NFT Marketplace Development on Solana- A Remunerative Approach to Blockchain

Blockchain, the unhackable network, is making its way towards various industries now that it is making a new revolution through web 3.0. With this gaining popularity, many blockchains are emerging and started fighting to find supremacy. One such Interesting battle between Ethereum and Solana has been in the wind recently. Though Ethereum is a powerful chain in terms of security and popularity, Solana is emerging as an Ethereum rival, and it is making users prefer it. So, Will, is it an apt blockchain network for NFTs?

Recently Open Sea opened its Marketplace to NFTs minted on the Solana chain. Previously it was dominated by Ethereum and its side chain Polygon and Klaytn. With this Solana, the NFT marketplace is getting the spotlight. If you are an Aspiring entrepreneur looking forward to entering this lucrative blockchain market, here is what you need to know about Solana and NFTs.

Non-Fungible Tokens on Solana

The Ethereum Chain is the most preferred Blockchain in the industry for Non-Fungible Token development right now. It is the natural choice of every NFT creator that it is estimated that almost 95% of the NFTs in the world are minted on Ethereum. But still, NFT creators went in search of a new blockchain. That is when the Solana chain emerged with unique smart contracts and functionality.

The Solana chain is emerging as an ecosystem that is eliminating many issues faced in the Ethereum network. This has made it possible to take it to the top in the blockchain industry. Solana Chain works based on Prof of History that gives feasibility and flexibility to the network.

Now, many NFT collections started to emerge in Solana, giving an opportunity to all the independent artists out there to mint their NFTs with lots of benefits.

Apart from that, Opensea opening its platform for Solana NFTs will bring a huge crowd of NFTs to Solana in the near future, creating a demand for genre-specific NFT marketplace development on Solana. Read further to know why building an NFT marketplace on Solana will be the right choice to jump into the Blockchain.

Why is Solana preferred?

There are many reasons why people should start using Solana to mint NFTs. Some crucial facts here will justify it.

• Ethereum hosting 95% of the NFTs started getting more traffic slowing down the performance of the Blockchain.
• The high traffic has also created transaction backlogs that depreciate the overall functionality further.
• This increase in traffic gradually raised the transaction fees and Minting costs. This increase has made the Ethereum blockchain an expensive one to mint NFTs now.
• Ethereum blockchain has been facing scalability issues, and blockchain geeks are still trying to figure out a solution.

With this, on the one hand, The Solana chain is free from all these issues offering low gas fees on minting with high transaction speed. Its Proof of History Consensus mechanism guarantees high throughput that it can process more than 60,000 transactions per second.

Need for Solana NFT marketplace development

As mentioned already, this stunning Blockchain is fastly gaining a huge loyal user base since its launch. Entrepreneurs just started to develop NFT marketplaces dedicated to Solana NFTs. There are also other marketplaces that offer multi-chain support. But dedicated marketplaces on Solana are still emerging, and it has opened doors for aspiring entrepreneurs to start their development.

Understanding the workflow of Marketplace

The Marketplace is a platform that helps one to trade NFTs. People with a web 3.0 wallet can easily buy or sell their NFTs on this platform. Some platforms have their own dedicated wallet, while others allow the use of existing web 3.0 wallets.

• User registration will be the first step; the users will have to give their basic information, choose a username, and secure their account with a password.
• Wallet Integration is the next step, where the users can be given multiple options in integrating a wallet.
• Explore NFTs on the storefront and select the desired NFT so that the users can buy them. Having it categorized and giving advanced filter features to have a quick search among various NFT collections.
• Buying through various payment gateway is essential. This is because giving a flexible payment option will give a better user experience and create a reliable user environment. Making it beginner-friendly can bring many new users to the platform as the blockchain industry is growing tremendously.
• Selling the NFTs can be made either through direct buying or putting them up for auction for a fixed period of time are the two most preferred selling methods in many leading NFT marketplaces.

Securing the platform by verifying the user identity through KYC and offering two-factor authentication to the user account can bring more security to the platform. Some platforms even secure the account by giving secret codes that can be used for account recovery.

The development process

The whole development process is now easy with a white-label solution. It is nothing but a pre-engineered clone script of an already existing NFT marketplace. It is tested for bugs, and it is ready for customization. That is, you can bring your innovative features, efficient workflow, or innovative User interface design.

This development process is easy, time-saving, and cost-effective than developing a platform from the ground up. This is the most preferred method of development by most emerging entrepreneurs and crypto startups. There are many developers out there who are ready with these clone scripts to bring out your dream blockchain platform. There are also no-code NFT marketplaces that can be taken up to hit the blockchain market immediately.

Upshot

There are many platforms like Solsea, and magic Eden can be taken as an example to launch an NFT Platform on Solana. You can have a chat with the developers regarding it and can also check out other features that might be feasible for your platform.

Solana NFT marketplace development is posing a better feature with the growing Solana ecosystem and loyal user base. Take up white-label clone scripts or no-code NFT marketplaces and kick start your journey in Blockchain as soon as possible.