Non-fungible tokens are digital assets that are built on a blockchain network, existing in a decentralized environment. NFTs are also the certification for the authenticity of a digital product in the platform. Any product that can be digitized is an NFT, which includes tangible and intangible products. The process of transforming an asset into a non-fungible token is called minting. The commonly minted digital assets are music clips, image clips, trading cards, domain names, etc.
Non-fungible tokens can be traded in a decentralized exchange platform, but the NFT marketplace is a commonly used platform for the trading of NFTs. The NFT marketplace is built on a blockchain network, which aids the marketplace to secure the transaction data. NFT marketplaces are very unique, as each marketplace trades each type of unique non-fungible tokens. OpenSea and Rarible are popular examples for trading open NFTs, which means the marketplace trades all types of non-fungible tokens. SuperRare and Nifty Gateway are popular examples of trading special and exclusive types of non-fungible tokens such as digital art collectibles.
Solana is a type of blockchain technology that was developed in 2017. This blockchain provides high-speed, scalable, and secured functionalities to NFT marketplaces and decentralized applications. This blockchain supports upto 50,000 TPS ( Transactions Per Second) and at an astonishing speed of 400ms block times. It is esteemed to be one of the quickest transaction times in the blockchain domain. Like the majority of blockchains, Solana blockchain also has its native token known as SOL.
As the emergence of NFT marketplaces all over the crypto world has been high, the traffic on non-fungible tokens has increased rapidly, leading to network congestion, slow transaction speed, and high gas fee. In order to eliminate these drawbacks, many developers have planned to implement unique blockchains into the marketplace. We at Infinite Block Tech have a vital solution to these drawbacks and ensure a high-performance NFT marketplace. We are focusing on building an NFT marketplace on the Solana blockchain.
Solana-based NFT marketplace is an NFT centric marketplace. This marketplace can be accessed at ease, as the digital creators need not be required to have extensive knowledge about the working of smart contracts. The main functionality of a Solana-based NFT marketplace is to amplify the speed of transactions at a very low gas fee. At the present time, Ethereum based NFT marketplaces are the popular choice for digital creators to showcase their talents and digital artwork collectibles. Due to the heavy usage of the Ethereum blockchain, the speed has slowed down, and the transaction cost has risen. Solana-based NFT marketplace eliminates these issues that occur in an Ethereum-based NFT marketplace.
In a Solana-based NFT marketplace, the rate of minting will be increased at a reduced trading and minting rate. This platform provides the users with access to see the revenue and the performance chart, and the payment transactions that take place are automated for the user.
Solana-based NFT marketplace is highly scalable, as it can maintain a high amount of transactions at the same time.
The transaction cost in this type of blockchain is less due to the occurrence of low network congestion.
Solana-based NFT marketplace has a high degree of composability, and it can integrate with multiple software kits at once and execute the high performance.
Similar to the other NFT marketplaces, the Solana-based NFT marketplace is also trustless and exists in a decentralized environment. The involvement of centralized authority is eliminated; thus, it does not restrict the user’s transactions in any way.
This type of NFT marketplace can process millions of transactions at high speed at the same time and at a fraction of the cost that takes place in the previous popular marketplaces in the crypto sphere.
This NFT marketplace allows the users to stake their governance token, SOL, for passive income in the network, and by staking the tokens, it generates high rewards and profits for the user in the marketplace.
Infinite Block Tech is one of the top-class NFT marketplace development companies. We have experimented with multiple blockchain technologies to deliver the best NFT marketplace for our customers. We have experimented in TRON, Ethereum, EOS, Binance Smart Chain, etc. The network congestion that is taking place in the marketplaces is enormous, and many innovative ideas are introduced in Infinite Block Tech. The development of the NFT marketplace with Solana blockchain is one of those innovative ideas. Solana blockchain is a new generation of blockchain technology, which is said to eliminate all the issues that occurred in the previous blockchain-based NFT marketplaces. Our blockchain specialists have the knowledge and expertise to integrate your NFT marketplace with the Solana blockchain. We make sure to provide all the benefits of the Solana blockchain into your NFT marketplace. Our post-marketing and post-deployment services are some of the best in the field of blockchain. We provide active post-marketing services to the customer and ensure to make them stay ahead of the competition after the deployment. To develop your NFT marketplace with Solana Blockchain, contact us soon!