How to setup your first no-code NFT storefront?
Table of Contents
1.Introduction to NFTs
2.Understanding the NFT Marketplace
3.Setting up Your NFT Marketplace
- Choosing a blockchain
- How to set up your own NFT Marketplace with CandyShop’s No-Code Solution
Introduction to NFTs
Definition of NFT (Non-Fungible Tokens or physical NFTs) and NFDA (Non-Fungible Digital Assets) here.
A non-fungible token (NFT) is a type of digital asset that represents ownership of an unique item or piece of content. Unlike traditional cryptocurrencies, which are interchangeable and can be easily exchanged for one another, NFTs are unique and cannot be replaced by another identical token.
NFTs are built on blockchain technology, which allows them to be verified and traced on a decentralized ledger. This ensures that NFTs cannot be duplicated or counterfeited, and allows for transparent and secure ownership and transfer of the underlying asset.
The 2 prevailing applications of NFT (broadly speaking) are to provide users with ownership to virtual assets (NFDA) and to leverage the DLT tech to create a new trustless process for purchasing physical goods & services (NFT or aka physical NFT) such as ticketing, digital membership etc, as well as any blended or hybrid use cases that fall between both ends of the spectrum (i.e. a collectible asset that is also a ticket).
There are several different blockchain that support the creation and trading of NFTs, including Ethereum, Polygon, Solana and more. Each platform has its own unique features and capabilities, and choosing the right one for your needs will depend on factors such as the type of asset you are representing, the level of scalability and security you require, and your overall business model.
Understanding NFT Marketplaces
There are two main types of NFT marketplaces: centralized marketplaces and self-owned storefronts.
Centralized marketplaces: A centralized NFT marketplace is a platform that is owned and operated by a single entity. These platforms typically act as intermediaries between buyers and sellers, facilitating the exchange of NFTs for a fee. Examples of centralized NFT marketplaces include OpenSea, Rarible, Looksrare, Magic Eden.
Self-owned storefronts: A self-owned storefront is a platform that allows creators to set up their own online store and sell their NFTs directly to buyers. Self-owned storefronts offer creators more control over the sales process and a larger share of the profits, but also require more effort to set up and maintain. However, Candy Shop offers an easy solution for this.
Setting up Your NFT Marketplace
Choosing a blockchain
When building a NFT marketplace, one of the key decisions you will need to make is which blockchain platform to use. There are several different options to choose from, each with its own unique features and capabilities. A few key factors can be considered below when choosing a blockchain:
- Compatibility with NFT standards
- Ecosystem and community
Examples of blockchains that supports NFTs with prominent NFT ecosystems and communities include:
- Binance Smart Chain
Learn which chain is best suited for you here:
How to set up your own NFT Marketplace with CandyShop’s No-Code Solution?
Ethereum (Coming soon)
Polygon (Coming soon)
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