Non-fungible tokens have been the latest attraction for users in the digital space. It has become so dominant that it is rapidly adopted by almost every business industry. But what is the buzz about non-fungible tokens? The correct response would be their ability to elevate businesses by trading them and their intrinsic ability to be unique and rare. These non-fungible tokens are unique digital assets built on blockchain technology’s foundation. The digital distributed ledger known as blockchain is the backbone of NFTs and other digital assets. A wide variety of blockchain technologies can be utilized for minting non-fungible tokens. The latest blockchain technology is the Solana blockchain. At Infinite Block Tech, we have the expertise to help you develop your NFT marketplace on the Solana blockchain and provide you with extensive development services.
Why Choose Solana Over Other Blockchain Technologies?
In the initial stages of blockchain development, Ethereum was the first choice for any non-fungible token development. It was the cornerstone of all the NFTs. But, like every other digital platform, this distributed ledger system was plagued with enormous network congestion, which led to a rise in transaction cost and a reduction in transaction speed. At present, the Solana blockchain has been deemed to be the replacement for the Ethereum blockchain. It has a transaction speed of 50000 TPS and is much more efficient in completing the transaction for the participants. Solana is rising in usage and popularity among NFTs users for its exquisite benefits.
Why is Solana a Perfect Fit for NFT Marketplaces?
Solana is the latest blockchain technology for the decentralized sector. It is a high-speed blockchain that is estimated to process 50,000 TPS ( Transactions Per Second ) at a block time of 400 ms. Solana is scalable and secure compared to other blockchain networks. Therefore, it is a perfect fit for any type of NFT marketplace.
NFT marketplaces require a high level of scalability and transparency for the effective functioning of the platform. These are primarily gifted to the NFT marketplace by building it on the Solana blockchain. Taking the current downfall of the Ethereum blockchain into account, Solana is the perfect blockchain to rejuvenate crypto audiences and pull them again into the NFT domain.
Native Token- SOL
Like every other top-tier blockchain, the Solana blockchain has its native token known as SOL. This native token is used as the gas fee that is deducted from transactions that take place in the Solana blockchain. This token is also used for effective micropayments within the blockchain environment. The SOL tokens are a great reward generator for the participants of this blockchain system as it permits staking for the participants.
Characteristics Of Solana Blockchain
Proof Of History
- Proof of History is a unique mechanism where it does not function as a consensus network. This system behaves as a cryptographic clock that executes nodes to evaluate the time order of the events on the blockchain.
Byzantine Fault Tolerance ( BFT )
- Generally, a consensus protocol uses the cryptographic clock at a high level. It initiates consensus without relying on a wide array of node messages. Therefore, it upgrades the speed of transactions. This system is perfectly integrated with the Proof of History mechanism.
Block Propagation Protocol
- Block propagation protocol divides the data down into tiny increments. This makes the transfer of data simplified among various nodes. This protocol also improves the overall transaction speed and assists bandwidth-related challenges.
- It is the core of the Solana blockchain. It is a parallel processing engine that allows effective scaling across systems.
Distributed Ledger System
- It is a storage system that transfers data to a network built with numerous nodes called Archivers or Peer to Peer systems. This is a seamless method to optimize data storage effectively.
Benefits Of Using Solana Blockchain
- Solana blockchain is a very flexible blockchain network. It covers a wide range of crypto projects and executes their output effectively.
- The platform’s transactions are processed in seconds because of its capacity to process a massive amount of data in a small duration.
- It has innovative solutions for its predecessor’s challenges in the decentralized environment.
Solana NFT Marketplace Development
At Infinite Block Tech, we have the expertise and knowledge to develop a Solana NFT marketplace. We use various techniques that suit the requirements of our clients. We have an expert team who are well skilled and experienced in blockchain technology for over a decade. We have noticed the rise of the Solana blockchain among NFT marketplace users. And have concluded that it is a perfect choice for business enterprises and individuals to trade their non-fungible tokens without having to worry about various bottlenecks like high gas fees and network congestion. Therefore, we have dedicated ourselves to developing the best Solana NFT marketplace for clients.
Benefits Of Our Solana NFT Marketplace Development
- Solana NFT marketplace development focuses on extensive decentralization, security, and scalability. We offer all these services with the best team, technology, price, and timeline, giving us a market lead.
- It enables users to experience high rewards and incentives by using our staking development protocol.
- It initiates a seamless flow of transactions by allowing us to bypass the involvement of central authorities.
- Our Solana-based NFT marketplace attracts a large crypto audience by producing low gas fees and network congestion.
- Our Solana NFT platform enables the integration of numerous security protocols and advanced add-on features. Therefore, we help you get furnished with great composability.
Steps to Develop Solana NFT Marketplace
Non-fungible tokens are more distinctive and adaptable, allowing them to be developed on many blockchain networks. The Solana blockchain is the most well-known and popular network with the lowest transaction time and reliable security features.
Step 01 – Establish your requirements and assess the project’s scope before you start.
Step 02 – Create a document listing the specifications you wish to include in your NFT marketplace.
Step 03 – Get in touch with qualified developers at a reputable NFT marketplace development firm.
Step 04 – Develop a simple yet effective UI/ UX for the market participants.
Step 05 – Obtain a backend connection for the server. To ensure that the platform functions effectively on the backend.
Step 06 – Integrate efficient, suitable wallets to improve the security of your NFT collectibles collection.
Step 07 – Construct a smart contract using ideal test cases to audit smart contracts.
Step 08 – Including the Beta version ensures that the platform functions more effectively to the client’s needs.
Step 09 – Make sure the technical team assists you with all upgrades and maintenance on a 24/7 basis.
Why Hire Infinite Block Tech For The Development Of Solana-Based NFT Marketplace?
Infinite Block Tech is a world-class development company with extensive experience creating NFT marketplaces on the Solana blockchain. Our reputation in the crypto space is the prominent reason for hiring us. We have successfully developed and launched NFT marketplaces on various blockchain platforms. Ethereum, Binance Smart Chain, Matic, and Solana are notable blockchain use cases. Our main focus is to upgrade your business platform and take it to the next level. We provide innovative post-marketing solutions like content marketing, social media marketing, email marketing, influencer marketing, etc.