Non-fungible tokens have been the catalyst for the evolution of digital space into something so dominant that it is being adopted by almost every business industry at a rapid rate. But what is the buzz about non-fungible tokens? The correct response would be their ability to elevate businesses by trading them and also their intrinsic ability to be unique and rare. These non-fungible tokens are unique digital assets that are built on the foundation of blockchain technology. This digital distributed ledger known as blockchain is the backbone of NFTs. There are a wide variety of blockchain technologies that can be implemented for non-fungible tokens. The latest blockchain technology is the Solana blockchain. At Infinite Block Tech, we have the expertise to develop your own NFT marketplace on the Solana blockchain and also furnish you with extensive development services.
Why Is Solana Chosen Over Other Blockchain Technologies?
At the initial stage, Ethereum was the first choice for any non-fungible token development process. It was the cornerstone of NFTs. But, like every other digital application, this distributed ledger system was plagued with enormous network congestion, which led to the rise of transaction cost and reduction of transaction speed as well. At present, the Solana blockchain has been deemed to be the replacement of the Ethereum blockchain.
Why Is Solana a Perfect Fit For NFT Marketplaces?
Solana is the latest addition to the blockchain sector. It is a high-speed blockchain that is estimated to process 50,000 TPS ( Transactions Per Second ) at a block time of 400ms. This platform is comparatively highly scalable and secure. 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 own 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 protocols.
Characteristics Of Solana Blockchain
- Proof Of History
- Byzantine Fault Tolerance ( BFT )
- Block Propagation Protocol
- Smart Contracts
- Distributed Ledger System
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.
This system is perfectly paired with the Proof of History mechanism. In general, it is a consensus protocol that makes use of the cryptographic clock at a high level. It initiates consensus without having to rely on a wide array of node messages. Therefore, it upgrades the speed of transactions.
Block propagation protocol divides the data down into tiny increments. This makes the transfer of data simplified among various nodes. This protocol is also known to improvise the overall transaction speed and provides assistance to bandwidth-related challenges.
It is the core of the Solana blockchain. It is a parallel processing engine that allows effective scaling across systems.
It is a storage system that transfers data to a network that is built with numerous nodes called Archivers. This is a seamless method to optimize data storage effectively.
Benefits Of Using Solana Blockchain
- Solana blockchain is a very flexible platform. It is used to cover a wide range of crypto projects and executes their output effectively.
- The transactions of the platforms are processed in seconds because of their ability to process a massive amount of data in a second.
- It has innovative solutions for the challenges that are being faced by its predecessors.
Solana NFT Marketplace Development
At Infinite Block Tech, we have the required expertise and knowledge to develop a Solana NFT marketplace. We use various methods that are suitable for the requirements of our clients. At the present time, we have noticed the rise of the Solana blockchain among NFT marketplace development sectors. 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 transaction costs and network congestion. Therefore, we have dedicated ourselves to produce 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. Which gives us a lead in the market.
- 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.
Why Hire Infinite Block Tech For The Development Of Solana-Based NFT Marketplace?
Infinite Block Tech is a world-class development company that has an enormous amount of prior experience in creating NFT marketplaces on the Solana blockchain. Our reputation in the crypto space is the prominent reason for hiring us. We have had immense success in developing and launching NFT marketplaces on various blockchain platforms. Our notable blockchain use cases are Ethereum, Binance Smart Chain, Matic, and Solana. Our main focus is to upgrade your business platform and take it to the next level. In order to achieve that, we provide innovative post-marketing solutions like content marketing, social media marketing, email marketing, influencer marketing, etc.