As a market with 60 billion dollars in sales volume and 2.76 trillion dollars in capitalization, non-fungible tokens present a curious case to resolve. While NFTs have gained mixed reception over the years, times are changing as more people perceive these digital tokens positively. One should not forget that NFT marketplaces have a role in changing the wider world’s perspective on NFTs while earning huge reputations and revenues. Such a lucrative model is certainly a target for aspiring entrepreneurs, and this blog addresses a pressing question such business-minded individuals might have. Here, we present the best blockchains for NFT marketplace development for businesses planning for the long term.
Role of Blockchains in Creating NFT Marketplaces
Ever since people found out blockchain technology can be used to back digital and physical assets, the craze for NFTs and platforms selling them started. Such curiosity has led us to a situation where NFTs are finding usage in many everyday applications that include NFT marketplaces’ participation. Several points demystify the role of blockchains in building NFT marketplaces, including,
- Immutability and Security
- Smart Contracts
- Provenance and Ownership Tracking
- Token Standards
- Censorship Resistance
- Global Accessibility
- Royalty Management
- Innovation and Experimentation
Apart from these, without blockchains, no NFT marketplace would ever exist, which one should remember.
What are the Top Blockchains for NFT Marketplace Development?
The list below is presented according to the popular NFT analytics dashboard CryptoSlam with the timeline set to “All Time.” We had set this timeline to make you understand the emergence of numerous blockchains over the years. While planning for the long term, it is better to research all-time statistics rather than yearly or monthly data to have better insights. Each of these networks offers entrepreneurs, brands, and NFT enthusiasts something to cherish, making it necessary for us to discuss all of them in detail as we proceed further.
- BNB Chain
Perhaps the reason NFT marketplaces exist in the first place is Ethereum’s breakthrough invention, “Smart Contracts.” The network, having debuted in 2015, has been behind the rise of NFTs and has been the leading blockchain for everything related to NFTs. Over 90% of all NFT trades occur on Ethereum, as numerous notable marketplaces thrive on the network.
The network recently switched from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism, making transactions energy-efficient and a bit faster. Famous Ethereum-native NFT marketplaces include Nifty Gateway, Foundation, and Royal. Over 43 billion dollars worth of transactions have been conducted on platforms across Ethereum.
Launched in 2020, Solana boasts itself as one of the fastest blockchains by offering around 5000 TPS at most times. The network, despite its short presence, has emerged as a formidable competitor when it comes to supporting applications like NFT marketplaces. The blockchain also processes transactions at minimal costs (less than a cent), boosting its reputation further among NFT enthusiasts.
Solana has been in the spotlight as it has been at the forefront of the Move-to-Earn (M2E) movement, which saw virtual sneakers sold at hundreds to thousands of dollars in the secondary market. Prominent marketplaces here include Magic Eden, Solanart, and SolSea.
With an all-time sales volume of just over 3.5 billion dollars, Flow is best known for the Play-to-Earn (P2E) game NBA Top Shots. The blockchain’s role as an NFT marketplace haven is hidden by the fact it hosts such a popular game. The network is driven by utility, and several mainstream applications have opted for the network’s provisions, including Instagram.
When it comes to creating NFT marketplaces, Flow is a great option, as it has over 20 million users, and the number is only growing. The network’s intertwining of Web2 and Web3 technologies makes it perfect for ventures looking to capitalize on the transition phase.
Polygon is a Layer-2 network built upon Ethereum that has become a fierce competitor to its Layer-1 host over time. The solution provides scalability and affordability for transactions while utilizing Ethereum’s robustness. Such provisions make Polygon preferred by many brands and entrepreneurs.
IndiGG and Jump. Trade are top NFT marketplace in Polygon alongside several other multi-chain platforms like OpenSea and Rarible. The network also allows businesses to build their blockchains through its Supernets. With over 2.57 billion transactions processed, an NFT marketplace in Polygon could undoubtedly be settled in terms of community engagement and sales volume.
Cardano is a unique blockchain with insights from peer reviews powering its infrastructure. Although the network is underrated in the realm of NFTs, it still has considerable sales and transaction volumes. The blockchain also consumes minimal energy while offering high scalability, making it a viable alternative to mainstream networks.
The Cardano blockchain has several notable NFT marketplaces, such as JPGStore, although the ecosystem at large is still evolving. For an NFT business focusing on exploring new communities, Cardano could be the perfect fit to begin with. With over 607 million dollars recorded in sales volumes, building an NFT marketplace in Cardano can be lucrative.
The legacy network Bitcoin, too, finds a place in our list of the best blockchains for NFT marketplace development. Although such provisions have been in place for mere months, the sales volume has already crossed half a billion dollars, making it a plausible option for business enthusiasts.
With Bitcoin’s different infrastructure and terminology, ordinary marketplaces have become widespread in the ecosystem – even causing a few divided opinions. Despite the absence of smart contracts, Bitcoin-based digital asset marketplaces, both built on the main chain and Layer-2 solutions like Stacks, can suit entrepreneurs aiming for the future.
WAX, or Worldwide Asset eXchange, is a popular network for creating NFTs and games. The blockchain’s presence as an NFT marketplace haven is illustrated by the famous platforms AtomicHub, NFTHive, and NeftyBlocks. The network processes over 23 million transactions daily, making it a good base for an NFT marketplace.
The WAX network’s sales volume is just nearing 500 million dollars, and the blockchain’s presence as a P2E gaming haven means NFT marketplaces based on gaming can have high chances for success.
A blockchain predominantly known for NFT gaming, ImmutableX has evolved to support NFT marketplaces with time, forcing it into our list. Due to its gamer-focused nature, marketplaces in the network tend to the gaming community, such as AQUA, Immutable, and Gamestop. Additionally, platforms like NFTrade, Rarible, Mintable, and OKX provide support to the blockchain.
With a plethora of products for NFT marketplace platforms, ImmutableX promises to offer the ultimate ecosystem and support businesses can expect. The blockchain is projected to have an upward trajectory in the coming years as NFT gaming is expected to peak.
A blockchain launched just before the first NFT bull run, Avalanche has grown leaps and bounds. With its focus on offering solutions for businesses based on all models, numerous NFT marketplaces have already benefited from its provisions. Avalanche Subnets empower businesses by allowing them to have their separate networks for increased efficiency and scalability without compromising.
While Joepegs and Campfire are popular Avalanche-native marketplaces, notable applications like OpenSea, NFTrade, and tofuNFT offer support for NFTs minted on the network. Such an open ecosystem indeed offers scope for new businesses to establish themselves.
BNB Chain (formerly Binance Smart Chain/BSC) is a parallel network built by the global crypto exchange Binance. The network hosts numerous NFT platforms like marketplaces and games apart from crypto applications. The BNB Chain offers an easy environment for developers to code programs, facilitating efficient development campaigns.
NFPrompt, Gaimin, and Ultimate Champions are widely known NFT marketplaces in the network, while most prominent multi-chain marketplaces offer support. BNB Chain even offers BNB Sidechain, a provision that lets developers scale NFT marketplaces per user demand. BNB Greenfield offers a decentralized system where platforms can create, store, and exchange data.
Why Should You Develop Your NFT Marketplace with Expert Assistance?
While building an NFT marketplace, you might encounter several instances where you might not be able to proceed further. With expert assistance, such situations are handled smoothly, ensuring your NFT marketplace is built per your needs. Working with our professionals at Blockchain App Factory can be a great idea, as we have successfully assisted in launching over 100 NFT marketplaces.
Thus, we have seen the best blockchains for NFT marketplace development in the coming future. All these blockchains have great ecosystems in place with increasing community engagement levels. As we know already, the larger the community, the bigger the chances for success. In case you want to build an NFT marketplace on one or multiple blockchains, approach our experts to create one with the highest quality.