NFT Craze is an unending tale
Everywhere we go, we find people enthralled with investing in NFTs. The buzz and hype circulating NFTs has reached its peak in 2021 and is anticipated to continue even in 2022. The NFT market value has surpassed the billion-dollar mark, which will advance and set various milestones in the crypto sphere. Non-fungible tokens, on the other hand, seemed to be a potential investment for individuals from multiple sectors.
Developing an NFT marketplace is one most preferred business concept that has gotten many thumbs-ups from cryptocurrency enthusiasts and business owners across the globe. The NFT marketplaces were generally built on various blockchains, including TRON, Binance Smart Chain, Cardano, Ethereum, and others.
Solana is one of the best picks from the list of blockchains as it provides a way to get around every significant issue existing blockchain-powered NFT platforms have. Let’s decode in this blog why Solana NFT Marketplace development is a successful business idea for businesses and entrepreneurs. So without further ado, let’s begin. For latest news follow Crypto Express
A brief note about NFT Marketplace
With NFTs, opportunities are endless for us. Could you ever believe that a tweet can be sold for millions? And yes, it is possible with NFTs. The first tweet of Twitter Founder Jack Dorsey was converted into an NFT and was sold for a record price of $2.9 million. The most costly NFT to ever be sold was Beeple’s Crypto artwork which is about $69 million.
An NFT Marketplace is a decentralized platform that enables users to efficiently buy, sell, and store a wide range of NFTs. The NFT marketplace differs significantly from eCommerce marketplaces eBay and Amazon. To give your customers a secure trading experience, NFT Marketplace is built on several blockchain platforms.
Why prefer Solana for NFT Marketplace Development?
Nearly 95% of the NFTs are hosted on Ethereum, which started to experience increased traffic, which slowed down the Blockchain’s speed. Transaction backlogs brought on by the heavy traffic have further reduced the functionality.
The transaction fees and Minting charges gradually increased due to the increase in NFT transactions. Due to this rise, it is now expensive to mint NFTs on the Ethereum network.
Due to its rapid growth as a blockchain platform, Solana has recently attracted more interest from investors, startups, and business owners. When compared to other blockchains, it has a fast transaction speed with the lowest gas fees.
The features of Solana contribute to developing a feature-rich NFT marketplace with minimal network congestion and gas costs. Because of its Proof of History Consensus technique can process more than 65,000 transactions/second, which is a great throughput rate.
Key benefits of Solana-based NFT Marketplace
For both businesses and users, Solana-based NFT Marketplace offers many benefits.
High Transaction Speed
The Solana blockchain network helps you with high-level transaction speed since there won’t be as much transaction congestion as on other blockchain networks.
Low Gas Fees
The Solana blockchain offers the lowest gas fees compared to other blockchain systems.
“SOL” is one of the native tokens of the Solana blockchain. Investors and collectors can stake their SOL tokens in the liquidity pool to earn significant incentives and profits.
Why is the Solana White Label NFT Marketplace the best option for entrepreneurs?
For entrepreneurs who want to start their Solana-based NFT Marketplace with a less initial investment in finance, the White Label solution is mostly recommended. Since the White Label NFT Marketplace is a ready-made solution, it may be customized to match the needs of their business model.
What’s your next move?
To start your business journey with your NFT marketplace in the crypto sector, get your ideas to specialists with prior experience developing an NFT marketplace on Solana. Seeking the guidance of a reliable NFT marketplace developer seems to be a wise option as the firm comprises a skilled group of blockchain engineers who uses a variety of technology stacks to develop your Solana NFT marketplace. If you are clueless about selecting the right marketplace developer, the factors mentioned below can help you out.
- Check out the firm’s portfolio
- Check out user reviews and client testimonials by using search engines
- Analyze the firm’s experience in developing Solana-based NFT Marketplace
- Select a company that has a strategic plan that meets your business requirements
- Check out whether they offer 24/7 client assistance
- Compare the firm’s project development costs and timelines
- Investigate the skills and domain knowledge of their staff.