NFT

101 On Creating NFT Marketplace Using Polygon

Overview of Polygon Blockchain

Polygon which was erstwhile known as “Matic” is a layer two scaling solution for the Ethereum blockchain, which aids in constructing and connecting Ethereum-compatible blockchain networks. 

Actually, the main aim of Polygon is to build a blockchain network that can acquire the full benefits of what the Ethereum network ecosystem has to offer to the users of their platform.

Polygon in other words offers an easy way to connect to the Ethereum blockchain and even provides solutions to the problems that may arise in the Ethereum network like the high cost of transactions and low transaction speed. 

Therefore, Polygon is a framework that complements Ethereum by offering scalability, interoperability, security, and modularity to the network for all.

Among all the factors security is the best benefit provided by Polygon as its base, Ethereum network provides a high level of security through its node distribution and smart contract layer while at the same time satisfying the features like high gas fees and low speed without compromising on security.

Polygon is 10x faster and ten times cheaper than Ethereum.

Moreover, Polygon is blockchain agnostic. That implies any blockchain can serve as its parent chain and it has incorporated a second blockchain Heimdall, in its architecture to send screenshots of MATIC’s plasma chain with Ethereum.

Five Key Advantages of NFT Marketplace Development On Polygon
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    Polygonal networks offer the next best user experience to connect users on the decentralized network without hassles.
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    The transactions made on the NFT platform are highly secured and encrypted without any compromise on speed.
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    The gas fees for carrying out NFT transactions are far lesser compared to other NFT marketplace development platforms.
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    The Polygon NFT marketplace is built on decentralized architecture to provide complete transparency.
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    Polygon uses the Ethereum blockchain with added functionality to make it more powerful.
Features of Polygon NFT Marketplace
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    ETH-Compatibility: It connects Ethereum-compatible blockchains to alleviate the limitations and leverage Ethereum’s thriving ecosystem.
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    Security: The consensus algorithm of the Polygon network helps in facilitating secure transactions on the NFT marketplace platforms by a pool of professional validators.
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    Scalability: The dedicated Matic blockchain network permits the NFT platform to conduct hassle-free multiple transactions.
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    Interoperability: Polygon Matic network allow polygon chains with other polygon chains and even allow the polygon chain to communicate with Ethereum.
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    Sovereignty: Polygon integrates the Ethereum network and provides sovereign blockchains to create a complete multichain system that can provide a high throughput of approximately 7,000 exchanges each second.
  •  
    Modularity: Polygon networks are highly customizable, extensible, and upgradable. It alleviates and lessens the problems as it breaks down a system by different levels of dependence and independence.

Evolution Of NFT Marketplace

NFT is a major marketplace that is built on blockchain technology, and the ever-rising popularity of such marketplaces (like OpenSea and others) provides incentives to the developers to create an NFT marketplace these days.

So, if you are keen to know how to develop an NFT marketplace using Polygon blockchain this article is for you.

NFT marketplaces are platforms where individuals can trade non-fungible tokens easily by auctioning these tokens at a fixed price.

Hence the NFT marketplace’s basic task is to allow users to create, sell, and buy assets of non-fungible tokens. Transactions are accompanied by a fee that usually varies from 2.5 to 5% of the transaction volume.

NFT creators earn by receiving a certain percentage of the initial sale profit and royalties. Royalties for the NFT artwork usually emerge each time a transaction is executed.

How to Develop a Custom NFT Marketplace

To begin with, you need a unique idea to create a one-of-a-kind NFT marketplace. So as a guideline to finding and embodying it, consider the following steps:

  • 1. Find Your Niche

Even before you start creating your own marketplace, it is mandatory that you must analyze the tendencies of the current market. For instance, the following fields are already being widely used in creating NFTs:

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    Music
  •  
    Games
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    Visual art
  •  
    Property ownership rights
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    Collectibles

Now as you can turn almost anything into NFTs, there are still a lot of places where you can display your creativity.

To provide you with an idea of these possible variants here is a list of additional NFT marketplaces that you can create for tokenizing and selling:

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    Comedy collections
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    Memes
  •  
    Signatures
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    User-created ASMR
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    Tweets
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    Cricket highlights
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    Programmable art

Hence think of your target audience whom you would sell and what items they would like to be tokenized? Analyze the existing propositions of the competitors to find inspiration?

Specifying these fields will help you outline the idea of your future NFT marketplace.

  • 2.Find Developers

In the second stage once you have finalized what your marketplace should be like, find the right people to embody the idea.

If you do not have an in-house team to implement the idea, involving a dedicated NFT marketplace development company with specialists who have experience with a similar types of projects can considerably simplify your task.

Now, regardless of which way you choose, having a team of people experienced in creating a decentralized finance app would be of great help. People having a background of at least dealing with:

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    P2P networks
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    Blockchain
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    Decentralized applications
This is an example of the technological stack needed for creating an NFT marketplace:

Back-End

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    Blockchain: Ethereum, Polygon, Binance Smart Chain, Tezos.
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    Smart contracts: Ethereum Virtual Machine, BSC Virtual Machine.
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    Token Standard: ERC-721, ERC-1155, BEP-721, BEP-1155
  •  
    Programming languages: Java, PHP, Python, Solidity
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    Frameworks: Spring, Symfony, Flask.
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    Databases NoSQL: MongoDB, Kassandra, DynamoDB, GraphQL.
  •  
    Databases SQL: MySQL, PostgreSQL, MariaDB, MS SQL, Oracle.
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    DevOps: IPFS, GitLab CI, TeamCity, GoCD Jenkins, WS CodeBuild, Terraform.
  •  
    Search engines: Apache Solr, Elasticsearch.
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    Cache: Redis, Memcached.

The backend is where the internal (server part) is doing the job. Here a lot of critical functions of the business logic and marketplace are developed, which include the blockchain, smart contract, wallet, and auction mechanism.

Front-End

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    Programming languages for web: Angular.JS, React.JS, Backbone, and Ember.
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    Programming languages for mobile: Kotlin for Android, and Swift for iOS.
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    Architecture: MVVM for Android and MVC, MVP, MVVM, and VIPER for iOS.
  •  
    IDE: Android Studio and Xcode for iOS.
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    SDK: Android SDK and iOS SDK.

The frontend is the external part of the NFT trading platform that is responsible for interacting with the users.

Hence the main responsibility of the front-end developers of your NFT marketplace is to provide an intuitive and simple interface that adheres to the security and productivity of your business.

3.Prototypes and Design

Prototypes are the initial stage of implementing your NFT marketplace idea. Begin with a low-fidelity prototype.

This kind of software prototype includes just the basic functionalities and the schematic outlines of the project.

Starting with a low-fidelity prototype decreases the cost of possible mistakes.

Once the low-fidelity prototype is successfully developed by outlying the basics, consider creating the high-fidelity prototype.

The high-fidelity prototype is used to outline the UI and actual design of the product.

4.Build an MVP

In this stage, the aforesaid prototype of your future marketplace is turned into a real software product.

Try to develop a version of your NFT marketplace with a minimal set of the basic features of your project which will help to test the project’s viability as well as identify its weaknesses.

At this stage, you can even start promoting your product using paid and organic social media and digital marketing strategies which will help you gain an audience and keep them waiting anxiously for the actual launch.

5.Release and Improve

When the NFT marketplace’s MVP (Minimal Viable Product) version is ready and working – it’s time for release.

You can start with either a website or an app – or even go for both at the same time.

Another option is to release a demo version first, launch the product and see the results for determining the success rate.

For this collect the use engagement metrics right from the first user of your NFT marketplace, analyze them using relevant tools and thereafter make necessary changes (like adding new features or improving usability) before using additional promotions to attract new visitors.

In other words, keep your NFT marketplace updated on a regular basis.

Conclusion

Polygon blockchain is a reliable platform to trade non-fungible tokens on the NFT marketplace. Its features and benefits make it a suitable platform to build marketplaces.

Interestingly, it is also helping Ethereum to keep off other blockchains by attracting more users.

If you are a business seeking a reliable Polygon NFT marketplace development company, SB Analytics can help.
Our skilled team of blockchain experts dedicatedly works to provide clients with the best-in-class NFT marketplace development services.

Connect with our subject matter experts to share your business needs.

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