How to Make Your Own WordPress NFT Marketplace Website

by Vipe Team in WordPress Development; Published on 02.05.2022 Last updated on 22.07.2022

READING TIME: MIN

Our WordPress agency for enterprise knows that artists, painters, designers, art aficionados, and auctioneers are becoming increasingly interested in NFT marketplace websites. The NFT market has indeed opened up new possibilities for artwork selling and auctioning.

Without a doubt, the NFT market is booming, and it’s up to you to figure out how to profit from this trend. Launching your own NFT marketplace website might be one of the best ideas.

This is why, in today’s article, our enterprise WordPress agency will show you how to create a digital artwork NFT marketplace website. Read on!

Understanding NFT

The acronym NFT stands for Non-Fungible Token. This is, undoubtedly, one of the most trending terms in today’s digital era. In a nutshell, NFT refers to a piece of digital content that is linked to a blockchain. This distinct digital record serves as ownership evidence for a certain digital asset.

Here’s a list of some things that can be considered digital content for NFT:

Texts
Images
Digital artworks
Audio recordings
Domain names
Trading cards
In-game items

Our WordPress Agency for Development reminds you that each digital artwork NFT item is one-of-a-kind and cannot be replicated. This is exactly why these artworks are referred to as “non-fungible tokens”.

We know that a lot of people get confused by the term “non-fungible tokens”, so let’s explain the concept in greater detail. Cryptocurrencies and actual money are fungible. Why? Because they can be bartered for one another. This means that one Ethereum is equal to another Ethereum, and one Euro is always equivalent to another Euro.

It is exactly this fungibility that makes cryptocurrencies a trusted method for handling transactions on the Blockchain. NFTs, on the other hand, are the exact opposite of cryptocurrencies in that they are non-fungible. So the value of one NFT is never comparable to another NFT. As a result, our WordPress development company reminds you that they cannot be traded for one another.

Because NFTs are stored in a decentralised way using blockchain technology, no one can delete the assets. This protects the owner’s rights and makes all of the asset’s details and history absolutely transparent and available for everyone to view.

Since the blockchain can be programmed, this enables NFT creators to execute various functions for their tokens. And smart contracts are used to enforce the token’s primary function. The exact rules are automatically implemented once coded, making it impossible for anybody to alter them.

Our WordPress development agency reminds you that the US dollar and other fiat currencies are accepted as payment on some NFT sites. However, most transactions involve the native cryptocurrency of the token’s blockchain. Since Ethereum is the most widely utilised blockchain for launching NFTs, Ether (ETH) is the cryptocurrency that is used most frequently on NFT markets.

It’s important to remember that as a user, you must build a wallet in order to finalise your purchases of NFTs traded using cryptocurrency. These wallets basically store the keys to access each currency needed for transactions. Also, once the sale is over, the NFT token is typically kept in that same wallet.

WordPress Web Development Trends for 2023

Our WordPress Agency for Development believes it’s also worth noting that some NFT marketplaces have adopted a royalty functionality. This capability allows the NFTs creator to collect a residual payment from each subsequent sale of their works.

However, the downside of this royalty functionality is that if the asset is relocated, there is no way to maintain these residuals. This means that the creator is no longer eligible to receive royalties once the token has left the market where it was first sold.

? What Are the Most Popular Types of NFTs?

You’ll be able to grasp the concept of NFTs much easier if you look at some real-life examples. So here are the most popular types of NFTs that you might stumble upon across the net:

? Digital Artwork

Undoubtedly, the most common type of NFTs today are works of digital art. You have probably seen NFT artwork being sold for absurdly exorbitant sums. These NFTs are usually parts of a collection with a set quantity.

Our WordPress development agency has noticed that some projects increase the value of owning the token by offering further advantages and conveniences. For instance, collections will sometimes grant holders access to private discords or special events.

? Gaming NFTs

In a nutshell, gaming NFTs allow players to own different digital in-game assets. These assets can be in the form of an item or a character skin (it is possible to even own a character itself).

Additionally, for several blockchain-based video games, there are also virtual land NFTs that let you own a patch of land in the VR metaverse.

? Social Media Postings and Texts

Our WordPress Agency for Development has noticed that texts and social media posts are becoming increasingly popular as an NFT type. This means that, now, people with a big social media following can sell a picture of one of their posts (for example, a tweet) as an authentic NFT.

? Sports

Sports collectibles are another well-liked category of NFT. These might serve as online trading cards.

?️ Digitise Real Property

Did you know that NFTs may also be used to encrypt real assets and intellectual property in many different spheres of life? These include real estate, e-tickets, domain names, etc. All of these things can be stored and exchanged as NFTs on Blockchain.

What Functionalities Does Your WordPress NFT Marketplace Website Need?

If you have decided to choose a custom WordPress website development for your NFT marketplace, then your site will need some basic functionalities. It’s important to understand that an NFT marketplace website differs from other types of eCommerce websites mainly in the way it operates.

Digital artwork and other NFT tokens are open for auction and offered for sale. A good WordPress NFT marketplace website should be constructed with some fundamental elements in mind. Let’s have a look at some of them:

Transaction transparency
Dedicated storefront
Dynamic filters for quickly locating products
Digital wallet integration
Decentralized transaction system
Options for selling, buying and auctioning

Why Is Custom WordPress NFT Marketplace Development Better Than Ready Solutions?

Our WordPress development agency wants to tell you a little bit more about the technical aspects of the NFT art websites. When it comes to building an NFT marketplace, you have two options: ready-made solutions or custom WordPress website development.

Unique Business Branding and WordPress Go Hand In Hand: See How Custom Development Helps

Of course, ready-made solutions are less expensive, and by using them you’ll be able to accelerate the creation of your NFT marketplace. However, this is probably not the ideal option for your long-term business goals.

If you want a future-proof solution, then custom WordPress website development is the best thing for you. This custom service will ensure that all of your specific requirements are met.

Our WordPress development company reminds you that expert developers can incorporate additional functionalities into your website whenever you want to expand your online business. This will help you reach new customers as well as grow and improve your platform.

Additionally, custom WordPress website development is super reliable in regards to protecting sensitive information. This is extremely important for non-fungible token marketplaces. Remember that failing to comply with security requirements might have a detrimental impact on your marketplace website.

Design Your Own WordPress NFT Marketplace Website With an Elementor Template Pack

And so, the first thing you need to do to create your own NFT marketplace website is to get a domain name and reliable hosting for your WordPress website. When you check that off from your list, the easiest way to transform your site into an NFT marketplace will be by using an Elementor template pack.

Once you’ve completed your custom WordPress website development, you can choose from a wide variety of ready-made Elementor templates for your NFT site. We recommend you make sure the template pack includes all necessary components. Consider the design, responsiveness, and cross-browser compatibility of the various templates.

Here are 2 template packs from Templately you can use for your WordPress NFT marketplace website:

1. NFTGallery – NFT Marketplace Website Template

This ready-to-use Elementor template pack may be used to construct websites for NFT markets, blockchain websites, cryptocurrencies, and other related sectors. Our WordPress agency for enterprise likes this template pack because it offers attractive, animated testimonial carousels.

It also comes with infoboxes and Call-To-Action buttons. Some of the template pages of NFTGallery include Home Page, Activity Page, Browse Page, Category Page, and Details Page.

2. NFToken – NFT Agency Website Template

NFToken is a contemporary WordPress website template pack that offers a lot of functionalities. This fantastic template pack has been carefully created and built for NFT agencies and enterprises, making it simple to get started with your own NFT website.

Our enterprise WordPress agency recommends this template pack to anyone who wants to implement good-looking landing pages without having to write code. This template pack is created with Elementor and Essential Addons, making it the perfect solution for non-tech-savvy users. You’ll be able to choose among 7 attractive landing pages.

Enter the NFT World With Your Own NFT WordPress Website!

And so, we hope that this article has helped you figure out how to make your own NFT marketplace. By using a ready-made Elementor template, you’ll be able to enter the NFT market in no time.

WordPress in the Web3 Realm: Everything You Need to Know

Of course, our WordPress Agency for Development reminds you that it is always best to seek the assistance of professional developers who can create your NFT website from scratch. This will ensure that your site will be built with the best coding practices in mind, and you’ll be able to expand it with additional features.

Vipe Studio offers a custom WordPress website development service that can cater to the specific needs of businesses of all shapes and sizes, including large-scale Enterprise organizations. We also do Blockchain Transactions in WordPress. Send us your inquiry so we can offer the best solutions for your online business!

❓FAQs

Here are some of the most frequently asked questions regarding NFTs that can help you decide whether to invest in a custom WordPress NFT marketplace development or not:

?Where Does the Value of NFTs Come From?

The main characteristic of NFTs is that they cannot be replicated, meaning that the number of each token or asset that can exist is limited. When you own an NFT, you own the one and only official version of the particular digital asset.

As a result, the market is now able to allocate a value to that item. Prior to NFTs, it was impossible to establish your ownership of a digital asset, which, in turn, made it impossible to assign a value to it.

?Why Are People Buying NFTs?

Our WordPress Agency for Development has noticed that most of the time people buy NFTs for three main reasons:

Firstly, NFTs can be a great investment because their scarcity makes them highly-valued collectibles. What’s more, their value rises after the original sale. People hope and anticipate that the value of their NFT will rise, much like when they purchase a work of art as an investment.

Secondly, people buy NFTs for a certain utility or access. For instance, certain NFTs are offered for sale as a part of a collection to which a community has exclusive access. So you get entry to the community by purchasing an NFT from the collection. In some cases, NFTs could potentially provide users access to things and events that actually exist.

And thirdly, our WordPress development agency believes that some people buy NFTs simply because they value the art. NFT art is an actual piece of art that can be displayed in real life using digital screens. Since you now own that piece of art, you can choose to utilise it however you want.

?How Do NFTs Relate to Web Design?

Thanks to NFTs, digital works including websites, logos, graphics, illustrations, 3D models, and animations may now be sold and purchased online. Remember that NFTs are in no way limited to the standard selling of unique digital art.

There are web designers who actually sell NFTs of whole websites. Even colours are available as NFTs. The possibilities are practically countless.