How to develop NFT Marketplace Platform on Solana?
Non-fungible tokens have existed for years, but their use cases and application became mainstream in the past year. According to the statistics presented by Chain analysis, the NFT market capital has climbed by $40 billion. With growing popularity, enterprises seem interested in getting the best of the NFT trend by facilitating a full-fledged NFT marketplace for their users.
NFTs exist on the blockchain; hence, the NFT marketplace must also be built and regulated on the decentralized ecosystem of the blockchain. While many blockchains support the development of nft marketplaces, third-generation blockchains can enable the development of new-age and highly feature-rich marketplaces, allowing the enterprises to excel and gather higher engagement.
Since Solana claims to be the fastest and most efficient third-generation blockchain protocol, we have a good reason to frame this post on building an NFT marketplace on Solana blockchain. Before beginning the marketplace development, let’s learn about the Solana Network and NFT marketplace.
What is Solana, and why is it suitable for NFT Marketplace development?
Solana is an advanced blockchain protocol designed to support the development of highly scalable, innovative and feature-rich dApps. Following are the features of Solana in terms of Network efficiency and speed.
Solana can process 2500+ transactions in a second. This blockchain provides developers with a highly scalable ecosystem to build powerful decentralized solutions with high TPS.
The network imposes transaction fees of $0.00025 per transaction, which is considerably lower when compared to popular blockchain networks, including Ethereum.
Solution to mempool
The Mempool issue creates hurdles for the transactions to be accepted even when accepted. Thanks to the high efficiency of Solana Network, which help it to escape mempool issue.
Being 100% open-source and programmable, Solana enables the developers to build their customized decentralized solutions and support the constant growth of the ecosystem.
Solana Network supports dApp development in Rust, a low-level programming language with straight access to the hardware components and memory. Such especially of Rust makes Solana development flawless and easy for everyone.
Now, talking about the nft marketplace development, Solana offers the following features. However, the above-added features also play an essential role in developing a futuristic nft marketplace.
Solana allows the nft marketplace developers to configure a highly efficient web 3 storage facility, including permanent storage. Decentralized storage for Solana’s projects is offered by ARweave and other prevalent storage options like IPFS.
Solana enables a fully on-chain experience for the users, artists, collectors and marketplace visitors. Every data and resource is available, from nft auctions to the royalties, enhancing transparency and usability.
With Solana, developers do not need to write a new smart contract whenever modifications are required in the nft marketplace’s functions. Instead, they can leverage the customizability attribute of Solana NFT minting program and nft standards, saving their valuable time to focus on the other aspects of nft marketplace development.
Knowing that interoperability is imperative in the decentralized world, Solana offers an innovative communication bridge that enables interaction between Solana and the other DeFi networks. It allows the users to seamlessly migrate their digital assets from any blockchain to the Solana ecosystem to benefit from its low-cost and high-speed processing.
How to build an NFT marketplace on the Solana blockchain?
Step1: Create a Solana wallet
At various stages of NFT marketplace development, you will need a Solana-compatible browser wallet. Since Solana is compatible with a range of wallets, you can use the existing wallet or create an SOL wallet. Once you create the token, fund it with SOL tokens.
Step2: Fork the Metaplex repository
Fork the Metaplex repository on the Github account, allowing it to host on the Github pages easily. As the next step, copy the Metaplex files to your system. Follow these steps:
- Create a folder on the desktop and give it a suitable name like “myNftMarketplace.”
- Copy the folder’s location.
- Change the directory for the folder in the command line.
With these actions, you can seamlessly clone the Metaplex repository files and set up a repository in the GitHub account.
Step:2 Change the Github address.
Changing the Github address is a crucial step in the procedure of making your marketplace live on the web:
Replace the deployment address with your own Github username.
Change the wallet address of the store.
You are required to add the public address of the browser wallet, which determines the access authorization to the desired.
Step:3 Setup and deploy your NFT marketplace
Setting up or compiling your marketplace is the last step in making the marketplace live. Under this step, you need to perform some crucial steps such as:
Changing the directory to the js folder.
Installing dependencies to run various command lines.
Once you install the dependencies, you can get accurate output from every command. Furthermore, you can check if the installations are working properly by running a yarn bootstrap command.
Step:4 Testing the marketplace
With all the dependencies in place, you can test your marketplace locally by running the yarn start command. Running this command ensures that the installed dependencies are serving their intended purposes.
The testing may take a longer time. Once the compilation is done, the terminal will display a “compiled successfully” message. After that, you can quickly test the features and functionalities of the newly created marketplace on the localhost:3000/#/.
Step:5 Integrating the wallet.
To make the NFT marketplace available to the end-users and activate its usability, you need to integrate the wallet that supports transactions and allows users to mint the NFTs.
You need to run a yarn build command and build the project files. Successful execution of this command provides you an output message- “Done.” Alongside the message, you will see that build is generated inside the js folder.
Now, change the direction of the web folder and run the yarn deploy command to finish the marketplace deployment process.
Again a message “Done” will appear, which tells you that the deployment has been done successfully. In other words, your marketplace project goes live on the Github repository. You can now see your live Solana NFT marketplace, hosted on Github pages.
Changes in the NFT industry are consistent, unleashing more innovative and new-age NFT marketplaces. Enterprises must choose advanced blockchain ecosystems like Solana to align with the changing development trends. It supports the creation of a highly scalable, efficient and well-structured NFT marketplace that most enterprise needs in today’s competitive market situation.