Non-fungible tokens (NFTs) have quickly climbed the ladder to become one of the most explosive crypto trends. NFTs represent ownership of something inherently distinct and scarce, such as artwork, a soundtrack, a collectible, an in-game item, or real estate.
Also, unlike cryptocurrencies, you cannot purchase NFTs on centralized or decentralized cryptocurrency exchanges. Since they are listed and traded on online marketplaces, you can proceed ahead and buy them from there. Let’s quickly start exploring the NFT marketplaces and the blockchain we can use to develop them.
What is an NFT Marketplace?
An NFT marketplace is similar to marketplaces such as Amazon or eBay, used for goods. Similarly, an NFT marketplace is a storehouse of NFTs that can store, display, trade, and mint NFTs.
To access an NFT marketplace, users need a crypto wallet compatible with the blockchain network. The wallet should also hold some coins that will help you buy the NFT. Next, choose the user account for the marketplace from which you wish to purchase NFTs.
But it’s also important to know that listing and making NFTs cost money on the blockchain network. The required prices depend on the blockchain-based system you decide to use.
Essential features for an NFT Marketplace
An NFT marketplace has numerous features such as compatibility, non-traceability, usability, etc. Let’s explore some of the essential aspects of the NFT marketplace.
Limitless Expansion
According to estimates, users spent nearly $41 billion of crypto on the NFT marketplaces in 2021. The figures speak about the scenario of the NFT market, which is a digital pool comprising huge transactions. The NFT marketplace is probably the future of the digital market.
Shopfront
A shopfront is a dashboard with all the functions to give users the essential information they need about an asset, like owner, title, price description, archives, payment gateways, etc. An NFT marketplace should also allow users to search for NFT with advanced options promptly. Hence, organizing every product with some features in your NFT marketplace is essential.
Non-traceable
Since NFT markets are present digitally with no physical presence, they are practically non-traceable. A person must need digital money to make any transaction in this market. Shortly after the rise of NFTs, it will automatically drive the crypto market to new heights.
Ratings and Reviews
Ratings help determine the worth of the seller or an NFT marketplace. Generally, a scale can run from 1 to 10 to describe the product’s worthiness. Also, subscribed users can leave reviews similar to comments.
Easily Compatible
An NFT marketplace should be compatible with popular crypto wallets to avoid customer hassles. It will help them to search for and buy the NFT of their choice seamlessly. Also, NFT marketplaces have a straightforward working procedure. A user can understand the operational process of the NFT marketplace by following some steps.
User Authorization
An NFT marketplace requires users to create an account to buy or sell NFTs on it. Setting up an account is easy and ensures authenticity and market authorization.
Common blockchain platforms to develop and launch an NFT Marketplace.
After learning about the essential features, it is vital to look for blockchain platforms to develop and launch an NFT marketplace.
Ethereum
Ethereum is one of the most popular platforms among the NFT marketplace. Since Ethereum stands at the second spot among the top cryptocurrencies by market capitalization, it never goes down. Hence, tokens will always be available for sale.
Flow
Flow is a fast, decentralized blockchain that is often used to create the NFT marketplace and NFTs using the Cadence programming language.
Astar Network
Astar is a multi-chain smart contract platform that works with many virtual machines and blockchains. It supports DApps using various virtual machines to offer the best technology solutions. Astar also supports the development of NFT marketplaces.
Tezos
Tezos is an open-source blockchain platform that supports the development of NFT marketplaces. It uses a pre-compiled FA2 NFT contract written in the LIGO smart contract language.
Cardano
Cardano is a blockchain platform with unmatched security and sustainability for DApps. Cardano also supports the development of NFT marketplaces and other digital assets.
What is the Astar Network?
Astar is a multi-chain smart contract platform that works with many virtual machines and blockchains. It is the smart contract hub for WASM + EVM on Polkadot. Astar Network supports DApps using various virtual machines to offer the best technology solutions. Astar is a scalable network that is built with Parity’s Substrate framework.
Astar is a top parachain in the Polkadot ecosystem and a leading smart contract hub that connects Polkadot to Ethereum, Cosmos, and all L1 blockchains. Astar fills in the gap by enabling smart contracts on the Polkadot Relaychain. The Astar Network allows developers to build applications on it without having to consider its scalability.
Features of the Astar Network
Astar Network has many features, including DApp staking, scalability, interoperability, and operator trading. Let’s look at some of them below.
Enhanced Scalability and Interoperability
Astar Network processes transactions quickly and cost-effectively. Additionally, they are not tied to a blockchain network due to the nature of the network. The network works with the parachain slot on the Polkadot network and stays decentralized at the same time.
DApp Staking
Although miners on popular blockchains receive a portion of transaction fees, developers have to shell out money to pay gas fees. The Astor Network changes the scenario by dividing block rewards into 50% for developers and 50% for block validators.
Open Source
The Astar Network is open-source and incentivizes DApp stakeholders on the network. The rewards allow developers to stick to the ecosystem, and they can easily contribute to the network. Developers also gain a lot of flexibility on the network as it offers the first finality.
Operator Trading
The specific feature enables users to buy and sell applications on the network. A developer can assign an operator tasks such as chain maintenance and administration. Hence, the buyout is available to those granted operator rights.
The advantages of developing and launching an NFT Marketplace on the Astar Network
Astar Network offers layer two solutions like Plasma and zero-knowledge (ZK) rollups to improve efficiency. Let’s read about the advantages it provides for building an NFT marketplace.
- Astar Network offers enhanced interoperability and scalability that can help an NFT marketplace build smart contracts on a network like Polkadot. Also, it has over $1 billion in total value locked on the network.
- Since Astar Network is the smart contract hub on Polkadot and the blockchain has access to multiple well-known blockchain networks, it indirectly provides a broad user base.
- Developers who want to make Layer2 apps can put their Layer1 smart contracts in a bank and quickly make Layer2 apps.
- Astar Network has ASTR as its native token that holders can stake to become validators and earn rewards. ASTR has multiple uses on the network, which will significantly benefit the marketplace.
- The Astar community has grown multi-fold in recent times after the rebranding. It has more than 500k community members and is a suitable match for anyone looking to launch an NFT marketplace.
How can Prolitus help you develop an NFT marketplace on Astar?
The growing popularity of NFTs will witness a sudden splurge in the NFT marketplaces. It introduces a new digital medium for trading, selling, and purchasing digital artwork. We can say that owning an NFT marketplace on the Astar Network can be a profitable option due to the positive features it offers.
At Prolitus, we have expertise in offering the best development services for NFTs and providing excellent NFT marketplace development services. Prolitus has served the best business development solutions in the industry with a wide range of Blockchain-based services in the marketplace.
Get in touch with our team to escalate your NFT marketplace development services.
