NFTs have existed for years, but their fame exploded just a year before. As per a reliable source, the overall NFT market cap has risen by $40 billion, which is considered HUGE.
Various crypto pundits consider that the overall NFT market size will reach 1 trillion USD within a decade.
The ongoing NFT trend has made NFT development services a viable investment option.
Even though many blockchains exist like Ethereum and others, the 3rd gen blockchains have grasped the businesses’ attention and helped them develop modern and feature-packed NFT marketplace platforms.
That way, Solana is one of the most prominent and fastest third-gen blockchain protocols that has recently shot to fame.
This blog will explore why developing an NFT marketplace on the Solana blockchain is beneficial for crypto entrepreneurs.
Solana – A highly sought-after blockchain for NFT marketplace development
Regarding the concept of DeFi and NFTs, Solana is already among the most widely used blockchain and currently holds the fourth-highest position among all cryptocurrencies, and it is clear that interest in Solana NFTs, in particular, is soaring.
Even though. Ethereum leads the league in hosting decentralized apps, NFTs, and other sources, the blockchain has its own drawbacks, including price, speed issues, and scalability. Solana blockchain combines PoS (proof of stake) and PoH (proof of history) mechanisms.
The current trend of NFT adoption brought a significant boost to traffic via NFT marketplaces, which produced a considerable slowdown due to network congestion and increased transaction fees.
Because of its unique algorithm and low gas charge, Solana, one of the most widely used blockchains, is the ideal option to address all the problems NFT marketplaces face, including high prices and sluggish transaction speeds present in some major blockchains.
Solana can manage more than 60,000 transactions with its exceptional Proof of Stake & History (POS & POH) mechanism, and its ecosystem has recently experienced explosive growth, and various NFT projects have been launched.
A noteworthy feature of a low transaction fee ($0.00025) is what makes the blockchain unique among other top competitors. Solana-based NFT marketplace platforms empower users to buy, create, and sell their NFTs easily.
The blockchain’s decentralization nature guarantees security, which would offer users to go through the execution of NFT trading.
The platform functions faster than the marketplace platforms based on the Ethereum blockchain, as the Solana blockchain is 4000 times faster than the Ethereum blockchain.
Best Solana-based NFT marketplaces
- Magic Eden – Among the Solana NFT marketplaces, Magic Eden stands out with a $1.31 billion trade volume. The platform has a sizable market share with over 10 million monthly visitors. Magic Eden makes purchasing, selling, and minting Solana NFTs simple.
- Solanart – It is one of the famous Solana NFT marketplaces which features collections including Degenerate Ape Academy and Aurory. The platform makes it simple to find and explore interesting collections that customers might not be aware of.
- Solsea – The platform helps creators with NFT minting and purchasing. Solsea’s calendar features help users track upcoming NFT drops.
How to develop a Solana NFT marketplace?
The marketplace development is possible within two effective methods:
Method 1 – Solana-based NFT marketplace development from the ground up
Developing a Solana NFT marketplace from the ground up is a groundbreaking solution where the platform is created fully from scratch.
Going with this method, one can integrate the best features into it so the platform can stay tall and ahead of other potential competitors.
Since it provides massive profits once deployed, one needs to invest a significant amount of money, resources, and workforce into the process, and this method is perfect for established enterprises.
Method 2 – Utilizing white label solutions for NFT marketplace development
Going for white label solutions will greatly help low-capital businesses, aka entrepreneurs, compete with established large-scale firms in the market.
This method is exclusively applicable to entrepreneurs who are on the lookout for a cost-effective solution to develop their Solana-based NFT marketplace platform. The platforms can be completely modified as per your business demands.
Closing Thoughts
Since the fame and scope of NFTs show no sign of reducing their pace, there’s not a better time than now to leap into the flourishing NFT sector with a solid NFT marketplace on Solana.
Solana would be more appropriate for you if you wish to establish an NFT marketplace with cheap transaction fees, lightning-fast transaction processing speed, and a high-throughput blockchain with scalability.
There are a plethora of Solana NFT marketplace development companies, and there is a huge possibility for you to get perplexed in picking the right one.
To simplify your searching process, ensure to check the elements mentioned below:
- Check the firm’s portfolio
- Look out for client testimonials and user reviews
- Check the company’s industry experience
- Verify whether they have a perfect business strategy
- Check the team’s domain knowledge and expertise
- Check whether they offer solutions that suit your budget
- Keep an eye on their quality of work and client support
