NFT Marketplace – A Flourishing Business Option
We all know how NFTs or Non-fungible tokens had a huge impact on the Cryptocurrency world in 2021. NFT Marketplaces serve as bustling hubs where creators, collectors, and investors converge to buy, sell, and trade these unique tokens. These platforms facilitate a seamless exchange of NFTs in the form of digital art, music, virtual real estate, and even virtual goods within a decentralized ecosystem. Creators leverage NFTs to monetize their digital creations directly, forging a direct connection with their audience. Collectors, in turn, gain ownership of exclusive, verifiable assets that can appreciate in value over time.
Accounting for it, many startups entered the industry and built NFT Marketplaces. Only a few of those marketplaces turned out to be a great success. One noticeable reason for their success was launching on the top blockchain platforms. Since, the core of an NFT Marketplace is blockchain technology, providing transparency and security. Ethereum, Binance Smart Chain, and other blockchain networks host these marketplaces, each with its unique features and capabilities.
Significance of Blockchains in NFT Marketplace Development
Speaking of these blockchains, any data stored on it is highly unlikely to be altered or erased due to its tough infrastructure. They provide the highest form of security and act as one of the primary reasons for people to invest in Cryptocurrencies. Would you invest in digital currencies if blockchain technology did not come into existence? We guess it would be a major question mark.
Additionally, new blockchains are being introduced from time to time based on the necessities of the Crypto world. Each blockchain has a specific purpose and is usually designed to eliminate the shortcomings of the previously introduced one. As a budding startup or an entrepreneur, choosing the right blockchain platform is key when launching an NFT Marketplace.
However, before revealing the top blockchains in this blog, we at Coinsclone would like to start with the significance of choosing the top blockchain platforms to launch your NFT Marketplace.
Why Should You Opt for Top Blockchain Platforms?
Users tend to trust your NFT Marketplace with the blockchain you are likely to choose. Each blockchain has its ups and downs, but the top blockchains in the industry can guarantee a large user base. For example, if a new trader enters an Ethereum-based NFT Marketplace, the gas fee might sound high. On the other hand, established traders would most probably prefer an Ethereum-based NFT Marketplace due to its popularity and convenient ecosystem.
Hence, the choice of blockchain platform becomes the X-factor while Creating your NFT Marketplace. Several crucial attributes like creator fee, network size, and security all depend on the blockchain you choose and it ultimately helps the business grow long-term. Before selecting the ideal blockchain to launch your NFT Marketplace, take a look at the top blockchains in the market.
Top Blockchain Platforms to Create NFT Marketplace
We have selected the top blockchains based on the value they bring to the NFT Marketplace development. These blockchains will add trust to your platform users and have major benefits for you as a Cryptopreneur.
Ethereum, is by far, the most Popular Blockchain in the Crypto industry and is among the well-trusted blockchains. Its high security and scalability make it the go-to choice for many entrepreneurs with NFT project aspirations. Many solidity developers use ERC721, the token standard for creating NFTs on the Ethereum blockchain and hence, a strong community is already build for the blockchain.
One of the largest NFT Marketplaces, OpenSea is built on the Ethereum blockchain. The NFT-based platform has been generating staggering revenue for a long time. Besides, the gas fee for storing transactions on the Ethereum blockchain is quite high. Other top NFT projects on the Ethereum blockchain include Axie Infinity, NBA TopShot, Bored Ape Yacht Club, Decentraland, CryptoPunks, The Sandbox, etc.
Binance Smart Chain (BNB)
Binance, another giant name among Crypto Exchanges, introduced its blockchain in 2019 as the Binance Chain. Later, the name was changed to Binance Smart Chain (BNB) and was primarily focusses on increasing the possibilities of creating NFTs on the BNB chain. Soon, this blockchain turns out to be a strong competitor for Ethereum with an increased number of users.
The gas fee for transactions on the BNB chain is comparatively lesser in comparison with Ethereum. The BNB chain uses a combination of Proof of Stake (PoS) and Proof of Authority (PoA) consensus mechanism which results in lower transaction fees and improved transaction speeds for the users. MOBOX is one of the trending NFT projects that runs on the Binance smart chain blockchain.
Polygon, originally called the MATIC network was solely designs to make up for the scalability issues with the Ethereum blockchain. The platform is now well-establish with the ultimate purpose of developing popular NFT Marketplaces with several blockchain compatibilities. Polygon acts as a layer 2 solution to improvise on aspects like cost and transaction speed on the Ethereum blockchain.
OpenSea originally was built on the Ethereum blockchain and later it became compatible with Polygon as well. The Polygon blockchain can handle up to 65,000 transactions per second while Ethereum can only handle 17 transactions per second which sums up why the gas fee on Polygon is relatively cheaper.
Solana works on the Proof of History(PoH) consensus mechanism and has made its presence felt in several sectors already. Considered one of the top blockchains at the moment, Solana has indeed built a strong ecosystem for its users. The gas fee is quite economical and affordable on the Solana blockchain when compared with the likes of the Ethereum blockchain.
Magic Eden is a strong and proven NFT project that is compatible with the Solana blockchain. The native token of the blockchain, SOL can only be access by users with Solana wallet. Thereby building a strong ecosystem around it. Additionally, the blockchain allows quick minting which is one of the fascinating features of Solana.
Flow is an another top blockchain platform in the industry. Especially for building decentralized gaming platforms, and supporting many other NFT gaming applications. The platform is build on the Proof of Stake (PoS) mechanism with the capability of processing more than 10,000 transactions per second.
Also, the flow platform provides ease and comfortability for users which might only be the case with some blockchains. OpenSea NFT Marketplace is all set to add Flow blockchain to their community while NBA Top Shot is a popular Sports NFT Marketplace that runs on Flow blockchain.
Cardano is an upcoming blockchain platform with huge potential and is likely to dominate the industry in the future. Launched in 2017, Cardano runs on a Proof of Stake(PoS) consensus mechanism. It consumes very little energy for storing transactions on the blockchain which has attracted many developers.
Jpg.store is one of the largest NFT Marketplaces that is built on the Cardano blockchain. Additionally, Cardano can process more than 1,000 transactions per second which is significantly quicker than Bitcoin and Ethereum’s blockchain transaction speeds. Several NFT projects are in line to be introduce in the coming years on the Cardano blockchain.
Tezos is a blockchain that specializes in building decentralized platforms for digital collectibles like NFT Art and NFT Music. The blockchain runs on a Proof of Stake (PoS) consensus mechanism making it an energy-efficient and sustainable one. It is one of those unique blockchains which focuses on commercial applications.
Objkt, a top NFT Marketplace, is built on the Tezos blockchain and is quite famous for its art NFT collections. As a top blockchain platform, Tezos comes with a governance feature that allows users to vote on protocol alterations. It expands its applications to Decentralized platforms as well.
Worldwide Asset Exchange (WAX)
Worldwide Asset Exchange is a blockchain that is based on a Delegated Proof of Stake (DPoS) consensus mechanism. The Blockchain enhances NFT-based applications along with designing platforms for digital collectibles. It allows users to transact at a faster rate and already has recorded a large number of transactions recently.
The top NFT Platform that runs on the Worldwide asset exchange blockchain is Atomichub, where digital collectibles can be traded at ease. The blockchain is for its economically friendly and highly secure nature which has attracted a large user base.
These top blockchains can be taken as the ideal options to create your NFT Marketplace. However, you can only pick one among these blockchains to start your NFT-based business and be wise about your choice.
For those who are wondering: What is the best blockchain for the NFT marketplace?
Ethereum is the best among all, due to its vast usage around the Crypto world and secured infrastructure.
However, your requirements might not always match Ethereum which is why expert guidance might help you.
Why Should you approach us to pick your Ideal Blockchain Platform?
To drive results and reduce complexities while choosing your blockchain platform, you can take guidance from the expert blockchain developers of an NFT Marketplace development company like us. Our core group of developers can share their vast knowledge of the top blockchain platforms to take your NFT marketplace project to the next level.
Also, we have clone scripts for some of the trending NFT Marketplaces including OpenSea, Rarible, and many more interesting products to get your business underway instantly. Besides, it can be risky if you choose the blockchain on your own unless you have experience in the blockchain field. You can be one step ahead of your competitors if you take guidance from us as our portfolio speaks more than us.
To conclude, I can assure you that NFT Marketplace development on a top blockchain platform is a fantastic way to start a business. Many startups have approached this way and are shining bright in the industry. All they did was pick the right development company which reduces half the workload for you. Decision-making is an aspect that needs to be mastered from the start and cannot be taken for granted.
Remember, the value of the sentence “most suited to me” is always higher than the word “most preferred by many” in terms of business.
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