Why Choose NFT Marketplace Development on Ethereum Blockchain

In this blog, we go into the details necessary for developing a market-leading NFT (non-fungible tokens) marketplace. We analyze why decision-makers should consider Ethereum blockchain development services for building an NFT marketplace.

What is an NFT Marketplace?

An NFT marketplace refers to a website or a mobile application that enables users to buy, sell, trade, and auction a variety of NFTs. Essentially, An NFT is a digital token on blockchain that signifies the ownership and uniqueness of a non-fungible digital item. Both marketplaces and NFTs utilize blockchain technology. It is because of the attributes that it offers to the growing industry, including traceability, verifiable ownership, security, and transparency.

Essential Components of an NFT marketplace

Blockchain Technology

Smart Contract Solution

IPFS (Interplanetary File System) Integration

A User-intuitive Marketplace Application

A Digital Wallet

Metadata

Why Choose Ethereum for NFT MarketplaceDevelopment?

Creators can sell their NFTs on marketplaces and receive royalties, while all other users can purchase, store, and resell NFTs. All transactions on marketplaces are recorded on the relevant blockchains.

NFT marketplaces built on Ethereum enable users to effortlessly trade NFT. It is because ERC-721 and ERC-1155 are the two main token standards for NFT and NFT marketplace development on Ethereum. The ERC-721 standard, which is now the most popular, efficiently establishes the minimal data — such as ownership information and security — necessary for network transactions. With ERC-1155, creation and storage are less expensive.

Why is Ethereum the Blockchain that the NFT Marketplace should use?

Some of the most well-known NFT marketplaces, including Opensea, Rarible, and Larva Lab, run on Ethereum. Now, let’s discover the benefits of creating NFT marketplaces on Ethereum, such as Opensea and others.

Secure and Discreet Transactions

High-Performance

Distributed Data Management

Fast and Secure Deployment

Public but Permissioned Networks

Growing Scalability

Technology Required for NFT Marketplace Development

Ethereum

Gas station ETH

Golang

Solidity

LevelDB

AWS S3

Web3.js

Truffle

Ganache

Node.js

React.js

Metamask

Additional Services

CoinMarketCap

Infura.io

Selecting the Best Partner for Ethereum Blockchain Development

Connect with our Ethereum blockchain experts for professional advice and development services. At Oodles, we provide smooth and efficient NFT marketplace development on the Ethereum network.