None of us ever thought that NFTs would receive such hype when they first emerged. People seem to be showing a great deal of interest in NFT trading which is contributing to its growth and popularity.
As per Statista, NFT generated a total sales volume of around 37 million US dollars as of March of 2022. This example highlights how the NFT marketplace more precisely becomes a lucrative opportunity for entrepreneurs to make enormous revenue.
Although many experts believe that the NFT is just in its infancy, there are a lot of opportunities expected to emerge which are impeded by the current NFT issue. One such issue is the lack of interoperability between multiple NFT marketplaces hampering the global adaptation of NFTs.
What if you can develop an NFT marketplace that overrides interoperability issues? Yes, you have read it correctly. With Polkadot, it is possible to develop an NFT marketplace that facilitates the sharing of various data, resources, and tokens with different blockchain networks.
If the idea of cross-chain NFT marketplace development excites you, then Polkadot is your gateway to making this idea a reality.
This blog is going to revolve around the topics like what is Polkadot network, why you should choose Polkadot for marketplace development, and how to develop a non-fungible marketplace on Polkadot.
So, read this blog till the end.
The NFT marketplace serves as an open, decentralized, virtual market where both buyers and sellers can buy, sell and trade non-fungible tokens.
Over this platform, individuals can mint their digital work in non-fungible tokens which can be listed on the platform so buyers can browse and purchase them.
In addition to minting, buying, and selling, the NFT marketplace also offers auctions of non-fungible tokens where the highest bidder receives the NFT of their choice.
These marketplaces serve as a great source of income for digital artists as they can tokenize their assets in NFTs and list them on the platform to generate revenue by selling them.
Non-fungible token marketplaces are linked with wallets to offer hassle-free transactions to both buyers and sellers.
Polkadot is a multi-chain network aimed at connecting different blockchains into a single unified network capable of facilitating the exchange of any data or asset, not just tokens.
Polkadot is powered by the DOT (Polkadot’s native coin) and tries to resolve the issues of scalability and security that currently incompatible blockchains hold.
Alongside the cross-blockchain transfer, Polkadot is also designed to remain speedy and scalable by making use of the parallel blockchains i.e. parachains.
By making use of the next-gen nominated proof-of-stake (NPoS) model which is known for producing the lowest carbon footprint and consuming less energy. This benefit makes Polkadot even more beneficial for developing the NFT marketplace.
Furthermore, Polkadot is driven by sophisticated user-driven governance where all the stakeholders have a voice. They can contribute their knowledge independently to improve the performance of the network.
As the security of the blockchain is second to none, the same can be said for the Polkadot. Its novel data availability and validity scheme allows the different blockchains to communicate within a unified network in a meaningful way.
Talking about the developer’s perspective, Polkadot’s flexible and adaptive blockchain network facilitates the development of new technologies with ease while at the same time offering the advantages such as interoperability, scalability, and enhanced security.
What makes the Polkadot, even more, developer-friendly is its ability to customize the chain architecture to comply with specific requirements of the businesses that link blockchains with other networks like Ethereum and Bitcoin.
NFT marketplace that was built on any blockchain network rather than Polkadot does not offer cross-chain communication, thus it becomes a challenge to ensure the accessibility of the non-fungible token built on a different network from a single source. As a solution to this problem, Polkadot offers an environment where users can easily access interoperable NFTs.
However, this is just one benefit of choosing the Polkadot network as your foundation for the NFT marketplace development. The following are some of the other benefits which make the Polkadot best platform to develop the NFT marketplace:
Polkadot is governed by its community. Its community has the voice to propose and vote on the idea of upgrading or introducing new protocols in the Polkadot network. All of these suggestions are implemented completely in a transparent manner.
Polkadot offers the cross-chain transfer which not only includes the data but also includes the transfer of a variety of tokens.
The Polkadot network relies upon the parallel processing model which aids in removing the issues that take place in the current blockchain network. By integrating the nested relay of the chains the network makes it easier to grow the products developed on it as the business demands.
Polkadot is powered by the Substrate framework which facilitates the creation of the custom blockchain application in minutes.
Generating less carbon footprint and consuming a lesser amount of energy makes it a highly recommendable blockchain network.
Since Polkadot comes with a great level of interoperability which leads toward novel data availability and its validity scheme allows all the connected blockchains to connect with each other. Interoperability doesn’t need all the chains to share the same governance, they are free in governance but in terms of security, they are united.
Since Polkadot is open-source and community-driven, every stakeholder of it has the voice to contribute to the development of the network.
NFT marketplace development on Polkadot is a multistep process. It begins by setting up a virtual server i.e on a computer or cloud where you can store all your NFT marketplace data. Later on, you have to perform a complete infrastructure setup like a domain name, firewall, SSL certificate, and other necessities that adds security and allows users to access your marketplace seamlessly.
As said these were just the beginning steps, still you need to cover a long way to bring your idea of NFT marketplace development idea on Polkadot into a reality. These steps include:
Those who belong to non-technical backgrounds might find it challenging to follow all things mentioned above. NFT development service providers who know the ins and outs of NFT development will prove invaluable to such people. They will perform all technical things and provide a fully functional NFT marketplace on the Polkadot network. Konstant Insolutions is one such NFT marketplace development driven by veteran NFT developers. Contact us to realize your idea for NFT marketplace development.
NFT marketplace development on the Polkadot framework varies depending on the complexity of the project. To get an accurate estimation of the development cost, we would recommend you have a one-to-one conversation with your NFT development company.
Being indulged in the IT industry for more than 3+ years, I aim to offer up-to-date and latest knowledge on different technologies and trends setting the market. This is what I love to do. When I'm not working, I like to be near the outdoors surrounded by greenery.
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