The economic and technological market is constantly evolving. But sometimes, a new invention can transform both worlds simultaneously. Today, Non-Fungible Tokens are one of these inventions. They are creating a new trading system already transforming various industries, including music, consumer goods, entertainment, and more. The demand for NFT development services is rising, and multiple sectors are trying to find creative ways to use this technology to improve their business.
The success of NFT markets is only possible due to the blockchains available. This post will cover why Solana might be the best choice for such projects and how to create it.
What is NFT?
NFT is a Non-Fungible Token created using similar programming to cryptocurrencies. In essence, it is a digital cryptographic asset based on blockchain technology. However, unlike Bitcoin or Ethereum, users cannot exchange it equivalently.
Disruptive technologies are changing the world. And the role of blockchain in Web3 cannot be stressed enough. NFTs are a part of these disruptive technologies, and we are already witnessing the changes it has brought to the world as we know it.
NFT Marketplace – The Complete Definition
NFT marketplace is an online platform made to enable users to sell, purchase, or trade digital assets in the form of NFT. It is much like an e-Commerce platform; however, you trade digital assets instead of physical ones on the platform.
Every NFT Marketplace is made with the sole objective of making it easier to trade digital artifacts and assets.
The Blockchain Platforms to Consider While Building an NFT Marketplace
NFTs function on Blockchain technology, so you use the appropriate platform to make an NFT marketplace. Here is a short list of Blockchain technologies that you can use to create an NFT marketplace.
These are only the tip of the iceberg that is blockchain technologies capable of supporting NFT marketplace creation. However, not all NFT marketplace development blockchain platforms are made equal. In this post, we are focusing on the creation of the NFT Marketplace on the Solana blockchain.
What is Solana?
Solana, also known as SOL, is a blockchain platform that is made to host scalable and decentralized applications. Created in 2017, Solana is an open-source platform currently under Solana Foundation in Geneva. It was built by Solana Labs, that is established in San Francisco.
Some Essential Characteristics of Solana Blockchain
Solana is a blockchain platform, so naturally, it is in competition with other Blockchain services that you can use to create the NFT Blockchain. Here is a list of Solana features that sets it apart.
- Open-Source Code: Like most Blockchains, Solana is an open-source application, meaning that any can download and implement it for both personal and professional use.
- SOL: Solana, or SOL, is the native currency of this blockchain. Additionally, you can get smaller denominations of SOL, known as Lamports.
- Proof of Stake: In Solana, you can stake SOL coins to process the transaction more efficiently. It uses the validator nodes to run internal processes and secure process transactions. Additionally, the staking algorithm also votes on suggested blockchain changes by the members of the Solana developer community.
- Proof of History: It is a consensus method that combines transaction time with Proof of Stake for transaction processing.
- Layered Services: Solana offers several services in addition to the network for improved efficiency. Each layer performs a particular function. These services enable Solana to facilitate the creation of decentralized applications (Dapps) and Decentralized Financial Institutions (DeFis).
Solana NFT Marketplace – Solana V/S Ethereum
For the most part, Solana and Ethereum are closely tied in their functions and features. However, Solana does beat Ethereum in terms of transaction speed and cost. On the other hand, Ethereum has a first-mover advantage over Solana.
Now, depending on your scale of business and bespoke requirements, you can choose the one that makes the most sense for your idea. However, there is no clear-cut best Solana NFT Marketplace. They all come with their own sets of advantages and disadvantages.
NFT Development Services – How to Create a Solana NFT Marketplace?
Here is a quick guide on how to create the perfect Solana NFT marketplace.
Determine your market segment
Broadly, you can categorize all NFT marketplaces into two categories – General or Specialized. In general NFT markets, you can find art, sports, video games, collectibles, music, and other elements related to NFTs.
Or you can opt for the specialized NFT marketplace that deals in valuable like selling tweets or art pertaining to one theme. With this type of marketplace, you have the option to customize your design to match your unique offerings and leverage it to increase the effectiveness of your marketing plan.
Select a blockchain developer
Once you have determined the specialty, it is time to hire the right company to help turn your concept into working software. Look for an organization that has the required skill sets and can assist you in creating a scalable NFT marketplace.
The NFT development services providing company will have the responsibility of aligning your vision with the Solana NFT marketplace development process. Additionally, they will offer all the necessary technical support that you will need to convert your idea into a fully-functioning product.
Selecting the Project Monetization Strategy
Now that you know who you are targeting and have the blockchain developers on board to help you with the process of creation, start focusing on the right monetization strategy. Some of the strategies in play today include:
The fee-based strategy includes a nominal fee charged by the company for every deal. It is the most used method of earning from the NFT marketplace. Generally, this method works well because people are willing to pay for the services if they are getting something out of it.
The subscription model gives users the option to pay at regular intervals. It can be a monthly, quarterly, 6-months, or yearly subscription. It is not the preferred revenue strategy for NFT marketplaces. However, it can work well for more reputed platforms that already have a competitive edge and have exclusive NFTs only available to users who are willing to pay the entrance fee.
The freemium strategy allows the users to experience some of the various features of your NFT marketplace from the get-go. However, if they want the premium experience, opting for the paid membership is ideal. The freemium strategy should allow the users to trade freely on the website and only restrict some functionalities that users may find worth spending on.
Prime Reward strategy
To get more NFT creators on the platform, you can choose to offer money to NFT providers for every customer who visits their store and sees context-specific advertisements.
Charges for listings strategy
Charging for listing NFT is among the method of monetizing the NFT marketplace. Here, your platform is the commodity, but you need a good customer base to convince the NFT makers to pay for the listing. Also, the fee must be nominal.
Ensure that the Marketplace is Attention-Grabbing
NFT platforms must have an allure to them. It is the right combination of intrigue and trust to encourage purchases of assets. Also, ensure that the product is easy to use, as too much hassle can deter users from making the purchase.
Lastly, every necessary information like price, owner, description, and preferred payment method should be available with the NFTs on the platform.
Create Exceptional User-Interface and Smart Contracts
Now, you are at the step of creating a user interface and smart contracts in the development stage. The smart contract is made to define the logic behind the NFT platform interaction with the Solana blockchain.
Testing & Launching Phase
The testing phase of NFT marketplace development solutions is focused on resolving the various underlying issues like security flaws, serious bugs, and other errors in the system. After testing is complete, the NFT application is deployed on the server. Then, it is an ongoing process of maintenance and upgradations of the program to keep it relevant for the users.
NFT Development Services: NFT Hire the Best Company for the Job!
You will need excellent NFT marketplace development services if you want to create a platform that intrigues both buyers and sellers. MoogleLabs is one NFT Development company that has already worked on several projects related to the trade. So, you can trust them with your vision, and they will create the perfect NFT art marketplace for your venture.
Final Thoughts – Choose the best NFT development services today!
Your business can benefit significantly from using NFT development services to create next-gen e-Commerce. NFTs are already a huge hit among users who are looking for new and more secure ways to make purchases online, especially when buying digital assets.
But that is not the limit of it. Now, there are ways to own NFTs that give the buyer ownership of physical goods like real estate.
Overall, it is clear that NFT has a lot of potential. And Solana is one blockchain that is here to stay.
So, get in touch with MoogleLabs today to start your journey of creating an NFT marketplace that gives your users a reason to trade.
1. Does Solana have an NFT marketplace?
Yes, Solana has several NFT marketplaces, and the biggest Solana NFT Marketplace of current times is SolSea. It is the first NFT marketplace that Solana launched, and currently, it is also one of the biggest marketplaces on the platform. The reason behind the success of SolSea is its unique provisions to create and manage NFT collections. For example, the users can embed licenses on their NFTs during the minting process.
2. Can Solana be used for NFT?
Solana is currently one of the most renowned blockchains for non-fungible tokens (NFTs) and decentralized finance (DeFi).
3. Which Solana wallet is best for NFT?
There are several Solana wallets that users can choose from for NFT. However, the best one for the job is Phantom. You can use the wallet to easily buy, send, and receive NFTs in your wallet.
4. What are the top 5 NFT marketplaces?
There are quite a few NFT marketplaces in play currently. However, some are more famous than others. Here are our top NFT Marketplaces in 2023:
- Larva Labs
- NBA Top Shot
5. Is Solana a good blockchain?
Yes, Solana is an excellent blockchain that is directly competing with Ethereum, another of the big names in blockchain technology. The blockchain offers more cost-effective and faster transactions among users. Also, it has strong potential in the year 2023.