Table Of Content
- What is NFT?
- How Do NFTs Work?
- Popular Types Of NFTs
- Creating An NFT Store Using WordPress Plugins
- How To Design An NFT Marketplace?
Since its first project was launched in 2015, NFTs have already become one of the most significant technological advancements of this century. Today, the NFT industry is worth tens of billions of dollars.
Nowadays, everyone is looking to taste that quick success through NFTs. Some are not just looking to invest in NFTs but are also inclined to open their own stores. However challenging it may sound, creating your own NFT store through WordPress plugins is possible and not that hard.
But before looking at the approaches to creating new stores, let’s first check out what NFTs are and how they work.
What Is NFT?
NFTs or Non-Fungible Tokens are cryptographic tokens or assets based on and stored on the blockchain. NFT basically means that a digital copy of a particular item is stored on the blockchain, and you cannot exchange it for another. So these cryptographic assets can be used to prove that you own a particular item because they (NFTs) cannot be copied, subdivided, or substituted. An NFT can either be one of a kind or one of a limited number of units (all with different identification codes).
You can transfer these non-fungible tokens into ownership, which means you can buy or sell them. However, unlike other cryptographic assets like cryptocurrencies (Bitcoin, Ethereum, Dogecoin, etc.), NFTs cannot be traded equivalently. For example, Tesla accepts cryptocurrencies for its products. However, you cannot use NFTs in these kinds of commercial transactions as their values fluctuate on the basis of demand and rarity.
How Do NFTs Work?
The factor that makes non-fungible tokens expensive is the valuable information stored in them. Market demand controls the value of NFTs, so they can be bought or sold like any valuables or physical arts.
NFTs are stored on the blockchain, a public, decentralized, distributed digital ledger that tracks digital assets and records transactions in a corporate or business network. Every NFT is stored as a unique address, making tracking and transferring its ownership easier.
Blockchains are also responsible for cryptocurrencies. Although several blockchains support NFTs, they are usually stored on the Ethereum blockchain. NFTs are digital representations of any kind of physical or digital objects, including,
- Designer sneakers
- Music (or audio pieces) and Videos
- Sports highlights
- Trading cards related to famous celebrities and athletes
- Virtual avatars and video game skins
In March 2021, Jack Dorsey sold his first-ever tweet as an NFT for almost $3M, which shows you can sell practically any digital asset as an NFT.
Now you might be wondering whether there are different types of NFTs. So let’s check them out.
Popular Types Of NFTs
Here are a few popular types of NFTs:
NFTs Gamification is a concept in which blockchain is combined with the common aspects of any game, like rules of scoring and playing, game laws, rivalry, etc. You can earn additional income by creating, buying, and trading Gamified NFTs. You can trade or upgrade the characters in some games through Gamified NFTs rather than using traditional methods like recharging the game wallet.
It’s no secret that the music industry has not been able to exploit technological advancements to find more ways for music artists to earn additional income from their work. Although streaming services have provided a platform to these artists, they also take a massive chunk of their revenues. But with Music NFTs, artists can sell their tunes, songs, or even entire albums as digital assets over the blockchain and start an additional income.
Photography & Art
Any photograph or piece of art can be minted into an NFT. But the original owner of the physical piece needs to be aware of the creation and approve of its authenticity.
Nowadays, artists like Mike Winkelmann, popularly known as Beeple, also create digital art (artwork created through digital processes), which is minted and sold as NFTs for hundreds of thousands, if not millions of dollars. After creation, art or photography NFTs can be stored on the blockchains like Cardano, Ethereum, Avalanche, Chainalysis KYT, etc., after which they will be tradable. Not only can NFTs increase the price of already existing artworks, but they can also eliminate the risk of theft or counterfeiting.
Another massively popular type of NFT is digital assets. These NFTs can help you encrypt and secure certifications and property rights in areas like real estate, valuables, entertainment, etc. In the real estate industry, NFT stores the ownership certificate of land or built property. You can have an NFT of ownership certification for a valuable jewelry piece.
In the entertainment industry, NFTs can be used to store and sell things like screenplays and scripts on the blockchain. Recently, Nike even introduced a tokenized system through which you can own limited-edition shoes.
Platforms like Unstoppable Domains and Ethereum Name Service have been responsible for simplifying purchasing and managing unique domain names as tradable NFTs. For example, Budweiser, the famous alcoholic beverage company, acquired the domain name NFT “beer. eth” in August 2021 for 30 ETH. So it’s no surprise that domain name NFTs will continue to rise in popularity in the future as well.
Now that you know about NFTs, their working, and their prominent types, we can move on to the process of creating a new NFT store using WordPress Plugins.
Creating An NFT Store Using WordPress Plugins
There are two approaches to creating a new NFT marketplace. The first is developing a custom store through WooCommerce with the integration of APIs (application programming interfaces). It can help with minting and ownership transfer.
However, if you are concerned about your budget, some pre-designed plugins can help you create an excellent NFT marketplace. For now, we’ll focus on this approach, and the following processes will help you with it:
Tatum is a blockchain designing and development platform that has integration support for over 2000 digital assets and 40 blockchain protocols and uses APIs to help you mint, create, and trade NFTs from your eCommerce website.
Now, let’s take a look at the steps to create an NFT marketplace with Tatum:
Step 1: To start with, you must download and install the WordPress plugin and create an API key.
Step 2: Then click on the Get API Key option, after which you will be redirected to a page asking you to create a new account.
Step 3: After that, you will have to choose a plan per your website requirements, after which you will see a pop-up for creating the API key.
Step 4: Choose the region and network of your website.
Step 5: Then, you will need to register for a paid plan to fund the minting fees for your tokens. Post that, you will reach the Tatum dashboard for the payment procedure. The platform will generate a new API key after confirming your details.
Step 6: Now, click on “Your API Keys,” and you’ll see the newly-created API key. Then, you can click on “Show” to expand the submenu and copy the code.
Step 7: After that, open WordPress, paste the new API key, and click on “Finish Setup” to conclude the process.
After this process, you can move on to creating NFT products.
Developing NFT Products
Here are the steps to follow for creating NFT products:
Step 1: Go to the WooCommerce product catalog and select “Add Products” to create a new NFT by scrolling down and visiting the NFT Maker section.
Step 2: Then, you will have to select a blockchain to create and mint the NFT.
After that, your customers can view the products, add the ones they like to the cart, and pay for them. After the order is confirmed, the customer can view the transaction details and check the blockchain address.
The non-fungible token will be sent to your address after the conclusion of payment.
Flat Rate NFT Asset Listing
After starting a marketplace and creating the NFT products, it’s time to authorize the listings to allow window-shopping of your NFTs. But before that, you will have to get the NFT products (every product will need its own unique listing ID) to your sellers’ addresses.
You will have to mint the NFTs to make them a part of the Ethereum blockchain, the process for which is as follows:
Step 1: Design and develop a digital wallet.
Step 2: Link the digital wallet to your NFT store.
Step 3: Deposit Ethereum (ETH) cryptocurrency in the wallet.
Step 4: Attach the wallet file to the store and fill in the necessary details, including name, price, auction type, etc.
Step 5: Verify and confirm the details, as they can not be altered once uploaded.
Step 6: Click on the Create button and the file posted on the IPFS or InterPlanetary File System.
Step 7: Finally, pay the gas fees. After paying these fees, the NFT minting process is complete.
Now, let’s see the WordPress plugin used with this API to create the NFT marketplace.
This plugin is a blockchain technology for WordPress, and it supports Ethereum, Ethereum Classic, Binance Smart Chain, Polygon (Matic), Avalanche C-Chain, and Fantom Opera.
So let’s see the steps to creating the marketplace through WordPress Smart Contracts:
Step 1: First, go to the WordPress dashboard, visit the WordPress plugin directory, and search and click on the WPSmartContracts. After that, install the plugin on your website.
Step 2: Visit Settings and click on the WPSmartContracts to start the setup.
Step 3: Configure your marketplace’s appearance by choosing among the different skins provided. The appearance changes will be applied to the whole website immediately.
Step 4: After describing the site junction, you can leave the front-end editing of your NFT store open since the editing options can only be accessed by the creator.
Step 5: After setting up the design, you may start arranging the smart contracts. To complete this process, you can search the network and choose the Deployment option.
Step 6: Read and tick all the boxes to move to the final step.
Step 7: That concludes the formation. So now you can move on to reviewing the contract information and finish the process.
This step concludes the creation of the NFT marketplace through Tatum and WPSmartContracts.
So let’s discuss the steps involved in this approach of creating an NFT store.
Step 1: First, store your media in the InterPlanetary File System, a decentralized storage technology, for free. It will help protect your media files in case of host server issues.
Step 2: Next, create your NFT collectibles. OpenNFTs can help you with the basic ones, but you’ll have to use AutoMarket for the royalties.
Step 3: Then, you can design and develop your own NFTs.
Step 4: Link the collections to a blockchain. This approach supports Mainnet Ethereum, Matic/Polygon, Optimism, Binance Smart Chain (BSC), Avalanche, Fantom, Arbitrum, and xDAI.
Step 5: Next, add a shortcode button to sell NFTs on all pages or posts.
Step 6: Then, you can sell the NFTs on your WordPress-powered website.
Step 7: You can also add a shortcode button to view NFTs on your pages or posts, and it will be redirected to the OpenSea marketplace.
Now, you are ready to sell digital assets on your WordPress NFT marketplace.
Important Note – NFT marketplaces are not restricted to flat-rate assets. You can opt for some custom features for your marketplace, like sanctioning auctions and dropping other digital assets to take your business to newer heights.
How To Design An NFT Marketplace?
Designing an NFT marketplace is easier with the help of free and paid themes available on the WordPress website. Choosing a piece in conjunction with the NFT products you are listing on your marketplace would be best. Alternatively, you can get in touch with a web developer or a development company to design the marketplace website. You can even sell colors as NFTs. So by thinking long and hard, you can come up with a unique idea for an NFT product.
The sky’s the limit when it comes to NFT. You can sell whatever you want as a digital asset. But, whether it is an art piece, photograph, trading card, or music piece, make sure it is unique because exclusivity is the key.
Since NFTs are getting popular by the day, it’s understandable for anyone to think of starting an NFT marketplace. More and more people are creating and investing in NFTs related to physical and digital assets, so creating your own marketplace would be a good idea to make money.
So you can go for either Tatum API or OpenSea to create a new NFT marketplace. If you want to develop NFT Marketplace or require some customization in your existing NFTs store then contact our experts and get the best solution in the industry.