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How Much Does Smart Contracts Audit Cost? Expert Insights
August 31, 2022
Reasons Behind the Growing Popularity of NFTs
August 31, 2022
Owning an NFT marketplace is amazingly profitable, as the demand and value of NFTs are growing every day. Have you ever used an NFT marketplace to trade NFTs? Have you realized that there is a major issue with the NFT marketplaces? Since each of them is based on a particular kind of blockchain platform, it limits the users to trade NFTs using cryptocurrencies that are compatible with that particular blockchain. Therefore, it becomes necessary for the users to buy the crypto suitable for that blockchain platform in order to trade or invest through the marketplace.
A sidechain helps to combat such issues by bridging two different blockchains. Thus an NFT Marketplace on Sidechain can help you trade comfortably using different kinds of crypto coins or tokens.
Still confused? Let us first completely understand the concept of Sidechain technology and how it works.
What is Sidechain?
There are different definitions and concepts of Sidechain that you may find on the internet, but many do not provide complete enlightenment regarding the technology. In simple terms, a Sidechain can help different blockchain technologies interact with each other.
Although Sidechain is an independent blockchain, with its block parameters and consensus algorithms, it is connected with its parent blockchain through a two-way peg. The two-way peg helps in maintaining the interchangeability of assets with its parent blockchain.
The unique features of sidechains make them highly useful for NFT Marketplaces. This is the reason why the trend of sidechain NFT marketplace development is becoming increasingly popular.
Benefits of NFT Marketplace development in Sidechain
NFT marketplace development in Sidechain is beneficial for the owner as it provides several unique features to them. It increases sales, as the potential buyers can purchase the choicest NFTs using different types of cryptocurrencies they possess.
The most significant benefits of developing NFT marketplace on sidechain are listed below:
- Ease of Adding or Removing Features: Sidechains operate independently, but they can receive and send digital assets to the primary blockchain. They have their own consensus mechanism. Thus, it’s possible to add or remove features onto a sidechain without being dependant on the primary blockchain. It can be said that a new feature is added or removed from a separate digital ledger, and it reduces the stress of the primary blockchain.
- Interchangeability: Sidechains allow using the features that are absent in the primary blockchain. Thus, it increases the usability and efficiency of the marketplace by providing more strength to the parent blockchain.
- Scalability: Sidechain technology efficiently bridges two different blockchains. Sidechain NFT marketplace development consolidates the features of both technologies. As a result, the platform can provide cheaper and faster transactions. For example, if some particular kind of transaction is taking time on one of the blockchains, the platform can be optimized to make that transaction on another blockchain. This will also enhance the efficiency of one of the blockchains, and thus the platform will run faster. Sidechain also gives the window to add new unique features to the NFT platform.
- Allows Experimentation: It becomes very difficult to experiment and upgrade an already operational NFT Marketplace. Sometimes, individuals also prevent themselves from doing such things as they don’t want to risk the platform. Sidechains are the platform where developers can test and deploy new ideas without any risks.
- Load balancing: The sidechain fulfills the purpose of increasing the performance of the mainnet or the parent blockchain. There can be more than one sidechain attached to the parent blockchain, so a vast number of unrelated transactions can be processed simultanouesly. It also helps filter transactions with ease. Therefore the trend of Sidechain NFT Marketplace development is catching pace in the current times.
- Diversification: An NFT marketplace on sidechain also enables the users to interchange assets between two different blockchains. Thus, users do not need to have crypto for both blockchains, they can purchase an NFT on the marketplace using the native crypto apt of any one blockchain.
- Lowers Transaction Cost: Sideschain helps in load sharing. Thus, it enables NFT marketplace to handle various transactions with high speed and lowers the gas fees as well.
Final Thoughts
Sidechain is a significant development in blockchain technology. It allows two different blockchains to effectively interact and exchange assets with each other. Because of many more features like these, businesses are now willing to shift towards Sidechain NFT marketplace development. Such platforms provide amazing solutions in respect of scalability, transaction speed, development, and many more features.
Antier is one of the pioneers of NFT Marketplace development in the industry. We have developed many of the most significant NFTs and Marketplaces for our clients. Need any consultation or services regarding blockchain and NFTs? You can count on us.
