Currently, non-fungible tokens (NFT) have been one of the hot trending topics in the Web3 world. These tokens only had their boom phase in 2021, when their market value exploded to the billion-dollar mark for the first time. While multi-million dollar trades have been behind the incredible surge of these tokens, the role of NFT marketplaces in processing every NFT transaction cannot be forgotten easily. Multichain NFT marketplace is the current business trend due to its features and advantages for entrepreneurs, which we will see in this blog.
Multichain NFT Marketplace: An Introduction
A multichain NFT marketplace is a platform where people can trade assets backed by non-fungible tokens in multiple blockchain networks. Such platforms allow the trading of digital and physical assets such as artworks, generative images, songs, video clips, in-game items, sports memorabilia, antique collectibles, and metaverse real estate. These platforms can either be based on horizontal or vertical trading models, catering to a broad audience and a niche audience, respectively. Popular multichain NFT marketplace ventures include OpenSea, NFTrade, Rarible, MegaCryptoPolis, tofuNFT, and Axie Marketplace. These platforms vary from cross-chain NFT marketplaces, where users can use bridges to transfer their digital assets across blockchains.
Prevalent Features in a Multichain NFT Marketplace
The user interface in such multichain NFT marketplace platform solutions will be easy to handle for anyone with basic technical knowledge, similar to an e-commerce web platform.
- Such an application will also have an integrated crypto wallet which can be useful for holding cryptocurrencies and NFT assets.
- Search and filter options in these NFT marketplaces can make things easier for users to search for their favorite NFT collections on any blockchain network supported by the platform.
- Application Programming Interfaces (APIs) in these platforms are necessary to add user-end features based on their business models and the trends on which they want to capitalize.
The Process of Building a Multichain NFT Marketplace Platform Solution
- Plan for the multichain NFT marketplace by considering all possible factors.
- Build the platform’s prototype with all required user-end features and test it with experts.
- Based on the suggestions obtained, design the marketplace’s front-end portion.
- Develop the platform’s back-end so that all user-end features can work seamlessly.
- Integrate the multichain NFT marketplace platform into the blockchains you need.
- Build the smart contracts that will process every NFT transaction inside the platform.
- Test the NFT marketplace platform repetitively using various test cases and resolve errors that arise.
- Promote your new venture to the Web3 community using proven marketing strategies.
- Launch the platform and update it periodically based on user feedback, market trends, and engagement levels.
Prominent Blockchains Where Multichain NFT Marketplaces Thrive
- Ethereum is the popular network for multichain NFT marketplace solutions, and it has the biggest user base in the Web3 space.
- Polygon is a Layer-2 solution built on Ethereum, which sorts scalability concerns of the Ethereum mainnet. It provides faster transactions at cheaper costs on Ethereum.
- BNB Chain is a major network that offers quick transactions at low costs, and it supports Ethereum Virtual Machine that allows multichain functionality.
- Harmony is a novel network that has features such as cross-sharding that allows subnets to interact with each other fluently along with multichain support.
- Solana works on the Proof-Of-History mechanism that accurately records time stamps of transactions and supports multichain operations with ease.
Final Thoughts
Thus, we can say that multichain NFT marketplace platform solutions can be great business options. These marketplace platforms’ ability to coexist in various blockchains at the same time, catering to a wide range of buyers is a breathtaking opportunity that requires some expertise in every factor involved. While the project model and the business team behind a multichain NFT marketplace require professionals with experience and creative mindsets, the platform should be developed through best practices. Creating such a platform needs brilliance, and a multichain NFT marketplace development company can assist you in that regard by fulfilling all your venture requirements.