Launching Your NFT Marketplace for Play-2-Earn Games
The video gaming market has been a lucrative industry for many years, topping the list of the largest entertainment industries in the COVID-19 period. It still possesses the hearts of millions of gamers, but within the past two decades, the monetization approach has evolved. It initially followed the P2P model (pay to play), transforming into the subscription-based play to evolve into the Play-2-Earn approach.
NFTs have integrated pretty well in the play-to-earn gaming market, where the assets, armor, character clothing, and status artifacts can all be transformed into exchangeable tokens. NFT games covered over 22% of the overall NFT trading volume in 2021, which is expected to rise further.
As the play-to-earn model allows every active gamer to earn assets, the P2E market is growing very fast. In 2021, the P2E market size was around $750 million, expected to rise to 3.6 billion by 2028. So, if you have a P2E game, setting an NFT marketplace is imperative to allow your users in-game trading and exchange opportunities. This article discusses the innovative P2E game NFT marketplace concept and explains how you can set up one.
Tech Stack Required to Launch an NFT marketplace for Play to Earn Games
NFT marketplaces operate on blockchain technology, so you need to hire an NFT development company with an in-depth understanding of NFT marketplace architecture. Here are the key technical aspects to take into account.
First, you need to choose the blockchain technology that will form the basis for your NFT marketplace. The golden standard for this type of crypto project is Ethereum, but scalability issues and high gas fees currently hinder its operations. So, you can also consider more robust options like Polygon, Near protocol and Solana.
Users need to pay or receive money for the traded NFT assets to perform transactions on your marketplace. It is impossible to complete such exchanges within a crypto wallet. You can develop a branded wallet to support in-game transactions and asset storage, but this endeavor is an expensive hassle. So, a better way is to integrate any of the existing popular wallets supporting major cryptocurrencies, such as:
- Math Wallet
This multichain wallet for Web3 is also an ideal solution for operations at the NFT marketplaces. It complies seamlessly with 100+ popular public blockchains and works on various EVMs. Other perks for users of this wallet include a Math dApp store, MathVault with lucrative asset staking opportunities, and the level-2 MathChain operating on Substrate.
- Alpha Wallet
The Alpha Wallet ETH wallet is a great solution for businesses wishing to integrate wallets into their crypto projects and customize their features and functionality. It’s a secure wallet with an intuitive UI allowing endless personalization abilities for your brand.
- Trust Wallet
Using Trust Wallet, users will never worry about their tokens’ compatibility and cross-chain transfer. This wallet type supports all popular tokens, such as BEP2, ERC20, and ERC721 – fungible and non-fungible crypto assets. So, it will ideally match a broad user base’s cryptocurrency and NFT storage needs.
- Coinbase Wallet
Coinbase Wallet is also a popular third-party solution for NFT marketplaces. It can serve as single storage for NFTs and cryptocurrencies, supporting 100,000+ tokens of different kinds. Thus, users can trade their assets on various DeFi platforms and DEXs in the wallet’s browser or mobile app versions.
Front-End NFT Marketplace for P2E
Your play-to-earn marketplace will be successful among users if it possesses a simple, intuitive UI allowing quick menu navigation. Make sure to include handy filters and search options, detailed NFT descriptions, ratings, and transaction statuses in the front-end design. Also, take care of simple user account registration and buy/sell/bid options.
NFTs are art by essence; they can take the form of music, video, visuals, or icons. So, your platform should be equipped with secure and functional storage where NFT creators and holders can keep their assets. At present, the following databases are commonly chosen by NFT marketplace creators:
An acronym for the InterPlanetary File System, IPFS is a peer-to-peer hypermedia protocol enabling truly decentralized file ownership in Web3. It uses blocks as independent data transfer units; these blocks contain file parts and links to other parts. Thus, users need to compile different blocks to retrieve the file or catalog. This approach is more flexible and secure than more centralized file storage methods.
Filecoin is an all-in-one crypto solution for file storage and data/asset exchange. It features a branded protocol and incentive layer to make data storage and transfer in the crypto universe securer and more manageable. You can store any data on Filecoin, from individual NFTs to large-scale websites and datasets.
Pinata is a storage solution specifically designed for NFT media management. It enables frictionless NFT transfer among users and provides a highly user-friendly UI for fast, reliable, and enjoyable NFT transactions.
Writing Smart Contracts
Your NFT marketplace should feature smart contracts integrating secure and clear logic for transactions’ self-execution on your platform. Thus, engaging a reputable NFT development firm in smart contract development is vital. Working with professionals on smart contract design will guarantee the safety and immutability of all on-chain operations among users.
How Do They Work?
The P2E game NFT marketplace generally operates similarly to a traditional NFT marketplace, with the only exception – NFT ownership and minting. If you join a usual NFT platform, you typically gain access to NFTs of all sorts, created by hundreds of artists, from beginners to well-known pros. P2E game NFT marketplaces feature the in-game NFTs – assets created by game owners that can only be used within a specific game.
So, the basic workflow in the P2E game NFT marketplace looks as follows:
- A user registers an account in the P2E game and gains access to its local NFT marketplace (or registers an account at the global NFT marketplace).
- They set up an account in the selected crypto wallet (or link an existing one to the platform).
- They win NFTs in the P2E game and trade them in the marketplace or buy additional NFTs to raise their in-game competitive advantage.
- The NFT marketplace regulates transactions and keeps track of smart contracts’ correct execution.
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Types of NFT Marketplaces
Overall, the NFT P2E marketplaces can be local and global, depending on the scope and diversity of NFT coverage. Let’s consider each type in more detail.
Local NFT Marketplace for Play to Earn Games
Local NFT marketplaces are usually limited to NFT assets of one specific game. So, they are also referred to as in-game NFT markets, allowing gamers to buy and sell NFTs related to one game only. It’s simpler to arrange such transactions because most blockchain-based games have native tokens for in-game transactions. Thus, all operations are performed in the “local” currency with minimal transaction fees. Examples of such marketplaces are those of The Sandbox, Axie Infinity, and World of DeFish, among others.
For instance, World of DeFish features a convenient NFT marketplace where gamers can buy and sell valuable fishing equipment, boxes, and even fishing zones, paying with the in-game WOD token.
The Sandbox’s NFT marketplace allows buying different gamers’ created NFT assets and paying for them with SAND tokens. These assets can be incorporated into the users’ lands. Other options include buying new lands to expand the existing territories or start building a new environment.
Global NFT Marketplace for Play to Earn Games
Global NFT marketplaces are broader in coverage, resembling the traditional stock exchanges. Here, you can find offers from many games and trade the NFT assets in multiple currencies, including the universal crypto assets like ETH, BTC, or USDT. Examples of popular NFT P2E game marketplaces with a global outreach are GameFi, OpenSea, and Rarible. With the rapidly growing market, new trading platforms emerge daily to offer flexible terms and breadth of asset offerings to crypto gamers.
White-Label NFT Marketplace for Gaming
As you might have already checked, developing an NFT marketplace from scratch is a costly and lengthy endeavor. Not everyone has the time and money required for such a project.
But these hardships shouldn’t make you abandon your dream. An alternative we offer is a white-label NFT marketplace for play 2 earn games with the same functionality and appeal that turnkey solutions provide. It’s a pocket-friendly NFT marketplace that can be launched in as little as 3 weeks without quality or feature richness compromises. Besides, the white-label solution is highly customizable, enabling you to design a unique, user-friendly, and sleek UI meeting your brand.
Dynamic NFT & Play to Earn Games
Dynamic NFTs (dNFTs) are the new word in the world of NFT and P2E gaming. Their technical architecture is fundamentally different from static NFTs, allowing dNFTs to evolve based on their interactions with the off-chain environment. This kind of NFTs can respond to real-world events, reflecting those changes in the NFT qualities and status.
The modern use cases for dynamic NFTs include:
- Sports cards
For example, dNFTs of exclusive horses in the Silky game change when the real-world horse wins a tournament, and sports NFTs evolve when the real-life athletes win competitions (e.g., LaMelo Ball NFT collection). Thus, not only does the NFT price change in the NFT marketplace; your NFT changes as well.
- NFTs with evolving properties
A gamer may receive or buy a base NFT, which possesses a standard set of properties (or no properties). By playing the game and earning points, the gamer can boost their NFT and add some traits that will increase their in-game status and rank (or vice versa). Thus, for instance, losing a battle may be followed by a transfer of weaponry to the winner, and the player’s NFT avatar with a sword will transform into an avatar without a sword.
- Real estate registries
Dynamic NFTs for real estate objects can reflect their current state and store data about renovations made to those objects in the past. The NFT icons can evolve to reflect the modern look of the property while still keeping the historical record in the NFT metadata.
Why Choose 4IRE for NFT Marketplace Development for play-2-earn?
Working with the 4IRE team on the NFT game marketplace, you receive guarantees of high-quality coding, compliance with the latest NFT trends and blockchain logic, as well as dedication to deadlines. Our expertise in the Play-2-Earn game sector allows building robust, safe solutions for clients, like Blackchain or Hash Rush.
We always work in close partnership with clients to exceed their expectations and deliver top-notch projects meeting the highest standards of blockchain product design. Thus, with a large team of senior-level blockchain architects applying different blockchain programming languages and skilled NFT developers on board, you’ll be much better positioned to succeed in the market.
NFT marketplaces are booming today, with the NFT world’s fast development and numerous options for earning generous revenue. By opening an NFT marketplace for P2E games, you receive a unique chance to take advantage of today’s two most popular blockchain trends. Thus, having a play2earn marketplace is a great opportunity to hop on the fast-moving crypto train, attracting a huge following.
NFT marketplaces for P2E games offer their owners and loyal users many earning opportunities. First, you can make money on the commission users pay for on-site transactions with their NFTs and in-game tokens. Second, you can earn on the value increase of your game NFTs and assets if you organize a local P2E game NFT marketplace to enable the exchange of game assets specific to your game only.
As a rule, you will need 4-6 months to build a new NFT marketplace from scratch. A white-label solution may give you quicker results, with 3-4 weeks covering all development phases. The timing of your project will be estimated individually depending on the level of complexity and the number of features you want to include. Other factors include the back-end platform you want to use, developers’ tech stack, etc.
The cost of your NFT game marketplace depends on many factors, so it will range widely, from around $50,000 to $100,000+. The variables you need to consider when budgeting your project include the location of your dev team, the technology you want to use, the number of features, and the overall project complexity.