BRIEF ABOUT SOLANA NFT MARKETPLACE

According to the Guardian, the market of NFT rose from $100 million in 2020 to $22 Billion in 2021.  With the rise in NFT, there came a boost in NFT marketplaces too. Although working with a third-party NFT platform is cost-effective and offers easy access to existing customers for sellers, owning an NFT marketplace gives you liberty and control over the platform.  

What is an NFT marketplace?  

Like an e-commerce platform, NFT marketplaces are platforms where you can create and trade NFTs. It facilitates buying, selling and trading of digital collectibles and assets. NFT marketplace developers integrate specific features that are recommended and globally accepted into the NFT marketplaces they create. It enhances the trading of NFTs to proceed without much hindrance.  

Features of an NFT marketplace  
Crypto Wallet  

NFTs can be traded only through a crypto wallet, and thus, every user should be able to sync their crypto wallets with the NFT Marketplace for a logical and consistent transaction.  

Shop window  

NFTs listed on a marketplace must contain relevant information from their owner to the preferred payment system and other descriptions.  

A streamlined process of registration  

Registration of accounts and integration of an existing crypto wallet should be flawless for new users, and having a streamlined registration process can satisfy the users.  

User history  

User history like trading data, transaction history, NFTs approved, purchased and sold etc., should be recorded, stored and displayed in NFT marketplaces.  

Search feature  

A robust search engine allows users to promptly search for NFTs related to audio, video or other art.   

Alerts  

NFT marketplaces should be able to alert and notify the users of any newly listed NFT or other deals based on the user’s transaction and search history.  

What is Solana?

Solana is an open-sourced public blockchain that implements a new, high-performance and permissionless decentralized network. The network relies on a proof-of-history and proof-of-stake consensus mechanism to add a new transaction detail to the blockchain. SOL, the native currency of Solana, is used to regulate transactions on the network.  

The proof-of-history consensus method establishes a cryptographic timestamp throughout the distributed network, eliminating the time required to reach the consensus during transaction orders.

Why should you deploy your NFT marketplace on Solana?  

A Solana NFT marketplace has various benefits that have content creators, traders and investors flocking to the blockchain platform. So, let us go through the benefits it offers:  

Transactions per second  

Approximately 2500 transactions per second can be processed through a Solana blockchain. This impressive speed allows transactions in an NFT marketplace to be completed instantly.  

Cost per transaction  

Solana is one of the cheapest blockchains available for transaction fees as low as $0.00025.  

No mempool issue  

Mempool is the area in which processed transactions wait to get accepted. Owing to the high speed of Solana, it suffers no mempool issue.  

Expanding environment  

Solana ecosystem is growing consistently, allowing us to handle multiple dApps, smart contracts and coins without network congestion.  

Easier to program  

Solana is a user-friendly platform that has readily available tools. It uses Rust software, making it easier to program and create distinct applications without prior Rust knowledge.  

Conclusion  

With the rapidly increasing popularity of NFT, the marketplace is providing huge investment opportunities. Realizing the potential of NFT marketplaces and the possible profit it may generate in the future, more people are ready to build the marketplaces.   

Nevertheless, it is important to build quality NFT marketplaces to attract sellers and buyers. You should have a well-thought-out plan to design interactive and scalable NFT platforms that facilitate smooth NFT trading. The Solana blockchain offers a smart architecture design with good quality, high speed and low downtime, making it a robust blockchain network.