Build or buy a blockchain-based NFT Marketplace?

By June 23, 2022NFT
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This week, eBay announced the acquisition of NFT Marketplace KnownOrigin for an undisclosed sum.

KnownOrigin lets artists and collectors create, buy, and sell NFTs, like most other NFT Marketplaces.

As the CEO of a rapidly growing NFT marketplace, The PlayGrounds — powered by PlayTreks, we receive strategic partnership requests on a regular basis due to the enormous market growth. So I am pleased to see that KnownOrigin has been acquired. Congratulations to the team!

By acquiring Non-Fungible Tokens, eBay shows that leading companies are committed to blockchain technology. NFTs, I am sure of, represent a significant growth area for any business out there.

To have a successful NFT Marketplace, you need a passionate and loyal group of artists and collectors. In the case of PlayGrounds, it is about independent music and art creators wanting to share their digital content with their fans.

From a growth standpoint, I do consider these digital artists to be innovators. They are seeking alternative ways to monetize their content. Each day more and more of these artists join.

It is a fact that interest in NFTs is growing. A bright future lies ahead for NFT Marketplaces like KnownOrigin and The PlayGrounds, who are empowering creators and collectors to sell and collect unique digital content and who have a growing number of artists.

It is also a fact that blockchain technology is disruptive. Another fact is that this technology can be used for a broad array of applications.

The facts stated above justify eBay’s acquisition, and I am sure there are more acquisitions in the works, especially since the costs of building an NFT marketplace are significant, both from a technical perspective and from a user acquisition perspective.

Modern businesses rely heavily on technology to prosper in the digital age. When applied correctly, technology contributes to growth and profitability. Thus, the question arises of how to speed up the go-to-market with cutting-edge technology?

Here’s where the build or buy question comes in. We have seen first-hand that building an NFT Marketplace from scratch is a costly endeavor. It is not uncommon to require a minimum investment of 500K$ or more to have a full-blown offering for digital content creators.

Money is not everything; the company’s objectives must also be met. Long-term goals and your vision will all influence your strategy. Having defined the scope, one can then decide whether to build from scratch or acquire a solution.

If you consider the financial implications of starting from scratch, the costs can be staggering, especially when entering unknown territory like blockchain. Being experienced enough to manage such a project is an easy statement to make. It is utopian to predict what will happen in months’ time with so many developments occurring every day. Due to that reason alone, as well as the amount of time it will take to get to market, an acquisition makes sense. The upfront costs will be higher, but as soon as the platform is in place, unpredictable issues will be minimized. In short, it will save you from the headaches associated with building from scratch.

In addition to costs, you must consider how easy it is to customize the NFT Marketplace templates to your own needs. In addition, the platform has already been tested and proven in the market, so complexity is minimized.

The same applies to the user experience. It’s an ongoing exercise for those who have worked with creating user experiences, as they need to be user-friendly, easy to navigate, and flexible enough to adapt to new business scenarios.

Lastly, security is of utmost importance. After all, sensitive information is being handled here.

KnownOrigin, Opensea, PlayTreks, Royal, Nifty Gateway, Rarible, and several more early adopters are already making waves. Providing thousands of NFTs and experiencing daily user growth as well as solving the development challenges of building a scalable NFT Marketplace makes them an ideal acquisition target when companies consider whether to build their own NFT Marketplace or buy one.

As the next 12 months will be about being in time in the market, especially when wishing to become a leader in NFT, acquiring an existing NFT Marketplace will be more common than not.

On the same note, I truly believe that when answering the question of buying or building, the scale will tilt toward BUYING. Not only because of the technical challenges but also because the content and users are already protected.

NFTs or Non-Fungible Tokens have enjoyed stellar growth for those who have lived under a rock.

As previously stated, this stellar growth benefits not only digital creators but also NFT marketplaces.

As far as the NFT Marketplace is concerned, we can simply refer to it as an online marketplace, just as you have been using them for years. In contrast to traditional online marketplaces, NFT Marketplace objects are virtual non-fungible tokens, whether or not they are physically accompanied by a physical item. NFT marketplaces operate by charging a transaction fee for every change in ownership of an NFT. In exchange for purchasing the NFT, the buyer receives a token, which is a unique identifier with information about the provenance, author, and authenticity of the NFT.

The NFTs are protected by smart contracts. Tokens have a set of unique parameters stored in a smart contract and a blockchain, which provides security and immutability.

I have previously described the steps on how to acquire NFTs. I am happy to keep demystifying this process since it is not complicated.

In order to use NFT Marketplace, you must first create an account. That’s pretty much the same for every single NFT Marketplace or online shop. Wallets are created or linked when they’re already set up. These digital wallets hold your crypto assets and NFTs. Once completed, you can build your collection by acquiring NFTs.

The next step would be to display your NFTs and allow fans, the audience, or collectors to bid on your digital content or acquire it for a fixed price. As soon as an NFT is listed, the transaction is created, resulting in a smart contract.

When a bid results in a sale or the item is sold outright, the NFT Marketplace charges a fee.

Please read up on the power of Blockchain, and the endless possibilities it offers. Startups with brilliant ideas for disrupting markets, developers who learn new technology, and consumers will benefit from progress.

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