Cardano NFT Marketplace Smart Contract
Since blockchains first came into existence, there have been a lot of opinions flowing from every nook and corner. While many of those spread positivity in the crypto world, others led to skepticism about the technology. One of such skeptical lines of thought has been that blockchain-based applications consume a lot of energy. This accusation has existed since the initial blockchains of Bitcoin and the Ethereum network. However, newer networks that concentrate on energy efficiency have been regularly released, and these networks help in such thoughts being erased. Cardano is a blockchain network founded in 2017 that has been one of the earliest networks working with environmentally-conscious protocols. In this blog, we will see more on developing a smart contract-based NFT marketplace on the Cardano blockchain.
What is an NFT Marketplace?
An NFT marketplace is a platform where people can trade products backed by non-fungible tokens (NFTs). The platform is typically decentralized, although a few centralized NFT marketplaces still exist. The marketplaces use smart contracts on the blockchain, which execute themselves when all the binding conditions are met. Marketplace platforms sell NFTs that back art, music, games, videos, memes, and even plots of land on virtual worlds. NFT marketplaces can sell NFT items based on generic or niches. Some popular NFT marketplaces include OpenSea, Rarible, LooksRare, Solsea, SuperRare, Nifty Gateway, NBA Top Shot, Decentraland, Axie Infinity, and the Sandbox. Essentially, NFT marketplaces have facilitated all the crazy deals that constituted the NFT boom during the latter part of 2021.
More about Cardano, the Blockchain
Cardano is a blockchain network that uses the Proof-of-Stake (POS) protocol called Ouroboros, which makes it use considerably lesser energy than the then-existent Proof-of-Work (POW). The cryptocurrency of the Cardano network is $ADA, which has been one of the top cryptocurrencies in use currently. The blockchain is one of the first networks founded through peer-review research and used evidence-based methods during development.
Some of the benefits of the Cardano blockchain include a secure protocol, which cannot be compromised until 51% of its holders are malicious, which is impossible for a network of such size. Also, rewards are provided to participants who actively participate in the validation process to maintain the operation and sustainability of the network. Additionally, the Cardano blockchain network is said to be one of the most efficient blockchains, with some reports stating that it is almost 4 million times more energy-efficient than the Bitcoin chain.
Salient Features of a Cardano NFT Marketplace
- Storefront — To act as the user-end portal to display details of individual NFTs.
- Search and Filters — To precisely find the NFT product that a buyer needs.
- Listing Portal — To list the NFT items for sale after approval from the platform’s admin
- Bidding Portal — To place bids on an NFT item and to know auction statistics
- Integrated Wallet — To hold cryptocurrencies and NFT assets traded through the platform
- Reviews and Ratings — To let people know more about a particular NFT product.
Steps for Developing a Cardano NFT Marketplace Using Smart Contracts
- Creating a Cardano NFT marketplace using smart contracts starts with extensive planning. You should be deciding on the niche, the target market, the technology to be used, and based on which the whitepaper should be framed.
- After this, you should start to work on the front-end features, which is one of the important steps in the Cardano NFT marketplace development. You should be integrating the user interface (UI) and user experience (UX) for the platform using advanced programming techniques.
- Then, go ahead with back-end development, where security and robustness of the portal are ensured. This is one of the important phases while developing the Cardano NFT marketplace smart contracts, as the smart contracts’ functions are defined during this stage.
- Afterwards, test the platform for errors and resolve them immediately. It is an important step during the Cardano NFT marketplace development process as good testing ensures that the software works flawlessly.
- Finally, launch the platform for public use on the Cardano blockchain. Work on community feedback regularly and release updates to keep up with the trends.
Summary
Therefore, we can say that carrying out a Cardano NFT marketplace development based on smart contracts can indeed be a smart idea, as the blockchain is one of the fastest-growing and fierce competitors to other networks. If you think of building an NFT marketplace on the Cardano blockchain, a few experienced companies can assist you with the process. Such firms tend to be client-centric to include all their needs while not compromising the quality of services provided. Hence, it is a very good idea to proceed with Cardano NFT marketplace development as soon as possible to emerge victoriously in the virtual space.
