- May 5, 2022
- Posted by: DxMinds
- Category: Blockchain Development
The evolution of the digital era is unfolding multiple innovative options for revenue generation for businesses and also other individuals. One of the most thriving and lucrative options in today’s digital finance world is the NFT marketplace capable of taking the business world to its superior level. Most blockchain enthusiasts are getting tempted by the NFT and getting obsessed with it. NFT marketplace welcomes all those who are willing to trade their tangible and non-tangible assets. Users can convert their assets into NFT tokens. In today’s digital era where blockchain and the especially NFT marketplace is the talk of the town, most people are seeking the best blockchain developers in India to help them in stepping into the blockchain business and reach the heights of success.
To verify the authority of the assets, the NFT marketplace provides an immutable record. These tokens can be traded worldwide over the NFT marketplace. in the beginning, it was not as popular as other blockchain networks but now eventually it has started gaining prominence all across the globe. It is now familiar as a new trend of a trading entity with the widest craze among every age group.
The value of NFT is driven by the requirement of the market and is volatile, like cryptocurrencies. NFTs hold the capability of driving millions of values and this is the main reason for the sharp inclination in the NFT graph.
NFT is a token that can be traded but here we will be discussing the platform over which users can trade NFT, i.e. NFT marketplace and its development technique on the Cardano blockchain. There are several companies which continuously in search of the best blockchain to develop the most promising NFT marketplace. Here is the answer to all their questions related to NFT marketplace development on the Cardano blockchain.
Let’s first understand what the NFT marketplace is?
As the name implies, the NFT marketplace is simply a platform where traders and investors can buy and sell their tangible and non-tangible assets. The common NFT creators on this marketplace are mostly music artists, digital artists, game producers, gamers, and more. Apart from these, crypto-enthusiastic have been participating in the NFT marketplace to indulge in the trading process.
NFT marketplaces are decentralized platforms open for everyone registering with the platform allowing them to trade their artworks easily on a digital network and get a fair value for their assets making them more valuable. NFT marketplace doesn’t include any intermediaries allowing the sellers to connect with their audience directly, making the platform more preferable for the users.
The other imperative reason that makes the NFT marketplace preferable is the guaranteed ownership which comes with immutable proof allowing the user to prove his copyright on the assets he owns.
Must have key features in the NFT marketplace:
If you are heading to develop an NFT marketplace with the help of NFT marketplace developers in Bangalore then must first list down the prior features that you must include in the product. Further, with the help of experts and consultants, you can plan customizations making your digital solution more empirical and elite. A few must-have features of the NFT marketplace are listed below:
A dashboard for the user where they can keep their collective information about their activities on the app
- Token search:
Option for the users to seek a certain token on the marketplace
While searching for an item or selecting any commodity, filters help the users to simplify their search and make it narrow to get better results.
- Bidding option:
An option for the users to bid for the item online they are willing to buy
- Listing creation:
A user may hold more than one NFT on the platform, and hence the digital solution must avail their users with an option to list down and maintain complete information about their assets.
- Wallet integration:
To enable users to trade easily on the NFT marketplace, you must integrate a wallet allowing users to store currency and use your other banking options for trading.
What is Cardano blockchain?
Blockchain is emerging as one of the biggest table turners of today’s digitized world with several options for the blockchain developers to build various products like NFT marketplace, and Cardano is one among those. It is the third generation blockchain protocol that has emerged as a boon to the fintech world addressing all the problems of previous blockchains. It offers excellent interoperability over various networks, scalability, and sustainability. It allows the user to establish secure peer-to-peer connections regardless of the blockchain network they belong to.
Most of the blockchain developers in Mumbai are tempted to Cardano blockchain due to the major attributes it offers:
- It uses proof of stake ouroboros and a consensus mechanism that is highly energy-efficient and offers the most secure environment for trading.
- It doesn’t use exponential energy for performance growth.
- Offers excellent security embracing new market opportunities.
- Gives the most responsive system for the development of high-stake applications.
Why choose Cardano blockchain for NFT marketplace development?
Cardano is emerging as the best and the most potential blockchain platform of the recent technological era. Cardano has made a significant place in the blockchain industry with its extraordinary features which give ample benefit to the blockchain developers in Bangalore and a wide array to develop innovative solutions. A few benefits offered by Cardano blockchain are listed below:
- The blockchain industry is ramping up at a great speed with a continuous increase in the number of users, and to accommodate these exponentially increasing demands you need to have a scalable solution.
- It offers higher transaction speed with the help of a proof-of-stake consensus mechanism
- Cardano can split one network into subnetworks, as it is integrated with a technology called RINA. This helps the network to reduce its bandwidth requirement
- Data storage was one of the major issues faced by previous blockchain technologies, and Cardano uses the latest technologies like compression, pruning, and partitioning to face the above-mentioned challenge.
- The proof of stake consensus mechanism of Cardano has new iterations which are capable of strengthening the security of the network as 51% of the stake is owned by honest participants.
- A complete history of transactions is recorded and stored by the Cardano network, it maintains and tackles detailed information about the ownership of the assets and each transaction
- It offers a well-defined and designed revenue model to help users to use it effectively and earn more capital
- It is a scalable platform allowing the blockchain developers to revamp and enhance the features of the application based on the market requirement
- It is an open-source platform with strong development support enabling blockchain developers to develop the most promising solutions seamlessly
Steps to develop NFT marketplace on Cardano blockchain:
Now developing and launching your own NFT marketplace is as simple as developing any other app. To do this, you can take the assistance of top NFT marketplace development companies in Bangalore and can hire the best blockchain developer who can serve you with a tailor-made solution catering to all your requirements. With the development of the NFT marketplace, you can attract various artists, creators, and traders to buy and sell fungible and non-fungible assets. Steps to develop a pioneering NFT marketplace are listed below:
- Target niche: Before you get started with the development process of the NFT marketplace you need to define your target niche for your platforms, such as type of content creators, artists, collective users, game creators, and more.
- Prerequisite for specific blockchains: Various blockchain networks are available on which you can develop an NFT marketplace and each of those are having certain prerequisites. If you have chosen Cardano blockchain then you have to get set with the prerequisites of Cardano, such as setting up Cardano node, Cardano command-line interface, and more.
- User role: Next comes UI designing, but before you start with UI designing you need to define the user’s role on the network to serve the best experience to the users
- UI design: The user interface is one of the most crucial aspects of the NFT marketplace that plays an important role in striding your solution towards success. Before wire-framing your solution, you must keep all types of users into consideration, i.e. buyers and sellers too. Both types of users may require a list of features to use your solution effectively.
- Smart contract development: Next comes the development of smart contract development that defines the terms and conditions between buyers and sellers. To develop smart contracts, a developer must be well-equipped with three basic programming languages and they are Plutus, Marlowe, and Haskel. Each language possesses diverse properties and a selection of programming languages must be done based on your NFT marketplace requirement.
- Wallet integration: ADA is the native token of the Cardano blockchain and it is used for transactions on the NFT marketplace. But if you are willing to offer a wider option to your users for payment gateway then you can add multiple crypto wallets to your application and make your marketplace more functional.
- Features integration: Cardano blockchain offers a wide array of features to be integrated into the blockchain solution. While developing an NFT marketplace you can choose features based on your requirements, such as wallet integration, filters, biding option, and more.
- NFT storage solution: Off-chain NFT data must be stored for future reference and further operations, hence an NFT marketplace must have an option to store NFT solutions. It will help your users to store their data in an NFT channel.
Cardano is one of the most preferred blockchain platforms for NFT marketplace development as it is offering a wide array of benefits to the developers and the users too. If you are also willing to leverage the potential of this new-gen blockchain platform to develop an amplified version of the NFT marketplace using Cardano blockchain then hire the best blockchain developers for the top NFT marketplace development companies in India and get set for the thriving future.