We would like to indulge our dear community in the process of building a Top-Notch Marketplace on the Solana chain.
Non-fungible tokens (NFTs) have taken the world by storm. In 2021 alone, the NFT market grew exponentially, and it’s projected to continue growing in the coming years. As a result, several NFT marketplaces have sprung up, each offering different business models. The most popular ones are open NFT marketplaces, where anyone can list and trade NFTs, and curated NFT marketplaces that list only reputable NFTs. In this article, we’ll discuss both models and ask for your opinion on which model you’d like to see incorporated into the marketplace we’re building.
Business Model A: Open NFT Marketplaces
Open NFT marketplaces like OpenSea are permissionless platforms that allow anyone to list and trade NFTs. These marketplaces have no restrictions on the type of NFTs that can be listed, which means that users can list anything they want. While this model is ideal for individuals who want to buy or sell NFTs, it comes with some downsides.
One of the downsides of open NFT marketplaces is the lack of curation. Since anyone can list their NFTs, it’s challenging to determine which NFTs are legitimate and which ones aren’t. This means that users may be scammed or end up with worthless NFTs.
Another downside of open NFT marketplaces is the high competition. With so many NFTs listed, it’s challenging to stand out and get noticed. This means that smaller creators may have a harder time getting their NFTs sold.
Business Model B: Curated NFT Marketplaces
Curated NFT marketplaces like MagicEden are more selective in the NFTs they list. These marketplaces only list reputable NFTs, which means that users can trust that they’re buying something valuable. Additionally, curated marketplaces often have partnerships with reputable organizations, which further adds to the credibility of the NFTs listed.
One of the advantages of curated NFT marketplaces is the trust factor. Users can trust that the NFTs listed on the platform are legitimate, which reduces the risk of scams. Additionally, since these marketplaces only list reputable NFTs, users can be sure that they’re buying something valuable.
Another advantage of curated NFT marketplaces is the reduced competition. Since only a limited number of NFTs are listed, it’s easier for creators to get their NFTs noticed and sold. Additionally, since these marketplaces are more selective, they often attract a higher-end clientele, which means that creators can sell their NFTs for a higher price.
Dear Bictorians Which Model Should We Use?
Now that we’ve discussed both models, it’s time to ask for your opinion on which one we should incorporate into the marketplace we’re building. As a community-driven platform, we value your feedback, and we want to build a marketplace that meets your needs.
If you prefer an open NFT marketplace where anyone can list and trade NFTs, you’re likely more interested in buying and selling NFTs for their unique value. This model is ideal for individuals who want to experiment with NFTs and are willing to take on some risk.
On the other hand, if you prefer a curated NFT marketplace that lists only reputable NFTs, you’re likely more interested in buying and selling NFTs for their investment value. This model is ideal for individuals who want to invest in NFTs and are looking for a more stable and secure platform.
NFTs are here to stay, and as a community-driven platform, we want to build a marketplace that meets your needs. Whether you prefer an open NFT marketplace or a curated one, we want to hear from you.