater heights each day. The native token of the platform named RARI has plenty of benefits for the users.
Enjin – Completely Decentralized NFT Marketplace
Enjin NFT Marketplace is preferred by many users who wish to participate in a completely Decentralized network with plenty of options. The NFT trading platform has a market cap of $266 million and is one of the well-established NFT Marketplaces. The Enjin platform has its blockchain.
SuperRare – Crypto Art Focused NFT Marketplace
SuperRare is an NFT Marketplace exclusively for Crypto art and has gained a massive audience already. The platform’s current market cap is around $42 million and is built on the Ethereum blockchain. The platform has a native and governance token RARE and buying that can help users to participate in voting.
Picking one among them is always going to be the toughest choice for business development. Entrepreneurs need to be wise before selecting one of the above-mentioned popular NFT Marketplaces as a business model. Now, here comes the ultimate question.
How to Choose the Best NFT Marketplace for Business?
Based on deep analysis, our experts have identified different factors that can help entrepreneurs choose the Best NFT Marketplace in the market.
Brand boosting is the major advantage for entrepreneurs in choosing the best NFT Marketplace as a business model. The earlier a business reaches the market, the success will come early as well. Hence, it’s important to analyze which NFT Marketplace has reached well in the market and the time it has taken for success. Such an NFT Marketplace will be ideal to choose as a business model.
For entrepreneurs who are yet to reach the market, security should be a massive part of their strategy. Users can gain trust in your platform only when the marketplace reaches the top security standards. Hence, while choosing the best NFT Marketplace, look out for the security features of the platform and select the best.
It is important to keep users engaging in your platform and having an adequate number of features play a big role in it. With more hybrid platforms coming up, users visit those NFT Marketplaces that have plenty of features. Hence, NFT Marketplaces with more features should be the criteria during selection.
UI/UX design is always going to play a massive role in NFT Marketplaces. Platforms with creative User interfaces and calculated user experience designs have been one step ahead of other NFT Marketplaces. Look for the Best NFT Marketplaces with highly focused UI/UX designs for longevity in the industry.
Liquidity and Trading Volume
Liquidity denotes the ability of a platform to convert Crypto into fiat or fiat into Crypto without much time delay. NFT Marketplaces with more liquidity do perform better and are likely to be visited by many traders. Additionally, the trading volume in the NFT Marketplaces can give you a fair idea of how the platform has performed so far.
Transaction Fees and Commission Fees
The transaction fee and commission fee vary from one platform to another. NFT Marketplaces that have set the transaction fee higher will have other strategies to attract users to their platform. Hence, studying the NFT Marketplace on why they have set the transaction fee or commission fee will certainly help in selecting the best one.
Quality in NFT Marketplaces means the credibility or the reliability offered by the platform to its users. Some NFT trading platforms are quite susceptible in their outlook and might not be trusted by many users. Hence, quality analysis is essential before choosing the NFT Marketplace as a business model.
NFTs can create a massive impact in the community and need to be considered before choosing the best NFT Marketplace. Those NFT Marketplaces that have created an impact in the community through their social awareness, trending topics, etc can be a great business model to follow.
NFT Trading platforms should always ensure scalability so that they can survive in the industry for a long time. They must be compatible and expandable to the newest trends. The scalability completely depends on which NFT Marketplace developers have built the platform. Platform scalability is an important factor in picking the best NFT Marketplace in the industry.
Despite all these factors, the development company matters in starting an NFT Marketplace platform and becoming the best in the industry. Since starting an NFT Marketplace is a highly profitable business, consulting with the experts before for selecting the best business model, will be quite helpful.
As experts in NFT Marketplace development, We, at Coinsclone offer a variety of services in the blockchain industry and lead the chart in every department. Our solutions have brought success to some of the biggest names in the industry and we enjoy solving complex problems. We also provide ready-made clone scripts for NFT Marketplace Development for entrepreneurs to build their platforms in just one or two weeks.
By adopting our NFT Marketplace clone scripts, entrepreneurs can be assured of a qualified solution that meets the affordability factor and time-reduction factors. All you need is to find the best NFT Marketplace through the factors we provided and we take care of the rest of the business development. Consult our experts, take a free demo of our ready-made software, and get your dream business up and running.