Here’s To Build An NFT Marketplace On Solana Blockchain

NFTs (Non-fungible tokens) have been around for more than five years. Even though, it has stormed the world in 2021, which is a breakthrough year. Eventually, the craze continues in 2022 and is anticipated to remain the same, even more in the forthcoming years.

“According to Emergen Research, the value of the global NFT market would touch US$130.35 billion by the fourth quarter of 2030 with a compound annual growth rate of 10.7% between 2021 and 2030”.

Moreover, the growth of NFT marketplaces is soaring and bringing a multitude of opportunities for newbies to take advantage of the present scenario by launching their NFT trading platform. Prior, there are so many aspects to be taken into contemplation. Some key insights are explained in this blog for aspiring entrepreneurs like you who have sound knowledge regarding the same.

With the plenitude of blockchains being prevailing, it might be quite baffling for entrepreneurs to choose the one appropriate for developing the NFT marketplace. Aside, here let us have a brief explanation of the NFT marketplace on Solana. Get a look at these.

Deeper Understanding Of NFT Marketplace

Let’s get started; Before knowing what the NFT marketplace is, have a brief look at the term non-fungible token (NFT). It is nothing but a digital asset representing a real-world object, which would be anything around us like art, music, or many more others to be added to the list. It cannot be replicated and is non-interchangeable, with uniqueness becoming its significant trait. Its other attributes include authenticity, indivisibility, interoperability, transparency, and scarcity.

NFT is an individual token with the information being stored on the blockchain ledger. These could be traded on the space, termed to be NFT marketplace.

It is a place where NFT creators are able to mint & list their non-fungible tokens and sell them to the counterparty. The individuals using this platform could look into a wide range of collections of NFTs being listed, and with the help of advanced filters, they can easily find the one they are actually looking for. The buyers then, after purchasing the non-fungible tokens will be able to resell them.

NFT Marketplace Development On Solana

The known prominence and popularity of non-fungible tokens and the necessity of NFT marketplaces ignite the spark of entrepreneurs’ minds to launch the NFT marketplace. Are you one among them?

Foray ahead with NFT marketplace development from the agency or company with years of excellence in delivering the NFT trading platform that suits your requirements. There are many aspects to be taken into consideration. Among these, one significant thing that has to be given utmost importance is the blockchain technology that is used for developing the NFT marketplace.

There being a profusion of blockchain networks prevailing, Ethereum is well-suited & opted for the NFT marketplace development. Being most widely used, there is a shortcoming of network congestion and eventually the transaction speed and time. This has been overcome in the successor blockchains like Binance Smart Chain, TRON, Cardano, Solana, Polygon, etc.

Though these blockchains exist, why choose Solana will be the question that arises in everyone’s mind. Simplifying this, let’s take a look at about Solana in the next section.

Solana Blockchain And Its Benefits

Solana has caught the attention of many peeps and has become the fastest blockchain in the digital space. It is well-known for its scalability and so the transaction speed will be high, 2500 transactions per second. The decentralization nature ensures security, which would make certain the users to go through the execution of trading of non-fungible tokens. A significant trait of a low transaction fee (fee per transaction is $0.00025) is what makes the Solana blockchain unique and stand out amongst the other blockchains.

Here’s the list of benefits of the Solana blockchain:

• Latency
• Faster transaction
• Low transaction fees

Aspects To Consider During Solana NFT Marketplace Development

As known, the hard fact is that there are too many aspects to be taken into account; here are some key aspects that should be given utmost importance are explained below. Have a glimpse at these points for insightful information.

• Determine Your Objectives

The first thing to be defined is knowing your objective and motive. There are NFT marketplaces solely designed and dedicated for the particular purpose of trading specific NFTs.

For instance, NBA Top Shot is designed and developed for trading sports collectibles, especially, NBA moments. Similar to this, you might go with developing the NFT marketplace for music, the NFT marketplace for arts, and so on.

• Know Key Features Of The NFT Marketplace On Solana

The functionality is well-known that the NFT enthusiasts can buy as well as sell tokens in a seamless way. This functionality is based on the features that have been equipped in the NFT marketplace on Solana.

• Crypto Wallet

It is much requisite for NFT marketplaces as users have to sync their crypto wallets to the accounts that they have created on the NFT marketplace. This will ease the transactions much more convenient for the users.

• Storefront, A Virtual Exhibitory

Storefront is a feature you have seen in the eCommerce platforms, exhibiting sellers to showcase their products to enable buyers to buy them. Similar to this, the storefront feature in the Solana NFT marketplace entitles NFT owners to list their non-fungible tokens with necessary information comprising name, price, owner, and description.

• User History

The user history feature infused in the Solana NFT marketplace makes the users check over the transaction history, and other trading information as this is stored. This would be quite helpful as they could oversee it anytime they want to.

• Search Filter

The search filter would ease the users to look for the non-fungible tokens they are looking for as these are categorized and listed in such a way. Even, they will be able to sort this out on the basis of price from highest to the lowest.

• Alerts & Notifications

On the basis of search history and transaction history, users would receive alerts & notifications to the users as they will be much aware of an upcoming drop of NFTs on the platforms.

• Payment Options

Giving a wider range of payment options brings the attention of a larger user base. This is because of the certainty that they will be able to choose the payment modes as they wish. Ensure to support transactions through fiat currency and cryptocurrency.

• UI/UX Designing

Next to the feature consideration, make certain that the UI/UX of the Solana NFT marketplace must be intuitive, ensuring that users will be able to navigate through various options without any hassles.

• Connect With The NFT Marketplace Development Company

NFT marketplace development companies are plentiful in the market. Choosing the best among them is necessary. Check the company’s portfolio and get to which company will be the best fit in materializing your expectations. Some well-known and best NFT marketplace development companies are listed below for your reference.

✱ INORU

✱ AppDupe

✱ Blockchain App Factory

✱ TurnkeyTown

✱ Leewayhertz

• Designing & Developing Stage

With so many considerations, the framework of the NFT marketplace is to be attained. The front-end and back-end development define the efficiency and performance of the NFT marketplace.

Are you aware of the white-label NFT marketplace? Right from developing the NFT marketplace needs much time, money, and effort. But, a white-label NFT marketplace would be an alternate solution that will aid aspiring newbie entrepreneurs like you in launching the NFT marketplace in an instant.

Hence, it is up to your choice to pick the white-label NFT marketplace solution built on Solana or move ahead with platform development from scratch.

• Testing & Launching

Regardless of which approach you pick, the testing has to be carried out in order to make sure the NFT trading platform is free from bugs, errors, and issues. Once done, launch the Solana NFT marketplace and facilitate users to trade digital assets and collectibles.

• Promoting The NFT Marketplace

Is launching the NFT marketplace enough? Actually, it is not. You have to make your platform visible to the target audience. This is way achievable by promoting the platform by executing effective strategies.

Closure Point

NFTs popularity is high and NFT marketplaces are high in demand. Taking advantage of it and leaping into the thriving NFT sector will pave the way to relish benefits. Foray ahead with developing the NFT marketplace on Solana by connecting with the best NFT marketplace development company.