Solana Based NFT Marketplace Development: A Comprehensive Guide

Solana is already one of the most popular blockchains in the world when it comes to non-fungible tokens (NFT) and decentralized finance (DeFi). People’s interest in Solana NFTs has surged throughout 2022, with its native token, SOL, currently ranked 9th by market capitalization among all cryptocurrencies.

Users want a platform with faster and cheaper transactions, and Solana meets both needs. As a result, several major platforms are integrating with Solana. And as more platforms are getting integrated, more users are switching to Solana.

If you are planning to launch a Solana-based NFT marketplace, dive into this blog right now to gain insights on the benefits of developing an NFT marketplace on Solana network. 

Why Build a Solana-based NFT Marketplace?

Transactions Per Second (TPS):

The Solana network can handle approximately 2500 transactions per second. A user prefers a platform that is fast and can complete trades in less time. Its high processing speed makes the Solana NFT marketplace an ideal platform for modern use cases such as the Metaverse and NFT games.

Cost Per Bill:

It is cheaper to create a Solana-based NFT platform due to their low transaction fees and high scalability. The minting fee is as low as US $ 0.00025 . 

No Mempool Issues:

Mempool is the section where processed transactions wait before being approved. The Mempool issue does not affect Solana, so Solana NFT transactions occur immediately.

Growing ecosystem:

The Solana environment continues to grow and can manage dozens of decentralized apps and all of Solana’s smart contracts. Additionally, the platform does not suffer from congestion issues when processing any amount of information. Solana’s distributed ledger uses Rust and allow multi-app development. Solana network serves as a multi-purpose network for developing NFT platforms, dApps, and other products.

Scalability:

The goal of Solana in 2017 was to increase transaction throughput, and reduce the transaction costs. Solana combines Proof of History and Proof of Stake consensus mechanism to increase the scalability. As a result of these technologies, the Solana platform is lightning fast, processing over 50,000 payments per second. 

Interoperability:

Solana seamlessly connects to users on other popular Decentralized Finance (DeFi) platforms via wormholes. Wormholes are message bridges between Solana and other networks. Through this bridge, platforms, projects and communities will flawlessly move the tokenized assets between distributed ledgers. 

Liquidity:

Solana’s unique features like affordability, lightning speed, and interoperability enable you to build highly liquid markets. 

Composability:

The Solana NFT Marketplace is highly composable, allowing users to innovate with their virtual assets. Users can easily integrate NFTs, bids, and deals via composability features.

Steps to develop the Solana-based NFT Marketplace:

Now that you have seen the benefits of using Solana for your NFT marketplace development, let us dive into the Solana-based NFT marketplace development process. Below are the step-by-step process for developing a Solana-based NFT marketplace.

Select The Type Of NFT Marketplace To Launch:

First and foremost, you should choose the type of NFT marketplace you want to develop based on your business niche. The two main types of NFT marketplaces are listed below:

Generalised NFT Marketplace – This type of NFT platform trades almost all types of NFTs such as art, games, collectibles, sports, music, etc. It is therefore a generalised platform for all NFT buyers and sellers. For example, OpenSea NFT marketplace hosts a wide range of NFTs from various sectors like art, music, collectibles, sports etc.

Specialised NFT Marketplace – Only certain types of NFTs are traded on this type of NFT platform. For example, an NFT platform entirely dedicated to NBA sports collections like NBA Top Shot. Therefore, it is a specialised platform that caters and caters only to specific types of buyers and sellers of NFTs.

Select NFT Marketplace Features:

Now that you have selected the type of NFT Marketplace, create a list of features you would like to add to the NFT Marketplace. Of course, there are various features that can be integrated to make your NFT marketplace profitable, but let’s take a look at some of the most commonly used features.

Search bar with various filters– Users can use the search bar to search for specific NFTs or use filters to search and sort based on their needs.

Popular NFTs – You can view a list of NFTs that are popular with all platform users based on user bids or views.

Top Buyers and Sellers– Buyers and Sellers who bought and sold the most NFTs can be listed as Top Buyers and Sellers.

User Bid History– Each user can see their bid history and the current status of all their bids.

Push Notifications– Push notifications can be sent for each user’s activity on the platform. For example, buying and selling NFTs, adding funds to wallets, successfully bidding on NFTs, etc. 

Choose an NFT Marketplace Development Company:

Now that you have a list of features to incorporate into your NFT Marketplace, and the type of NFT Marketplace you need, it’s time to knock on the experts’ door. Leading players in the NFT marketplace development space like TurnkeyTown help bring ideas from paper to reality. Not only can we provide the technical support you need, but we can also provide guides and various insights that can give you an edge over other platforms. 

Choose a monetization strategy:

Now that you have completed the onboarding of NFT marketplace development companies, it’s time to select relevant monetization strategies. There are various strategies, but the most commonly used are:

Listing fees- With this monetization strategy, a fee will be collected for each listing of an NFT on the platform.

NFT sales- This is the most widely used monetization strategy. A commission is charged for each NFT sale as the NFT marketplace serves as a hostfor NFT sales.

Develop the front-end and back-end of the NFT Marketplace:

It’s time to dive into the heart of the development process that will start building your NFT Marketplace. Everything from the UI/UX to creating the logic of the smart contracts that serve as the backbone of the NFT marketplace is done in this step. As such, it takes a lot of time to build a properly functioning NFT marketplace. So instead, you could consider developing a white-label NFT marketplace as it is relatively easy and less time consuming to develop.

Beta testing and launching:

The NFT Marketplace is now fully developed, but there is one more step that must be completed before launch. Beta testing is essential to ensure that the NFT Marketplace is free of bugs and errors. This is because overlooking any of the vulnerabilities could expose the NFT Marketplace to serious threats from hackers. If our best tests find no bugs, we can finally launch an NFT marketplace. Otherwise, you should fix the bug first, beta test, and keep looping until no bugs are found in the test results.

Customer Support and Maintenance:

Finally, after launching the NFT Marketplace, it’s time for customer support and maintenance. This is the last part, but it is equally important to the success of the NFT marketplace. So, without a customer support team to handle customer requests and regular software maintenance and upgrades, the NFT marketplace cannot scale up and can end up in loss. Therefore, our support team provides 24/7 customer support and performs regular software maintenance and upgrades as per your requirements.

Conclusion:

Are you searching for a company that provides Solana-based NFT Marketplace Development Services? You have arrived at the right spot. At TurnkeyTown, we have a proficient team of blockchain developers who excel in delivering scalable and robust NFT marketplace development solutions on the Solana networks.. Get in touch with our professionals to know more about our other development services.