NFT Layer 2 Development: How Ethereum is upgrading its prowessAuthor NFT Development, NFT Layer 2 Development
“Zero gas fees” is the new buzz phrase in the world of crypto collectibles. Sometimes, artists may have to incur a high cost while minting, listing, and selling their work on numerous blockchain networks. With the market capitalization of digital collectibles crossing $35.51 billion, it is the right time for entrepreneurs to initiate NFT Layer 2 development.
Know the game-changing role of NFT Layer 2 Protocol Development
Instant trading of non-interchangeable assets is the mantra behind the rapid rise of Layer 2. Generally, techpreneurs will receive benefits like greater scalability, multi-layer security measures, and 24x7x365 business operations.
Accordingly, investors get advantages like 100% control of funds, non-payment of gas fees, protection against hacking and phishing attacks with private keys, and quick execution of peer-to-peer (P2P) transactions.
They can also place orders for purchasing digital collectibles in a trustless manner. Crypto enthusiasts can filter their preferred Non-Fungible Tokens based on the metadata (one-of-the-kind properties).
Besides that, an NFT development company will help artists to get high value for their creations. They can mint ERC-721 crypto collectibles in a hassle-free manner. Further, content developers get full flexibility on an NFT layer 2 solution. They can use options like single and bulk minting.
Explainer: NFT with Ethereum Layer 2
OpenSea is the largest NFT marketplace in the world right now. It has a humongous daily trading volume of $82 million as per DAppRadar. The trading fees on the Ethereum-based platform has decreased considerably after it started using Immutable X, a gas-free layer 2 solution.
It has handled the tough competition in the industry after its integration with the Polygon sidechain. OpenSea is giving more attention to 3 aspects (higher expandability, instant confirmation of buy and sell orders, and nil gas fees).
Accordingly, it is focusing on players who contest in tournaments. As of now, the speed of processing transactions per speed (TPS) on the Layer 2 protocol is 9000.
A mind-boggling 100,810 users have executed 403,840 peer-to-peer (P2P) payments on the OpenSea NFT marketplace in the last 7 days. Undoubtedly, these numbers will increase over time depending on the extent of Layer-2 adoption.
Zero-Knowledge (ZK) Rollups and NFT Layer 2 Development Services
At AppDupe, we use Zero-Knowledge (ZK) roll-ups for transferring crypto collectibles off-chain. Eventually, this decreases the consumption of computing energy significantly.
A validity proof based on cryptography is submitted automatically to the Ethereum blockchain network (Layer 1). This mechanism is known as Succinct Non-Interactive Argument of Knowledge (SNARK).
A secret key is generated before the processing of every transaction. Payments are executed in bulk after the generation of the validity proof. Users need not submit their transaction data.
Digipreneurs will also benefit as miners can validate a block quickly. The operating costs are minimal and there is no delay in the transfer of digital collectibles from layer 2 to layer 1.
Importantly, our developers can also enhance the roll-ups of Zero-Knowledge (ZK). This will decrease the transaction size per block immensely. All accounts on the Ethereum blockchain network will be represented by an index or a wallet address.
Eventually, the number of bytes for processing a peer-to-peer (P2P) transaction will decrease from 32 bytes to 4 bytes. The key advantages of using Zero-Knowledge (ZK) roll-up are faster finality time after the validity proofs are sent to the main chain, 100% decentralization, and seamless integration with Dapps.
Layer 2 is indeed a third-party integration with Layer 1. It functions like an overlaying network and reduces the waiting time to execute payments. NFT layer 2 development is also fully compatible with the Ethereum Virtual Machine (EVM). The bytecodes of all the smart contracts are compiled. It helps in executing all the tasks effortlessly.
Increase your revenue by using NFT Layer 2 Development Services
Ethereum Layer 2: A record-setter in the market
Investors have locked in digital assets worth $3 billion on Ethereum Layer 2 solutions. There has been a consistent increase in the daily transaction volume, the number of users, and the total deposits made by NFT enthusiasts.
Several traders are transferring their holdings from Layer 1 to Layer 2. Importantly, they have full liberty to transfer cryptocurrencies, stablecoins, and other tokens. The top 5 Ethereum bridges are Polygon, Arbitrum, Avalanche, Solana, and Fantom Anyswap.
Interestingly, Ethereum (ETH) cryptocurrency and Wrapped Ether (WETH) ERC-20 tokens. Investors have transferred $2.6 billion of these 2 virtual assets.
What are the different NFT Layer 2 Development Services?
As a reputed NFT development company in the industry, AppDupe is updated with the latest trends that are shaping the future of crypto collectibles.
Know about our proficiency in NFT Layer 2 Protocol Development
- Creation of smart contracts compliant with the Ethereum Virtual Machine.
- Development of ERC-721, ERC-998, and ERC-1155 collectibles.
- Implementation of NFT marketing campaigns across online platforms.
- Integration with P2P hypermedia protocols like Filecoin and IPFS.
- Support for various hardware and software wallets to store collectibles.
- Testing of the pre-programmed software to eliminate bugs and glitches.
- Usage of the Matic sidechain and syncing it with an OpenSea clone.
- White-label NFT marketplace development with nil gas fees.
- Zero-Knowledge (ZK) roll-up and integration with NFT-based games.
What is the cost of NFT Layer 2 Development?
The expenditure to build Layer 2 NFTs depends on several aspects. Factors such as the extent of customization, salaries paid to the blockchain and NFT developers, the time allocated, and the tech stack used.
Besides that, AppDupe offers countless post-deployment services. Techpreneurs like you can utilize solutions like the addition of payment gateways, API integration, integration with Decentralized Exchanges (DEXes), security updates, software upgradation, and technical assistance.
As blockchain technology and crypto collectibles disrupt several industries, NFT with Ethereum Layer 2 will be the backbone for the future. Moreover, the Immutable X solution raised $60 million from a series of investors. This will help the Ethereum blockchain network to decrease the cost of minting digital collectibles.
As entrepreneurs chase a greater market share and wealth, green energy will play a big role in the future of NFT trading. For instance, artists can purchase carbon credits when they mint their work on an online marketplace. Importantly, the Immutable X solution is completely carbon neutral.
No-code is the Unique Selling Point (USP) as corporate enterprises and individuals can create a game, a blockchain-based marketplace, and NFT applications in just a few hours. Further, Immutable X will also add new features and versions for its existing games like Gods Unchained and Guild of Guardians.
You can move to the top of the market quickly by attracting artists and investors. Contact our NFT development company now for layer 2 protocol development.
Trade NFT with Ethereum Layer 2 and entice artists
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