How to Build an NFT Marketplace Like OpenSea

NFT marketplace development is an exciting way to tap into the growing world of digital assets. The NFT market has seen incredible growth, from sales increasing from $100 million in 2020 to over $25 billion in 2021. This increase has attracted artists, collectors, and investors, resulting in a high demand for user-friendly NFT marketplaces.

Markets like OpenSea have reached a significant milestone in the development of NFT marketplaces. This is why many entrepreneurs are thinking about building their own NFT app. However, creating a successful marketplace isn't easy; it requires a solid understanding of blockchain technology, good design for user experience, and knowledge of how the market works.

But don’t worry. In this blog, we will discuss everything you need to know to build a successful app like OpenSea:

NFT Marketplace App Overview

Founded in 2017, OpenSea has become the world's first and largest NFT marketplace. With over 1.5 million users and $10 billion in trading volume, OpenSea is the go-to place for buying, selling, and trading unique digital items like artwork, collectibles, virtual real estate, and gaming assets.

In 2019, the NFT market size was valued at $16 billion. This figure is expected to cross $212 billion by 2031, growing at a CAGR of 33.7% Many aspiring entrepreneurs have been motivated by the success of OpenSea and want to create their own versions of this innovative platform.

Moving on to the NFT market region, North America remains the largest contributor thanks to key NFT suppliers such as OpenSea. This NFT marketplace also does not charge a fee to mint NFTs.

Furthermore, Asia Pacific regions have emerged as the fastest contributors to the global NFT market. Numerous consumers in this region have accepted cryptocurrencies, resulting in a surge in the creation of metaverse platforms.

How Does the NFT Marketplace Like OpenSea Work?

An NFT marketplace like OpenSea runs on a decentralized blockchain network. This ensures that digital assets traded on the platform are authentic and ownership is clear. Here is how OpenSea works:

1. User Registration

Users link their crypto wallets to the NFT marketplace to get started. This acts like their personal account—it's how they're recognized on the platform.

2. NFT Minting

Creators can upload their digital items to the platform and turn them into NFTs using smart contracts. This process makes each NFT unique and limited in number, showing its ownership on the blockchain.

3. Listing NFTs for Sale

Creators put their minted NFTs for sale in the marketplace. They choose the price and any other rules for the sale.

4. Browsing and Searching

Users can search for NFTs through category, price range, and creator. They can see details for each NFT, including who has owned it before and the current price.

5. Making Offers

Users can make offers on NFTs they want to buy. If the seller accepts the offer, the deal goes through, and the NFT is sent to the buyer's wallet.

6. Accepting Bids

Sellers can accept offers made by users on their NFTs for sale. When an offer is accepted, the deal is completed, and the NFT goes to the wallet of the person who made the winning offer.

7. Royalties

Creators can set up royalties on their NFTs, so they earn a percentage of the sale price each time their NFT is sold again in the marketplace.

8. Secure Transcations

All transactions in the NFT marketplace are done through secure crypto wallets and payment systems to keep the money safe and secure.

Steps to Develop an NFT Marketplace Like OpenSea

Want to know how to create an NFT platform like OpenSea? Well, you require a well-defined strategy and a thorough understanding of technologies. In addition, follow these key steps:

1. Choose a Blockchain

Select a blockchain network that fits your project's needs and has a strong community of developers. Your best possible options include Ethereum, Polygon, and Binance Smart Chain.

2. UI Design

Design a user-friendly and attractive interface to enhance the overall experience of users. Keep it simple, easy to navigate, and tidy.

3. Develop Smart Contracts

Write safe and efficient smart contracts for creating, buying, and selling NFTs. Make sure these contracts follow industry standards like ERC-721 and ERC-1155.

4. Wallet and Search Function

Let users easily connect their crypto wallets to your platform so they can store, manage, and trade their NFTs. Also, develop strong search and filtering options to help users find NFTs they like based on things like category, price, and creator.

5. Implement Secure Transactions

Use trusted payment methods and escrow services to make sure all transactions on your platform are safe and clear.

6. Develop a Listing System

Build an easy-to-use system that lets creators quickly upload and list their NFTs for sale. Include options for setting prices and managing royalties.

7. User Profiles and Social Features

Allow users to create and customize profiles to show their NFT collections, favorite items, and activities. In addition, include social features like commenting, sharing, and following other users or collections to build a community feel.

Make sure your platform can handle more users and transactions without getting slow or degrading the user experience.

Key Features to Include in the OpenSea Clone App

When you hire an NFT marketplace development company to build an OpenSea clone app, pay attention to features because they directly impact the cost.

Below are the must-have features that you can include in your OpenSea clone app:

1. Storefront

The most important part of the NFT marketplace is the storefront—it's like the catalog that shows all the available NFTs for sale. It has information about the NFT collections and who created them.

The storefront also has details on current and upcoming auctions and the pricing history of specific NFTs. It displays all the details of individual NFTs, like their status, the current price, the number and size of bids, and previous owners.

[Also Read - The Role of Artificial Intelligence in FinTech: Revolutionizing Customer Experience and Risk Management]

2. Smart Search Option

The huge number of NFTs in the marketplace can confuse new users. But the search features, like categories and filters, make it much easier to navigate all the NFTs.

With the right search tools, anyone looking for a specific NFT can quickly find it. Some of the most important filters are sorting NFTs by price, payment type, and listing status.

3. Create Listings

This feature is essential for artists who want to sell their NFTs to buyers in a specific marketplace. Your app must create a simple listing process, allowing artists to name their collection, list all the NFTs in it, provide details about the NFTs, and choose how they want to sell them—either at a set price or through an auction.

4. Buy and Bid

NFT marketplaces must have a buy-and-bid feature so users can easily buy NFTs and participate in auctions. This allows the marketplace to do its main job: facilitate the buying and selling of NFTs.

Your marketplace must have smooth payment and auction bidding features that don’t confuse users. Users should be able to easily manage their bids, quickly place or cancel bids, and add NFTs they're interested into a watchlist.

5. Wallet

Your NFT marketplace should have the ability to connect wallets. Users should pay gas fees when minting NFTs, and buyers must use their crypto assets to buy the NFTs they want.

Different marketplaces support different wallets, but all of them must work with wallets that can store cryptocurrencies and NFTs. For this reason, most marketplaces use APIs to connect with popular wallets.

6. Trading History

An NFT marketplace must show all the details about the trading history of the items on its website. It allows users to find information about all the past transactions. Platforms like OpenSea provide details to users about the sold NFT items, their names, sale prices, quantities, purchase dates, and the buyer's and sellers' data.

7. Social Features

Adding social features like favorites, follows, and sharing options can boost community engagement. Users can show their collections, follow other creators, and share their favorite NFTs. This social interaction can help keep users coming back and build their loyalty.

8. Security Features

Strong security measures are crucial to protect users from fraud and hacking. Features like two-factor authentication, secure smart contracts, and regular security checks can help build user trust. You can create a trustworthy NFT marketplace by keeping transactions and user data safe.

Revenue Streams of the OpenSea Clone App

When building an NFT marketplace like OpenSea, it's necessary to understand different revenue streams. These revenue channels help sustain the platform and also enhance the user experience.

From transaction fees to premium listings, there are multiple ways to generate income while providing value to both creators and collectors. Here are five of the best monetization methods:

1. Listing Fees

After availing of NFT marketplace development services, you can monetize the app via the listing fee method. You need to charge gas fees to artists who join your platform and list their NFTs. All digital creators must pay fixed fees for listing their collections.

2. Transaction Fees (Gas)

All NFT transactions, whether buying or auctioning, happen on the marketplace's blockchain. It means there are gas fees for completing these transactions through smart contracts. These fees help maintain the network and keep it running smoothly.

3. Entry Fees

Some NFT marketplaces charge a fee for digital artists who want to join and list their NFTs. These fees vary from one platform to another based on their rules. In some cases, artists don’t have to pay to register or mint their NFTs, but they do need to pay a fee when they list their NFTs for sale.

4. Minting Fees

All NFT marketplaces allow digital artists to create new NFTs on their platforms. However, minting NFTs uses a lot of resources, so most platforms charge creators a fee for this service.

[Also Read - How Blockchain Technology Can Revolutionize the Fintech Industry]

5. Bidding Fees

Many NFT marketplaces now charge a bidding fee to prevent fraud or unfair practices in auctions. People who want to bid on a specific NFT in an auction have to pay this fee. The bidding fee is a certain percentage of their bid amount.

Cost to Build an NFT Marketplace

NFT marketplace development cost depends on many factors; there’s no universal or fixed price for such projects. However, you can determine the cost by calculating the projects and the number of resources involved in developing the NFT marketplace.

Building an app from scratch will cost you around $100,000. But if you have a limited budget, white-label and clone solutions will work for you. The development cost starts at $20,000, and the price increases as per your desired features and app complexity.

Alternatives to OpenSea Marketplace

OpenSea is a dominant player in the NFT marketplace, but you must also know about its alternatives with unique features and specializations.

1. Rarible

Rarible is a community-owned NFT marketplace where users can create, sell, and collect unique digital items. It offers helpful features like gasless minting, making it easier for artists to create NFTs without worrying about high fees. Additionally, Rarible has its own governance token called RARI, allowing the community to have a say in the platform's decisions.

2. SuperRare

SuperRare is a special marketplace for unique digital artworks, focusing on high-quality NFTs created by a select group of artists. This platform has limited editions, which makes it a go-to destination for collectors who appreciate exclusive art. SuperRare has built a reputation as a top choice for those looking to buy and sell exceptional digital art.

3. Foundation

Foundation is a special NFT marketplace where you need an invitation to join. It focuses on digital art and collectibles. The platform supports artists and tries to build a community around the artwork.

4. Nifty Gateway

Nifty Gateway is an NFT platform owned by the Winklevoss twins. It focuses on exclusive NFT releases and partnerships with well-known artists and companies. Nifty Gateway is on a mission to make NFTs accessible to audiences by allowing purchases with credit cards.

5. Mintable

Mintable is an easy-to-use NFT marketplace, with features like gasless minting and a built-in wallet. The platform's goal is to make NFTs more accessible and approachable for both creators and collectors, even if they don't have a lot of technical knowledge. With its user-friendly interface and innovative features, Mintable is working to bring NFTs to the mainstream.

How Can Protonshub Help You Develop the OpenSea Clone App?

Protonsub Technologies is a trusted blockchain development company, with extensive experience in designing and developing NFT solutions. Our team has the necessary skills and knowledge required to convert your idea into a highly profitable marketplace.

We can be your partner in developing an OpenSea clone app. We use advanced resources and support to create a platform that meets the needs of digital artists and collectors and also stands out in the competitive NFT space.

Frequently Asked Questions

Ekta Singh

"Senior Content Writer"

Ekta Singh is a rookie food experimentalist and k-drama fan with 4+ years of experience in writing. Bridging gaps between companies and customers through conversion-driven content is her forte. She believes in writing stories for a living and living life for exploring places.