In the past few years, NFTs have remained the hottest trend, paving the path for the highly anticipated future digital world- The Metaverse.
The Metaverse, also, has been a popular topic of discussion as it refers to a virtual world that can be experienced by creating personalized avatars. These intertwined trends merge to transform the lives of people and bring about the change we have all been hearing about in the lores.
Even today, we see that the world is moving towards a virtual world, where people can communicate, buy digital assets, and explore new places without being there physically. Thus, the digital assets in this new, virtual world are available in the form of non-fungible tokens, called NFTs. NFTs only exist on blockchain networks and they cannot be replicated.
Before we deep delve into the mechanism, allow us to briefly refresh your concepts about Metaverse and NFTs and how they are linked with each other.
Metaverse refers to a virtual shared space where users can interact and communicate with one another and with digital objects in a real manner. NFTs, on the other hand, are the digital assets in the digital realm, such as in-game items or collectibles.
Now, NFTs provide a way for digital assets in the Metaverse to have ownership and value, thus creating a digital economy. By using NFTs, creators can monetize their digital content and products. Moreover, they can own and trade digital assets like physical assets.
Metaverse NFT allows users to explore the digital world through virtual reality. As a result, the retail industry, gaming sector, and every other field of life have started entering Metaverse. Thus, it has allowed users to explore products and services through a virtual experience.
This brings us to the concept of the NFT marketplace, which refers to developing and integrating virtual marketplaces in Metaverse. This allows users to sell digital assets, including digital lands, in-game elements, art and craft, etc.
Enough said! Now, if you have buckled up to enter the Metaverse and create a Metaverse NFT marketplace of your own, then this article will guide you through. We are going to discuss all the nitty-gritty details to cruise you through the process of setting up a Metaverse NFT marketplace.
However, you need to keep in mind that to set up the Metaverse NFT marketplace, you need to be well-versed with the necessary technologies, such as Wearable technology, Virtual reality, The Internet of Things, Machine intelligence, etc.
Needless to mention, you would need internet, the basic key, to set up and run your marketplace. So, we would like to take the liberty to suggest Cox, the top-tier internet that always keeps you connected with its beyond-fast internet. If you are a Hispanic, you may browse through Cox Internet español to find out more details.
Anyway, without further ado, let’s step into it.
1. Choose the Right Blockchain Network
NFT marketplace runs on a robust and scalable blockchain network. So, first of all, you will have to choose a project-specific blockchain network as it is going to be the main channel on which the metaverse and marketplace exist. You may choose from different types, but the main network commonly used for metaverse projects is the Ethereum blockchain.
2. Build a User-Friendly Interface
Then, you will proceed to the next step by creating a highly intuitive and easy-to-use interface to grab the attention of users. Creating an attractive and user-friendly interface is important to create a good impression of the NFT marketplace and ensure seamless trading of NFTs.
3. Select Features
The next step is adding unique and advanced features to optimize the efficiency of your NFT marketplace. For example, you may choose different features, such as decentralization, 3D display, wallet integration, and more. The features depend on the nature and requirements of the project.
4. Create Smart Contacts
Blockchain uses smart contracts to regulate and implement all operations; therefore, it is a pertinent part of the Metaverse NFT marketplace to create smart contracts. The functionality of smart contracts relies on technical aspects and features, so they must be reliable and aligned with key features that the marketplace intends to perform.
5. Setup IPFS and Database
You must keep in mind that your NFT marketplace needs a decentralized storage space to store NFTs. Therefore, it is inevitable to set up IPFS and a database that is responsible for keeping sensitive data. IPFS also known as the Interplanetary File System stores and shares the data in the form of database systems. So, setting up a database and IPFS can guarantee that NFTs and user data are secured with high-end security.
6. Test and Deploy
Finally, you will just check the integrations and smart contracts to ensure that the marketplace does not have flaws in the code. Make sure everything undergoes stringent quality tests to correct the defects before it is deployed. Once everything is checked, you may deploy your marketplace.
While Metaverse is in its initial stage, it has already made an impressive impact. More and more techies are dipping their feet in the metaverse as it can offer endless opportunities for individuals and businesses.