Why you should develop your NFT marketplace on NEAR protocol

The rising popularity of blockchain is one of the factors that drive the NFT market. Many industries are keeping an eye on this revolutionary technology to take advantage of its decentralized and transparent nature. This ultimately means that there is a high demand for its guiding protocols for various purposes, including NFT development. 

One such blockchain protocol that has caught everybody’s attention is NEAR. With all the essential elements and groundbreaking benefits, it has recently become a significant network where developers like to develop their NFT marketplaces. Hence, NEAR NFT marketplace development is on the rise.

In this article, we will learn more about the NEAR protocol and why it is being widely used to develop NFT marketplace solutions. 

What is an NFT marketplace?

The term NFT marketplace is self-explanatory, but here is what it means for the initiated.

Just like you need a store to buy certain items in the real world, there are marketplaces to buy, sell and trade NFTs. Simply put, these are online marketplaces that comprise various assets of the digital world. NFT marketplaces can only be accessed and used using a crypto wallet and a user account, which should be set up by every user. 

One can view these marketplaces as what Amazon is for daily goods.

The NEAR protocol  

NEAR is a protocol launched as a decentralized cloud with the main objective of hosting decentralized applications. It provides the necessary infrastructure for developing dApps and NFT marketplaces. This protocol aims to provide instant transactions, advanced consensus, and cross-blockchain messaging. 

It is a layer-1 blockchain protocol that allows storing and trading of data without third-party involvement. On top of that, the NEAR protocol utilizes a sharding and staking approach to eliminate the downside of other blockchain protocols.  

There are many reasons why the NEAR protocol has been in discussion lately. It is proving to be the best platform for developing a NEAR NFT marketplace. Below are some of the pros of using NEAR protocol development services. Read on.

Why opt for NEAR NFT marketplace development?

NEAR protocol NFT development service providers are in huge demand. This is because they offer great advantages for developing an NFT marketplace and decentralized applications. NEAR protocol offers smart contracts that are highly efficient. In addition, the platform is the first choice for both users and developers as it requires no fee for usage. This makes the NEAR protocol inexpensive. Additionally, it includes features such as sharding, cross-shard transactions, and Aurora protocols. 

Here are the features that make it the perfect protocol for NFT marketplace development.

Usability-centric 

To develop an NFT marketplace, NEAR protocol follows a usability-first approach. Such an approach creates a user-friendly experience with a limited amount of permission-asking interactions. The platform offers users simple onboarding, easy subscriptions, familiar usage styles, and predictable pricing. 

Sharding strategy 

NEAR protocol optimizes speed by employing a sharding approach. In this approach, the network nodes are broken into shards when the platform utilization is high. While the sharding process occurs, computing is made parallelized over those shards. 

NEAR protocol offers the following sharding solutions to make entire functionality accessible and secure:

Nightshade

This sharding solution divides the nodes into groups that function individually. As a result, the platform functions faster and more efficiently than usual. 

Rainbow bridge

This sharding solution connects the current blockchain with other future blockchains. This way, all transactions are easily moved from one blockchain to another without compromising speed and security. 

Aurora

Usability-centric 

To develop an NFT marketplace, NEAR protocol follows a usability-first approach. Such an approach creates a user-friendly experience with a limited amount of permission-asking interactions. The platform offers users simple onboarding, easy subscriptions, familiar usage styles, and predictable pricing. 

Sharding strategy 

NEAR protocol optimizes speed by employing a sharding approach. In this approach, the network nodes are broken into shards when the platform utilization is high. While the sharding process occurs, computing is made parallelized over those shards. 

NEAR protocol offers the following sharding solutions to make entire functionality accessible and secure:

Nightshade

This sharding solution divides the nodes into groups that function individually. As a result, the platform functions faster and more efficiently than usual. 

Rainbow bridge

This sharding solution connects the current blockchain with other future blockchains. This way, all transactions are easily moved from one blockchain to another without compromising speed and security. 

Aurora

This sharding solution withstands a malicious attempt meant to disrupt normal traffic. In addition, the independent shards concept can be applied here to the transactions organized into parallel threads. 

Governance 

NEAR is based on governance that secures the protocol’s independence by giving the community the opportunity for input and supervision. The main goal of having such a governance system is to provide efficient decision-making and smooth execution. 

Closing thoughts 

NEAR has become one of the most promising protocols that make the development of NFT marketplaces far easier than any other blockchain network. NEAR protocol development services offer solutions for long-standing problems such as scalability, slow transactions, processing speed and extremely high gas fees. To conclude, it has become a successful alternative to various blockchain protocols, with NEAR NFT marketplace development being its top-most use case.