Crypto collectibles are the most lucrative financial assets now. Their phenomenal growth can never be ignored as they have a daily trading volume of $2.54 billion according to CoinMarketCap. The backbone behind such impressive stats lies in NFT marketplaces. They take care of auction hosting, accepting bids, listing assets for sale, and processing peer-to-peer (P2P) payments.
Most of the NFT trading platforms operate on the Ethereum blockchain network. However, the delay in the launch of Ethereum 2.0 has increased concerns like congestion, high gas fees, and transaction processing glitches. Hence, an alternative is needed to battle this big problem.
Polkadot is a viable substitute for Ethereum’s high consumption of computing energy. It is fully decentralized, interoperable, secure, and highly scalable. Let us explore more about how an NFT marketplace solution can work wonders on the Polkadot blockchain network.
Why is Polkadot the best platform to create a white-label NFT marketplace?
GRANDPA consensus mechanism –
Ethereum is shifting from the Proof of Work (PoW) to the Proof of Stake (PoS) consensus mechanism. Similar to that, Polkadot utilizes the Ghost-based Recursor Ancestor Deriving Prefix Agreement (GRANDPA). This modern consensus mechanism helps in creating new blocks instantly. This guarantees more resilience and security.
On-chain governance options –
The Polkadot blockchain network is an apt example of decentralization. All investors get decision-making powers and voting rights. Hence, it assures quick resolution of disputes and transparency on the platform. Several parachains exist on Polkadot leading to more freedom. Users can vote on different proposals by using the DOT native token.
Entrepreneurs like you can benefit from economical business operations. Parathreads operate based on a Pay-As-You-Go model. There is no need for chains to have continuous connectivity to the Polkadot network.
Presence of several chains –
The Polkadot platform manages its day-to-day business operations efficiently. It contains chains for file storage, identity management, the Internet of Things (IoT), portfolio management, smart contracts, and zero-knowledge privacy.
Polkadot offers numerous benefits like easy bridging with Bitcoin and Litecoin, hassle-free interaction options for Ethereum smart contracts, quick communication, and real-time availability of off-chain data.
What is the tech stack used for creating an NFT marketplace in Polkadot?
- Substrate is the major framework for developing a white-label NFT marketplace on the Polkadot blockchain network. Importantly, Pallets are the building blocks that give a Web 3.0 experience.
- Importantly, Polkadot has a state machine compiled to WebAssembly (Wasm). Likewise, it is quite similar to the Ethereum Virtual Machine (EVM).
- Apart from that, other programming languages such as C++, Golang, and Rust are utilized for establishing an NFT marketplace in Polkadot.
- Further, the Polkadot blockchain network contains a set of tools for NFT marketplace development. React.js and RxJS power the basic Polkadot user interface (UI).
- Polkascan performs the same functions as Etherscan on the Ethereum blockchain network. It is a blockchain explorer that shares real-time data about the number of accounts, blocks, and transactions. Moreover, Polkascan displays the average block time every day.
- Polkawallet ensures safe storage of the Non-Fungible Tokens (NFTs). Generally, it contains numerous features like participation in the governance of the blockchain network, protection of assets by private keys, a QR code scanning mechanism, and staking.
- Investors can use it either as a hot wallet (online) or a cold wallet (offline). Furthermore, Polkawallet shares real-time information about the locked and transferable assets. Crypto enthusiasts can conveniently use the Polkawallet via Android or iOS apps.
What are some popular NFT marketplaces running on Polkadot?
NFTMart is integrated with the cross-chain ecosystem –
of the Polkadot blockchain network. The NFTMart platform sells anime and comic characters, artwork, gaming weapons, movies, music clips, sports goods. The Substrate framework ensures low transaction costs. There is a great chance of artists earning profits and royalty in the long run.
XENO NFT Hub offers a range of trading services –
on the Polkadot blockchain platform. XENO NFT Hub enables the easy sale of crypto collectibles, listing of auctions, and tracking of trade history. The transaction processing fees for buying and selling digital collectibles are very low for both businesses and individuals.
Besides that, the XENO NFT marketplace is targeting several industries like entertainment, fashion, gaming, and sports. Importantly, content creators get a royalty whenever there is a secondary sale of their crypto collectible. Likewise, buyers purchase the precious NFTs by using Xeno (XNO) tokens.
XPOP is a decentralized entertainment platform –
operating efficiently on the Polkadot blockchain network. K-Pop artists benefit from the safe distribution of their content. Parachain is the backbone of the XPOP NFT marketplace.
The crypto collectibles are sold in the form of autographs, illustrations, music (albums and tracks), photos, trading cards, virtual concerts, Further, the XPOP digital entertainment platform will expand to other countries like Indonesia, Malaysia, and Singapore soon.
What is the budget for creating an NFT marketplace solution on Polkadot?
The cost of developing a white-label NFT marketplace on Polkadot depends on numerous aspects. It relies on the choice of standard and premium features, the extent of customization, the frameworks and tools used, hourly/weekly charges paid to the developers, and the time allotted.
What should entrepreneurs like you do now?
If you are a clever cryptopreneur, you can connect with Turnkey Town and obtain a wonderful white-label NFT marketplace. Our NFT trading platform on the Polkadot contains separate layers (Blockchain, Service, and Utility).
The blockchain layer is based on Parachain where tokens can be issued for various use-cases. Our trained developers use the Substrate framework to integrate it fully with the Ethereum Virtual Machine (EVM).
The utility layer helps in cross-bridging with other blockchain networks. Finally, the service layer monitors the day-to-day auctions, bids, and processing of peer-to-peer transactions. It strengthens the functioning of the NFT marketplace on Polkadot.
Besides that, our team offers post-deployment services for the NFT marketplace solution. You can use solutions such as the addition of payment gateways, API integration, digital marketing, fixing bugs and loopholes, maintenance, software upgrades, and technical assistance.
Above all, Polkadot aims to establish a powerful Decentralized Autonomous Organization (DAO) in the future. Therefore, it aims to maximize the value for artists and content creators by giving them full freedom in decision making.
Moreover, a new NFT Art Project of the United Nations (UN) has used the Polkadot blockchain network to fight the dangers of climate change. Hence, several artists and designers have started selling their crypto collectibles after registering for the Digital Art4Climate initiative.
Finally, become part of the Web 3.0 revolution by obtaining our white-label NFT marketplace in Polkadot now. Contact us and disrupt the crypto collectible industry soon!