Here we’ll learn about different sides of the cryptos, why there’s a buzz around lesser-known crypto-currencies and the whirlwind of social media around NFT Marketplaces!

Cryptocurrencies are a digital form of money, which is not issued by central banks, aren’t controlled by any individual or institution and are instead governed by a code. They enable secure transactions free from corporate or government influence. These are encrypted and is not possible to issue counterfeit currency or double–spend. Cryptocurrencies emerged in the wake of the global financial crisis when people were disillusioned with the banking system. High liquidity and low-interest rates led to demand for riskier assets.

Different Sides of Coins

• Bitcoin is the biggest and the oldest cryptocurrency in terms of market cap.
• Altcoins – It is an alternative to Bitcoin. Cryptocurrencies linked to an asset like Gold or Dollar are called Stablecoins as they are less volatile.
• Blockchain – A decentralized public ledger tech, which is the base for crypto.
• CBDC – Digital currency issued by a central bank. It is a legal tender.
• Mining – Process through which Blockchain transactions are verified. It is also how new tokens are created.

Another Coin is NFT, which we’ll discuss separately as the major topic of conversation here.

NFT – Non-fungible tokens are digital coins created through Blockchain Technology. These are mostly used as certificates of ownership of digital assets like art, audio, or photos. It is a unique token such as a unique digital baseball card, or piece of artwork. But, you can’t just download the same video, picture or music file as the person who paid millions for X NFT? Just like you can buy Counterfeit Monalisa’s, you don’t have any ownership or copyright on the original, which is the reason it is worth $10 and not $100,000,000’s. The actual NFT is also stored on a Blockchain, on a Cryptocurrency like Ethereum or Theta and is unique to that owner, even if there are 50 versions of X trading cards (example).

While some people have minted millions from little-known crypto-currencies, many shady coins collapse overnight, leaving investors saddled with major losses.

Luna, Cardano, Polygon’s Matic, Solana, Ethereum, TRON, Binance Smart Chain, Polkadot, Matic – are some other eco-friendly coins than Bitcoin since transactions consume less energy.

Bitcoin vs. NFT

While the main difference between cryptocurrencies like Bitcoin (BTC) and NFT is that the BTC token is identical to all others out there. But each wallet address for NFTs can store one coin which is different from all others.

Each wallet address can store one coin which is different from all others. All varieties of collectibles function this way: videogames items, cards, plushies, etc, but now your favourite game characters could be represented by an actual token.

What is DeFi?

Decentralized Finance (DeFi) is a term that explains financial services that are built with decentralized technologies. They run on Blockchain. This means that users don’t have to deal with banking regulations and all other headaches.

DeFi products can operate across borders, not just in one country or region. Plus, they enable faster transactions because you only need the internet to use them.

Additionally, Metaverse is a platform focused on building an open-source protocol for asset tokenization and digital identities. DeFi and NFT would be nothing without it.

While each of them individually brings value to various industries and businesses globally, the Metaverse unites all three under one roof while ensuring compliance with regulation and security of assets.

More About NFTs

NFTs are ultimate collectibles that are immune to damage or deterioration and impossible to knock off copy, or pirate, they are soaring in popularity and value. These are exploding out of the ether this year. From art and music to tacos and toilet paper, digital treasures to physical assets, tangible assets such as buildings, sequences of GIFs like NFTTacoBells, these digital assets are selling like 17th-century exotic Dutch tulips, some for millions of dollars.

NFT’s can be considered as one unit (one atom) of an entire Blockchain (a constitution). Every single NFT is unique, is not interchangeable with any other NFT. Example – Beeple’s Art was auctioned for $69 million. Similarly, WazirX, another cryptocurrency exchange platform has launched a marketplace where Indian artists display and sell their work via the NFT exchange.

Why is NFT Preferable?

NFTs are secure due to their non-replaceability and uniqueness. NFT Development Businesses help effectively streamline NFT transactions, offer credibility assurance, secure identity, protection against swindlers, streamlines data, are good for KYC, hard to temper.

Is NFT Worth the Money?

But are NFTs worth the money or is it hype? Some experts say they’re a bubble poised to pop, like the dot-com craze and here to stay, and that they will change investing forever.

NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change thanks to huge sales to a new crypto–audience. And celebrities are joining in as they spot a new opportunity to connect with fans. They can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.

What is NFT Marketplaces

NFTs are now a preferred medium to buy and sell digital artwork. India is establishing itself as a technological powerhouse, making it an obvious choice for businesses looking to scale up. Start-ups are expanding into enterprise-level businesses in India, resulting in a significant demand for NFT developers and NFT marketplace development.

Best NFT Marketplace Apps Examples (In Order)

Top NFT Marketplaces (Highest Trading Volume)

1. OpenSea
2. Axie Infinity
3. NBA Top Shot
4. AtomicMarket
5. Decentraland

Top NFT marketplaces (Highest Sales)

1. CryptoKitties
2. Gods Unchained
3. Sorare
4. Ethereum Name Service
5. Decentraland

Top NFT marketplaces (Highest Number of Traders)

1. AtomicMarket
2. NBA Top Shot
3. Axie Infinity
4. OpenSea
5. Sorare

Other NFT Marketplaces – Sketcher, PixelChain, NFT Go

What should you know before building an NFT Marketplace?

NFT Standards – These are the NFT driving force that showcases the ways of interaction with basic functionalities of an asset. Currently, there are two core standards – ERC721, ERC1155.

NFT Metadata – It helps look for the owner of NFT Smart Contract by checking descriptive information in Metadata for a specific token number or an ID like descriptions, pictures, and any additional features.

Legal Documentation – In addition to the nomenclature you require forming a company, terms of service, community standards, privacy policy, details of IP consideration.

Role of NFTs in Social Media

NFT serves as an alternative revenue source for Social Media Companies. For example, Users with a Twitter Blue subscription have an NFT display option. Facebook has rolled Meta avatars, YouTube has been distributing personalized NFTs to its users.

How do social media NFT marketplaces work?

The first step to start building an NFT Marketplace, is registration/sign-up
Second, user verification with completing the KYC procedure by providing relevant information
Third, connecting the user’s wallet with the NFT marketplace account
Fourth, now sellers can create their Non-Fungible Tokens and list them with the required information by selecting auction or fixed-price sale option
Fifth, set royalties and tokens to be obtained while selling their non-fungible tokens
Sixth, now the buyers can look for the digital assets via search and filters, and choose to purchase by proceeding with the options of buying or bidding
Seventh, Buyers can directly buy the digital assets and make payment transactions by opting for available payment modes, when sellers have mentioned the fixed price.
Eighth, if sellers opt for an auction, the potential buyers have to join the auction. Once the auction ends, the one who bids high gets the chance to hold the digital assets and make payments.

Features in NFT Marketplace Applications

• Storefront Dashboard
• Smart Search & Advanced Filters
• Create Listings
• Options to Bid & Buy
• Digital Wallet/s
• Storefront
• Live Auction Feature
• Search Functionality
• Trending Collections
• Create Listing
• Auction and Buy
• Various Payment Methods
• Instant Notification
• 24/7 Customer Support

Technology Stack for NFT Platform Development

Blockchain Platform – OpenSea, Rarible, SuperRare, Foundation, AtomicMarket, Myth Market, BakerySwap, KnownOrigin, Enjin Marketplace, Portion
Storage Platforms – IPFS, ERC721, Metadata
NFT Standards – ERC-721, ERC-1155, FA2, dGoods, TRC-721, BEP-20
Front-end Frameworks – Ionic, Angular, Vue

Steps to Build a Highly Scalable Social Media NFT Marketplace (Significant Phases)

1. Selecting Blockchain Network on which the marketplace has to be built e.g. Solana, Cardano, Polygon
2. Designing a user-friendly, attractive, easy to understand interface
3. Robust Smart Contract to handle all marketplace operations
4. IPFS lets users fetch and store NFT’s detail, and information stored in a database.
5. Integration of backend and frontend
6. Beta testing to check any hindrances
7. Final deployment

Cost To Create an NFT Trading Platform

It depends upon budget constraints, platform, technology stack, number of features, level of customization, developer’s cost, total time taken for development, third-party API integration:

• Buyer Interface – $3045 – $7680
• Author Interface – $5085 – $15.840
• Admin Interface – $3775 – $10,200
• Total – $50,000 – $116,040 (Objective)

Cost Breakup:

In Conclusion:

We aimed to debunk several myths around NFTs here, we hope it helps. Metaverse, Real Estate, Art and Games are the most significant areas that are budding within the NFT craze. Visit https://www.itfirms.co for expert advice, discussions, and the latest updates on NFT development companies.

Please share your suggestions at info@itfirms.co

The post Learning To Build Extensible Social Media NFT Marketplaces appeared first on Top ITFirms - Result of In-depth Research & Analysis.

This column will serve as a trusted guide to understanding Non-Fungible Tokens, and Crypto Currencies in this cryptic world!

Today cryptocurrencies dominate the headlines and is the top trending topic on social media.

Major ones are:

Bitcoin (BTC), Ether (ETH), tether (USDT), Binance Coin (BNB), USD Coin (USDC), Cardano (ADA), Solana (SOL), Yearn.finance, Maker, Binance Coin, Aave, Kusama, Elrond eGold, Compound, Litecoin, Solana, Quant, ZCash, Dash, Avalanche, Terra, Axie Infinity, FTX Token, Cosmos, Helium, Ethereum Classic, Filecoin, Internet Computer, Polkadot, Chainlink, Uniswap, NEAR Protocol, PancakeSwap, MyNeighborAlice, Flow, Qtum, UMA, Dydx, Synthetix Network, OMG Network, Sushi, THORChain, The Sandbox, Tezos, Curve, Theta Token, Decentraland, EOS, Fantom, Enjin Coin, 1inch, Polygon, Cardano, Loopring, Tether, Binance USD, USD Coin, TerraUSD, Algorand, Basic Attention Token, ICON, Ripple, Ox, Chromia, The Graph, Polymath, Alpaca Finance, Wax, Oasis Network, Civic, Phoenix Global, Flamingo, Hedera Hashgraph, Gala, Stellar Lumens, Harmony, Chiiz, Doge, IoTeX, STP Network, Ravencoin, Tron, VeCoin, Zilliqa, Nervos, Siacoin, SHIBA INU, and BitTorrent. Users also trade in INR, BTC, USDC, ETH, USDT, BNB, BUSD, TUSD, DAI, TRX, and XRP.

Understanding Crypto

It’s not easy for everyone to understand and interpret daily transactions. But as you learn, it becomes easier to replace the learnings with verified truths. You don’t want to start with something you don’t completely understand. We do not claim it to be one of its kind, but it simplifies all there is to know about Crypto. NFT development is an ideal starting point to start your crypto journey.

NFT Applications Features

• Most popular coins bought by first-time investors – Bitcoin, Ethereum, Cardano, Tron, Polygon, SHIBA INU
• Popular coins that have recently seen an increase in popularity – Oasis network, Nervos, STP Network, TerraUSD, Elrond eGold, Flow, Civic, Terra, Solana, Aave, Cosmos, Curve
• NFT Applications like CoinDCX are built with cutting-edge technology to offer a trustworthy trading environment.
• It enables users to trade in 250+ Altcoins with up to 6X leverage with massive liquidity from the world’s leading exchanges.
• It showcases cold wallet storage, multi-signature authentication, and DDoS protection to offer the highest security.
• Users enjoy limitless trading with a near-limitless order book. It features a powerful, fast, safe, and secure platform that makes trading effortless.
• Users get to trade with leverage on a single account, across liquidity of Huobi, Binance, and HitBTC.
• Such apps also feature options to check the amount on Margin, Future, Insta, Lend, and Stake.

Understanding Non-Fungible Tokens (NFT’s)

Non Fungible Tokens are unique digital items linked to a Blockchain, which is the same network that runs crypto-currencies.

It includes anything digital, right from images to videos, to songs, that can be converted into an NFT and monetized.

NFT’s can be traded with a tradeable certificate of authenticity for the work. For example – the most expensive NFT was a digital collage of 5,000 photographs, which was sold in March 2021 for $69mn.

Trading NFT’s too do not have legal backing yet, and there can be price-rigging concerns attached to it.

The Purpose and Need of NFT’s

But why do we spend a huge sum of money on something that just exists digitally? After all, it can be availed for free by others. What we need to consider here is that NFT’s exist on Blockchains, which in turn serve as a public ledger, allowing anyone to verify the asset’s authenticity and ownership.

NFT Development Services

NFT stores some data in their smart contracts that acts as a unique identifier. Every NFT represents an asset instead of a currency, and therefore, cannot be directly converted to and from another token. NFT token development services enable users to ensure total ownership of their assets.

We understood that NFT’s are unique crypto tokens backed by Blockchain Technology, and can be linked to digital and non-digital assets, serving as a certification of authenticity, indestructible, and timelessness. NFT’s have spaced into art, sports, game, fashion, and more. These are unique, have authentication of ownership, which helps combat the challenge of duplication of products.

NFT’s offer complete transparency in the product sale process, allowing creators, and buyers to track the product lifecycle with utmost granularity.

Features of NFT Token Development

NFT’s let users sustain product information structure. It comes with a distinctive identification protocol that adds value to smart contract diversification. It also offers a swift and secure verification protocol for tokens to assure a quick launch to the market.

• Programmable Equity
• Fractionalization of larger assets
• Increase in liquidity
• Automated SEC compliance
• Secure wallet
• Global capital investment
• Greater market efficiency
• No intermediaries
• Customized Blockchain
• Tailored Smart Contracts

Benefits of Non-Fungible Token Development

Non-Fungible Tokens empower the digital content creators and asset holders to grow in a democratic environment without relying on hosting agents. A subsidiary service involves end-to-end DeFi products for various ecosystems.

In Conclusion: How to get started with NFT development?

Non-Fungible token development services empower businesses to process large volumes of scalable tokens as per the product requirement. It brings total transparency and ease in assuring platform liquidity.

Decentralized Non-Fungible Token (DNFT) is built on a DNFT protocol, which is a decentralized cross-chain network that enables mining, trading, and managing NFT assets across Blockchain such as arts, music, real estate, games, NFT backed loans, digital content, domain names, investments, and collaterals, metaverse assets, and more.

NFT Development service providers harness the DNFT protocol to build decentralized non-fungible tokens aligned with different business needs. Blockchain engineers and domain experts offer mission-driven solutions whenever users want to tokenize their artwork, video files, or any other asset.

Bitcoin has taken the world by storm once again when it crossed $20,000 per BTC in December last year. Many people started improvising themselves as professional traders, while some of them have made decent returns in the past few months, undoubtedly they will give them back to the market once prices stop going up. When everything that claims to be an NFT/cryptocurrency goes parabolic, independent investors and small business owners do not require to be genius to make money.

Profitable traders can binge into the market when things are good and protect their capital when prices go down. That is when the right trading strategies come into play if you want to truly build long-term wealth, not just make a few dollars here and there.

Please share your suggestions at info@itfirms.co

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