NFT Marketplace Development On Solana Blockchain

Article about NFT Marketplace Development On Solana Blockchain

Published by

Sep 30, 2021

The Flash of NFT Marketplaces

NFTs are now the kingpin of the crypto market, its spark spreads all over the globe and navigates various kinds of users from art, game, investment, etc, towards it. NFT Marketplaces are the one and only platform to create, buy, sell NFTs ;day by day its trade volume and users keep on increasing. Very recently, the nft marketplace trade volume surges to 356 million and stuns the industry. Many top brands like Binance, Wazirx have already started their journey in the NFT space by launching their own Binance NFT Marketplace and Wazirx NFT Marketplace. 

Many think tanks spot out NFT Marketplace business as the supreme business idea and haunting for optimal NFT Marketplace Development Services Though many ecosystems like Binance Smart Chain, Ethereum, Polkadot support NFT Marketplace Development, here I am going to tell you why you should go with Solana. 

Let’s get started

Solana Ecosystem - An Overview

Solana is the decentralized ecosystem that works primarily on Proof Of Stake Consensus Algorithm with an ultimate motto to tackle scalability issues which is programmed to handle 1000 transactions per second. It is not just limited to NFT Marketplace Development that also supports Dapp Development, Smart contract Development or any other crypto projects, etc.

The Point to note here is that Solano works on Proof of History mechanism which is not a kind of consensus algorithm but improves the overall time spent on transactions.

Solana has its own token, A utility token which possesses a deflationary model .

Read Here a Detailed Guide:

What is Solana?

How Does Solana Take Part In NFT Race?

The NFT Wave has made a strong impact in the Cryptocurrency Industry and many big players of the market have launched their own NFT Marketplace and there is no surprise in the intervention of solana in the NFT space. 

Degenerate Apes was the first NFT in the Solana Blockchain. Those are the customizable NFTs ranging in various degrees from glasses to sandwiches. The package of 10K apes sold in just 10 minutes for 66 million USD.

Solanart - The First-Ever NFT Marketplace On Solana

Solanart is the first ever NFT Marketplace built on Solana that lets any trader explore, sell, trade NFTs. It's a kind of trust-less decentralized marketplace that promotes creators and collectors to showcase their work with more confidence. 

For Artists, they have specially designed a form, where they need to fill in the details regarding their NFT, the platform contacts the respected audience back, if they met the standard of the solanart. When it comes to fees, they have detected a 3% selling fee on every transaction. 

How Does Solanart Works ?

  • To begin with, one needs to connect with Solana Wallet or can use a browser extension for Solana wallet. It also supports Binance and Coinbase Wallet.

  • If a Creator puts a NFT for sale, the data is stored on the "Temporary Account" of the marketplace program.

  • When a Collector buys that NFT, the algorithm transfers SOL amount from buyer wallet to seller wallet, then sends NFT to buyer

  • It uses two kinds of data on-chain data and off-chain data.where off-chain data stores the selling information while the on-chain data stores the details of NFT

  • The platform provides a decentralized platform, At the time of launch, they could not provide decentralized experience and have limited NFT listing.

Top NFT Marketplaces on Solana

1. Sollectify

Sollectify is the Creator based NFT Marketplace where one can buy, sell, trade art works, game items, etc

2. SolSEA

Solsea is the kind of Open NFT Marketplace on Solana that supports FTX-pay support, NFT mining, Rarity,etc,

3. METAPLEX

Metaplex is the kind of protocol built on solano blockchain that empowers brands to develop better relationships with audiences.

Citation : Bitdeal-Solana NFT Marketplace Development


Articles authored by  alex jaxon

Published: Sep 29, 2021

Published: Sep 8, 2021