Solana is a robust blockchain network that facilitates the development of dApps, NFTs and smart
contracts in an open and decentralized ecosystem. Although the network was launched in 2020 it
soon became an important substitute for Etherium due to its incredibly low transaction fees and
high bandwidth. Although developers like to build all kinds of projects on Solana, it is one of the most
preferred platforms for NFT marketplace development. And that is why there is a Solana NFT
marketplace development company cropping up almost everywhere across the globe.
If you too want to learn how to build an NFT marketplace on Solana, then follow the following tips:
Choose your niche carefully:
The first thing that you need to do is define your niche. So, it is important to figure out whether you
want to build a general NFT marketplace or a specialized NFT marketplace. General NFT marketplaces
deal in different types of NFTs, such as those related to music, video games, collectibles, sports and art.
These marketplaces attract diverse audiences as they are heterogeneous in nature. Although generalpurpose NFT marketplaces are a great idea, you might have to compete with existing NFT marketplace giants like Mintable and OpenSea after developing one. With a specialized NFT platform, you will be able to
target a niche platform such as art. This is a better option for beginners as it is highly targeted and
faces competition from less number of companies.
If you don’t know what the niches are for which you can approach a Solana NFT marketplace development company, then here are some popular domains to pick from: event tickets, collectibles, real estate, video games, art, science and music.
Select a reliable Solana NFT marketplace development company:
Once you have identified your niche, the next step involves looking for and hiring a good Solana NFT
marketplace development company to get your development done. Make sure that your selected
company has deep knowledge in blockchain technology, NFTs, the metaverse and related
technologies.
When you select a development company, it is important to check their expertise and experience. The reason why both expertise and experience are important is because these qualities cannot be earned overnight. A software development company that is experienced is likely to understand the requirements of its clients better than a new entrant in the market. On the other hand, an expert development company will do its job up to your expectations regardless of its experience. So, it is always better to go for a company that has both of these qualities.
Zero in on a monetization model:
The next step in the process of NFT marketplace development is choosing a monetization model for
your project. Now, what is a monetization model? A monetization model for your business is
nothing but the method you will use to make money. There are numerous monetization models and
some of the most popular monetization models include listing fee model, lead reward model,
premium monetization model and fee monetization model. Now, let’s discuss these one by one.
In the listing fee model, the platform charges for every NFT listed on it. If you want to adopt the
lead reward model, then you can go ahead without apprehensions because it is a profitable model
that earns from NFT suppliers paying fees for the visitors they receive at their shops. In the freemium
monetization model, both free and paid services are provided. Essentially anyone can use the
platform but there is a limit to free usage. For example, a platform might make only 5 deals
available for free per month, charging a fee for the rest. The subscription monetization model can be adopted when there is a high volume of traffic on the platform. This model earns by charging users service fees in regular intervals, like once a month or once a year. And then lastly, the fee monetization
model involves charging a small fee somewhere around 2-15% from those that use the platform
Specify what functionalities you want your nft marketplace to have:
Although most NFT marketplaces have identical functionalities, it is important to specify to your
developer what exactly you want included in your NFT marketplace. For starters, you can
have a showcase page which is like a display area for the best NFTs available on your platform. All the
NFTs appear here with details like their price, description, owner and preferred payment method.
Another functionality could be wallet integration. Minting NFT assets, listing items, NFT royalty notifications, auction system, ratings and feedback, search filters, smart search function and
support can be some other useful functionalities in your NFT marketplace.
Have a solid user interface:
No matter how much work you have done at the backend, you can’t have a constantly growing volume of traffic without a good user interface.
Smart contract development:
Your smart contracts will include instructions on how your NFT marketplace will interact with the
Solana blockchain. You will need smart contracts for minting NFTs and also purchasing and selling
them on the platform. The languages used for Solana smart contract development are Rust, C and C++.
Test the marketplace:
This is a crucial step and helps developers identify problems in the product and fix them. One of the
main areas of focus in the testing phase is smart contracts. Your developers must make sure that your marketplace’s smart contracts are secure and running optimally.
Launch your Solana NFT marketplace:
Once the testing of the product is over, it’s time for you to launch your marketplace on the cloud
server. However, launching it does not end the process. The marketplace needs to be constantly
maintained and updated for optimal functioning.
Conclusion
For a good Solana NFT marketplace, you need a good Solana NFT marketplace development company.
You can look for a company operating in diverse areas if you also want Solana wallet development
services. And the best way to learn about the efficacy and reputation of a company is 2 browse through its official website and other review and rating platforms where it is listed.
To begin, let’s define non-financial targets (NFTs).
Tokens that can only be redeemed for their original digital or physical form are known as non-fungible tokens (NFTs). Knowing the definition of “fungible” would help immensely in grasping the significance of this.
Every fungible object is interchangeable with another of the same kind, and they all serve the same purpose and have the same worth. To illustrate, consider a ten dollar bill that can be exchanged for another ten dollar bill without affecting the value of either bill. In contrast, a ten dollar bill autographed by a famous person or one with a special serial number (like all eights) could be worth a thousand dollars or more. Why so? Because even a simple celebrity signature can render an ordinary $10 bill unique and therefore non-fungible.
Let’s talk about what a token actually is. A “token” in the context of cryptocurrencies is a digitally issued certificate of authenticity stored on a blockchain. The blockchain is an immutable record of transactions that can be thought of as a distributed ledger. Records stored in a blockchain system cannot be altered after they have been created. Indeed, it is precisely this stability that makes NFTs so desirable. A digital product’s market value skyrockets when a verified certificate of origin is attached to it.
Visualize a piece of art. Don’t original works of art always fetch more money than reproductions that look the same? That’s true, but can you explain why? While copies can be made and used over and over again indefinitely, the unique original cannot be duplicated. Having an NFT is the same as having the asset’s originality certificate in your possession. Since unique and uncommon things are constantly in high demand, NFTs make for a solid financial investment.
NFTs that have been fractionalized are.
An NFT that has been “fractionalized” has had its value divided into smaller pieces so that they can be sold independently. Tokens of the NFT can be owned in fractions, with each fraction representing a fractional share in the token’s total ownership. Collective ownership of fractionalized NFTs is what distinguishes them from other NFTs. Having the price of NFTs fractionalized makes investing in these special tokens more accessible to a wider audience. Fractionalized NFTs function similarly to stocks or fractionalized real estate ownership.
An NFT can be fractionalized by storing the original NFT in a secure location and issuing a finite number of fungible tokens that each represent a proportionate share of the original NFT’s ownership. Those who are interested in purchasing a stake in the NFT might do so by purchasing one or more of the aforementioned fractions.
How to Divide an NFT into Fractions?
Token standards like ERC-721 and ERC-1155 are widely used to build non-fungible tokens on Ethereum. However, the ERC-20 standard is used to produce altcoins and other standardised tokens.
Fractionalization is the procedure of creating many fungible tokens from a single non-fungible token. The deployment of a smart contract with the necessary instructions can convert a single ERC-721 (non-fungible) token into an unlimited number of ERC-20 (fungible) tokens. Anyone with an ERC-20 token can have a piece of the corresponding NFT.
Fractionalization is a common method in conventional finance for dealing with luxury assets like second residences and private jets. This allows a trader to have exposure to a high-value item in the market without actually having to purchase it. Because of this, the costs and risks of investing in a fractionalized asset are minimised. Similar advantages accrue to NFT investors through fractionalization.