An all-encompassing Guide to Develop an NFT Marketplace like Rarible

Over the last few months, interest in Non-Fungible Tokens (NFTs) has skyrocketed, as has trading volume. Several celebrities have begun to promote various new NFT products, and one artist is even selling a new album made entirely of NFTs. NFTs can take many different shapes and forms, in addition to celebrity collectibles and album downloads.

In this article, let us explore one such NFT marketplace like Rarible and its significance. We'll also learn about the multi-chain trend and how you can monetize a Rarible-like platform.

Why Rarible?

Rarible has had a lot of success in recent months as one of the most popular NFT marketplaces to emerge in 2020. It is the world's first community-owned NFT marketplace, and it runs on the native ERC-20 RARI token. Holders of the RARI token gain governance rights, including the ability to vote on and propose protocol changes. RARI is the first token used for governance in the NFT space, according to Rarible.

Marketplace liquidity minting is the concept Rarible brought forth for the first time. As a result, it incentivizes active users with exciting rewards like RARI tokens and much more.

Recently, the NFT marketplace (Rarible) integrated the ‘lazy minting’ feature across its offerings. This means that both creator/buyer need not pay upfront gas fees; instead, they can pay while a sale happens. 

Last but not least, while leveraging the Rarible like NFT platform development, you can enjoy all these features (as well). Doing so would allow you to monetize the platform. The dynamic user interface (UI) is another notable feature of a Rarible-like platform. Everyone understands that a site's success or failure is determined by its user interface. A good user interface gives the user the information they need without being too cluttered.

Pioneer A Multi-chain Future

A multi-chain NFT marketplace is the place where various blockchain-linked digital assets are listed. It enables an all-inclusive environment where multiple NFT owners can converge and exchange their assets. Most importantly, it democratizes the NFT space and lets every NFT shine!

In fact, Rarible had already started this multi-chain trend when it launched its support for Flow (native chain of Dapper Labs). Also, the platform added its support to the Tezos chain in mid-December. 

Rarible has established itself as a top-tier marketplace, ranking among the best in the digital market. Additionally, NFT is becoming a mainstream factor, and everyone wants a piece of it to complement this platform. As a result, businesses are developing their own Rarible-like business platforms, and we all know how valuable time and money are. As a result, choosing Rarible clone development is the ideal solution for tying these constraints together and turning them into profitable business factors.

Build. List. Monetize

It takes time and money to build an NFT marketplace like Rarible. Due to a variety of factors, the exact amount needed to launch this platform varies. These factors include the company, their experience, the size of their team, their location, the site's features, and their technology stack, among others.

Looking at the standard revenue-generating practices in the NFT space, I think there are two main revenue streams:

1. Listing Fees

Remember the listing or insertion fee on eCommerce sites like Amazon/eBay? It’s the same here in NFT marketplace like Rarible, where you can monetize on the influx of listings on your platform. Remember, you can also enable them to take advantage of the priority listings.

2. Platform fees

Even though it’s not advisable to utilize this option for beginners, you can use it as days progress. It’s a service fee that you’ll be charging for leveraging the platform to buy/sell an NFT or even make a transaction.

3. Sell on Fee

Imagine if an artist sells his artwork for $100, you’ll receive a fixed commission percentage. However, it’s up to the platform owner and the seller to decide on a percentage share.

Winding-up

NFTs are enjoying wholesome traction not just in digital but also in mainstream media. NFTs come in a variety of forms, including memes and animated GIFs. Some NFTs sell for millions of dollars, while others go for pennies on the dollar.

Hopefully, you now understand the intricacies of developing an NFT marketplace like Rarible. Make inroads into your business dream with Rarible-like platform development.