It’s no news that NFTs have taken the world by storm, providing a new way to buy, sell, and trade digital assets that have become quite popular with both the general public and more niche communities. These unique tokens, stored within modern blockchain technology, represent real-world objects like art, music, and even virtual real estate. The demand for this new cutting-edge technology increased from the beginning, as, according to DappRadar, the NFT market grew by 21,000% in 2021 during their first year, reaching a total trading volume of $24.9 billion.
Now, as NFTs continue to maintain their popularity and insert themselves as part of our digitally-charged lives, there's an increasing demand for NFT Marketplaces - the online platforms where these digital assets are traded. Developing such a massive and complex platform means intricate development projects requiring specialized skills, which leaves interested organizations considering the possibility of choosing to hire NFT developers to achieve these plans. This article will dive into the basics of NFT marketplace development and how to hire NFT development services from skilled IT professionals with ease.
First Things First, What Is An NFT?
NFT, or Non-Fungible Token, is a type of digital asset that uses blockchain technology to record ownership. Being non-fungible means the token is completely unique and can't be replaced with something else. For example, a painting is non-fungible because there's only one in existence. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a like-for-like basis, NFTs are unique and cannot be exchanged for anything else without proper compensation for the operation. The number of NFT users increased from 11.23 million in Q4 2022 to 14 million in Q1 2023, indicating not only that there are more popular collections now, but also that public interest in this market has continued to increase.
What Is NFT Marketplace Development?
The appeal of NFTs lies in their ability to tokenize and sell digital assets such as art, music, virtual real estate, and more - opening up the doors to a whole new line of business. With the industry’s growing popularity, the need for a robust and user-friendly NFT marketplace has become critical for businesses looking to capitalize on this trend.
Here’s where NFT marketplace development comes in, which involves creating a platform that facilitates the buying, selling, and trading of NFTs. This kind of marketplace is much more than just a website, it's a bridge between the harder-to-navigate world of blockchain technology and everyday NFT internet users. To better understand the importance of these platforms, it’s best to consider recent NFT news like the industry growth powered by the launch of Blur, an NFT marketplace for professional traders, which has attracted a great part of the crypto community. A well-developed NFT marketplace can have just the impact your organization needs to go to the next level.
Why Do You Need to Hire NFT Developers?
The process of developing an NFT marketplace involves creating a platform where users can mint, buy, sell, and trade NFTs. It requires deep knowledge of blockchain technology, smart contracts, and user interface design. For example, some of the key features of a successful NFT marketplace include a seamless user experience, robust security measures, and efficient transaction processing. Other must-have features include filters for easy navigation, wallet connectivity for seamless transactions, and an engaging interface that encourages user interaction.
With that said, creating an NFT marketplace isn't something you can do with basic coding skills. There’s a great need to have a thorough understanding of blockchain technology, knowledge of how NFTs work, and expertise in smart contract development - all of which are within the specialty area of NFT developers. Moreover, due to the financial value and sensitive data involved in most NFT transactions, professional handling is crucial to avoid any potential mishaps. Because of this, NFT developers play a pivotal role in creating a successful NFT marketplace. They understand the intricacies of blockchain technology and are skilled in crafting smart contracts – the backbone of any NFT transaction.
The cost of hiring an NFT developer varies based on several factors including their level of experience, the complexity of your project, and market rates. On average though, hiring an experienced NFT developer could cost anywhere between $50 to $200 per hour. Of course, there’s a wide range of solutions you can gravitate towards - both tipping the scale to the lower and higher ends of the pricing spectrum. Modern hiring solutions like nearshore outsourcing can help you plan more cost-effective NFT marketplace development projects by letting you hire NFT developers for a lower price.
How To Hire NFT Developers For NFT Marketplace Development
Identifying your requirements:
Before starting your search, you must know what exactly you're looking for in your future NFT developers. This includes the scope of your project, required skills, budget, and timeline. NFT marketplace development can be costly, so it’s best to ensure every detail is planned out from the start.
Searching for potential candidates:
There are numerous platforms that make it easier to search for skilled NFT developers. You can find skilled NFT developers on sites like Upwork or Freelancer, blockchain and NFT communities such as Bitcointalk or CryptoArt, and professional networking sites like LinkedIn. Alternatively, you may try to get direct referrals from colleagues or connections in the IT industry.
Evaluating their skills and experience:
Once you have a list of potential candidates, assess their technical skills and past projects related to NFT marketplace development. This should encompass everything from the necessary skills of NFT developers to their English proficiency level.
Interviewing and assessing problem-solving skills:
During the interview process, not only evaluate their technical knowledge but also their ability to solve problems and work under pressure. If you will be hiring a remote development team, make sure to evaluate their ability to keep up with deadlines and hold themselves accountable as well as communicate on a regular basis with your in-house staff.
Negotiating terms and finalizing the hire:
Once you've found an NFT developer who meets your requirements, negotiate the terms of their contract, like their future pay rate, project timeline, working hours, and key responsibilities.
Challenges of Hiring NFT Developers: Why Software Outsourcing Can Help
While NFT marketplace development is a beneficial line of business to get into, hiring NFT developers comes with its own set of challenges. The demand for these specialists is high while the supply remains relatively low due to the relatively young nature of this technology and coding practice. This can lead to a competitive hiring process and potentially high salary demands coming from a still quite small talent pool.
To overcome these challenges and snatch the top NFT development talent, you could try providing competitive compensation packages or offer remote work options to attract talent from across the globe. Additionally, investing in training existing employees in blockchain technology can also prove to be useful if you don’t have the budget to hire new IT team members. Besides these practical solutions, there are also new hiring practices that can make it possible for your company to hire NFT developers. Both nearshore and offshore outsourcing can help you assemble a talented and affordable outsourced development team, while managed software development services can provide you with quality NFT development without the need to introduce any more staff to your team.
Access Top-Notch NFT Marketplace Development With Nearshore Outsourcing
Hiring the right NFT developer is crucial to ensure the success of your platform. It's a process that requires time and effort from your end but the results can significantly transform your business for the better. Moreover, with the help of modern hiring strategies such as nearshore staff augmentation, your organization can now hire NFT developers at a lower cost and without the restrictions of a local talent pool and the current IT shortage going on around North America. At Blue Coding, we have an experienced technical recruitment team ready to help you find the best NFT marketplace development talent available. Contact us today to schedule your free discovery call and learn more about our nearshoring services!