The world of non-fungible tokens (NFTs) has taken the digital landscape by storm, with a market currently valued at around $3 billion and a growing interest from millennials, as evidenced by 23% of them participating in NFT collections. Despite the volatility, Mason Nystrom, a senior research analyst at Messari, suggests that the NFT industry is resilient and may be in a more favorable position than recent crypto price movements indicate.
In this article, we will explore the prospects of developing a mobile NFT app, exploring successful projects and the best blockchains for NFT app development, focusing on NFT development services.
NFTs, or non-fungible tokens, represent digital or physical assets such as art, music, films, and game items. These unique tokens are bought and sold using cryptocurrency, with transactions recorded on a blockchain. NFTs offer creators opportunities to monetize their work, ensuring authenticity, and scarcity, and providing the chance for royalties on resale.
Is Building an NFT App Worth It?
The proliferation of NFTs has opened up avenues for developers and investors, leading to the emergence of successful NFT-based games and marketplaces. Notably, OpenSea, valued at $13 billion, has demonstrated the potential for success in the NFT market. The shift from desktop to mobile is evident, with OpenSea’s mobile app amassing over 1 million downloads since its launch in 2021, making it one of the top three mobile NFT marketplaces.
VeVe, another mobile NFT marketplace, witnessed significant success with the Disney Golden Moment NFT release, accumulating 39,000 downloads on the drop day. This trend indicates a strong presence for NFT apps in the mobile space, driven by user demand for convenience and on-the-go management of their NFT collections.
How Do NFT Apps Work?
NFT apps empower users to create avatars, explore digital collections, and buy, sell, or mint NFTs. Some top NFT apps, like Crypto.com, integrate marketplace functionality with crypto exchange features, providing users with an all-in-one solution for their NFT-related activities. Initially designed for desktops, NFTs have transitioned to mobile devices, allowing users to manage their collections seamlessly.
Can You Mint NFTs on Mobile Apps?
Yes, minting NFTs can be performed on mobile apps, and it doesn’t matter which device is used for the minting process, as long as it is on the blockchain. Businesses planning to build an NFT app should ensure it offers a seamless setup for minting NFTs, catering to the growing demand for mobile-friendly minting solutions.
Top 3 Apps for NFT Minting
- NFTGo: A leading provider allowing users to mint NFTs on major blockchains, including Ethereum and Polygon. Users purchase in-app currency (gems) to buy or mint NFTs, and the app supports easy transfer to other wallets and connectivity with marketplaces like OpenSea and Rarible.
- NinjaFT: Enables NFT minting on the Binance Smart Chain and features an in-built NFT creator for on-the-go digital artwork creation. The app includes a crypto wallet for storing and transferring NFTs.
- Pixl: Integrates NFT minting with an Instagram integration, allowing artists to turn their digital posts into NFTs. Users can create profiles, showcase NFTs, join communities, and claim a free Matic coin when minting.
Buying NFTs on Mobile
Most mobile apps offer the functionality to buy NFTs using smartphones, often partnering with popular NFT marketplaces like Binance or Crypto.com. However, exceptions exist, such as OpenSea’s official app, which currently does not support direct NFT purchases.
Best NFT Apps for Buying and Selling
- Crypto.com: With 10 million users, Crypto.com’s NFT marketplace offers a range of categories and accepts both crypto and credit/debit card payments. It stands out with a user-friendly interface and zero transaction fees for NFT buyers.
- Binance: Originating as a crypto exchange, Binance expanded to include an NFT marketplace accessible on both iOS and Android. It supports NFTs on Ethereum and Binance Smart Chain, featuring a unique “Mystery Box” functionality for randomized NFTs.
- Sketchar: Focused on digital art, Sketchar allows users to create and mint their art as NFTs. Equipped with AR-based training, it aids users in learning how to draw. The app, however, only integrates with other marketplaces.
- Rarible: An efficient NFT app for viewing and trading on the go, Rarible boasts over 100K downloads at launch. It enables users to create personalized news feeds, bookmark NFTs, and receive notifications for selected drops.
- Axie Marketplace: Tailored for Axie Infinity, a popular game centered around Axies, this app facilitates the buying and selling of in-game items, including skins, weapons, and land.
Commission Fees on NFT Platforms
Users engaging in NFT transactions through marketplaces may encounter transaction fees. For example, OpenSea charges 2.5% per transaction, SuperRare asks for 2%, and Rarible takes 2.5% on both the buyer and seller sides. Additionally, developers should be aware of platform fees imposed by app stores. Apple App Store charges a standard 30% commission, reduced to 15% after a year or if the developer makes less than $1M in annual sales. Google Play Store follows a similar structure.
Choosing the Right Blockchain for NFT App Development
Selecting the appropriate blockchain is crucial for NFT app development. Considerations include the platform’s establishment year, consensus mechanism, supported crypto wallets, and transaction fees. Newer platforms may lack a mature toolset and community support, while energy-efficient consensus mechanisms, like Proof of Stake, are advisable for sustainability. Ensuring compatibility with popular crypto wallets and reasonable transaction fees further contributes to a successful NFT app development.
The mobile NFT market is thriving, presenting a lucrative opportunity for developers and investors. As evidenced by the success of existing NFT marketplaces, the demand for apps facilitating the purchase, sale, and creation of digital assets continues to grow. By understanding the dynamics of NFTs, exploring successful projects, and choosing the right blockchain, entrepreneurs can position themselves to capitalize on the flourishing NFT landscape. Now is indeed the time to join the rush and potentially reap the rewards of this evolving digital frontier.