A Primer On Solana NFT Marketplace

by Angeline Geo Clone App Development

Solana is a layer-1 blockchain - created by Anatoly Yakovenko (in 2017) - with an aim to achieve high throughput. Since Solana amalgamates the proof-of-history (PoH) algorithm along with the proof-of-stake (PoS) model, it can handle over 710,000 transactions per second (TPS) without any external scaling solutions.

With such robustness in place, let’s see what the Solana NFT marketplace looks like in this blockchain ecosystem.

Solana is Bustling with Projects

Solana is lending its support to a new wave of NFTs and play-to-earn NFT games because of its high transaction speed. Also, multiple DeFi projects have realized the potential of Solana for building robust and scalable solutions.

Apart from the projects, numerous NFT marketplace platforms are integrating Solana support due to the demand. The last week of March 2022 saw OpenSea adding Solana support for its NFT enthusiasts. OpenSea takes the lion's share of the global NFT sale volume.

If you’re building an NFT marketplace, it would be an obvious reason to add Solana support!

Building Your Solana NFT Marketplace

The Solana blockchain is a great place to start if you're thinking about creating your own NFT platform. Low transaction fees and fast speed open up new opportunities for both producers and investors. It is, after all, a fantastic opportunity to profit from one of the most current blockchain industry innovations. Check out the steps for creating a marketplace below.

Before starting any project, you would have a project roadmap, won’t you? Likewise, design a detailed project plan first.
Learn about the jurisdictions of your region.
Hire an experienced NFT marketplace development firm.
Implement stringent testing procedures to ensure the platform is bug-free.
Develop a Minimum Viable Product (MVP) first to test your platform idea in the market.

Conclusion

If you hear anyone saying: NFTs are just an investment. Never ever pay attention to them again. NFTs are unlocking multiple business models and the Solana NFT marketplace is one among them.

Are you serious about developing one such platform? Drop us a line; we shall have a word or two about the business model.