How to Choose the Best Blockchain for Creating Your NFT Marketplace?marketing NFT Marketplace Development
The outset of today’s tech development journey begins with the World Wide Web (WWW); as we know, it was a revolutionary product in a world that loves traditions. The read-only format, though, was fresh; people craved many conveniences, which led to a leniated read-and-write experience on the web. Web 3 blockchains are the extension of web 2 internets, which has their own commodity, Non-Fungible Tokens, which drive the development to the future.
NFT Marketplace development thrives on Blockchains, making it possible to have a platform dedicated to commerce that is devoid of centralized services. But, with different blockchain technologies, are you overwrought? Stick around as this blog is tailored for you to draw a clear picture of the best blockchain needed for your NFT marketplace.
NFTs – A commodity from the future!
Non-fungible tokens are the unique digital asset that has taken blockchain- crypto space by storm. Because in the fiscal year 2021, the market cap for NFTs has surged by 1785%, leading up to 19 billion USD. This is due to its overwhelming revenue generated with the ROIs of NFTs that are traded.
Several people in business have lunged into NFT marketplace development as they crusade on a broad spectrum of solutions. We, as an agency, exhibit Michelin-quality services with all the crypto-related requirements. To have a tenable virtual asset for a good trade, they must be hosted by a committed blockchain network. For our blockchain software development, the elevating point of its increased functionality is its cost and reliability. Furthermore, the crux of a powerful NFT marketplace is its ability to suffice the demands of the end-users with skillful experts. These features will shield any vulnerabilities or risks happening on the platform.
The Use scenarios of the NFT development
Well! Do you desire to develop your NFT for your business? Take notes of these use cases from NFT development, as not everything could get on one plate. Some of the examples are,
- NFTs for Entertainment
- NFTs for Logistics
- NFTs for GIFs
- NFTs for videos
- NFTs for Collectibles
- NFTs for Music
- NFTs for Ticketing
- NFTs for Real estate
- NFTs for Gaming
- NFTs for Digital Arts
- NFTs for Sports
Crucial benefits of blockchain with Appdupe
Blockchain technology is still in its infancy, making it difficult to support all the different types of NFTs. They come with their own clampdowns that make minting of few NFTs hard. We present to you the parameters upon which these different blockchains are built.
- Automated Smart Contracts
- Token Development and transaction fee
- High-end Security
- Transaction Speed
- Consensus Mechanism
Get our handpicked blockchain for your NFT marketplace development!
Our Best Blockchains development for the NFT marketplace
The blockchain network flow is one of the earliest developer-friendly blockchains built for marketplaces and virtual assets. Its multi-node structure with Flow for the NFT collections, verification, execution, and consensus mechanism makes it considerable for your venture. NFT marketplaces need much scalability, for it encompasses huge amounts of assets. These are carried out through smart contracts written in Cadence Programming Language.
Ethereum is the most sophisticated and sought-after blockchain network in the crypto market. This is the most famous NFT development platform that is taking the lead with its powerful security and a high range of scalability. They are extremely easy to work with no need to fill out details. They are used in decentraland, SuperRare, OpenSea, and Rarible.
Solana is the most recent fast-growing platform with the lowest transaction fees and does its work in a cost-efficient Token developed ecosystem. It runs globally with a block time of 400 milliseconds. It is recorded that the cost per transaction is 0.00025$ on the Solana-based apps and for all its NFT marketplaces. Some of the Solana-based NFT marketplaces are SolSea, Metaplex, DigitalEyes, Solanart, Magic Eden, etc.
2015 found blockchain, Cardano possesses one of the biggest market caps of the cryptocurrencies. They are open-source, peer-to-peer networks developed for the NFT marketplace development. Functioning by the proof-of-Stake and ouroboros consensus mechanism, they are agile and allows the developers for timely updates and introduce new features to the platform.
Cardano has a few of the best features of a marketplace, like, increased performance, a sustainable environment from any obstacle, multi-ledger, and its capability to perform parallel transactions. Some of the Cardano NFT marketplaces are CNFT.IO, Cardahub, AdaNFT, GalaxyofArt, etc.
Tezos builds one of the best NFT marketplaces launched in 2018. Tezos’s cryptocurrency is called Tez and goes by the symbol ‘XTZ’. The market cap is the US $1.86 billion to date, which follows Proof-of-Stake. They use the on-chain consensus to update the blocks.
They are best suitable when the NFT marketplace needs less energy-using-network that doesn’t compromise on swift trades.
- Binance Smart Chain
BSC, or Binance Smart Chain, is another rising blockchain for the NFT marketplace in 2022. This platform is compatible with EVM as it will function on the basis of Proof-of-stack consensus. They also are feasible with cross-chain transactions.
Future of NFT marketplace development
It is estimated that the steady growth of NFTs just like this will lead to a fortune in the market, reaching a 30 percent increase by the end of 2030, according to future analysis. Elevating your NFTs in this period now seems like the right time to invest in marketplace development. Appdupe’s hands-on experience in the industry for more than ten years helps us support you with easy-to-access, rich development solutions for your NFT platform.
Being objective at this stage, as a development agency that ushers your NFT collections by creating an NFT marketplace, our experience stands top of the chain. Our utmost commitment to delivering you a working model that generates profits and creates brand value is impeccable.
Carefully curating the best blockchains in the crypto market for NFT marketplace development leads us to an ultimate conclusion. Taking into account all the elements that are needed and selecting the appropriate blockchain network based on that will build a robust and efficient platform for your esteemed platform.