Solana is a public blockchain platform with smart contract functionality. It is also the first blockchain network to utilize a proof-of-history consensus mechanism, which creates and stores historical records for blockchain events. Touted as the ‘Ethereum killer’ in the crypto space, Solana is a permissionless layer-1 project.
Nowadays, businesses want to build NFT marketplaces to leverage an enthusiastic craze for value-driven NFTs. I guess you’re an entrepreneur reading this - if yes, let me show you why it’s worth creating your Solana NFT marketplace now rather than on other networks (immediately!).
Solana’s NFT Charm
Solana NFTs are in the thick of the action, with Magic Eden raising the bars high - as the marketplace handles over 90% of the ecosystem’s trading volume.
Back in March 2022, Magic Eden raised $27 million in a Series A funding round, thanks to its cutting-edge backing - in the form of Solana.
Apart from this, plenty of Solana-based marketplaces amass investors a good chunk of revenue. SOL is Solana's governance and utility token. The cryptocurrency had one of the best presales in history, and a $100 investment during the presale might now be worth hundreds of thousands of dollars.
Solana Can House A Multi-genre Marketplace
If you intend to build an NFT marketplace on Solana, decide what kind of NFTs (to the house) are in your platform first.
An All-in-one Marketplace that accommodates all sorts of tokens, ranging from art to music, videos to gaming, etc. OpenSea, Rarible, and Mintable are some of the all-purpose marketplace platforms.
A Collectible-only marketplace that persuades artifact fandom. The collectible can be anything, from sports to artworks, and much more. NBA Top shot is one famous sports collectible NFT marketplace platform.
An Artwork marketplace that accommodates art NFTs from a gamut of popular & independent digital artists. Most often, such marketplaces provide self-serving functionalities that let artists tokenize their digital artworks.
What’s Next?
NFT is gaining popularity around the world. Research the platform's features and types before understanding how to develop NFT Marketplace.
Upon finishing - approach a professional technology partner (aka) NFT marketplace development company to realize your Solana-native marketplace.
