A step by step guide to building an NFT platform in the Metaverse

05 May 2022

$5.92 billion is the size of the Blockchain market in 2021, which, according to the predictions, will grow to USD 67.4 billion by 2026. 

$91.8 million was charged for the most expensive NFT ever sold (it was a piece of digital art, called The Merge)

$3 billion — the total value of all the shares of the Sandbox, a play-to-earn metaverse based on NFTs

81.33 million is the number of Blockchain.com wallet users worldwide

The numbers speak for themselves. Blockchain has been a part of the mainstream consciousness for over half a decade and its popularity keeps growing. With the emergence of the Metaverse a new evolution has arrived in the industry. There is a growing number of people who have and continue to immerse themselves in virtual worlds, where they can use their VR headsets to hang out with other users in real-time, explore and buy virtual land or NFT objects using crypto. 

Use-cases

With all these changes ahead, creating a startup NFT platform inside the metaverse might be right for you.

Here are some common ways these platforms are utilized:
1) Shopping online – when purchasing retail on websites you can only judge based on two-dimensional pictures. But inside the Metaverse, it is a completely different user experience that enables you to interact with products. For instance, by wearing a VR headset, you will be able to wander around famous shops like Zara or H&M in virtual reality. You’ll have the option of trying on clothes (with your avatar), picking your size and buying it using cryptocurrency. 

2) The lockdowns due to COVID had isolated us, making many turn to the web to socialize more. Yet that didn’t and cannot replace real world interaction. The Metaverse aims to bridge the gap. Hanging out with your friends’ avatars in virtual reality, visiting concerts with them, going to virtual cafes or stores, and all that without leaving your home is a reality today. Meta (aka Facebook) is working on making it even more realistic and engaging in the near future. 

3) The same thing for NFT games. They are a new type of entertainment for players constantly becoming more realistic and immersive. In addition, some can earn money simply by playing those games. which is ideal for gamers who want to take advantage of their hobby.

How to build an NFT platform in the Metaverse

If you are interested in building your own platform, we prepared a simple and clear guide.

Having an existing metaverse, one can develop an NFT platform inside it using blockchain technology:

First step. Picking a blockchain to work on

You can always opt for the most popular, which happens to be the most expensive one as well – Ethereum. The gas fees on this blockchain come to $50. However, there are other blockchains offering different fees. You can go with a private blockchain (it is not decentralized, but might have lower fees) or try a public one — Polygon, Binance (they charge around 5$). 

Second step. Creating smart contracts

This is an essential part of developing any blockchain-related project. Going with the latest standards, the Idealogic team uses two main protocols for NFT-based platforms – ERC-721 (The Standard for Non-Fungible Tokens) and ERC-1155 (The Most Advanced Non-Fungible Token). Using these protocols, we adapt them to the needs of the platform according to its function and the client’s wishes. For example, if it is an NFT game, the owner may want to limit the number of in-game NFT objects owned by one player. This is when the smart contract steps in and changes the code. 

Third step. Designing a marketplace

When the smart contracts are all set and the blockchain is chosen, it is time to program a marketplace where NFT trading will take place. This step includes UI/UX design, front- and back-end development. The programming language Idealogic uses for projects is called Solidity. It is used to implement smart contracts on a blockchain. 

Fourth step. Deciding on the cryptocurrency for the platform

There are several options you can go with here:

1) Creating your own cryptocurrency (optional) – if you choose this option, things like designing, testing, and promoting are required to boost users’ interest. Despite all of the heavy lifting, it might be worth the trouble. Owners always set aside some amount of their own crypto. Creating demand for cryptocurrency raises its value. Should the price go up, they may expect a significant rise in their income.

2) Adapting an existing cryptocurrency – this is the easier way, which does not require any of the extra work mentioned above. All you need is to pick a cryptocurrency from the ones that are already on the market, like Bitcoin or Ether, and implement it in the platform. 

These are the 4 main steps to creating an NFT platform inside the metaverse. Every such project has a roadmap – a plan composed of all the stages needed to have the platform run successfully. The end of each stage includes testing in order to check how everything works, prevent malfunctions and make some improvements. 

The takeaway

Creating an NFT platform is a complex, time-consuming process that requires leveraging various resources. It normally takes 4-6 months if it’s a standard request and possibly more in case you want extra features. The interest in the Metaverse keeps growing. For businesses who want to explore the technology and benefit from it this is an enticing platform. One of the services the Idealogic team offers is implementing blockchain technology in the Metaverse. We are here to bring your project to life and make a dream technology become a reality.

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