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Solana NFT Marketplace: A Complete Guide to Develop an NFT Marketplace on Solana

Non-Fungible Tokens, aka NFTs, have taken various industries by storm in the past two years. This is primarily because they solve multiple traditional issues that seem hard to tackle, like ownership rights, originality concerns, interoperability, and transparency. And it’s not just businesses who are adopting this new technology; celebrities, athletes, and individuals are also tokenizing their assets.

But where can these NFTs be traded?

Here is where the usability of the NFT Marketplace comes into play, where all of these digital assets get traded. Thus, in recent times, the number of NFT Marketplaces has also surged. Many blockchain networks provide the development of the NFT Marketplace, but the most prominent among them is the Ethereum blockchain network. However, Ethereum is continuously losing its market share to other blockchain networks like Solana, Avalanche, Binance Smart Chain, Cardano, etc., due to various drawbacks with the Ethereum blockchain. Some of the major ones include high gas fees and low transactions per second (TPS), which Solana handles very efficiently.

Thus, this article will focus on developing the NFT Marketplace on Solana and get the complete inside out of it.

What is an NFT Marketplace?

The NFT Marketplace acts as an intermediary platform that allows users to mint, buy, and sell digital assets, which can be anything from an ape image to virtual appeals. Generally, the buying and selling of these NFTs happen through crypto, so it becomes mandatory for users to have a crypto wallet. However, some NFT Marketplaces only allow payments in the form of their own tickets or NFTs, which users first need to buy from them at a predetermined price.

Thus, it can be said that the NFT Marketplace is quite similar to e-commerce platforms, which allow buying and selling of physical goods and products.

Why should you develop the NFT Marketplace on Solana?

Solana is the second most widely used blockchain network after Ethereum for developing the NFT Marketplace. This is due to Solana’s two most essential features: Scalability and High Transaction Speed. Thus, Solana ensures that developers no longer need to worry about network contingency and scalability for global expansion.

Moreover, Solana has various other features that have made it stand ahead of different blockchain networks. So let’s look at these features one by one.

       1. No Mempool Problem

Mempool is a waiting area for transactions that aren’t confirmed and waiting to be added to a block. It is one of the most frequently encountered issues with blockchains like Ethereum. But Solana overrides the issue of mempool, which directly boosts the transaction speed. Thus, the Solana-based NFT Marketplace has the edge over others in that the transactions aren’t left unconfirmed for a long time.

      2. Programmability

Solana uses the Rust programming language to develop NFT Marketplace, Dapps, and other applications. However, it should be noted that Rust is comparatively hard to learn compared to Solidity, but it provides features like scalability and customization. Thus, Solana-based NFT Marketplaces are highly customizable, and developers can easily modify the functionality and working of the NFT Marketplace.

      3. Interoperability

Solana provides robust interoperability; thus, NFT Marketplace built on Solana supports buying and selling NFTs across multiple platforms. This ensures that the true moto of decentralization isn’t destroyed, and traders enjoy the flexibility of moving their NFTs across various NFT platforms.

     4. High-Speed Transaction

Solana supports speeds up to 400 milliseconds and around 65,000 transactions per second (TPS). Due to such high-speed infrastructure, Solana can efficiently manage a large volume of transactions on the NFT Marketplace.

     5. Low Transaction Fees

The transaction fee on Solana is around $0.00025, which is significantly lower than other blockchain networks. Thus, lower transaction fees and additional features like high-speed transactions and interoperability make it a highly lucrative and ideal platform for developing an NFT Marketplace.

     6. Scalability

The Solana ecosystem provides high scalability by ensuring that the network handles high transaction volumes and is easily expandable when required. Thus, global expansion and network congestion are never a problem with Solana-based NFT Marketplace.

     7. Liquidity

Liquidity plays a crucial role for traders in the NFT Marketplace because if there is a lack of liquidity, prices will increase, and higher prices will discourage both buyers and sellers from doing the transactions. Thus, Solana ensures that liquidity is high by providing features like interoperability, high transaction speed, low transaction cost, etc.

Steps to Develop a Solana NFT Marketplace

Below is a step-by-step process through which you can develop your Solana-based NFT Marketplace, so let’s go through it.

        1. Choose the Type of NFT Marketplace

The first and foremost thing is to choose the type of NFT Marketplace you want to develop based on your end objective. There are mainly two types of NFT Marketplace:

Generalized NFT Marketplace

On this kind of NFT platform, almost all types of NFTs are traded, including art, gaming, collectibles, sports, music, etc. Thus, it is a generalized platform for all buyers and sellers of NFTs.

Specialized NFT Marketplace

On this kind of NFT platform, only specific types of NFTs are traded. For example, an NFT platform solely dedicated to NBA sports collectibles like NBA Top Shot. Thus, it is a specialized platform that targets and serves only specific kinds of buyers and sellers of NFTs.

From the above, it is clear that you can get more users in the generalized platform, while in the specialized platform, you get highly dedicated and concentrated users. So it’s your final call depending on the business requirements and objective.

      2. Choose the Features of the NFT Marketplace

Now that you are done selecting the type of NFT Marketplace, it’s time to make a list of features you would love to have in your NFT Marketplace. Of course, there are various features that you can include and make your NFT Marketplace lucrative, but let’s look at a few of the most commonly used features:

Popular NFTs

A list of popular NFTs can be showcased to all platform users based on the number of bids or views from the users.

Top buyers and sellers

Buyers and sellers who have bought and sold the highest number of NFTs can be listed as top buyers and sellers.

Bidding history of a user

Every user can see their bidding history and the current status of all those bids.

Push notifications 

You can send push notifications for every user’s activity on the platform. For example, after buying/sell of an NFT, adding funds to the wallet, successfully placing a bid for an NFT, etc.

Search bar with various filters

Users can use the search bar to specifically search for particular NFTs or use filters to search and sort as per their requirements.

     3. Choose an NFT Marketplace Development Company

You now have a list of features to be embedded in your NFT Marketplace and are also clear about the type of NFT Marketplace you want, so it’s time to knock on the door of experts. Leading companies in the NFT Marketplace development space like Prolitus can help you turn your idea from paper to existence. They are the ones who can not only provide the required technical support but also help you with guidance and various insights, which can give you an edge over others. Thus, it’s always best to approach the experts in the field instead of taking the entire pain yourself.

    4. Choose a Monetization Strategy

Now that you have onboarded an NFT Marketplace Development company, it’s time to sit with them and choose a relevant monetization strategy. There are various strategies in use, but the most commonly used ones are:

Monetization through listing charges

In this monetization strategy, each listing of an NFT on the platform is charged by the NFT Marketplace.

Monetization through subscription fees

This monetization strategy is rarely used as platform users are charged a fee yearly, half-yearly, or monthly. Generally, specialized NFT Marketplaces use this kind of monetization strategy as they serve a concentrated target audience.

Monetization through NFT sales

This is the most widely used monetization strategy in which each sale of NFT is charged a fee as the platform acts as a deal provider for the sale of NFT.

     5. Develop the Frontend and Backend of the NFT Marketplace

It’s time to jump to the heart of the development process, which is to start building the NFT Marketplace. Everything from UI/UX to writing the logic of smart contracts, which acts as a backbone for the NFT Marketplace, takes place at this step. So it takes a significant amount of time to build a properly functional NFT Marketplace. Thus, as an alternative, you can consider developing a Whitelabel NFT Marketplace, as it is comparatively easy to develop and takes less time.

     6. Beta Testing and Launching

Your NFT Marketplace is now fully developed, but one more step is left to be completed before the launch. Beta testing is essential to ensure that there are no bugs or errors in the NFT Marketplace. Because if you miss any of the security loopholes, then your NFT Marketplace may face some serious threats from hackers.

If no bugs are found in the best testing, then you can finally launch your NFT Marketplace. And in the other case, you should first fix the bugs, conduct beta testing, and continue the loop until you get no bugs in the test results.

     7. Customer Support and Maintenance

Finally, now that you have launched your NFT Marketplace, it’s time for customer support and maintenance. It is the last part but also an equally important one for the success of your NFT Marketplace. So if you don’t have a customer support team who handles the customers’ queries, and if you aren’t undertaking regular software maintenance and upgrades, then your NFT Marketplace won’t scale up and may end up in the graveyard.

Thus, it’s necessary to provide 24*7 customer support and perform regular software maintenance and upgrades per the requirements.

How can Prolitus help you develop a Solana-based NFT Marketplace?

Prolitus is one of the leading blockchain development companies in the entire Web3 ecosystem. Our team comes with the enriched expertise and experience required to develop a Whitelabel NFT Marketplace. So, whatever your requirements are, our team can handle them efficiently.

Furthermore, we not only provide excellent NFT Marketplace development service. But we also work closely with the client and provide them with precious insights and best practices that can enhance their NFT Marketplace and make it stand out compared to others.

So don’t think much; contact us and let our experts handle all your needs and requirements.

Final Thoughts

The usage and popularity of NFTs don’t seem to fade; instead, it’s increasing with each passing day. According to research conducted by SkyQuest Technology, the global NFT market is expected to surpass the mark of $122.43 billion by the end of 2028. So, if you are planning to develop your NFT Marketplace and cater to this high-growth space, now is the right time.

You should definitely take the help of leading NFT Marketplace development companies like Prolitus and make sure that you won’t miss out on this golden opportunity.

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