NFT Market – Summarization
The NFT market is expanding its territory across the globe in all industries and is becoming a crucial part of business growth. The current capitalization of the NFT market is more than $3 billion USD and is expected to double by 2025. Many entrepreneurs and startups have gained huge returns by entering the NFT world in the earlier stages. Businesses and organizations in their field can participate in the expanding world of non-fungible tokens with an NFT marketplace like magic eden on solana. NFTs have had incredible growth in the digital sphere, and they’re going to get better and bigger in the next few years. By developing an NFT marketplace of your own, you can stay confident that you’ll be making immense profits in the fast-growing market and that it’ll come from various sources for each NFT that is created, listed, and exchanged.
A Look into Magic Eden
Magic Eden is a community-centered organization that provides an NFT marketplace. They have airdropped Magic tickets to 30,000 users of the platform. The users of the Magic Eden platform holding Magic tickets can access discord-based DAO and MagicDAO. The platform delivers various rewards to the participants through social media platforms. The Magic Eden platform has more than 8000+ NFT collections, with a trading volume of $1.9 billion dollars.
Introduction to Solana
Solana is a programmable public and open-source blockchain that backs smart contracts, a crucial component of blockchain growth. Additionally, Solana encourages the creation of various dapps and fungible and non-fungible tokens (NFTs). Solana has its native coin or token called “SOL,” just like all programmable chains. The native token serves two purposes. Its hybrid DeFi staking consensus offers network security in the first place. It also acts as a means of value transmission along the Solana chain. Solana belongs to the class of blockchains that use proof-of-stake (PoS). It can handle up to 65,000 transactions per second in throughput. It offers transaction fees of less than one cent per dollar, in addition to its swiftness in speed.
Key Factors to Know Before Starting an NFT Marketplace like Magic Eden on Solana
- Business Idea
The NFT platform developer must understand the platform’s business needs and why they need blockchain technology for their project. The project should be able to suit the Solana blockchain network. The business plan should be compatible and supportive in the NFT world.
- Type of NFT Marketplace
Solana supports different kinds of NFT marketplaces. The developer has to select the type of marketplace that suits their business. The NFT marketplace is categorized into four types they are collectible, art & music, real estate, and investments.
- NFT Marketplace Working
The NFT marketplace works like a digital market where users can buy, sell, trade, and mint their real-world assets into digital form. The NFT marketplace is the largest digital place with the most active participants allowing participants to engage easily.
- Essential Features
The developer must include all the following elements in the NFT marketplace for the platform’s growth in the decentralized NFT world: Listing, Bidding, Crypto wallet integration, Search with filters, Latest news, Trading history, Notifications on current trade, and Technical support.
Development Stages of NFT Marketplace like Magic Eden on Solana
- Business Analytics
Entrepreneurs must first gather all required information about the decentralized market, platform, and present situation before determining whether to launch their current business or start a new one in the NFT world.
- User Interface Design
The UI of the NFT marketplace should be simple and efficient to use. All contemporary designs support providing UI-first strategies. Therefore, before building the application, consider how users would use it. Examine their usage patterns, how they move between screens, and whether portions of the platform are challenging to reach.
It is preferable if you can make prototypes when your design and experience strategy is finalized. Select the equipment that will enable you to create the marketplace. These wireframes should guarantee the ease of back-and-forth navigation for customers. Prototype solves some challenges in the starting stages.
After everything has been approved and cross-verified, the marketplace must be developed. It’s crucial to code it correctly and incorporate all the code necessary for smart contract automation. It would be advantageous if you also have a clever plan for launching the application on Solana since Solana is compatible and the fastest-growing blockchain network.
Testing the platform’s usability, functionality, and accessibility is crucial. Unit and performance testing should be carried out using the testing tools offered by software testers. This phase ensures that the NFT marketplace is secure and reliable to operate in the decentralized world of NFTs.
Why an NFT Marketplace like Magic Eden on Solana?
Magic Eden has had $1.54 billion in trade volume, with an average price of $198. The marketplace also has 0% listing fees, 0% bidding fees, and 2% transaction fees, which helps it compete with OpenSea. Any buyer on Magic Eden can check the royalty % that the NFT producers have set for their creations. As a result, an NFT marketplace that has the potential to attract more traders must have low transaction fees and quick transactions. As the marketplace follows a community-focused approach, users can communicate with each in this trustworthy and secure medium.
What makes Magic Eden Clone Development a Viable Investment Option?
Many of us would be aware that the largest and fastest-growing web3 marketplace, OpenSea, serves as a hub for NFTs and crypto collectibles, enabling users or traders to trade these without hassles. In terms of trading volume and active users, it tops other platforms with a huge margin.
But now, the scenario changed with the advent of Magic Eden. The Solana blockchain-based NFT marketplace has surpassed OpenSea, an Ethereum-based NFT marketplace, in terms of daily trading volume and is now at the top of the list.
On the other hand, Magic Eden is witnessing around 330,000 daily transactions. The platform established itself in the NFT sphere by traveling along the lines of OpenSea regarding trade volume and active visitors in a shorter time.
Magic Eden has 92.4% of the market share for gaming NFTs, and experts consider it the “Opensea” of the Solana blockchain. Nearly 22,000,000 unique users visit it each month.
Why can’t you become a prosperous entrepreneur and launch a Solana blockchain-based NFT marketplace like Magic Eden?
Pros of Developing an NFT Marketplace like Magic Eden on the Solana Blockchain Network
Only Solana’s blockchain is capable of 65,000 transactions per second in high-speed transactions. Therefore developing an NFT marketplace Magic Eden on Solana improves the quality of the platform.
Instant liquidity means that sellers can quickly find buyers and complete the deal in the NFT marketplace, thus increasing their engagement in the market.
The NFT marketplace developed on the Solana blockchain provides lower gas fees for transactions than other blockchain networks attracting participants.
Interoperability is the capacity of a blockchain network to communicate with other blockchain networks. The interoperability function will support high liquidity.
Briefly Decoding The Functionality of Magic Eden like NFT Marketplace
Step 1 – First, users visit the Magic Eden like Solana NFT Marketplace and connect their crypto wallets, which Solana should support.
Step 2 – Secondly, they could search for the NFT projects that have been reviewed on the platform.
Step 3 – Users can find their desired projects using the filters feature. Essential details about the NFT collections will be visible, such as the NFT’s description, cost, and other requirements.
Step 4 – “Buy Now” or “Make An Offer” are two major options users can prefer. Additionally, they also have the option to quote the price that the NFT owners have listed.
Step 5 – The NFT will be transferred to the concerned users shortly after conducting payment transactions, with users’ confirmation.
Why Select Infinite Block Tech for NFT Marketplace like Magic Eden on Solana?
- Global organization
- Expert business solution on NFTs
- Skilled development team on blockchain technology
- Strategic business research teams
- Compliant with the highest standards of security
- Track record of multi-domain success
- 360-degree client assistance
- A meticulously working team that brings complete technical expertise
- Post-deployment support
I hope this article has helped you better understand why building an NFT marketplace with a Solana is the greatest option for beginning a business in the market and where to begin. The market has created chances for entrepreneurs and inventors to prosper. New projects involving NFTs are being brought to the realm of digital assets. The right move in the direction of the developing world of digital assets is an NFT marketplace like Magic Eden.