What is the Solana NFT Marketplace and How to Start One?

Marketplace mechanisms have existed ever since human beings started trading. The street-corner bazaars depict the typical marketplace model, which seems to have originated in Persia. Ecommerce marketplaces disrupted the traditional brick-and-mortar stores, urging store owners to embrace the online marketplace model.

Today, we’re witnessing a flux of NFT marketplaces, facilitating the seamless trading of non-fungible tokens. Blockchain technology unlocks new opportunities for marketplace platforms. This blog revolves around one such blockchain in the form of the Solana NFT marketplace.

What is the Solana NFT Marketplace?

The blockchain is a decentralized ledger that stores, verifies, and tracks bitcoin transactions and contracts between parties.

A Solana NFT marketplace is a trading platform built on the Solana blockchain, connecting the NFT artists, resellers, and consumers.

Consumers shop for NFTs and make purchases on the market. Producers provide information about their NFTs in the Solana NFT marketplace platform, as they do in traditional online marketplaces. Sellers also offer product information and content. 

Solana NFT Marketplace Business Model

The most common NFT marketplace business model is platform fee-based: both consumers and sellers pay a fee (in cryptocurrency) for utilizing the platform. 

Also, you can incorporate a service fee for every transaction that happen through the platform. OpenSea takes a service fee of 2.5% for every transaction.

The online NFT marketplace platform will monetize by offering value-added services to help users scale and manage their businesses more effectively.

Conclusion