As we know, NFT marketplaces are platforms where people can trade various NFT-backed items (digital/physical). These platforms can be based on generic (horizontal) or genre-based (vertical) trading models. While big enterprises usually take up horizontal trading NFT marketplaces, smaller ventures and niche brands often run vertical NFT marketplaces. There are some reasons why people need to build NFT marketplaces to achieve success and recognition, some of which are given below:
- NFT marketplaces serve as the entry points for NFT enthusiasts, just like how crypto exchanges are to the whole Web3 world.
- There are more small-time creators striving to utilize the goodness that NFT provides, and not everyone can create their own selling platforms, which necessitates building NFT marketplaces.
- Also, with the increase in secondary trading, businesses can partner with one another in different domains such as gaming or metaverses to enable secondary NFT marketplaces. These platforms can surely have a user base if the main applications (games/metaverses) are well-known.
- Additionally, as decentralized finance is on the rise, DeFi companies have started accepting NFTs as collateral, and some marketplaces even have DeFi features such as rewards for staking. This encourages more people to participate in the decentralization movement. Thus, if you want to build an NFT marketplace for your business, there are some Web3 application-building companies that might interest you. Consider approaching one of them to begin creating an NFT marketplace platform with all the elements you want to achieve success.