Indeed, an NFT marketplace is a platform for trading non-fungible tokens like digital assets and collectibles with a centralized or decentralized governance system. It is equipped with core features such as wallet integration, exhibitory, a listing of digital assets for sale, categorization of digital collections, buying, bidding, and a search bar. It is backed by blockchain technology, and it might be Ethereum, Binance Smart Chain, Cardano, Tezos, Flow, Polkadot, Polygon, and many more. When it comes to NFT marketplace development, the preference for blockchain technology varies. Are you confused about which blockchain network to be used for developing the NFT marketplace? Here’s the quick blog that will guide you through. Check this out.
NFT marketplace development on different blockchain networks
With several many blockchain networks that have been prevalent, the following are so prominent ones used for NFT marketplace development.
Ethereum
Ethereum is the most widely used and pioneer blockchain network for the NFT marketplace development. Its prominence is so high. Remarkably, popular NFT marketplaces like OpenSea, Rarible, and SuperRare are built on Ethereum. Creating non-fungible tokens on EVM (Ethereum Virtual Machine) is quite easy and simple.
A few of the popular token standards on Ethereum are ERC-20, ERC-721, ERC-1155, and ERC-777. Though, it has limitations like low scalability and high transaction fees. The upcoming emerging blockchain has come with overcoming the existing limitations.
Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain network that runs parallel to the Binance chain. It holds greater benefits, including faster transactions, lower fees, and interoperability. NFT marketplaces that operate on the Binance Smart Chain marketplace are BakerySwap, PancakeSwap, and Battle Pets.
Polygon
Polygon is one of the advantageous blockchain networks with lower gas fees and scalability. Seemingly, it is the advanced version of the Ethereum blockchain. This is in accordance with liquidity, reliability, and other such things.
Cardano
Cardano is an open-source and decentralized blockchain network with a proof-of-stake concept instead of using a proof-of-work concept. It holds a significant perk of peer-to-peer transactions. Hence, this signifies improved sustainability in the crypto ecosystem.
Conclusion
In this, we have discussed some popular blockchain networks used for NFT marketplace development. The choice will be given to you to opt for the one much suitable for you that comes with more and more perks. Employ the white-label NFT marketplace solution, which is readily available for you to launch with your choice of blockchain technology and features to be infused. Forge ahead with connecting to the NFT marketplace development company and launching the NFT trading platform.
