If I tell you, you can invest in-game characters or art and get an assured good return. Would you believe me? No right? But this has been made possible through Blockchain technology. Everyone knows about the evolution of blockchain technology and their advancement in recent years. Likewise, NFTs had their share of development. NFTs are digital assets that cannot be exchanged for one another like crypto coins which makes them unique.
In simple terms, NFTs are a form of converted digital collectibles, like art, music, gaming accessories, or even memes or tweets. The NFT Marketplace is a platform for trading NFTs. Creating an NFT Marketplace might sound like a bit of a heavy process, but growing technology makes it easy and user-friendly. Comparing NFT Marketplaces on various blockchains, an NFT Marketplace on Avalanche sounds beneficial.
Now you might wonder how to build an NFT Marketplace on Avalanche or if it is possible to build an NFT Marketplace on Avalanche. To answer this, first knowing about the AVAX blockchain will help you to understand whether Avalanche NFT Marketplace development is possible.
Avalanche Blockchain – Overview
Avalanche came into existence in 2020, created by AVA labs. They came into existence with an idea drafted from a whitepaper released on IPFS which led an expert later to develop them into a blockchain. The developers created AVA labs to manage Avalanche. AVAX, their native token has a current value of $36.44. Avalanche, launched just a few years ago, is now a massive rival of Ethereum. Most users refer to them as Blockchain 3.0, as they were created to overcome the default shortcomings blockchains had before.
They had many advanced features which made them secure a good rank among their competitors. Their main goal was to create a decentralized platform with the most secure, scalable, and interoperable features. Through these AVAX Blockchains, one can stake their AVAX tokens or build their own NFT Marketplace to earn revenue. NFT Marketplaces can be built on various blockchains but why should you consider to create NFT Marketplace on Avalanche might be your question right?
However, Create NFT Marketplace on Avalanche blockchain is the ideal and easiest way for many startups to have their own NFT Marketplace.
Why NFT Marketplace Development on AVAX Blockchain?
As mentioned earlier Avalanche is considered an Ethereum rival, which means they overcome a set of shortcomings of Ethereum which pushed them to the point of considering them as a worthy opponent. But to be precise these two operate on completely different consensus mechanisms. Ethereum runs on PoW (Proof of work) while Avalanche uses a PoS (Proof of Stake) mechanism which allows its users to store transactions faster, making the entire process more reliable. Let’s also discuss the various benefits of using an Avalanche blockchain, which might give a clear idea of how beneficial it might be to create an NFT Marketplace on Avalanche.
High Transaction rate
Avalanche with its unique built consensus mechanism, can store and validate up to 4500 transactions per second. Meanwhile, Bitcoin only stores 7 transactions, and Ethereum with only 15 transactions per second adds benefit to Avalanche. If you create NFT Marketplace on Avalanche, this lets you tackle the problem of handling large traffic.
Security
Avalanche uses a consensus protocol that makes it difficult for third-party organizations to gain control over the network. To attack an Avalanche one might need to take up to 80% of control. In other blockchains like Bitcoin or Ethereum, a system that gets up to 51% control on staked tokens can gain access to the network.
Low Cost
Compared to other blockchains, Avalanche is cheaper and has tremendous features which is one of the reasons for their success. If you build an NFT Marketplace on Avalanche you will be charged low. Compared to Ethereum you will be charged one-tenth of their fee, making it easier for startups.
Also Read: Tips to Reduce Cost of NFT Marketplace Development
Interoperability
Despite being an Ethereum rival, they are built with a support system that makes it compatible with Ethereum. Interoperability is the ability to support and run on different networks. Avalanche blockchain is interoperable. One example is that Avalanche can transfer ERC tokens to Avalanche through Avalanche Bridge.
Flexibility
This is the major advantage for startups and other users. Avalanche can be flexible, meaning users can customize the blockchain network according to their needs. If you create an NFT Marketplace on Avalanche you can customize the marketplace according to your needs.
Decentralization
The core value of blockchain technology is making it decentralized. Avalanche supports this system by providing a decentralized environment. If you build an NFT Marketplace on Avalanche you are creating an NFT platform for the users who want anonymity and trust.
Eco Friendly
Avalanche uses Proof of Stake (PoS) which consumes less energy compared to other blockchains that use different mechanisms. This signifies that Avalanche NFT Marketplace development might mean that you are saving the environment.
Best Avalanche NFT Marketplaces on Market
Now you might have considered launching an NFT Marketplace on Avalanche after viewing the benefits and features they possess. Let’s get a glimpse of the Best Avalanche NFT Marketplaces built on the AVAX blockchain which have tasted better success. Here is the list of the best Avalanche NFT Marketplaces…
Joepegs
Joepegs is an NFT Marketplace that is built using AVAX blockchain technology. They are cost-effective and have unique art collections which attract a large number of investors. The Joe token they provide gives various features, such as buying, selling, and participating in auctions.
OpenSea
The second most popular NFT Marketplace on Avalanche is OpenSea. They provide a minting option that allows their users to list AVAX-based tokens. The fee they provide on Avalanche blockchain is lower compared to the fee they levy on other blockchain platforms.
Kalao
Kalao is another NFT Marketplace on Avalanche which has a wide variety of collections at a slightly lower market price. It is one of the NFT Marketplaces that have their tokens. Using this KLO token users can stake them and earn revenue. As Avalanche is an open source network. Anyone can create their NFTs using Kalao.
YetiSwap NFT Marketplace
YetiSwap is similar to UniSwap, which allows users to trade in a secure, fast way to trade NFTs. They are a decentralized platform and use the AMM feature to determine the prices of assets. Although, they provide YTS tokens.
NFTrade
NFTrade is a multichain platform that allows its users to trade NFTs. It runs on various blockchains. They have many NFTs which include art, gaming items, and many more. Also, they don’t charge marketplace trading fees which makes them stand out.
Steps to Develop NFT Marketplace on Avalanche
Launch an NFT Marketplace on AVAX Blockchain. Sounds pretty beneficial! Right?
After discussing their benefits one might consider their own Avalanche NFT Marketplace development. To make this process simpler, we have summarized the steps on how to create NFT Marketplace on Avalanche. Also, these are the steps we at Coinsclone follow to Create NFT Marketplace on Avalanche.
Finding your Right development partner
The first and foremost step is to define your audience, finding a marketplace will help you reach your audience. Conceptualize your project, and defining your purpose before launch is important. Coinsclone is a reliable NFT Marketplace development company, that also offers various services that will minimize your work.
Adding Unique features
Create NFT Marketplace on Avalanche is one interesting journey. After drafting a structure based on the needs the next step is to tailor your NFT Marketplace accordingly. This is the stage where one can add different features, and adopt the mechanism they want to implement. Like buying, and selling options, filter searches, and other features that make the platform stand out. Also, in the AVAX blockchain one can build a complete solution or customize existing frameworks up to their requirements.
Designing UI/UX
Having an upsetting User Interface can lead your website to fall. If a user is accessing your platform, making it easier for both beginners and experts is the best way to attract users and make them stay. Such as, wise might suggest getting help from experts to design strategically.
Building Smart Contracts
Smart contracts enable the smooth functioning of NFT. However, they are responsible for the ownership, transfer, and creation of NFTs. The user needs to customize and build smart contracts compatible with Avalanche. Also, they include essential functionalities such as ownership transfer, NFT creations, royalties, and fees.
Wallet Integration
The AVAX blockchain supports a wide variety of digital wallets. Integrating your wallet securely with the marketplace helps to view your NFT balance, and manage your digital assets. Also, this step ensures secure transactions and ownership of NFTs.
Identifying Technical Stack
Every application will have the inclusion of both front-end and back-end techniques. The front end means the visual interface displayed, while the back end focuses on the site structure and technical aspects. The same goes here to create NFT Marketplace on Avalanche, the user needs to set the front end and back end of the platform accordingly.
Testing
After the completion of the project, our testing team evaluates the platform making sure that the required user needs are met. They thoroughly test the marketplace for bugs, security, and other vulnerabilities. However, we test the developed product here to ensure it performs as intended.
Deployment
We simply launch your platform here. Once we have completed the testing process, the NFT Marketplace will be launched per the client’s need. After launching the NFT Marketplace startups can begin their marketing activities to attract users of the platform.
These are the steps involved to create an NFT Marketplace on the AVAX blockchain. Following these steps might be somewhat technical and tedious to work out. So, it is highly advisable to connect with the professionals in the market.
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Conclusion
If you are considering launching your NFT Marketplace with outstanding features and functionalities, Coinsclone might be the best option. Coinsclone is a leading NFT Marketplace Development Company that offers various crypto-based services with more than 7+ years of experience. With our best-handpicked teams, we have been offering the services for years. Also. we will cater your product according to your unique needs. However, from developing, planning, designing, and testing we have experts for every step to make this whole process a win. You are just one schedule away from us to kickstart your journey.
To make you feel more at ease we are providing a free demo where you can schedule an appointment and easily get in touch with our experts who are willing to help you. Just schedule a free demo with us already!