The NFT space is still coming into its own, and new collections are learning to navigate the competition and appeal to collectors. As some of the most successful projects continue to build and deliver experiences to their communities, it’s becoming clear that NFT marketplaces are becoming a focus for forward-thinking projects. If you don’t see how your NFT project can benefit from a dedicated marketplace, then this article is for you.

Most projects enter the space with a vision for a unique NFT collection, but without a plan for how to sustain the collection long after mint. For many projects, secondary market royalties were the simple solution to drive revenue. Now that creator royalties are no longer promised, these NFT projects are facing a problem they didn’t prepare for. Now, every NFT collection needs a viable long-term solution to generate revenue and keep their communities engaged. Misunderstanding Marketplace Visibility The average NFT collection is satisfied with getting listed on OpenSea. After all, it is the biggest marketplace and many see this as an advantage. In the last month alone, nearly 350,000 traders utilized the platform, resulting in almost $300 million in trading volume. At first glance this would seem promising, but how is this an advantage for small/medium projects? The reality is that a small percentage of popular projects generate most of OpenSea’s trading volume, and others are getting lost among the noise.

Being listed on OpenSea doesn’t guarantee much. There is no visibility into how the algorithms prioritize projects beyond trading volume, a fact that leaves most projects struggling to be seen. The NFT marketplaces that your project is listed on are your storefronts, but with no control it’s easy to get lost in these virtual ecosystems. Owning your marketplace is extremely empowering in this way, as you set the terms for visibility. The power is in your hands to gain visibility and stand out from general marketplaces. Lost Revenue Each and every time your NFTs are traded on external platforms, your project and your community loses money. This is especially noticeable for medium and larger projects with high daily trading volume. Just consider BAYC, and the 677k ETH trading volume on OpenSea. If YugaLabs provided a dedicated marketplace, it would have saved the nearly 17k ETH ($17 million) collected by OpenSea’s 2.5% platform fee.

BAYC might be in a class of its own, but it’s a great example of what could be saved with a dedicated marketplace. Instead of generating significant revenue for external platforms, that money could be reinvested into your project and community. NFT marketplace infrastructure makes it easy to set platform fees around your business model, and even use the fees to empower your community with financial rewards for participation. Bad Customer Experience Digital platforms and communities across the internet are hungry for more users, yet in NFTs, projects commonly push users to external platforms. This process is counterproductive, as collections send prospective members to third-party marketplaces to purchase their NFTs. When these prospects leave your ecosystem to shop elsewhere, you lose all control over their experience. If they have a poor experience on an external platform, you risk losing them to other communities.

Supporting your community and their experience via a dedicated platform restores the power in your project’s hands. Instead of pushing members elsewhere, your marketplace can serve as a magnet for new community members. Gamify your platform fees, incentivize activity with a community wallet, or simply outdeliver generalized marketplaces with unique branded experiences. With the power in your hands, you’re not reliant on external user experiences. In fact, you are empowered to provide an experience that transcends others and becomes a key differentiator for your project.

Once it’s clear that relying on third-party marketplaces is counterproductive, owning a dedicated marketplace is a no-brainer. NFT projects can take more power into their own hands, impacting long-term success, and out-delivering other projects. Whether it’s increasing brand visibility, generating revenue with platform fees, or providing the best customer experience possible, dedicated NFT marketplaces are a massive opportunity for collections that deploy them.

If you’re a new NFT project strategizing opportunities for long-term success, or an established project that now sees the potential of a dedicated NFT marketplace, reach out to us at Liteflow! We are helping bring flexibility to all of our client’s projects. Now, businesses can confidently bring their Web3 ideas to life in a way that’s scalable, adaptive and simple to manage. If you’d like to explore Web3 development in more detail, schedule a demo with Liteflow today!

The NFT space is still coming into its own, and new collections are learning to navigate the competition and appeal to collectors. As some of the most successful projects continue to build and deliver experiences to their communities, it’s becoming clear that NFT marketplaces are becoming a focus for forward-thinking projects. If you don’t see how your NFT project can benefit from a dedicated marketplace, then this article is for you.

Most projects enter the space with a vision for a unique NFT collection, but without a plan for how to sustain the collection long after mint. For many projects, secondary market royalties were the simple solution to drive revenue. Now that creator royalties are no longer promised, these NFT projects are facing a problem they didn’t prepare for. Now, every NFT collection needs a viable long-term solution to generate revenue and keep their communities engaged. Misunderstanding Marketplace Visibility The average NFT collection is satisfied with getting listed on OpenSea. After all, it is the biggest marketplace and many see this as an advantage. In the last month alone, nearly 350,000 traders utilized the platform, resulting in almost $300 million in trading volume. At first glance this would seem promising, but how is this an advantage for small/medium projects? The reality is that a small percentage of popular projects generate most of OpenSea’s trading volume, and others are getting lost among the noise.

Being listed on OpenSea doesn’t guarantee much. There is no visibility into how the algorithms prioritize projects beyond trading volume, a fact that leaves most projects struggling to be seen. The NFT marketplaces that your project is listed on are your storefronts, but with no control it’s easy to get lost in these virtual ecosystems. Owning your marketplace is extremely empowering in this way, as you set the terms for visibility. The power is in your hands to gain visibility and stand out from general marketplaces. Lost Revenue Each and every time your NFTs are traded on external platforms, your project and your community loses money. This is especially noticeable for medium and larger projects with high daily trading volume. Just consider BAYC, and the 677k ETH trading volume on OpenSea. If YugaLabs provided a dedicated marketplace, it would have saved the nearly 17k ETH ($17 million) collected by OpenSea’s 2.5% platform fee.

BAYC might be in a class of its own, but it’s a great example of what could be saved with a dedicated marketplace. Instead of generating significant revenue for external platforms, that money could be reinvested into your project and community. NFT marketplace infrastructure makes it easy to set platform fees around your business model, and even use the fees to empower your community with financial rewards for participation. Bad Customer Experience Digital platforms and communities across the internet are hungry for more users, yet in NFTs, projects commonly push users to external platforms. This process is counterproductive, as collections send prospective members to third-party marketplaces to purchase their NFTs. When these prospects leave your ecosystem to shop elsewhere, you lose all control over their experience. If they have a poor experience on an external platform, you risk losing them to other communities.

Supporting your community and their experience via a dedicated platform restores the power in your project’s hands. Instead of pushing members elsewhere, your marketplace can serve as a magnet for new community members. Gamify your platform fees, incentivize activity with a community wallet, or simply outdeliver generalized marketplaces with unique branded experiences. With the power in your hands, you’re not reliant on external user experiences. In fact, you are empowered to provide an experience that transcends others and becomes a key differentiator for your project.

Once it’s clear that relying on third-party marketplaces is counterproductive, owning a dedicated marketplace is a no-brainer. NFT projects can take more power into their own hands, impacting long-term success, and out-delivering other projects. Whether it’s increasing brand visibility, generating revenue with platform fees, or providing the best customer experience possible, dedicated NFT marketplaces are a massive opportunity for collections that deploy them.

If you’re a new NFT project strategizing opportunities for long-term success, or an established project that now sees the potential of a dedicated NFT marketplace, reach out to us at Liteflow! We are helping bring flexibility to all of our client’s projects. Now, businesses can confidently bring their Web3 ideas to life in a way that’s scalable, adaptive and simple to manage. If you’d like to explore Web3 development in more detail, schedule a demo with Liteflow today!