The crypto world has shown how volatile it can be in a matter of hours. This has made the crypto community look out for alternatives that work efficiently while conserving our planet through lower energy consumption. As the world struggled with an invisible threat, a network called Avalanche blockchain launched and gave much-needed hope. The crypto community was stunned with the features it had on offer, along with the endless possibilities it had brought. Businesses slowly started adopting Avalanche, and now the network is one of the fastest-growing in the current scenario. There are businesses that run DeFi-based applications, NFT marketplaces, launchpads, exchanges, and more on the blockchain. In this blog, we will particularly concentrate on developing an NFT marketplace on Avalanche blockchain.
What is the Avalanche Blockchain?
Since its inception in 2020, the Avalanche blockchain has been making a loud noise in the blockchain space. This is because it has some distinctive features that were not achieved by earlier blockchain networks. The blockchain also has solved the blockchain trilemma or the Nakamoto consensus by implementing security, scalability, and decentralization in the network. Additionally, the classical consensus’s advantages of speed, fast finality, and energy efficiency have been included in the Avalanche blockchain. The blockchain also supports interoperability and even building sub-chains inside the main Avalanche network. The developers of the network had built the blockchain focusing mainly on decentralized financial (DeFi) applications. The native cryptocurrency of the Avalanche blockchain is $AVAX which has been steadily growing in exchange value since it first came. Interoperability for Ethereum is provided by the Avalanche C-Chain, which is a smart contract that works with EVM and associated toolings. Also, virtual machine protocols of other blockchains can be easily operated in Avalanche’s environment.
More Features of the Avalanche Blockchain
- Processing rates in the range of 5000 transactions per second (TPS) can be achieved on the network. Even more TPS can be reached on the blockchain network with the necessary high-end system requirements.
- The blockchain transactions also cost very less since it uses a Proof-of-stake (POS) protocol to verify transactions.
- Avalanche also supports sharding, where smaller sub-chains can be created to work on multiple projects without congesting the main chain.
- The network even incentivizes $AVAX holders for staking and verifying transactions on the Avalanche blockchain.
- Sub-chains or shards created on Avalanche blockchain can be permitted and permissionless that depends on the individual developers.
- The blockchain has its own consensus – the Avalanche Consensus called Snow. The protocols consist of features called Avalanche, Snowman, and Frosty, which have individual functions.
Developing an NFT Marketplace on Avalanche
An NFT marketplace on Avalanche would be the most distant idea one could imagine right now, owing to the network’s goal. As a blockchain aiming to host the banking of tomorrow, Avalanche might not look like an ideal option for a marketplace. Yet, the blockchain does not prevent anyone from doing so, and platforms like Venly have already extended operations. There are more NFT marketplace projects enlisted in the blockchain ecosystem that will start working soon. With all the features one would need in a blockchain present, Avalanche should be your preference for your NFT marketplace venture. Avalanche blockchain is shaping itself as a competitor to Ethereum, and it could lead the blockchain community in the future.
Pointwise Guide to Develop a Marketplace on Avalanche Blockchain
- The development of an NFT marketplace on the Avalanche blockchain begins with in-depth planning. Here, you should consider all contributing factors and features that would be used in the marketplace platform.
- Then, the user interface (UI) and user experience (UX) features for the marketplace on Avalanche are created. Feedback acquired through testing is included during the future development of the NFT marketplace application.
- Then, front-end development is done by implementing sophisticated coding techniques while applying good programming principles.
- After developing the pilot version, the NFT marketplace portal is tested for performance degrading defects. If defects are found, they are resolved quickly, and continuous tests are done until the portal is free from bugs.
- Then, your marketplace portal is launched in the Avalanche blockchain on different platforms (website and mobile application) as per your needs. The portal’s functioning is continuously monitored so that updates can be added in response to feedback.
- You should continuously upgrade your NFT marketplace portal on Avalanche to efficiently handle user traffic in the long run. Also, such updates help you to safeguard your marketplace against breaches by malicious hackers and scammers to preserve your reputation.
Benefits of Having Your Marketplace on the Avalanche Blockchain
- Your NFT marketplace portal can carry out transactions at high speeds (nearly 5000 TPS), creating favorable outcomes in the crypto world.
- The NFT marketplace platform would be scalable, secure, and decentralized, thus ensuring that the advantages of the Nakamoto consensus are applied.
- Trading a wide range of NFT assets under the same roof becomes possible with a marketplace on Avalanche blockchain. This is important because there are only a few portals that actually succeed in the mission.
- Since the NFT marketplace on Avalanche can have sub-second finalities, it can be extended to daily trading and retail applications.
The End Note
Although still at the adoption phase, Avalanche blockchain has shown a lot of promise. Also, the applications developed on the network are increasingly getting popular in the crypto space. So, no time is better than now to start your NFT marketplace business on Avalanche. It is even easy to operate your NFT marketplace if already present on another network using virtual machines. So, rush in and work with an expert firm in blockchain development to start your new NFT-based venture.