Developing an NFT marketplace

A Quick Guide to Developing an NFT Marketplace on Solana

The introduction of NFTs in the digital world has turned the whole world upside down. It gave a brand new change in perspective in terms of business, assets, authenticating documents, providing ownership, and more. People of all age groups now trust this innovation despite some people making dealing with NFTs debatable. A few years ago, youngsters were going crazy over NFS- a game, and now they are obsessing over NFTs and NFT marketplace- a game-changer. Okay, let us go ahead with the topic after a quick introduction to NFTs.

NFT- a quick introduction

NFT refers to a Non-Fungible Token. These tokens can be defined as digital assets in simple terms. They are made out of the digital representation of anything with a certain value. Their non-fungibility makes them stand out from the rest of the digital assets as one of a kind. Since they function on blockchain technology, they provide the utmost security and safety. Since they render ownership and authenticity, you can see the application of these virtual collectibles across various disciplines, including finances, real estate, issuing medical records, and more.

Are NFTs trustable?

The answer to the question asked above is an absolute yes. NFTs have grown tenfold in the past two years, according to a recent survey. The growth of digitized collectibles is so obvious that many successful entrepreneurs and celebrities have purchased them. For instance, the Canadian pop star, “Baby”- fame Justin Bieber launched his non-fungible token recently. Many other celebrities like EMINEM, Doja Cat, and Stephen Curry got their own digitized collectibles. From this, you can understand how reliable these tokens should have been to catch the attention of potential celebrities and make them invest in them. However, you need not be a celebrity to create your own NFTs. All you need is a reliable NFT marketplace.

NFT marketplace- An insight

An NFT marketplace is a trading ground devised for trading virtual collectibles. The uniqueness of these platforms is that they run on blockchain networks, and hence the forums’ transactions are safe and secure. The transactions are decentralized, and they use smart contracts, which makes them extremely reliable and easy to access. Creating NFTs is a simple process if you engage with the right NFT marketplace. While creating these digitized tokens can make you a thoughtful investor, developing an NFT marketplace makes you a brilliant entrepreneur.

A quick peek into developing an NFT marketplace

Developing a marketplace right now is one of the most powerful moves you can make as an entrepreneur. The growth of virtual collectibles, the exceptional demand for them, and the popularity they attained in the past few years is enough proof for you to understand the place they have got in the digital world. Though potential NFT trading grounds exist currently, there will soon be a need for more such marketplaces with increasing traffic.

Therefore, efficient NFT marketplace development is crucial at this point in time. The platform’s effectiveness is calculated based on the blockchain network it utilizes. Hence, using an effective blockchain network like Solana could be a smart choice.

Now let’s talk about the basics, the first thing you need to do is choose a blockchain platform. While most operate on the Ethereum blockchain there are others like Solana, Tron, etc. Each offers a specialization; Tron is aimed at social media/entertainment applications while Solana offers high transaction speeds and low costs.

Whatever your choice, you must adhere to its set Standard or choose your own. A Standard is a set of rules that the marketplace will run by. The most widely used standard is ERC-721: the tokens are unique, and a piece of digital art can be stored as a single token. It can be priced independently, as well.

What makes the Solana Blockchain network stand out?

You can see a plethora of blockchain networks on the web, and some of them claim to be the best. However, not every blockchain usually has the efficiency they claim to have. The Solana Blockchain network stands out from the rest by keeping its word. Let us see what makes them unique.

  • The Solana Blockchain network guarantees faster transactions. It can support more than fifty thousand transactions per second (50,000 TPS). Therefore, installing this blockchain ensures handling heavy traffic on your platform with ease.
  • This platform owns the third biggest futures market.
  • The transaction fees in this platform are fairly low compared to other blockchain networks.
  • Solana remains the leading blockchain in derivative markets, TVL, and users.
  • The institutional attraction for this network’s ecosystem is fairly strong.

Now that you know how efficient the Solana blockchain network is let us learn how to create a marketplace on it.

Steps involved in creating an NFT marketplace on Solana

  • Analyze the market and see the operational scope.
  • Create a list of your expectations and requirements.
  • Do your research regarding the documentation processes.
  • Integrate a user-friendly User interface.
  • Hire a team of techies to develop the back-end.
  • Create a secure crypto wallet for storing different categories of non-fungible tokens.
  • Do a test run to check for errors and bugs.
  • Deploy your marketplace once it is bug-free.

After all these steps, you’ve two options to develop the platform – either to build a marketplace from the ground up or buy one that’s pre-made. Pre-made marketplaces are also called White Label Marketplaces. Custom development may take you anywhere from three months to a whole year or maybe more. Not to mention the ludicrous cost (Anywhere from $50,000 to $100,000)

White Label Marketplaces are built to overcome these setbacks and offer,

  • Less Development Time
  • Less Cost
  • Built-In Security
  • Customization Options
  • Wallet Integration

With a custom-built marketplace, you would have to shell out cash and devote time to each of those features. However, this does not include other essentials like UI/UX development, a home page, search, product pages, reviews and ratings, etc etc etc. the list is endless and expensive to boot.

Regardless of what you choose, it will be an expensive endeavor but an exciting one. NFTs’ importance and relevance grow each passing day. Setting up a marketplace now may pay off massively in the future.

Wrap up

You can either develop a trading ground from scratch or seek the assistance of NFT marketplace development companies to launch NFT platforms on Solana. The smartest option would be to take the help of a white-label solution provider as you could save more cash, time, and resources that way.