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The virtual and real world are coinciding now. Why is this happening? This is because of the massive growth of crypto collectibles. Likewise, the sports industry is adopting this trend significantly. Thus, fans can purchase packs and moments of their favorite players, kits, merchandise, photos, and videos of matches. Are you that entrepreneur looking to rule the creator economy? Create an NFT marketplace for physical assets.
The process to start physical asset NFT marketplace development
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Decide the sport :
Importantly, combat, non-combat, and racquet sports are adopting NFTs significantly. For instance, players, teams, and tournaments in sports like baseball, basketball, cricket, football, hockey, kabaddi, tennis, Mixed Martial Arts (MMA) are launching their unique collectibles.
You can choose active players, retired stars, and commentators as your brand ambassadors for selling physical goods and digital assets as NFTs.
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Finalize the target market :
Undoubtedly, sports action is happening everywhere. National and international tournaments, competitive leagues, and invitational challenges are happening across the globe. Thus, you must select a sports-loving nation for launching digital collectibles.
Importantly, there will be a high demand for sports collectibles when launched in leagues like the National Basketball Association (NBA), National Football League (NFL), English Premier League (EPL), Formula One (F1) championship, etc.
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Choose the right blockchain network :
The popular blockchains in the industry now are Binance Smart Chain (BSC), Ethereum, Solana, Flow, WAX, Tezos, Waves, etc. Moreover, as you begin Physical assets NFT marketplace development, you must consider several factors.
It includes aspects like cross-bridging, gas fees, scalability, ability to handle a large volume of investors, and integration with the entire ecosystem of decentralized applications (DApps) and crypto exchanges.
Consequently, you can try to build an NFT marketplace on sidechains like Polygon. This offers several advantages like multi-chain integration, interoperability, multi-layer security measures, greater throughput, and a friendly user experience.
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Settle on the right type of sports goods :
Sports fans require a mix of virtual entertainment and in-real-life (IRL) telecast of matches while trading NFTs. Further, you must include memorabilia, rare photos of legends, videos clips of jaw-dropping shots, sports jerseys, luxury goods, etc. As a result, this will help in captivating a legion of fans across the globe.
Enthusiasts who own collectibles can also directly connect with acclaimed male and female players, and trade them later on secondary markets to make a profit. NFTs also provide benefits like scarcity, authenticity, uniqueness, interoperability, and indivisibility.
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Contact a white-label solution provider :
You can reduce your capital expenditure and launch time in the market by connecting with a white-label NFT marketplace development company. Trained blockchain developers will create state-of-the-art trading platforms. The latest trends in the sports industry will also be incorporated to captivate fans in large numbers.
The primary features of an NFT marketplace for Physical Assets are
- Search and filter option – Sports fanatics can easily discover lucrative NFTs by pressing the search panel. They can enter the names of players, teams, and leagues. Later, results about rare collections, names of creators, and unique artwork are displayed.
Moreover, investors can also choose options like recently listed, lowest and highest price, sale type (timed auction, fixed price, open for offers), and verified only.
- Connect Wallet button – Investors can process transactions, pay bidding charges, and gas fees by linking their digital wallets. For example, sports aficionados can select software wallets like MetaMask, MyEtherWallet (MEW), Trust Wallet, and TokenPocket.
Further, you must try to integrate the WalletConnect Web3 open-source protocol. This ensures that sports fans on popular NFT marketplaces can buy NFTs quickly once the auction opens.
- Exclusive Drops section – National and international sportspersons can create a huge buzz in the metaverse. They can sell their NFTs to their die-hard fans by organizing drops. Investors can make bids for these exclusive collectibles after the start of the auction.
Is there transparency? Of course! Real-time stats are available about the number of bids, floor price in cryptocurrency, trading volume, and the date and time of minting.
- Help Centre – Sports fans can sort out different problems by contacting the technical support centre. They will receive assistance for issues like account creation, placing bids, resetting passwords, syncing their software and hardware wallets, linking of social media accounts, participating in auctions, and withdrawal of funds.
What is the cost of physical asset NFT marketplace development?
- Duration taken to create blockchain-powered trading platforms.
- Extent of customization needed by entrepreneurs like you. The type of tech stack (programming languages, web frameworks, and smart contract auditing tools) used for creating the platform for buying and selling physical assets.
- Salaries paid to the development team.
Are challenges the future of sports collectibles?
It is not just players who battle it out on the pitch to win matches and tournaments. Even their fans can showcase their skills and share their collectibles by participating in challenges. What do they receive from this? They get prizes, packs, and rare moments.
Moreover, sports fanatics can share their knowledge of players and teams through quizzes and interactive events. Generally, these challenges are held during tournaments to receive more attention. Accordingly, fans will receive moments and packs from games (group stage matches and knock-outs).
Certified Ballers: The new trend in the virtual sports industry
Buying a one-of-the-kind collectible is not just proof of fandom. It is an experience of watching unseen avatars of players and their rare moments. Likewise, you can enthral NFT collectors by displaying them under a special list. Their names, joining date, social media accounts, scores, and stats related to moments, sets, showcases, and completed challenges are showcased.
What to expect from Physical Assets as NFTs in the future?
- Leaderboards for fans – They can connect with like-minded personalities who share a passion for sports. This motivates them to participate aggressively in auctions and make lucrative bids ahead of the rest.
- Cross-chain compatibility – Fans who have an account on a blockchain network can purchase NFTs listed on another platform easily. This is possible when marketplaces operate on numerous blockchains simultaneously. Thus, investors can transfer funds from one wallet to another and also pay off auction charges, gas fees, and bidding charges quickly.
Wrapping Up
Are you that ambitious entrepreneur looking to connect athletes with their admirers? Create an NFT marketplace for physical assets by reaching out to a white-label solution provider now.
