Since the arrival of NFTs (non-fungible tokens), it has got a large user base and people have started believing in them. With time, there have been occurred a lot of concerns related to NFT and selecting the best Blockchain platform on which the NFT can be built is one of them. While getting NFT marketplace development services, security has been one of the biggest matters for businesses as they want to safeguard the users’ data at any cost.
Among all the Blockchain networks, Ethereum has been the preferred choice for businesses for a long time. But now the time has changed, and businesspersons are showing their interest to create the NFT marketplace on Polygon. Now, you must be thinking about what is Polygon (Matic) and why businesses want to go for Polygon-based NFT marketplace? If you don’t have any idea about this, then you are at the right place.
Here we are going to provide you with a complete understanding of the Polygon Blockchain and how it will be beneficial to get Polygon NFT marketplace? Without any further ado, let’s dive into the details-
Table of Contents
Overview of Polygon (Matic)
Basically, Polygon is known as a cryptocurrency with the symbol MATIC. It also works as a secure Blockchain network to link up and scale. It was released in October 2017 by Jayanti Kanani, Anurag Arjun, and Sandeep Nailwal. This Matic token-powered Polygon framework is simply used for developing & connecting the Ethereum-compatible Blockchain networks. The best thing about this platform is that it is a lot faster and cheaper than Ethereum.
In this, Matic tokens are beneficial to govern & protect the Polygon network and pay the transaction fees. This platform involves an improved proof-of-stake consensus mechanism to manage the platform smoothly. The use of the Polygon platform is useful to enhance the scalability, flexibility, and authorization of a Blockchain project while providing benefits such as interoperability, security, and structural advantages of the Ethereum Blockchain.
How does Polygon Work?
In layman’s words, Polygon is a platform with multiple levels intended to scale Ethereum. It is possible as it has several sidechains that aim to release with the central platform in an efficient manner. Mainly, Polygon uses PoS (proof-of-stake) as a sidechain in which members in the network can stake MATIC tokens for transaction validation and voting on the network upgrades.
Polygon is able to provide more secure and high-frequency transactions with the help of its layer-2 network. It also builds Ethereum-viable Blockchain networks including interoperability. Taking about Layer-2 scaling solutions, these are referred to as off-chain solutions while playing a significant part in the mass volume of cryptographic currency.
Polygon is getting fame as its modular system allows developers to deliver fixed Blockchain networks just with one click to construct custom networks. This network also permits cooperation between Blockchains without any trouble which makes it a valuable section of the widely distributed Ethereum as it provides an improved user experience to clients.
Benefits to Develop NFT Marketplace on Polygon
Here are some of the benefits of NFT marketplace development on Polygon that will provide clarity about several concerns related to this platform. Have a look-
- Polygon NFT marketplaces developed by a top-notch NFT development company provide faster and more secure transactions using high-level encryption.
- Users will get complete transparency and integrity on the Polygon NFT marketplace as it has a decentralized architecture.
- The Matic NFT platform uses the Ethereum Blockchain and its functions by supporting it.
- Polygon NFT platform charges the lowest gas fee for transactions in comparison to other platforms.
Must-Included Features in Polygon NFT Marketplace
It would be great to hire NFT developers who have sufficient skills and knowledge to integrate these below-mentioned features into your Polygon NFT marketplace.
Security
The PoS mechanism used by Polygon solves the issues on the decentralized platform along with providing high-speed transactions on numerous cross-chain platforms.
Interoperability
It is helpful for interaction between one Polygon chain to another Polygon chain along with the communication with Ethereum.
Improved User Experience
The Polygon NFT platform is designed in such an effective way to provide augmented user experience without any issues adjusting in a decentralized environment.
Scalability
The Matic platform is able to manage multiple NFT transactions at a time efficiently without any complexity.
Modularity
The Polygon networks are highly extensible, personalized, and upgradable in terms of the future. It also decreases the risk of system breakdown via diverse levels of independence and dependence.
Low Transaction Fee
The fee charged by the Polygon NFT marketplace is comparatively low than other Blockchain platforms, hence it is way cheaper.
Sovereignty
This feature incorporates the Ethereum network and allows sovereign Blockchains to develop a comprehensive multi-chain system while offering a high amount of about 7000 exchanges per second.
Compatibility
The Matic NFT marketplace permits linking up with more than one Blockchains and using the outstanding features of Ethereum fully while alleviating the ETH limitations.
Read Also: How Much Does It Cost to Develop An NFT Marketplace?
Some Popular NFT Marketplaces Built on Polygon
You must get partnered with a leading NFT marketplace development company to obtain feature-rich Polygon NFT marketplace platforms like OpenSea, NFT Trade, and Venly Market.
1. OpenSea
OpenSea is a popular NFT marketplace among people that enables crypto enthusiasts to avail all the possible benefits while delving into the immensity of digital assets that belongs to diverse fields. This NFT marketplace is built on the Polygon and provides NFT trading services to users.
2. NFTrade
NFTrade is known as the first-ever NFT marketplace that enables users to get the advantages of both Polygon and Ethereum in one place. It is one of the famous Polygon NFT marketplace solutions that facilitate users with the complete process, right from the NFT minting to its trading.
3. Venly Market
This Polygon Blockchain NFT enables the NFTs integration into the existing collectibles. Here, whatever items you will list, the Venly Market will add them to the Venly Wallet. This user-friendly platform is considered a universal solution when it comes to supporting Blockchain developments in terms of security and scaling.
4. Refinable
It is one of the most famous NFT marketplace used to search, develop, and purchase NFTs. The Refinable has begun supporting the multi-chain flexibility to help polygon NFTs. This marketplace also offers solutions for diverse NFT projects. Despite the Polygon, refinable supports Binance, Ethereum, and Solana as well.
5. tofuNFT
This Polygon-based decentralized NFT platform mainly includes GameFi and assets created by SCV (Super CoinView). This marketplace is designed to be highly augmented for efficient trading while being easy to use. It provides support to multiple Blockchains such as Ethereum, BNB, Polygon, Celo, and others.
Read Also: Comparing NFT Platforms: Ethereum vs Solana vs Polygon
How to Develop an NFT Marketplace on Polygon?
The increasing popularity of NFTs has led to the improved demand for NFT marketplace development platforms built with Ethereum and Polygon. After Ethereum, Polygon has also been played an active part as there is a great requirement of the Matic NFT marketplace. This marketplace permits businesses to stand apart from the crowd by offering enhanced reliability, security, and scalability.
The main reason why businesses are picking up the NFT marketplace development based on Matic is it enables them to easily launch the NFT marketplace. Similar to other NFT marketplaces that enable users to sell, purchase, and view digital collectibles. Polygon also allows users to buy assets or do auctions on the platform. Matic NFT marketplace development provides easier compatibility and more safety measures for multi-chain compatibility.
For building an NFT marketplace on Polygon, then you will require to use a Node.js app and a framework. Getting support by hiring a top-notch NFT marketplace development company will help NFT businesses, newbies, and other enthusiasts to acquire a feature-rich platform.
How Smart Contract is Beneficial for Polygon NFT Marketplace Development?
While having Blockchain development services, smart contract integration is one of the essential parts of the process. The smart contract is called a kind of common program of Blockchain networks. It allows users to trade without any third-party intermediaries or delay while automating the platform.
Various intelligent contracts are used by the NFT marketplaces that abridge the sale terms between a buyer and seller to build the NFT platform on Polygon. If a buyer agrees with the terms set by the seller, then the deal is cracked by activating the smart contract and doing the transaction.
Key Takeaways
Many start-ups and established businesses see NFT as their future, hence they are doing all the possible things to get a full-fledged NFT marketplace. It is the reason why they are preferring Polygon NFT marketplace development services as it is considered a trustworthy platform for NFT trading.
With the Polygon NFT marketplace, traders can also get the advantages of Ethereum. If you are looking for a leading NFT development company, SemiDot Infotech can help you for sure. We have expert NFT developers with years of experience who work passionately to provide quality services. Contact us for further inquiry.
