Blockchain technology has been strikingly growing in popularity, with many new blockchain networks blooming. Also, this technology has been widely and enthusiastically adopted by numerous artists, creators, investors, and business minds. With the rise of NFTs recently, many entrepreneurs are indulging in setting their foot on trending development, and the NFT marketplace development is one of such trendsetters. The NFT marketplace enables the smooth trades of non-fungible tokens and even allows one to tokenize their asset on this platform.
The Algorand Blockchain, which has been striving recently, is one of the new adoptions by cryptopreneurs in the present NFT space. Many have already established their NFT venture in the Algorand network. Creating an NFT marketplace in Algorand with many ravishing features has been made possible by our adept expertise and skilled experts. This blog explains what’s all the hype over the Algorand blockchain and the eloquent strategies to develop an NFT marketplace on Algorand.
Algorand Blockchain – An Overview
The Algorand blockchain ecosystem functions purely with the Proof-of-Stake (PoS), which is a unique consensus mechanism. This mechanism supports the network to process 1000 transactions instantly and efficiently without forking. The PoS mechanism comprises two nodes, the participant node, and the relay node.
As the name itself describes, the participant nodes participate in the consensus, wherein the relay nodes facilitate the transactions between the participant nodes. In the PoS mechanism, 1000 participant nodes are randomly selected to generate a block, and among them, a single one is selected to add its block to the Algorand network. This selection occurs based on the amount of algo the participant node has staked, which means with a high number of Algos staked, the possibility of being selected increases.
The Algorand blockchain consists of three key features, such as
- Algorand Standard Assets: This first layer feature of the Algoand network allows the users to signify any asset on the network and establishes compatibility, security, and speed to the algo.
- Algorand atomic transfer: These non-reducible batch transactions are responsible for the execution of multiple transactions instantly and simultaneously.
- Smart Contracts: This blockchain network employs customizable smart contracts that are directly built on the layer-1 blockchain network. These smart contracts can be split into two, they are stateful smart contracts and stateless smart contracts.
3.1) Stateful Smart Contracts – This smart contract holds and updates the on-chain values and also executes the application logic.
3.2) Stateless Smart Contracts – These smart contracts are often utilized to approve spending or asset transfers. They manage all the transactions from a single account in the blockchain.
Why Should You Create An NFT Trading Platform On Algorand?
In the present NFT space, there are numerous NFT marketplaces that support efficient NFT trades. Although there are many platforms developed on different blockchain networks, the need for a new NFT platform never settles, and that too on the currently on-trend blockchain network, Algorand.
The Algorand blockchain has proved to perform 1000 transactions efficiently because of the employment of the proof-of-stake consensus. This blockchain technology is purposefully designed to support all financial asset types but mainly the Non-Fungible Tokens. Also, building an NFT marketplace on Algorand can offer extended opportunities along with an ever-lasting value to the user-friendly NFT platform. Besides that, there are also so many other reasons why you should engage in NFT marketplace development on the Algorand network. Such as,
- The Algorand network enables the creation of a highly-secured and reliable NFT platform. With its absolutely decentralized nature, the NFT platform is risk-free, all the while increasing its overall value.
- The speed and scalability attributes of the Algorand network is one of the well-spoken things. Every transaction is successfully completed in mere seconds, eliminating any uncertainties in the process.
- The NFT platform built on the Algorand network assures the creator participation, ownership, minting democratizations, and NFT sales at low transaction fees.
- This blockchain network also communizes ownership with access to fractional ownership, where the high-priced assets can be fractionalized and share ownership among individuals. This results in increased accessibility of a significantly expensive asset.
How To Develop A High-Standard NFT Marketplace On Algorand?
Our adept experts lay out four different strategies that assist you effectively in creating an NFT marketplace on Algorand. Here are such eminent strategic solutions:
- By the utilization of Algorand standard assets, we ensure the creation of a smooth NFT trading platform at a quicker rate.
- You can exhibit an excellent NFT platform through customizations and by deploying a stateful smart contract.
- Next, the Algorand standard assets can be modified to a unique logic code using smart contracts.
- The NFT marketplace development includes the configurations of the Algorand standard assets, stateful smart contracts, and atomic transfers.
There are several steps that should be considered when engaging in NFT marketplace development in Algorand. Mentioned below is the general process for the creation of the NFT marketplace.
- Firstly, we develop a stateful smart contract interface that defines the technical structure of the NFT platform.
- Next, we execute the stateful smart contract.
- And implement the stateless smart contract.
- Communication services are embedded in the NFT platform.
- Deployment of the Algorand TestNet.
Enhancing Features Of An Algorand-Powered NFT Platform
Building an NFT marketplace on any blockchain network offers various benefits. Whereas creating an Algorand-based NFT trading platform lets you experience certain features as benefits, which include
Smart Contract Programming language
By using TEAL (Transaction Execution Approval Language), Reach, Clarity, and the python programming language, the Algorand blockchain network efficiently interacts with the Algorand Virtual Machine (AVM) and the smart contract codings.
Compared to the code audits of the Ethereum network, the Algorand consumes less cost allowing you to save a good few thousand dollars. The code audit is the major difference between the Algorand and the solidity programming language.
High Transaction Speed
By recording to just 0.5 seconds for a block proposal and 2.5 to 4.5 seconds as the finalization time for a new block, the Algorand network is considered a super fast blockchain. The transactions can be completed just in a few seconds allowing the users to experience instant transactions.
Less Transaction Fee
It is well-known that the Ethereum blockchain network consumes certain gas fees, but the Algorand network doesn’t involve gas fees. Instead, this blockchain has transaction fees that are based on the size of the transaction.
With the usage of the Proof-of-Stake mechanism, this blockchain becomes a highly-scalable network leading to around 1200 transactions per second.
The Algorand PoS generates about 0.0000004Kg of carbon dioxide during the process of minting a single NFT. Due to this, this blockchain network is considered absolutely energy-efficient with a negative carbon footprint.
List Of Popular Algorand-Based NFT Marketplaces
With the ongoing trend over the Algorand blockchain network, many have engaged in creating their NFT platform on that network. Here is a list of such existing NFT platforms.
- AB2 Gallery
- Rand Gallery
How Infinite Block Tech Assists On Your NFT Marketplace Development On Algorand?
Infinite Block Tech proffers the best solutions to assist you in NFT marketplace development. With our cutting-edge tech stacks, blockchain experts, and proficient experts, we ensure to offer lucrative solutions to create an NFT marketplace on Algorand. From constructing outstanding ideation of your NFT venture to the execution of the well-devised business plan, we assist you through all stages of NFT platform development. Our precise and on-time deliverance of the project checks off all your requirements for the NFT trading platform. By choosing us, you unlock to experience our effective and inspiring NFT marketplace development solutions.