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Computers and Technology

Guide to Solana NFT Marketplace Development

NFT marketplace development is at an all-time high right now, and, also many companies want to develop and launch their NFT marketplace solution. These online stores present an excellent opportunity for a business to earn a profit and for content creators to make a living.

For a while, Ethereum was the best place to build an NFT marketplace on. There were several benefits the blockchain platform provided, and, also significant marketplaces like OpenSea, Rarible, and SuperRare use Ethereum. However, Ethereum came with severe disadvantages too.

This need led to several other blockchain networks, with the most notable one being Solana. Solana provided several benefits to NFT marketplace development and enticed many users to engage in Solana NFT marketplace development.

What is Solana?

Solana is a decentralized app platform built on a blockchain. It is an open-source ledger maintained by the Solana Foundation in Geneva. The developers produce Solana at Solana Labs in San Francisco, USA. The platform presents direct competition to Ethereum by promising faster transaction speeds and lower costs.

Overview of Solana NFT Marketplace Development

A Solana NFT marketplace is an excellent choice for an NFT marketplace. This marketplace is easy-to-use as users do not have to have considerable knowledge of smart contracts or NFTs. The main objective of a Solana NFT marketplace is to increase the number of transactions occurring while keeping the gas fees at economic rates.

The Solana NFT Marketplace Development Process

A Solana NFT marketplace development involves several steps and procedures. It requires significant time, investment and human resources. However, the result is a digital arena that enables users to trade and store NFTs. Here, they can engage in NFT trading on a secure ecosystem with low gas fees.

The Complete Solana NFT Marketplace Development Process Involves the following steps.

  • Understand the features and requirements necessary in the final product.
  • Prepare documents detailing the scope and functionalities included in the Solana NFT marketplace development process.
  • Comply with your country’s jurisdictions and regulations around online marketplaces
  • Get the assistance of a professional Solana NFT marketplace developer or development company. Ensure they have a competent and experienced staff.
  • Design the UI and UX for the product
  • Work on the front-end section and integrate it with the UI/UX
  • Set up the operations server and develop the platform’s back end section
  • Integrate compatible crypto wallets into the platforms. These wallets provide users with a place to store their NFTs.
  • Run the platform through the required testing phase
  • Launch a beta version and assess the product’s workflow and performance.
  • Provide 24/7 support to users alongside regular software updates, maintenance services and quality of life improvements.

You can approach the Solana NFT marketplace development process in two ways.

Option 1- Develop a Solana NFT Marketplace from scratch

Here, the developer company creates the Solana marketplace from the ground level. This approach allows the company to decide every aspect of the final product, including the color and font used. However, this approach requires significant effort, time, resources, and investment.

Option 2- White label Solana NFT Marketplace Development

A white label Solana NFT marketplace platform is a ready-to-launch product with fully customizable options. The company can change and alter specific aspects of the product to meet its demands. White label solutions are an excellent choice for low-capital businesses to launch their product. It also saves on development time and money compared to the traditional method.

Benefits of Solana NFT Marketplace Development

Solana and Degenerate Apes

Solana’s first big NFT platform was Degenerate Apes. Here, users could select and purchase several costumed apes with various traits like glasses and fur color. Each ape also had a varying degree of rarity.

Degenerate Apes had a collection of ten thousand apes, and it sold out in nearly ten minutes at a trading volume of sixty-six million USD. The rapid frenzy around the apes indicates the popularity Solana has in the NFT community.

Solana Covers Significantly more Projects than other Networks

Several projects were built using Solana’s network. These projects include Defi apps and NFT marketplaces. Defi apps are a term in the crypto world where users conduct transactions with other users and do not rely on third-party interference.

Ethereum may be the first blockchain to provide NFT marketplace development, but it came with several flaws. Solana was developed in an attempt to overcome those hurdles and provide users with better services. Presently, Solana aims to overtake Ethereum as an NFT marketplace solutions provider. Take advantage of the network’s benefits and build a Solana NFT marketplace today.

Cara Williams

Blockchain and Cryptocurrency Consultant
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