No one had ever thought that an NFT would witness such huge prominence when it emerged in 2014. The hype of NFTs skyrocketed after the sale of Beeple’s Everydays: The First 5000 Days NFTs for US$ 69 million. This is the most expensive NFT to be sold in 2021. This doesn’t end there. With the passage of time, it still continues. There is an expectation that it will stay and never fads. The global NFT market size tends to touch USD 13.6 billion by the fourth quarter of 2027.
NFT marketplace is one such best opportunity for entrepreneurs to plunge into the NFT realm and make fair monetization. Moreover, it is backed by the Polkadot blockchain technology, which comes with various perks. Here is the blog that will revolve around a brief introduction of the Polkadot blockchain network and creating the NFT marketplace on it. Go through to acquire insightful information regarding NFT marketplace development on Polkadot!
Let’s Begin With An Overview Of An NFT Marketplace
NFT Marketplace is a trading platform where NFTs are to be minted and sold. Even buying too. This is a stage where NFT buyers and sellers are brought together. Its prime functionality is all about buying & selling digital assets and collectibles. This is defined by the infusion of core features like storefront, wallet integration, listing NFTs, the status of the listing, payment mode options, buying through a fixed price selling, bidding when participating in the bidding process, and many more. The NFT marketplace is backed by blockchain technology and integrated with smart contracts for efficient performance and automation of the platform.
What Is Polkadot And Why To Choose It For NFT Marketplace Development?
As mentioned earlier, the NFT marketplace operates on blockchain technology. There are many blockchains in prevalence. Among these, Polkadot seems to be the best option. It is a decentralized blockchain with cross-chain compatibility and its interoperability enhances NFTs and hence thereby enabling trading over varied marketplaces. The following are the characteristics of the Polkadot blockchain. Check this out!
Cross-Chain Compatibility – Users will be able to perform cross-chain transactions, which will eventually aid interaction across different parachains which are interconnected on the Polkadot blockchain network.
Scalability – This characteristic on the Polkadot blockchain facilitates validators to verify as well as safeguard multiple blockchains. It will ensure smooth transactions across the parallel blockchains.
High Security – Though the chains are independent, these will function together to ensure high-end security. Because of the novel data availability and its validity scheme.
The benefits go on. And, it includes forkless & easy adaptable, network governance, easy blockchain innovation, upgradability, energy efficiency, and interoperability.
Here Are The Step-By-Step Instructions For Polkadot NFT Marketplace Development
Polkadot NFT Marketplace development involves various major steps. This is seemingly a bit Greek and Latin for non-technical people. This involves the following steps.
- Installing the Polkadot extension and continuing with the Polkadot extension account setup
- Getting Polkadot native token
- Incorporating or launching the smart contracts for the NFT marketplace
- Copying the source code of the NFT marketplace from Github
- Configuring the back-end as well as front-end of the NFT Marketplace
- Finally, the deployment of NFT Marketplace runs on the Polkadot blockchain
Sounds complex? It would be better to go and approach an NFT marketplace development company with years of excellence in the blockchain field alongside its portfolio of clients. Or else, you even hire freelance professionals as blockchain developers.
Considerations Of Polkadot NFT Marketplace Development
Before dwelling on the Polkadot NFT Marketplace development, there are some considerations. Here are they,
- Start from market research and analysis as this will aid you in road mapping a successful NFT marketplace.
- The features which have to be considered and the choice of blockchain technology has to be made.
- Most importantly, one considerable thing is the UI/UX design has to be captivating yet simple, ensuring seamless navigation for users.
- The smart contract is nothing but a pre-set of codes that, when integrated, makes certain the automation of NFT transactions happening on the NFT trading platform.
- The never forgetting part is that the NFT marketplace on Polkadot is to be tested for bugs and errors, which will give a flawless experience for users.
- Setting up a crypto wallet is quite a necessity, which is a place where NFTs will be stored and responsible for sending and receiving them.
The Final Thought
The NFT Marketplace development on Polkadot brings numerous benefits to your table. Go for it and leverage the NFT craze for hopping into the NFT realm. There is an option to pick a white-label NFT marketplace solution developed on Polkadot, which is seemingly a ready-to-go solution with perks of instant launch and cost-effectiveness compared to NFT marketplace development from the base.
