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DIBA, a new marketplace meant for exchanging Bitcoin-based NFTs, went live on Thursday, the firm said in an e-mail to CoinDesk.
The marketplace will allow users to trade any asset issued on Bitcoin smart contracts on layer 2 networks, such as Lightning Network. DIBA also released a Bitcoin-only wallet – which can store music files and art – in partnership with crypto miner Hut 8 Mining (HUT).
Recently, Bitcoin-based tokens and assets have seen a frenzy of new players entering the field with new features to attract users. The most notable was the hype driven by the Ordinals Protocol and BRC-20 tokens, where developers issue tokens or art on the Bitcoin, which lead to massive transaction fees.
However, DIBA works on the “Really Good for Bitcoin” (RGB) smart contracts, which are built on layer 2 networks. The RGB protocol allows for cheaper and more private transactions, making it easier to issue tokens on Bitcoin, DIBA co-founder Gideon Nweze said in a statement. Building on RGB may even help mitigate high fees on the Bitcoin network, Nweze added.
Some DIBA investors, such as prominent venture capitalists Tim Draper, consider the marketplace to be well-positioned for a broader rise in Bitcoin-based assets.
“The bull case for Bitcoin assets is in the ballpark of $10bn market cap over the next couple of years,” Draper said in a prepared statement. “What Gideon and the team at DIBA have built is a testament to the potential NFTs on Bitcoin.”
Source: CoinDesk
How to Create an NFT Marketplace in 5 Steps?
1. Select a Blockchain Framework
The initial step in this journey can be considered the most intricate, and rightly so. Your choice of blockchain technology for your NFT marketplace will have a profound impact on various aspects of your venture. You have the option to adopt an established blockchain technology such as Ethereum, which is widely used, or opt for alternatives like Solana, Polygon, or Cardano, which are also frequently employed.
It's worth noting that after the initial integration, each transaction (the sale of an NFT) will entail a cost referred to as a "Gas Fee" within the NFT realm. Alternatively, you can create your own blockchain architecture, but this may introduce a bit more uncertainty into establishing trust.
In essence, homemade architecture lacks the same safeguards against unauthorized access to and tampering with blockchain records by third parties. "There are numerous providers of these alternative blockchain architectures, often referred to as side chains, as they frequently offer an optional integration with a mainstream blockchain like Ethereum," explains Hansen. Several marketplaces in the industry, such as Opensea, Rarible, and others, operate on such principles.
"They all share the common characteristic that their users must place trust in the integrity of these closed architectures operated by a single company," adds Hansen. This brings us to our next step:
2. Choosing Between an Open or Closed Market
Creators must also decide whether they want an open or closed NFT marketplace. A closed NFT marketplace typically employs a proprietary token.
In contrast, an open marketplace accommodates a diverse array of tokens. Currently, OpenSea leads the NFT marketplace scene by supporting more than 150 types of payment tokens.
In an open market, anyone can create an account and list their items at their preferred price, fostering a "supply and demand" pricing model. Moreover, in open markets, buyers need not be concerned about NFT compatibility with a specific blockchain when buying or selling digital assets.
3. Defining Your Style
Once you've nailed down the backend specifics of your blockchain technology and market type, it's time to focus on the frontend aspects. This involves the user interface and user experience (UI/UX) design of your marketplace.
What kind of experience do you want your users to have? How should your marketplace's homepage look and feel? How will you showcase your NFTs?
Regardless of your choices, ensure that the design is both user-friendly and accessible.
4. Determining Your Commission Fee
With your marketplace looking and functioning as desired, it's time to address the question: "What fees will I charge?"
Consider the monetization model you intend to implement and how you'll collect fees. Maintain a competitive pricing structure and exercise caution not to overcharge, as users can easily find alternative providers. Therefore, offering value, along with high-quality NFTs and trustworthy security, is essential.
5. Establishing or Joining a Community
As a first-time marketplace in a competitive landscape, it's crucial to prioritize connecting with your buyers and fostering a community.
Once your artwork and marketplace are ready for users, consider granting new customers access to an exclusive club to further incentivize repeat purchases.
Why Hire NFT Marketplace Platform Developers?
Hiring NFT marketplace platform developers is essential for several reasons. Firstly, these developers possess specialized expertise in blockchain technology and NFT protocols, ensuring the seamless integration of these features into your platform. They can tailor the platform to your unique requirements, enhancing its functionality and user experience. By entrusting the development to experts, you can mitigate security risks, safeguarding your users' valuable digital assets.
Additionally, hiring professionals from an NFT Marketplace Development Company can accelerate the development process, enabling you to launch your NFT marketplace faster and gain a competitive edge in this rapidly evolving market. Overall, the expertise, customization, security, and speed offered by NFT marketplace platform developers make them a valuable investment for a successful venture in the NFT space.
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