A Tier 2 solution for Ethereum, Polygon (previously Matic Network), offers a scalable, quick, and affordable platform for smart contracts, decentralized applications (DApps), and non-fungible tokens (NFTs). This post will explain how much Polygon is superior to Ethereum and how to use its benefits to create Polygon NFT marketplace.
Benefits of polygons for NFT
Polygon has emerged as a top platform for scaling Ethereum-compatible Web3 solutions because of its quick and affordable transactions, exceptionally high bandwidth, and rich developer toolkits. The number of decentralized applications in the Polygon network increased six-fold in the past half-year, from 3,000 in October 2021 to 19,00 in May 2022. Aavegotchi, Opensea, Uniswap, NFTically, and Decentral Games ICE Poker are just a few examples of NFT projects that make up the majority of applications. You can take the help of Polygon NFT Marketplace development company to build nft platforms.
For decentralized apps and NFTs, Polygon offers the following benefits, from which it has grown:
Minimal transaction costs.
The gas charge in Polygon ranges from 0.0005 to 0.2 dollars (for “tough” DApps), thanks to technologies like Plasma, Optimistic Rollups, ZK Rollups, etc. In contrast, the gas charge in the Ethereum network ranges from $5 to $100. Additionally, because smart contracts are needed for NFTs, the gas fee is much greater; as a result, NFT transactions can cost anywhere from $20 to $200.
Extremely quick transfers.
Another important benefit is the bandwidth of networks. A block may be created in Polygon in 2 seconds and can be processed at up to 65000 transactions per second. Ethereum currently has a bandwidth of 13–17 transactions per second, and it takes 12 seconds to generate a block.
Huge potential for scaling.
One of the major Ethereum issues is that Polygon won’t freeze or increase transaction fees as traffic increases. Polygon uses a number of techniques, such as sidechains, to enhance bandwidth as the number of active users (nodes) rises.
Accessibility to a good infrastructure.
Startups can use venture finance, LP, RPC solutions, special packets for developers using Tenderly, Gelato, Certora, etc. while developing a decentralized application like Polygon. Software developers can also provide funding for new projects through market makers and Polygon investors.
Access to the PolyBuilders community.
To get technical support and learn more about Polygon development, user solution developers on Polygon can access internal conversations of network developers.
Startups in need of marketing can benefit from Polygon’s top-notch support staff and infrastructure of media partners like Twitter, Spaces, AMA, and others. Additionally, Polygon collaborates with Crea8r DAO, the top content creators’ network in the blockchain sector.
Creating a Polygon NFT marketplace
A trading platform known as an NFT marketplace allows users to manufacture, sell, and purchase non-fungible tokens on a regular basis. The procedure is equivalent to purchasing and selling goods on eBay, Amazon, or Alibaba. The sole notable distinction between NFT marketplaces is that all transactions are processed by smart contracts and stored in the blockchain, in this case, the Polygon blockchain.
Step 1. Determine your niche
NFT market at large.
There are two types of trading platforms: general and specialized. All stores that sell a variety of goods are considered general platforms. NFTs include digital artwork, collectibles, sports, music, comic books, movies, television shows, and video games. These NFT marketplaces trade a wide variety of products and attract a larger audience, but they forego customization and targeted advertising that targets a specific clientele.
Platform with specialized NFT.
The second strategy is to introduce a product for a specific niche that caters to a small product group; for instance, it might exclusively offer games or digital art to customers. Numerous strategies can be used to fill a smaller niche. For instance, the site allows users to trade influencer-created NFTs, similar to how Valuables exchanges the tweets of well-known persons. A specialized platform can offer individualized design and marketing, but from a technical standpoint, it is not much different from creating a standard one.
Step 2: Select a blockchain developer
The following phase will require you to look for a technical partner with substantial experience in blockchain development and the launch of NFT solutions, like Merehead, once you have identified the niche of your industry. Our team has been introducing blockchain-based products since 2015, ranging from simple smart contracts to ultra-secure cryptocurrency exchanges and NFT marketplaces. We’ll be pleased to assist you in putting your blockchain project into action.
Step 3: Define the project’s monetization model
The business strategy, or the way your NFT platform will make you money, must then be decided. There are quite a few monetization strategies; each has advantages and disadvantages. The most common monetization strategies for NFT trading platforms are summarised in the following section.
The most popular method of revenue generation entails taking a modest commission from each sale made on your marketplace. On an emotional level, the NFT vendor is usually not too uneasy about giving away some of his money because he pays because he makes money. The buyer, however, will have a harder time making a choice, particularly if they pay 15%, as is the case in the Foundation and SuperRare marketplaces.
The platform earns money through users’ monthly payments to access the platform and trade tokens in this more complex and uncommon monetization strategy. It is difficult to deploy it successfully because the platform needs to provide something special to draw users. These are usually extraordinary goods and services that no one else on the market will offer except you.
This model presupposes that you will make the essential aspects of your NFT platform available without charge, but that you will persuade consumers to pay for additional capabilities. For instance, you might set a free-to-create restriction of five tokens per month; if a user wants to generate more, they must pay you a price.
In line with this approach, you’ll charge a price to list an intelligence on your website. In addition, the user is still responsible for payment whether or not they sold the NFT.
Step 4: Outline how the market operates.
The features you want to include on your platform must be chosen after determining your target niche and monetization strategy. The following list contains all of the features required for any platform.
Customers will frequently view and use this page for your store, so it needs to be eye-catching and educational. Furthermore, the display ought to be understandable to users so they know what to do right away. Additionally, it is desirable if users are familiar with the layout and navigation of your NFT marketplace’s display. In other words, the showcase should be similar to prominent online retailers like Amazon, eBay, and Walmart.
All NFT transactions are recorded on the blockchain, so creating, selling, and purchasing tokens requires a cryptocurrency wallet. Therefore, you must interface with well-known crypto wallets like Metamask, TrustWallet, and MathWallet when launching an NFT marketplace on Polygon. Enjin, AlphaWallet, Coinbase, PillarWallet, and Binance Chain Wallet are further options you can include. Even though these apps are less common, they nonetheless have a sizable clientele.
The ability to create new tokens on the platform is essential for any NFT marketplace. We have a big advantage as we build a platform on Polygon because it is free to mint non-fungible assets on this blockchain. The remaining features are the same as those on other platforms.
Normally, an NFT is not listed on the market right away after it is coined. For this reason, the seller should take a few straightforward steps: describe the lot, decide on the mode of sale (at a fixed price or through an auction), establish the price, outline a valid method of payment, and finally, indicate the time frame for bidding. The lot will generally only be listed after passing the verification of compliance with the site guidelines.
Intelligent search engine.
The NFT platform often has thousands or even millions of categorized and tagged lots. The user must either browse every lot or utilize a search system with multiple filters, categories, tags, and searches by the name, author, keywords, etc. to discover the appropriate lot.
Feedback and Rankings.
Although this is not a compulsory function, it is crucial given that users are accustomed to seeing other people’s reactions. Feedback will assist establish the website’s credibility and stop dishonest and unethical activity. Additionally, it will be beneficial if your platform enables users to tag well-known authors, just as Facebook, YouTube, and other social media platforms.
System of Auction.
Whether it’s a knitted hat, an ax designed in the style of Warcraft, or an NFT, people are accustomed to selling their handmade creations online through auctions. Therefore, you should provide such features when creating an NFT marketplace on Polygon (MATIC). This will assist authors in getting the best price for their NFTs and make the bidding process for potential buyers more exciting.
These could include the typical alerts for sales, money deposited into the account, app upgrades, or communications from customer assistance. Don’t stop there though. Additionally, your website can alert customers to new specials, pricing changes for particular items, and offers from their favorite artists.
This feature enables writers and sellers to get paid after a product is resold. while the fact that it is widespread in the NFT market while being unethical from the perspective of the buyer, it is worthwhile to incorporate this feature into your trading platform.
Complex technical and informative support is provided by text or video instructions, and communication is conducted over the phone or via video chat.
Step 5: Create a user-friendly interface
You can start developing the user interface if you are familiar with how the platform operates. As we said, it must be appealing, natural, and well-known. The design must also be neat and free of strange phrases, graphics, or other components.
Step 6: Create smart contracts in step six.
The cooperative logic of your NFT marketplace and Polygon will be included in smart contracts. On your platform, these will be in charge of minting and trading NFTs. The programming languages Solidity, Move, and Vyper will be used by the engineers to build smart contracts for Polygon.
Step 7: Create the server component
Your platform’s server will use smart contracts, services that store and process large amounts of data, APIs for interacting with other services, etc.
Step 8: Assess your merchandise
Your marketplace should start testing virtually as soon as the first lines of code are created, so that issues may be found and fixed quickly rather than accumulating. Standard functioning, usability, security, and a thorough examination of the smart contract should all be part of this testing. Independent auditors confirming smart contracts is particularly desirable.
Step 9: Open your NFT online store
The platform can go on sale once all significant bugs and problems have been tested and resolved. Do not, however, let your guard down, as the NFT market is still being developed even if the creation phase is over. You will need to advance and sophisticate its functionality and security after the debut.