We never imagined that NFTs would be the subject of such fanfare when they first appeared. NFT trading appears to be drawing a lot of interest from people, helping it gain ground and become more well-known.
As of March 2022, NFT produced total sales of almost 37 million US dollars, according to Statista. This illustration shows how the NFT market specifically develops into a lucrative potential for business owners to make significant profits.
Despite the fact that many experts think the NFT is still in its infancy, many opportunities are anticipated to arise that are hindered by the existing NFT problem. One such problem that prevents NFTs from being used globally is the lack of interoperability across various NFT marketplaces.
What if an NFT market could be created that ignores interoperability problems? Yes, what you just read is accurate. You may create an NFT marketplace using Polkadot that makes it easier to share different types of data, assets, and tokens among other blockchain networks.
If the prospect of developing a cross-chain NFT marketplace appeals to you, Polkadot is your entry point.
What is the Polkadot network, why should you pick Polkadot for marketplace development, and how to create a non-fungible marketplace on Polkadot are the main subjects of this blog.
Read this blog through to the end.
Any digital asset linked to the blockchain is referred to as a non-fungible token (NFT). Each NFT is distinct, non-replicable, and unbreakable. The following categories represent the majority of the digital content that is designated as NFT:
- Domain names
- Virtual land, etc.
The Blockchain ledger captures the transaction and offers a transparent, irrefutable record of it and ownership proof. The buyer or the asset’s inventor may retain ownership of an NFT’s copyright. The buyer is not granted permission to share or produce copies of an item if the creator specifically states in the Smart Contract that they will retain the copyright.
Not only this but celebrities like Marie temara NFTs are also booming in the market where they launch their own NFTs and fans can buy them.
An NFT’s inherent characteristics include:
- Easy interaction with other ecosystems
NFTs have a wide range of use cases in many industries, including:
- Media and Entertainment
- Real Estate
The Polkadot Network: What is it?
A multi-chain network called Polkadot aims to join various blockchains into a single, cohesive network that can enable the exchange of any kind of data or asset—not just tokens.
Polkadot attempts to address the scalability and security vulnerabilities that existing incompatible blockchains possess by using the DOT (Polkadot’s native coin).
Polkadot uses parallel blockchains, sometimes known as parachains, to maintain speed and scalability in addition to cross-blockchain transfers.
Using the next-generation nominated proof-of-stake (NPoS) model, which has the lowest carbon footprint and uses the least amount of energy. Polkadot is considerably more helpful for expanding the NFT market because of this advantage.
Polkadot is also governed by sophisticated user-driven governance that gives all stakeholders a voice. They can independently share their knowledge to raise the network’s efficiency.
The Polkadot can be considered to have top-notch security, just like the blockchain. Its cutting-edge data availability and validity system enables the many blockchains to interact meaningfully within a single network.
From the standpoint of a developer, Polkadot’s adaptable and flexible blockchain network makes it simple to develop new technologies while also providing benefits like interoperability, scalability, and improved security.
Polkadot’s capacity to adapt the chain architecture to meet the demands of the companies that connect blockchains with other networks like Ethereum and Bitcoin makes it even more developer-friendly.
Polka Dot is the ideal platform for creating the NFT marketplace, so why is that?
Since any blockchain network other than Polkadot does not provide cross-chain communication, it is difficult to guarantee that a non-fungible coin created on a different network can be obtained from a single source. Polkadot provides a setting where users can quickly access interoperable NFTs as a solution to this issue.
This is only one advantage of using the Polkadot network as the base for the growth of the NFT industry, though. Other advantages that make Polkadot the perfect platform for growing the NFT business are the ones listed below:
1. Transparent Leadership
Community members run Polkadot. The Polkadot network’s community has the ability to suggest and decide whether to implement new or upgraded protocols. These recommendations are all fully and openly put into practice.
2. True Interoperability in Every Way
The cross-chain transfer provided by Polkadot includes the transfer of several tokens in addition to data.
The parallel processing methodology used by the Polkadot network helps to solve the problems with the existing blockchain network. The network makes it simpler to expand the products generated on it as the business wants by combining the layered relay of the chains.
4. Blockchain Innovation is simple
The Substrate platform, which powers Polkadot, makes it simple to quickly create a unique blockchain application.
5. Efficiency in energy
It is a highly recommended blockchain network since it produces less carbon dioxide and uses less energy.
6. Security for All
Due to Polkadot’s high degree of interoperability, which promotes unique data accessibility, and its validity method, all connected blockchains can communicate with one another. While chains are free to choose their own governance, they are united in terms of security, hence interoperability does not require that all chains adhere to the same governance.
7. Governance of User-Driven Networks
Every Polkadot stakeholder has the opportunity to influence the network’s growth because it is an open-source and community-driven platform.
How Can Polkadot’s NFT Marketplace Be Developed?
The NFT Marketplace Development on Polkadot involves several steps. Setting up a virtual server, or one on a computer or in the cloud, where you may keep all of your NFT marketplace data, is the first step. Later, you must set up your entire infrastructure, including a domain name, firewall, SSL certificate, and other requirements that increase security and make it easier for people to access your marketplace.
As previously said, these were only the first stages. You still have a long way to go before your notion of developing an NFT marketplace on Polkadot becomes a reality. These actions comprise:
- Performing the Polkadot (.JS) extension installation
- After fully establishing an account with the Polkadot (.JS) extension
- Get some native Polkadot coins, DOT
- Utilize smart contracts to control the NFT marketplace’s process
- Go to Github and copy the NFT marketplace’s source code.
- Set up the marketplace’s backend.
- Create the marketplace’s front end.
- Launch and manage the NFT market.
It could be difficult for those with non-technical backgrounds to adhere to everything described above. They will find NFT development service providers who are knowledgeable about the process really helpful. On the Polkadot network, they will handle all technological tasks and offer a fully operational NFT marketplace.
Investors and collectors of rare digital goods are very interested in NFTs. Building NFT marketplace platforms is essential to satisfy the escalating demand given the industry’s expanding popularity. The actions listed above will aid in developing a productive NFT marketplace platform.