Published in · 6 min read · Nov 4, 2022
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The world is meant to change with the seasons! This season is intended for virtual real estate bloom. The amalgamation of two worlds, physical real estate and digital cryptographic assets, NFTs. NFT marketplaces with their gaining momentum each day; they are moving up the ladder with their revolutionizing concept, decentralization. The trading forum developed for the users upon their favorite NFTs is taking a new incarnation, NFT Real Estate marketplace development.
NFT real estate marketplace is a platform that connects traders in an online forum to mint, buy, sell and auction the virtual assets under one roof. The foremost task of this development is to provide easier transaction and service exchange from physical and virtual land. This blog gets right onto the wagon and takes you through a decisive tour to develop your personalized project.
We all know that one of the most prices investments in the physical world is investing in real estate. On the other hand, non-fungible tokens are a one-time investment that is going to increase over time. When these two highly profitable investments of the two worlds come together, they become legendary. In this section of the blog, I have elaborated on the reliability of the NFT real estate marketplace.
- With just the interest, the real estate market has grown to 433% over the past year.
- The NFT market size is estimated to be at an astronomical value of $22 Billion by 2025 and three times by 2031.
- According to NFT real estate market, by 2022, they are expected to have reached the mark of $1 billion.
- The recently purchased virtual real estate by the Plein group in the Decentraland metaverse was about $1.4 million.
- The transaction for the same is valued according to the native cryptocurrency MANA, which was a whopping 510,000.
- There was also an instance where a user paid up to $450,000 on the purchase of virtual land next to Snoop Dogg in the Sandbox.
- The republic realm owns more than 3000 NFTs in virtual land across 24 metaverse platforms, which have increased the platform’s average price from $1265 to $12,684.
- The first real estate that came out was ‘Mars — an NFT-based digital house developed with 3D clips all over and sold for as much as $512,712.
Tradeable NFT real estate Tokens
NFT real estate is a kind of investment that makes the users’ life more comfortable, secure, and robust with all their stored information in the platform. While those, as mentioned earlier, are only instances from recent times, we can say that it is only the tip of the iceberg. Many business tycoons and the entertainment industry’s top heads are investing in these immersive Real estate NFTs; the originality with every other digital land is entirely unique. NFT real estate is a kind of investment that makes the users’ life more comfortable, secure, and robust with all their stored information in the platform.
Additionally, Crypto enthusiasts who wish to launch the NFT real estate marketplace can mint the following properties as NFTs and trade. Some of the many mintable assets, the most traded from the users, are,
- Virtual Lands
- Virtual Houses
- Virtual Estates
- Virtual States
- Virtual Cities
- Virtual Countries
How the merging of two worlds changes the industry?
- With NFTS in Fractional Property Ownership, the owners can trade part of their virtual property to many investors.
- The amalgamation of these two lucrative worlds assists the platform to be accessed with no intermediaries services, thanks to the Transfer of Ownership.
- Since the NFTs are developed on a blockchain, the user has a much lesser risk when transferring the ownership to another user.
- NFT real estate marketplace developed entirely decentralized and can work as a virtual gaming platform. This encourages the users to interact, conduct events, shop, earn and trade their properties.
- They can also perform like a mortgage, with the users tokenizing their assets and lending them.
Features of the NFT real estate Marketplace development
- They have some of the most alluring displays of virtual assets.
- The NFTs of the multiple virtual lands are listed for the user’s easy accessibility.
- The NFT real estate marketplace also has the ability to auction the NFTs.
- The crypto wallets for NFTs are integrated into the platform.
- Multiple users can share the ownership of an asset.
- Appealing and tacit 3D display.
- The platform is protected with a multi-layer security protocol.
- Due to the ability to have users teleport to the virtual land of interest, the platform is integrated with multiple payment gateways.
- A huge number of NFTs can be stored without lag due to the platform’s InterPlanetary File System (IPFS) storage system.
- All the user’s information is secured with their Data encrypting mechanism.
- The platform is enabled with P2P interaction for the users/players.
- The NFT real estate marketplace is developed with 100% decentralization in its ecosystem.
- The two-factor authentication is a major value-adding feature of the platform.
- Virtual land has the most advanced SDK in the industry for land creation.
Tech stack essential to create NFT real estate marketplace
- Cloud Hosting Platform
This hosting platform assists the NFT real estate marketplace to run the application on the cloud server, giving them the ability to be flexible and a scalable environment. Additionally, they offer users much more suitable API integrations, web portals, and mobile applications. Rather than a single network hosting all the assets, the Cloud Hosting infrastructure necessitates the platforms’ automation.
- Database Management System
Addition of a suitable DBMS in the virtual land’s infrastructure to be automated, safe, and secure for the user to manage multiple data. This installation to the marketplace development aims to promote heightened reliability and sustainability for the user.
- Front-end and Back-end development
Front-end and Back-end development are the two eyes of any NFT marketplace in the industry. They include major technologies React.js, Express.js, and Node.js to create NFT real estate marketplace. Some of the front-end development for an interactive marketplace requires a gamut of working frameworks, programming languages, and complex codes in the blockchain. At the same time, the back-end development is purely user biased.
9 Resolved steps for the NFT real estate marketplace development
- The crypto owners who wish to develop their own NFT real estate marketplace will have to be aware of the fundamentals in the market. Understanding and thoroughly analyzing the investors, business partners, NFT experts, etc., is a must.
- Proper market research will assist you in developing a more productive marketplace that will promote high traffic.
- Settle for a blockchain network that is best suited for the marketplace for your niche-specified collection of assets. Some of the blockchains that you can go for are Ethereum, Binance Smart Chain, Cardano, etc., that has rich functionality and futuristic goals.
- Go for the best in the market, white-label solution developers to score an intuitive User Interface and User Experience development for the platform’s customization.
- The platform’s interactive front-end and back-end development are essential for the users to have a sustainable forum for trading.
- Integrate the crypto wallet into the ecosystem. This is the essential element because they are the ones to manage and maintain the mountaineering assets. Furthermore, they provide the crypto tokens with a secured transmission of the transaction fees.
- Examining the developed platform for every other functionality, feature, and program significantly elevates the marketplace’s success. Testing makes the NFT marketplace much more collaborative and round for the users.
- Once the entire marketplace is tested for bugs and errors in the ecosystem, it enables the NFT real estate marketplace to run more smoothly and securely. The next stage of perfect development is to deploy the forum on the server.
- The final stage of the users who launch NFT real estate marketplace is to access them on various channels that will engage a massive audience.
Closing Thoughts!
Real estate is one of the most NFT-ready markets that will embrace the properties with open arms. I mean NFT Real Estate marketplace development with white-label’s established developers exploring any place they wish in the metaverse, all through a screen. NFTs incorporated with the metaverse helps in the industry’s incredible growth with blockchain technology.
Metaverse, as a fast-growing industry, its future is set to taste the sweet victory of holding the majority part of this Digi-verse. The DeFi applications in the platform help users to reach out for loans and borrow cryptocurrency with NFTs as collateral. With such an elaborative marketplace in the crypto sphere, the two world’s culmination seems to be profitable for both physical and digital assets. Double income with a single investment? Get to White-label’s NFT real estate marketplace development!
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