Creating Polygon-Based NFT Market- Benefits of Polygon NFT Market

Know about NFT Market Polygon (previously Matic Network) is an Ethereum Tier 2 solution that offers a scalable, fast, and low-cost environment for smart contracts, DApps, and NFTs. This post will explain why and how Polygon, as an alternative to Ethereum, is a preferable choice for creating an NFT marketplace.

Polygon benefits for NFT

Polygon quickly emerged as a prominent platform for scaling Ethereum-compatible Web3 solutions due to its low transaction costs, high bandwidth, and extensive developer toolkits. The number of decentralized applications running on the Polygon network has increased six-fold in the past half year, from 3,000 in October 2021 to 19,000. Moreover, Uniswap, NFTically, Opensea, Aavegotchi, and Decentral Games ICE Poker are some of the most popular NFT projects with the most uses. 

As a result of its rapid expansion, Polygon now offers the following benefits to NFTs and decentralized applications:

Hidden financial costs

The gas charge in Polygon ranges from 0.0005 to 0.2 dollars (for “difficult” DApps) thanks to technologies like Plasma, Optimistic Rollups, ZK Rollups, etc. When compared, Ethereum’s gas fee ranges from $5 to $100. NFT transactions can cost anything from $20 to $200 due to the much higher gas fee and the necessity of smart contracts.

Faster than light money transfers

Bandwidth in a network is also a major plus. Up to 65,000 transactions per second are possible on Polygon, and it only takes two seconds to generate a block. Ethereum can process between 13 and 17 transactions per second, and creating a block takes about 12 seconds.

Great potential for expansion. 

Polygon will not halt or increase transaction fees as traffic increases, a major Ethereum issue. Several techniques, such as sidechains, are used in Polygon to boost bandwidth as the number of participants (nodes) grows.

Availability of high-standard facilities. 

Companies introducing decentralized apps like Polygon can use Akash Network’s cloud storage, RPC solutions, and unique developer packets with Tenderly, Gelato, Certora, etc.

Investment capital, or LP money. Liquidity might be attracted to a new initiative thanks to the money software developers bring from Polygon investors and market makers.

Use of the PolyBuilders system

Developers working on Polygon’s user solutions have access to the network’s internal conversations, where they can ask questions, receive answers, and learn more about the platform’s progress.

Help with technology

Startups needing marketing assistance can take advantage of Polygon’s great support team and the infrastructure of Polygon media partners like Twitter, Spaces, AMA, and others. The best community of content creators in the blockchain business, Crea8r DAO, is a partner of Polygons. 

How to Create a Polygon-Based NFT Market

Non-fungible tokens (NFT) marketplaces provide a common ground for generating, trading, and purchasing NFTs. Specifically, it’s the same as purchasing or selling an item on a website like Amazon, eBay, or Alibaba. Smart contracts handle all transactions and record them in the blockchain; in our instance, the Polygon blockchain is the only major distinction between NFT marketplaces.

Step 1: Determine your niche

Common NFT Industry

There are two broad categories for trading terminals: general and specialized. Online marketplaces that sell various goods are considered “general platforms.” Digital art, collectables, sports, music, comics, movies, television programs, and video games are all NFTs. These NFT marketplaces sell many things and attract many customers, but they give up customization and advertising to a specific demographic. 

Advanced NFT infrastructure

The alternative is to target a certain subset of customers by giving a solution that caters to their needs; for instance, a service that only sells digital artwork and games. There are numerous strategies for carving out a narrower market niche. For instance, similar to how Valuables exchanges the tweets of famous individuals, this platform allows for the trading of NFTs made by influencers. Although the technical challenges of creating a niche platform are similar to those of creating a mainstream one, niche platforms allow for more customized layouts and promotions. 

Step 2: Select a blockchain developer

Once you have identified your market niche, you can begin looking for a technical partner like Morehead, with vast experience in blockchain development and introducing NFT solutions. From simple, smart contracts to highly encrypted cryptocurrency exchanges and NFT markets, our team has been releasing blockchain solutions since 2015. Please let us know how we can assist with the rollout of your blockchain initiative.

Step 3: Define the project’s monetization model

The next step is to create a business plan outlining how your NFT platform will generate revenue. There are various ways to make money, and each one has advantages and disadvantages. The most common methods of making money from the NFT trading platform are outlined below.

Fees 

The most common method of making money from a marketplace is to take a cut of each sale. Typically, the NFT vendor pays because he profits, so he does not feel too much emotional discomfort when parting with his hard-earned cash. But the decision will be trickier for the buyer, especially if they have to pay 15 per cent, as they do in the Foundation and SuperRare markets.

Subscription

This is an uncommon and complex monetization strategy in which users pay a monthly fee to utilize the platform and exchange tokens. Since the platform must provide something distinctive to attract consumers, it isn’t easy to implement it successfully. These are features and capabilities that your competitors don’t offer.

Freemium

This strategy presumes that your NFT platform will offer some basic functions at no cost to consumers while deluxe options will be offered to them at an upcharge. You may impose a monthly cap of five free token creations and charge a fee for additional tokens.

Paid placement in a listing

If you follow this strategy, every piece of intelligence posted to your website will cost the user some money. In addition, whether or not the NFT was sold, the user is still responsible for payment. 

Step 4: Define the marketplace functions

When deciding which features to add to your platform, remember your intended audience and business strategy. The following table contains the features required by all systems. 

Showcase

Customers will spend a lot of time looking at this screen. Therefore, it needs to look nice and provide useful information. The showcase also needs to be easy to use so that people can see the results of their activities immediately. Your NFT marketplace’s showcase, including its design and navigation, should seem comfortable to the user. In other words, the display case will function similarly to sites like Amazon and eBay. 

Wallet integrations

Since the blockchain stores all NFT transactions, cryptocurrency wallets are required for token issuance, sale, and purchase. This means that you need to incorporate popular crypto wallets like Metamask, TrustWallet, and MathWallet into your NFT marketplace on Polygon. You can also utilize Binance Chain Wallet, Enjin, AlphaWallet, Coinbase, and Pillar Wallet. Even while these apps aren’t as widely used, they nevertheless have a sizable clientele. 

Showcase

Customers will spend a lot of time looking at this screen. Therefore, it needs to look nice and provide useful information. The showcase also needs to be easy to use so that people can see the results of their activities immediately. Your NFT marketplace’s showcase, including its design and navigation, should seem comfortable to the user. In other words, the display case will function similarly to sites like Amazon and eBay. 

Wallet integrations

Since the blockchain stores all NFT transactions, cryptocurrency wallets are required for token issuance, sale, and purchase. This means that you need to incorporate popular crypto wallets like Metamask, TrustWallet, and MathWallet into your NFT marketplace on Polygon. You can also utilize Binance Chain Wallet, Enjin, AlphaWallet, Coinbase, and Pillar Wallet. Even while these apps aren’t as widely used, they nevertheless have a sizable clientele. 

NFT creation

The ability to generate new tokens on the platform is also essential for any NFT marketplace. Since there is no cost associated with minting non-fungible tokens on the Polygon blockchain, this is a huge boon as we build out our platform. The remaining features are standard across all platforms.

Spreading the word

When a new NFT is created, it may take some time before it is traded. The seller needs to do a few basic things like write up a description of the item, decide how it will be sold (at a predetermined price or auction), decide on a price, list the available forms of payment and set the bidding time. The next step is ensuring the lot complies with all site regulations before listing it.

Knowledgeable search engine

Lots on the NFT platform are typically categorized and labelled in the tens or hundreds of thousands. To locate the desired parcel, the user views all available lots or uses a search system with complex filters, categories, tags, and searches by name, author, keywords, etc..

Evaluations and suggestions

Even though this feature is optional, it is crucial because users are accustomed to seeing the responses of others. Providing feedback will aid in reducing fraudulent and unethical activity on the website. In addition, having the ability to tag well-known authors on Facebook, YouTube, and other social media sites is a big plus for your platform. 

A bidding process 

Knitted caps, Warcraft-inspired axes, and NFTs are just some of the innovative products that people are used to selling at internet auctions. So, include such features when creating an NFT marketplace on Polygon (MATIC). This will assist authors in receiving the greatest possible sale price for their NFTs and add excitement to the bidding process for purchasers.

Notifications

These may include the likes of confirmations of purchases, deposits into an account, app upgrades, and correspondence from a customer service team. Still, it would help if you didn’t stop here. In addition, your site can alert visitors to price drops, new offerings from their favourite bands, and other timely information.

Royalty for No Future Consideration

Authors and sellers can now collect royalties from subsequent sales with the help of this feature. Although unethical from the buyer’s perspective, this practice is widespread in the NFT market and warrants inclusion in your trading platform. 

Support

In this role, you’ll provide your clients with in-depth informative and technical support using written materials, video tutorials, and other digital mediums. 

Step 5: Design an appealing interface

You may jumpstart the UI design process by learning how the platform works. As we discussed, Everything must look, works well, and feels like home. In addition, there shouldn’t be any jarring fonts, graphics, or other components in the layout. 

The following technologies make up the front end of the NFT marketplace:

Programming languages for web: Angular.JS, React.JS, and Vue. JS.

Programming languages for mobile: Java, Kotlin for Android, and Swift for iOS.

Architecture: MVVM for Android and MVC, MVP, MVVM, and VIPER for iOS.

IDE: Android Studio and Xcode for iOS.

SDK: Android SDK and iOS SDK.

Step 6: Develop smart contracts

Your NFT marketplace’s and Polygon’s cooperative logic will be written into smart contracts. These are the building blocks of your platform that will enable the creation and trading of NFTs. Smart contracts on Polygon will be developed using Solidity, Move, and Vyper programming languages.

Step 7: Develop the server part

Your platform’s server component will use smart contracts and services to manage large amounts of data, an application programming interface (API) to facilitate communication with other services, etc. 

What makes up the NFT market’s backend tech stack:

Frameworks: Spring, Symfony, Flask.

Programming languages: Java, PHP, Python.

Databases SQL: MySQL, PostgreSQL, MariaDB, MS SQL, Oracle.

Databases NoSQL: MongoDB, Kassandra, DynamoDB.

Search engines: Apache Solr, Elasticsearch.

DevOps: GitLab CI, TeamCity, GoCD Jenkins, WS CodeBuild, Terraform.

Cache: Redis, Memcached.

Step 8: Put It Through Its Paces

Almost as soon as the first lines of code are produced for your market, the testing process should begin so that flaws may be found and fixed before they can multiply. The smart contract should also be thoroughly tested, together with the expected functionality, usability, security, etc. Independent auditors’ confirmation of smart contracts is particularly desirable.

Step 9: Introduce Your New FinTech Market

Once the platform has been thoroughly tested and any major concerns resolved, it will be released to the public. While this marks the conclusion of the initial stages of constructing the NFT market, it is still time to rest easy. When it’s released, you’ll need to refine and improve its features and protections. 

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