Blockchain technology has been witnessing new heights in the last decade, with innovations rolling in regularly, some creating more drastic impacts than others. Cryptocurrencies, non-fungible tokens (NFTs), and smart contracts have been creating waves in the so-called decentralized web or Web3. Despite a harsh crypto winter in 2022, NFT marketplace development in nations like India has been rising at a brisk pace, thanks to the increase in awareness among the nation’s professionals and entrepreneurs.
Here, we provide some insights on how NFT marketplaces in India could shape the future of Web3 in the country and points one need to keep in mind before beginning to develop such a platform.
NFT Marketplaces: What Do They Do?
An NFT marketplace is a platform where people can create, buy, and sell NFTs, which are blockchain entries verifying the authenticity and ownership of the underlying product. While the first NFTs were created in 2014, marketplaces selling them debuted much later, after the Ethereum network brought in some massive changes.
Today, the NFT marketplace model has gone far from being the eCommerce equivalent for the Web3 space, as they have options for staking rewards, fundraising, and other decentralized applications (dApps). These platforms have also become part of many Play-to-Earn (P2E) NFT games and metaverse worlds, enabling seamless trades for businesses.
NFT Marketplace Models Indian Entrepreneurs Have an Eye On
- Multi-chain NFT Marketplaces are platforms framed for functioning independently in various blockchains. The platform will look the same on all blockchains it has been built on. These applications can be helpful for entrepreneurs wanting to make their presence felt across the wider Web3 business world.
- Gaming NFT Marketplaces are built into NFT gaming platforms that can aid in-game NFT trading without hiccups. NFT marketplace development here concentrates immensely on UI, UX, and native tokens that will have a huge say for the platform in appealing to gamers.
- Metaverse NFT Marketplaces function inside mixed reality world platforms for various business models. Fashion, sports, gaming, and consumer-centric industries have mainly been making use of this NFT marketplace development model to realize their Web3 aspirations. The model has room for innovation as it is still evolving toward its initial goal.
- Cross-chain NFT Marketplaces are those platforms that allow users to create and trade NFT products seamlessly across blockchain networks. These typically serve as one-stop solutions powered by bridging networks that enable NFT trades from one blockchain to another. This model is expected to garner fame in India in 2023 due to its nature.
- Celebrity NFT Marketplace applications allow eminent personalities across various fields to create and sell their NFT collections. These platforms serve as a way for them to get closer to their fans through utility-backed NFTs, apart from earning passive income. The model has already been present in India for a long time, and 2023 is expected to be a better year.
Impactful Points to Note in NFT Marketplace Development
- The Efficiency of operations is a point impacting NFT marketplaces, as most businesses rely on the tried and true model of the Web2 eCommerce platforms. Providing such ease to users will be ideal in fuelling the transition from Web2 to Web3.
- Integrity comes into the story as all metadata relevant to an NFT, including ownership and price history, are stored on the blockchain that can be accessed easily from a marketplace.
- Community in an NFT marketplace determines the result for every collection launched on the platform. The importance for businesses to carefully consider their target audience has a role as different marketplaces have different levels of community presence.
- Rewards play an essential role in NFT marketplace platforms as the model has evolved to offer remuneration through financial operations and profits through speculatory trading.
The Scope of the NFT Marketplace Model in India
NFT marketplace development in India has been fastly growing, with many entrepreneurs launching platforms based on various niches, including the ones mentioned above. With the new year giving encouraging signs for the NFT market with a rise in sales, the Indian NFT market could resonate the rise as domains such as sports and entertainment will have an influx of NFTs. India has also witnessed growth in the gaming industry, widening the scope for gaming-based NFT marketplace ventures.
We have seen how the NFT marketplace model could grow in India, which has people on both sides of the spectrum when it comes to knowledge of such technological advancements. Even with such a spectrum, the Indian NFT space is expected to flourish in 2023, verified by the emergence of various NFT marketplace ventures.
If you are someone looking to tap the Indian NFT market, it might just be the time to start developing an NFT marketplace platform with assistance from the best minds in Web3 application development. It is suggested to do so to ensure the process is hassle-free and fast.