NFT’s growing craze and incredible profit tales motivated numerous individuals, including celebrities, business magnates, investors, and aspiring entrepreneurs to enter the NFT ecosystem with a stable business concept.
One effective move you can make as an entrepreneur right now is to develop a feature-packed NFT marketplace. Even though many NFT trading grounds exist in current scenarios, the craze for owning an NFT marketplace is still “ON.”
The blockchain network you choose to develop the marketplace determines the platform’s efficiency. Therefore, utilizing a powerful blockchain network like Solana is a smart option. This blog will primarily focus on how developing an NFT marketplace on the Solana blockchain could benefit your business.
NFT Marketplace – A quick run through
The significance and use of NFTs are increasing daily. Due to the expanded demand for NFT marketplace platforms, many new NFT marketplaces are getting debuted more frequently. Creating a marketplace now could pay off greatly later.
In simple terms, an NFT marketplace is a platform where creators sell their NFTs and buyers purchase them using cryptocurrencies. These platforms function effectively as they are powered by blockchain networks, which ensure robust security of the platform’s transactions.
The platform charges a small transaction fee every time the NFT is bought on that platform. The transactions are incredibly dependable and simple to obtain because they are decentralized and made with smart contracts.
Once the NFT is purchased, the buyer gets a token which is considered a distinct identifier that contains proof of ownership and details about provenance, authenticity, and the creator.
What makes Solana a viable option for NFT marketplace development than other blockchain networks?
The Solana network is a one hundred percent decentralized platform that allows the execution and creation of decentralized applications and smart contracts. It is regarded as one of the fastest blockchain networks currently in existence, and the network can handle more than fifty thousand transactions per second thanks to its algorithm.
Security, scalability, and speed are the key features this system offers, and its native coin, dubbed SOL, will make these features even better. The Solana blockchain was mainly created to reduce network congestion and boost transaction rates.
Although most NFT projects are built on the Ethereum network, it continues to be the most widely used platform for creating, purchasing, and selling NFTs, many traders in the cryptocurrency market are looking for alternatives as a result of network congestion and the sharp rise in gas prices.
Solana is one of several potential and highly intriguing options because of how quickly things can be done and how inexpensive transactions can be completed. Compared to other blockchains, Solana has a much lower gas fee, making it more appealing to cryptocurrency investors istanbul escort girls worldwide.
Crypto experts predict that the Solana blockchain shows all signs of becoming a potential competitor to the Ethereum blockchain in the coming years. Compared to other blockchains, Solana is a highly functional open source, a superfast layer-1 blockchain that mixes PoS and PoH.
Magic Eden, a Solana-based NFT marketplace, raised around $130 million at a valuation of $1.6 billion, making crypto folks consider the platform a new competitor to OpenSea’s dominance in the NFT sphere.
Best Solana-based NFT marketplace platforms
- Alpha. art
- Magic Eden
The process involved in Solana-based NFT marketplace development
The main steps involved in the development process of a Solana-based NFT Marketplace are as follows.
Step 1 – Determine the business requirements
It is crucial to have a thorough knowledge of the current market trends. The selection of the blockchain on which the NFT platform will run should be prioritized. Here, we talked about Solana, the blockchain with the fastest growing and most advantages relative to other networks, including Ethereum, Binance Smart Chain (BSC), etc. You must first organize the prerequisites to create the NFT Marketplace on Solana.
Step 2 – Tie up with a reliable NFT marketplace development company
As the developers will endeavor to deliver the solutions you anticipate as it is, paving the road for business success in the NFT market, partnering with the best NFT marketplace development firm should be given close attention. Review previous projects from their portfolios to ensure the company is more suited and fit. Examine the feedback left by their customers to check their credibility.
Step 3 – Designing the UI/UX
After connecting with your desired technology partner, the firm’s experts’ crew will gather your business requirements and start working on the platform’s development process. They design the platform’s user interface professionally as it is the first impression that could drive more users to your platform.
Step 4 – Develop the front-end and back-end
The foundation of the marketplace must be strengthened by using accurate technologies, which are the front-end and back-end development. Here, it is decided which cryptocurrency wallets will be supported. At this point, third-party application programming interface integration is made possible.
Step 5 – Identifying and fixing bugs
Following the development phase, the Solana NFT Marketplace software will undergo testing stages, where any bugs and technical flaws will be looked for. To ensure the platform’s effectiveness & performance, they must be corrected.
Step 6 – Deployment
Once the designing, development, and testing phases are complete, the deployment process kick-starts.
How to develop an NFT marketplace on Solana?
You have two choices for developing the NFT marketplace platform on the Solana blockchain. You can either create a marketplace from scratch or go for white Label Marketplaces, otherwise termed “pre-made solutions.”
It could take three months, a year, or even longer, and an exorbitant price to develop a marketplace on Solana from the ground up. You would have to spend money and time on each feature with a custom-built platform.
This is not included in other essentials like UI/UX development, a home page, search, product pages, reviews, ratings, etc. The list is lengthy and pricey on top of that.
Using white-label solutions
On the other hand, white-label marketplaces are designed to circumvent these obstacles, and the solution offers certain commendable benefits, including:
- Less development time
- Lower costs
- Wallet integration and
- Built-in security options
Four major benefits of Solana-based NFT marketplace development
#1 Transaction speed
Since the most popular blockchain, Ethereum, can execute 20 transactions per second, network congestion has consistently been a problem. With its ability to execute a high quantity of transactions per second, the Solana blockchain has solved this problem. So, unlike other blockchains, there won’t be any network congestion.
#2 Cost of transaction
As previously mentioned, concerning transaction speed, Solana has significantly lower transaction costs than other prominent blockchains. This network charges $0.00025 for each transaction.
#3 Excluding the presence of third-parties
Because NFT Marketplace on Solana runs in a decentralized ecosystem, third parties are not involved. The acts of the traders and users are not governed and managed by a single central authority.
Mempool is a well-known problem that several blockchains experience. A delay usually presents a barrier to the transaction due to this issue. This means that it will take time for the transaction to be processed before it is approved. But, the Solana comes with the benefit of instant transactions that happen right away, guaranteeing efficiency.
What’s your next plan of action?
The demand for Solana-based NFT marketplace development has increased greatly in recent days. We are witnessing many crypto entrepreneurs and business owners expressing interest in developing their marketplace on this blockchain.
To guide you in the development process, you need to connect with a top-performing NFT marketplace development company in market with prior experience in offering the best services to help you initiate your venture successfully.