Non-fungible tokens (NFTs) have recently become a buzzword. More and more entrepreneurs are capitalizing on this trend by building NFT marketplaces—distinct online platforms where digital assets are sold, bought, and sometimes minted (created).
You’ve come to the right place if you want to build your own NFT marketplace. This blog post will provide you with valuable insights for launching a profitable non-fungible token marketplace business.
How to create an NFT marketplace?
Before discussing the steps you’ll need to take to build an NFT marketplace, let’s briefly define what it is.
An NFT marketplace website is an online platform where users can buy or sell digital assets. The term digital assets refers to digital art, collectibles, gaming items, and even tweets.
Steps to creating an NFT marketplace
Step 1. Define your audience. Research the market to identify your potential consumers and their demographics (age, location, interests).
Step 2. Consider the UX/UI design of your future NFT marketplace. Create a simple interface with intuitive navigation. Make an eye-catching NFT marketplace website using dark themes and parallax scrolling animations.
Step 3. Define the required functionality. Think carefully about functionality to help users achieve their goals.
Step 4. Choose the NFT marketplace development approach. There are two available options. Either use out-of-the-box solutions or custom NFT marketplace developments.
Step 5. Find a development team to build your NFT marketplace app. Your technology partner must have relevant experience. Expert development teams make a habit of revising their technology stack and observing case studies and customer testimonials.
Step 6. Release a minimally viable product (MVP) first. Use an MVP to validate the idea you had in mind before investing in a full-fledged project. Feedback from early users will show you how to improve your NFT marketplace.
Step 7. Choose the most suitable marketing strategies. Define how you will promote your NFT marketplace. For example, if you plan to drive organic traffic to your site, you need to consider SEO strategies to determine your platform’s crawlability and indexability.
More details about NFT marketplace development can be found on the Syndicode website.
Basic functionality for an NFT website
Start with basic features that allow users to take purposeful actions if you still aren’t sure how to launch a stable-income-generating NFT marketplace. Make an eye-catching homepage that clearly demonstrates what your NFT marketplace platform is about.
The sign-up process should be simple for users. Give them the option to register an account using social media or e-mail, and only ask them for essential personal information.
Next, build an advanced search and filtering system to quickly enable users to find their desired item. Streamline the search process by dividing all content on your NFT marketplace into several categories. Save your users’ time by making use of the autocomplete function.
After you’re finished building and optimizing your search and filtering system, create a storefront specifying crucial information about each non-fungible token—including value, bids, previews, and pricing history.
The bidding option is another important NFT marketplace feature. Provide users with the opportunity to purchase NFT items and bid on them. The expiration date and the status of the bid should be visible to users.
Finally, let users store their digital assets using connected wallets.
Ready solutions vs custom marketplace development services
Let’s discuss the pros and cons of out-of-the-box solutions vs custom NFT marketplace development services so you can choose the best solution for your NFT project.
First, ready-made software solutions are popular because they’re affordable. They’re also installable right of the bat and don’t require an extensive technical background for use. Since these vendors take care of their products and update them regularly, you can make use of their support lines and forums to get more information on the product.
Just like with any product, the initial low price can rise. That’s the case with growing companies using the pay-per-use model, not to mention ready-made products often have generic functionalities that may not satisfy all your business’s needs.
That’s why the custom NFT marketplace development option prevails. By hiring an experienced NFT development company, you will get a solution tailored to your business’s unique needs.
Another benefit of this option is the secure protection of sensitive data. Custom solutions are harder to hack compared to out-of-the-box products because experienced NFT development teams use encryption and specialized code to safeguard corporate information.
Be aware that custom NFT marketplace development services are more expensive and time-consuming, but they’re worth the investment long-term.
How to promote your NFT website
Developing an NFT marketplace and launching it is only half the battle. You need to combine different marketing strategies and techniques not only to gain more website visitors but to convert them into buyers. SEO is one of the most reliable ways to gain users who are more likely to engage with your services.
Below is a list of SEO best practices for insuring your NFT marketplace sits at the top of Google search.
Build a keyword list
Keyword research is the lifeblood of your NFT marketplace website’s SEO. It will guide your entire optimization strategy from writing blog posts to getting backlinks, even to building landing pages.
You need to choose the right keywords if you want to increase your NFT marketplace’s visibility. To do this, analyze search queries on the primary topic of your website and choose the best ones to target.
With a list of relevant keywords, you’ll have a better idea of who your potential customers are. Keyword lists are also useful for building a proper website structure, creating efficient SEO, Google advertising, and other promotional strategies and campaigns.
SE Ranking is a powerful SEO tool for improving your keyword research strategy’s efficiency. The tool shows you detailed statistics on each analyzed keyword.
Moreover, it provides you with valuable data regarding similar search queries. You will get a list of similar search queries, relevant phrases, and search engine suggestions for each keyword.
Other keyword-related information offered by SE Ranking includes keyword search volume and difficulty score.
The latter metric will give you a better understanding of the competitiveness of organic keywords on the SERP.
Optimize your content
Writing content that contains relevant keywords and is optimized for search engines can help you rank higher on SERPs, but the optimization process isn’t limited to keywords.
Since search engines love content that people love to read, consider adding headings and subheadings to your text to make it reader-friendly. Make sure they are marked with appropriate HTML tags and contain relevant keywords.
As for the images, don’t forget about alt tags that can be seen as alternate text and image tags displayed to users when they scroll over images. Additionally, you should optimize the image size so they load faster and users can view them properly.
Creating texts for people rather than for search engines is the number one rule of content optimization. Your NFT marketplace’s ranking will surely decrease if Google robots identify content that has been created and published solely for search engines.
Avoid this by writing natural-sounding texts that bring value to your audience.
Make use of internal links
Internal links direct users from one page of your NFT marketplace website to another of its pages. These links guide your website visitors and search engines to sections or pages of your NFT marketplace platform that you want them to see.
Internal links also help Google determine web page relevance, each page’s value, and the relationship each page has with the other.
The significance of internal links in terms of SEO lies in their ability to increase the PageRank of your web page. Google—which considers internal links to be signals of a web page’s authority—uses this algorithm to assess web pages and rank them accordingly.
There are several things to consider when planning an internal linking strategy.
First, determine which of your content is the most vital and complete for your online marketplace’s purposes. This is the content you expect users to find when they’re looking for NFT items.
If your NFT marketplace platform has hierarchical pages, consider linking parent pages to their child ones and vice versa. Similarly, link sibling pages to each other. This is how to build an organized website whose connection between interlinked web pages makes sense.
You can also increase any page’s authority and visibility by inserting links to it from the home page, but don’t link out to every page of your site. Reserve this strategy for your most important posts and pages.
For example, consider including an internal link from the homepage to a post explaining how your NFT marketplace works. This increases the post’s link value, making it stronger and more authoritative on Google.
Use external links wisely
External links direct users from your website to other sites. Here are some reasons why you should follow the latest external link practices to promote your NFT marketplace.
First, external links improve the credibility and quality of your web pages, boosting your SEO ranking overall.
They also help create connections and offer additional value to users. People will trust your website more if you provide them with links to reliable sources of information, like industry reports or peer-reviewed case studies. You’re essentially giving them valuable insights and telling them that you want what’s best for them even if it means hopping off your site for a bit. This behavior predictably increases your site’s authority and trust score.
Develop your link building strategy
Getting links from third-party websites to yours is integral to every web promotion strategy. Building a link building strategy directly impacts your rankings, increasing your NFT platform’s significance on Google. Backlinks (which are votes of confidence from high-quality and trustworthy websites) increase your domain trust score—a metric that shows search engines how authoritative you are. A better domain authority means you’ll rank higher on SERPs. Your SEO strategy can’t do without link building precisely because backlinks are among the most substantial of Google’s ranking factors.
Here are some best practices to get you started if you still aren’t sure how to make your link building strategy successful:
- Start by doing research in your niche. Each niche has its own promotion features, so the backlink profile in the NFT field will radically differ from the finance industry’s backlink profile. Your job is to analyze your SERP competitors and find out what the top players’ link building strategies look like. Try SE Ranking’s Backlink Checker to see all the necessary data: Domain & Page Trust scores, the ratio between dofollow & nofollow backlinks, a complete list of any specific website’s backlinks as well as its most common anchor texts, the total number of referring domains, a list of the website’s top target pages, etc.
Here you can figure out where to place your backlinks by looking for quality and relevant websites that are cooperating with your SERP competitors. Plus, your competitors’ backlink profiles offer a feast of guest post ideas.
- Mix different types of backlinks: these include guest blogs and sponsored links, backlinks in forums, videos, testimonials, PBNs, etc. Using a variety of backlink types shows Google that you have an organic backlink profile, so don’t think guest posts alone will be enough to succeed in link building. You also need to collaborate with affiliate marketers, buy links within the website’s banners, add links on Reddit, and so on.
- Select the right pages to build links to. Not all your website’s pages should be linked to. Backlinks pointing to certain pages pull more weight than others, so only choose the most valuable ones for SEO. These include the homepage, product pages, and blog posts. Even among these types, only select:
- Pages that drive a large number of organic visitors to your site.
- Pages with high-converting keywords.
- Pages that appeal to your target audience (commercial pages that directly sell your products or content displaying the benefits of your goods/services).
- Choose donor websites. Your donor websites should be authoritative (with a high Domain Trust score) if you want to get the most out of your backlinks. These sites should generate lots of traffic and pass on hefty amounts of link juice. Any page that links to your site should be relevant to your website’s niche. Page experience is also one of Google’s major ranking factors, so try to avoid getting backlinks from pages with lower than average page speeds and poor UX. Also, make sure your donor websites drive your target traffic (people who are most likely to engage with your services) to your site. Avoid referring domains with an unnatural number of hyperlinks on any given page. Google ignores these pages because inserting too many hyperlinks on the same page dilutes their value. The bottom line is, get backlinks from a variety of quality websites. The more referring domains your website has that are unique and of high value, the greater likelihood your site has of climbing to the top of the SERP.
- Work on your anchor text plan. Your anchor profile should not be spammy, so use different types of anchors: commercial, brand, generic, naked, etc. Commercial anchors, which have the most impact on SEO, should be no more than 30%. You should also avoid anchor over-optimization (when too many inbound links closely match your preferred keywords) to prevent your website from getting penalized.
Organic social media discovery
According to Forbes, more than 70% of businesses lean on social media to increase customer engagement. What’s more, 35% of customers say social media is their primary resource for learning about a new brand.
This is why you should actively promote and manage your NFT marketplace’s social media account. To promote your NFT marketplace, create engaging content on NFT features and use sneak peeks to build anticipation.
Having a great UX/UI
User experience and user interface are two different but interconnected elements, each having a significant impact on core SEO metrics. These metrics include bounce rate, rankings, traffic, and more. How these metrics play out will determine if users buy and sell NFT items on your platform—or someone else’s.
Your task is to keep users on your site by creating a user-friendly and eye-catching design. Keep up with the latest NFT marketplace design trends to reach this goal. Here are a few:
- Consider using dark mode. It will drive users’ attention to your NFT items and give your platform a modern futuristic look, which works perfectly for this domain.
- Focus on your niche when designing your NFT marketplace platform. By optimizing your website and its content to satisfy the demands of a definite user category, you will gain more traffic and grow your customer base.
- Focus on a clear website structure and intuitive navigation. Keep it consistent so users can quickly find what they are looking for. All navigation items should be clickable links.
- Create a separate navigation menu for different types of users, namely buyers and sellers.
Tracking your progress
Track the effectiveness of your SEO strategies as well as all changes to your NFT marketplace so you know you’re on the right path. Use customer-oriented metrics and KPIs to evaluate your SEO performance as well as define whether your objectives have been met.
Let’s take a look at some of these SEO metrics:
- Keyword postions define how your platform ranks in search for certain search queries (for example, the NFT marketplace app).
- The bounce rate determines the percentage of users who viewed only one page of your NFT website and left it.
- Organic traffic shows how many people came to your website from search engines like Google, Yahoo, or Bing.
- Direct traffic shows the number of people who visited your website by typing its URL in the search field.
- Referral traffic defines the number of users who visited your NFT marketplace platform by clicking on a URL of it from another website.
SE Ranking is a great SEO tool that enables you to view and manage all of the metrics above (and more) from a single interface. It also provides you with the opportunity to create custom reports with the help of a reporting tool.
Now you’re well on your way to building a profitable NFT business! The information we provided you in this article will be your bulwark against the fierce competition out there. Make good use of it and you’ll stand out even against the cream of the crop.
If you still aren’t sure how to reach the top of the SERP, here are some more articles we hand-picked to help you get there:
- SEO crash course for new websites
- Identifying and tracking your competitors with SE Ranking
- A complete keyword research guide
- How to do on-page SEO to boost your rankings
- Analyzing the performance of any website step by step