10 Features to Add in Your NFT Marketplace Development Plan

Almost everyone interested in NFT marketplace development today is following a fixed pattern rather than learning from past mistakes. According to stats by Grand View Research, the non-fungible tokens marketplace is expected to grow at a CAGR of 34.5% from 2024 to 2030.

To cash in on a market that is growing at a rate like this, it is important to focus on NFT marketplace development. Fractional NFTs are gaining traction in the NFT market. They are, as the name suggests, NFTs that allow multiple people to own a fraction of a single asset. On a practical side, they are great for interoperability and scalability. In this article, we will look at 10 essential and future-ready features for an NFT marketplace. 

Feature #1: Multi-chain support & interoperability

One of the key aspects of NFT marketplace development is ensuring interoperability across various blockchain networks, such as Ethereum, BNB, Polygon, etc., to facilitate uninterrupted interaction among them. The Web3 ecosystem has become increasingly interconnected over the years, and the NFT marketplaces ensure that this connectedness remains intact.

Source: Arateg This has a range of benefits. What it essentially does is that it maximizes user reach and reduces transaction fees while skillfully using the unique strengths of each network. This results in smooth NFT transfers, allowing users to access more digital assets, enhance liquidity, and unlock new use cases.

Interoperability and connectedness mean that Web3 can be highly inclusive, helping creators and collectors across ecosystems. Emerging protocols such as LayerZero and Wormhole are leveraging this to be more inclusive and accessible, and grow.

Feature #2: Fractional ownership module

So, how does fractional ownership work? For one, fractional NFTs allow users to co-own digital assets by dividing them into smaller tradable units. It is safe to say that fractional NFT marketplace development today is driven by how it is making high-value assets more accessible to people. 

Users today do not have to be millionaires to buy something. They can buy fractions, lowering the entry barrier and increasing market liquidity. There is, of course, a legal angle to it. Fractional ownership, in a way, resembles securities, which require compliance with regulations based on the country and place you are in, as jurisdiction varies.

Source: Trioangle Fractional NFTs have a range of use cases as well. From real-estate NFTs to luxury art, users can own a fraction of anything and everything under the sun, overcoming traditional financial barriers and accessibility constraints. This is especially useful when you have illiquid assets, as you can tokenize them.

Feature #3: Advanced search & filtering using AI

While Web3 and AI have merged, there is still a lack of smart discovery tools in most NFT marketplaces. AI can greatly help address this gap by allowing advanced search and filtering. It observes user behavior and monitors parameters such as rarity, popularity, collection stats, etc., and offers intelligent recommendations. 

All in all, AI-powered algorithms can truly personalize the browsing experience, showing the best results and surfacing the best NFTs that truly align with you. There is also the element of user experience and engagement, which improves drastically when AI is integrated because the room for friction is significantly reduced.

To be more inclusive, a marketplace can also add voice-based search as a novelty, allowing users to use spoken commands and find relevant and available NFTs.

Feature #4: Gasless & lazy minting

Modern marketplaces are different. They are more focused on fast, gasless transactions and lazy minting. This is truly transformative in NFT marketplaces. Gasless transactions enabled by meta-transactions significantly help users interact with the blockchain without directly paying gas fees.

This is especially great for new users because it makes it super accessible for them to fully use the platform. This, coupled with lazy minting, reduces upfront costs for creators. They can list their digital creations without having to pay anything upfront.

Lastly, there are really good tools such as Biconomy and OpenZeppelin Defender that can simplify the integration of these features, making it easier to carry out meta-transactions.

Feature #5: Real-time analytics dashboard for creators

An innovative NFT marketplace development company should offer creator analytics by default. The thing is that if something can’t be measured, it can never be improved. In NFT platforms, there is a significant gap. There are barely any real-time insights, leaving creators blind as to how their platforms are doing and progressing.

However, if there is a built-in analytics dashboard to track royalty, NFT performance, and buyer demographics, this gap can be filled. These metrics play a huge role in helping creators and investors make informed and data-driven decisions with little to no margin of error.

Now, NFT platforms have two options that they can choose from. They can either integrate third-party analytics tools or build a native analytics dashboard in-house. Budget and ease of integration can play a huge role in helping you choose a particular option.

Feature #6: Dynamic royalties based on market trends

An interesting feature in NFT marketplace development is the concept of dynamic royalties. How this works is that there is a flexible smart contract logic that adjusts based on the value appreciation or sales volume. There are static royalties as well. However, they apply a fixed percentage regardless of the NFTs’ performance. Dynamic royalties are considered to be much better because they reward creators more fairly.

How it works is that if an NFT gains popularity or appreciates, then the royalty grows, ensuring that an artist benefits proportionally. It can be scaled up and down based on the sales and other parameters. Either way, it benefits the creators. Smart contracts can enable this feature. They will leverage real-time data and add it to royalty calculations.

Feature #7: KYC & compliance layer for institutional adoption

In B2B-focused NFT marketplace development solutions, KYC and compliance play a huge role. Compliance with regional regulations may become a little difficult in sectors like real estate, legal contracts, and finance. 

KYC and the compliance layer help comply with regional laws in jurisdictions such as the EU and the US. Additionally, they enhance legitimacy and reduce fraud. The layer does not just build trust among institutional clients but also prepares marketplaces for long-term scalability, especially in industries that are regulated. 

Lastly, by embedding compliance protocols directly into the platform during the NFT marketplace development process, you can better serve enterprise users and gain access to a better and stronger client base.

Feature #8: NFT utility integrations (DeFi + Gaming)

Modern NFT marketplaces focus on NFT utility integrations (DeFi + gaming). When you allow users to stake NFTs, borrow, or lend as collateral, platform engagement is deeply improved. When you integrate gaming, you have in-game assets in the form of NFTs. This further improves the overall engagement rate. They offer cross-platform compatibility, and there is real-world value involved.

Gaming and DeFi integrations not just support long-term engagement and repeat transactions, but also provide an entertainment value, and the experience happens to be much richer. Additionally, gaming ensures that NFTs don’t just exist; they are used. 

Feature #9: DAO governance integration

DAO governance integrations allow users to vote on platform changes, royalty structures, shape the platform’s direction, etc. What it does even better than that is that it enhances community trust and decentralization ethos. By getting involved in voting mechanisms, the users can have a say in the decision-making process, something that is pivotal in Web3.

Tools like Snapshot and Aragon can greatly help establish a DAO governance integration for your NFT marketplace. They can enable both on-chain and off-chain governance, depending on your desired level of decentralization. When you integrate DAO governance, you can easily address user needs, improve as per the market standards, and take feedback. 

Feature #10: Whitelabel and customization capabilities

Choosing a flexible NFT marketplace development solution offers complete white-label services, enabling easy integration of customization capabilities. These are key to scalability and SaaS-style platform expansion. Elements like custom branding, UI modules, and plug-and-play features allow clients to be unique about their marketplace experience, benefiting both creators and clients alike.

Bonus tips: Trends shaping the next wave of NFT marketplaces

Now, here is a bonus tip for you all. AI-generated NFTs are creating unique, algorithmically designed art, significantly expanding creative possibilities.

Another emerging trend is NFT soulbound tokens, non-transferable NFTs tied to a user’s identity or credentials. Their immense use cases include education and membership systems.

We have real-world asset tokenization (RWAs), which bridges the gap between traditional finance and blockchain. Another trend is the integration of carbon offset and sustainability tracking. This is a very good use case for platforms aiming to have an environmentally conscious user base.

Conclusion

In conclusion, NFT marketplace development is super important in shaping the future of digital ownership. As developers, you must treat the development plan as a flexible, evolving roadmap.

If you are someone who has been thinking of getting into the NFT marketplace scene, it is highly recommended to partner with an expert development company to bring the vision to life.