NFTs or Non fungible tokens have become a trend in recent years, as they can now be used to trade digital assets, and are of great benefit for people who have created those digital assets. They have also found a place in gaming, where players can trade digital assets and now they have also been getting a place in ecommerce. To put things into perspective, NFT sales already crossed 2.87 billion USD in 2021 and the count of unique buyers and sellers were at least 280000 last year. This record is set to break this year denoting the increasing popularity of the technology as per statistical analysis put forward by statista and others.
Now, NFTs are not traded like cryptocurrencies as they are unique and cannot be replaced by a similarly valued NFT or even another NFT that may look the same. They are traded within specialized and secure marketplaces developed for the services. Independent agencies exist that provide NFT development services, although it is important to choose wisely if you want to develop a marketplace that can satisfy end-user requirements.
What exactly is polygon matic?
Alongside the Ethereum blockchain, Polygon matic formerly only called “matic” is a "layer two" or "sidechain" scaling solution that enables quick transactions and minimal fees. The network's native cryptocurrency MATIC, is used for staking, paying fees, and other things. Transaction speeds are preserved with no backlash on security features with polygon, and Polygon NFT Marketplace Development is thus picking up pace in the NFT and crypto world. Through cryptocurrency exchanges, end-users can purchase or sell MATIC. Polygon is also open source, and is built for scalability, which becomes a concern in marketplaces because of increasing end users.
Benefits of NFT marketplace development using Polygon
A matic NFT marketplace comes with many advantages. The following list will help you know all the benefits of working with the technology to create your custom marketplace.
- Transaction speeds within the matic based marketplace are higher when similarly sized marketplaces are considered.
- Matic offers and is built for Level 2 Security, and is quite transparent and efficient when implementing it on large marketplaces.
- Developers can also integrate an improved user experience when using polygon, making way for a happy user base.
- It has considerably Lower gas fees associated with NFT marketplaces.
- Polygon matic has prioritized its potential for scalability from day one, allowing it to be preferred for over 70% marketplace developers
- It is highly Compatible with ethereum blockchain, as it was built alongside the technology.
NFT marketplaces that already use polygon
Many available NFT marketplaces have developed their NFT Marketplace on Polygon and some others have integrated the technology during updates. Following are the many marketplaces that use the technology.
The Aavegotchi DeFi-powered collection game needs a Layer 2 solution. Because of this, Aavegotchi collaborated with Matic NFT when it was being developed. The marketplace ensures asset security while using off-chain computing with the Plasma framework and a decentralized network of proof of stake(PoS) validators.
The largest NFT market at the moment is OpenSea. On this website, users can buy and trade collectible trading cards, digital art NFTs, domain names, gaming goods, and other items. It has seen integration of Polygon blockchain since it was developed with the upgrades.
Since polygon is designed for scalability, NFT Trade, the first NFT platform that is cross-chain and blockchain agnostic, substantially benefits from it. Today, anyone may access the NFTs through this market and exchange them across a number of blockchains, the two most important of which are the Polygon and Ethereum blockchains.
users may mint their work as an NFT on the Polygon blockchain using venly market, a Polygon Minter that is currently in beta. users may also sell their creations on the Venly Market immediately after minting. users are also able to see the recently created work in their Venly Wallet on the Venly Market.
It is said that Polygon will be used by the marketplace MegaCryptoPolis as it transitions to doing metaverse transactions. The issue of filed transactions will be resolved through polygon connection, making all game operations really free for every player. All L2 costs will be handled by the game's developers, who will also maintain complete operational decentralization.
How to develop an NFT marketplace using matic?
Polygon is a multi-level platform that aims to grow Ethereum by clearing up the main platform's bottlenecks in an efficient and effective way. Polygon NFT development mostly uses a Node.js app and a framework. However, experts are required to create a marketplace that can satisfy user requirements. This is why it is best to get professional help while developing NFT marketplaces. The professionals can also help you upgrade the marketplace when it's time, either for fixing any issues that you may want fixed or just to improve the marketplace.
Smart contracts power NFT marketplace systems, which define the conditions of the sale between the seller and the buyer. Simple programmes uploaded to the blockchain network called "smart contracts" run when certain criteria are satisfied. The execution of smart contracts is automated and validated using the Node.js framework in the backend, enabling traders to transact instantly and without the usage of middlemen.
Conclusion
As you can see, Polygon matic is one of the desired blockchains that can be used for NFT development, as it is part of ethereum and is specifically designed to overcome flaws that exist in the current blockchain. However, as NFT marketplaces must have a lot of features and must be very secure, it is recommended that one approach a company that specializes in such development practices. Nextbrain is one such Polygon NFT Marketplace Development company that has years of experience in blockchain, NFTs and web 3.0 in general. It has had many clients over the years of different domains and has developed custom solutions for them. Nextbrain also provides updates to the custom marketplaces when it is time and also whenever the clients demand it.
Saran
July 11, 2022 Author