How to Develop a NFT Marketplace on POLYGON
Polygon was launched in 2017 as Matic Network in India by developers Jainty Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelich.
Polygon blockchain overview :
At that time, their main goal was to create a second layer / layer solution for the Ethereum blockchain with faster and cheaper transactions, as well as full compatibility with the Ethereum Virtual Machine (EVM).
But in February 2021, the project team decided to rebrand and change the direction of development to create a full-fledged multi-chain system similar to Polkadot, which would allow all heterogeneous blockchains to be connected into one network. They also changed the name of their blockchain platform NFT marketplace platform development service from Matic Network to Polygon, while retaining the designation of the network’s native token — MATIC.
Thanks to the rebranding and further development, the scope of Polygon is now much wider than just launching tokens , smart contracts and dApps:
As before, Polygon is still a second-layer protocol for scaling Ethereum-compatible smart contracts and dApps, capable of speeding up transactions and reducing transaction costs.
In addition, Polygon allows you to create applications that will run on one blockchain, use data from another blockchain, process it on a third one, and transfer it to a fourth one.
All of this makes Polygon an ideal platform to launch NFT marketplace development , especially if you want to implement the NFT 2.0 protocol, which will allow tokens to roam between heterogeneous blockchains (for example, from Polygon to Solana, and then to Polkadot), while maintaining their value, liquidity and security.
Benefits of Polygon for NFTs
With fast and cheap transactions, extremely high throughput, and rich developer tools, Polygon has become the leading platform for scaling Ethereum-compatible Web3 solutions. So, over the past six months alone, the number of decentralized applications in the Polygon network has grown six times — from 3,000 in October 2021 to 19,000 in May 2022. Moreover, a significant part of these applications are NFT projects such as Uniswap, NFTically, Opensea, Aavegotchi and Decentral Games ICE Poker. This growth was made possible thanks to the sum of the advantages that Polygon provides for decentralized applications and NFTs:
Low transaction fees
Incredibly fast transactions
High potential for scaling
Access to quality infrastructure
Venture capital and LP
Access to the PolyBuilders network
Technical support and assistance
How to develop an NFT marketplace on Polygon :
The NFT Marketplace platform development is a trading platform where users can create, sell and buy non-fungible tokens in the way they are used to. That is, approximately the way we create, buy and sell goods on eBay, Amazon or Alibaba. Its only significant difference from such sites is that all transactions on the NFT trading platform are processed by smart contracts and recorded on the blockchain (in our case, on the Polygon blockchain).
Step 1: Define your niche Step 2: Choose a Blockchain Developer Step 3: Choose a project monetization model Step 4: Decide on the features of the marketplace Step 5: Design a Nice Interface Step 6: Design Smart Contracts Step 7: Develop the back end Step 8: Test Your Product Step 9: Launch NFT Marketplace
Polygon (formerly known as Matic Network) is a second layer solution for Ethereum focused on providing a more scalable, faster, and cost-effective platform for smart contracts, decentralized applications (DApps), and non-fungible tokens (NFTs). Next, we will look at how the Polygon blockchain is better than the Ethereum blockchain .
