Non-fungible token sales had a breakthrough year in 2021, as the sale volumes hit $25 billion. On 20 Aug 2022, the number of sales was 13,564 and it amounts to $4888676.77 (four million eight hundred eighty-eight thousand six hundred seventy-eight). Despite this downtrend, BAYC and Cryptopunks continued to dominate the NFT sales.
In the first half of 2022, Venture Capitalists kept pouring in investing in NFT and gaming projects. As a result, we saw the NFT and gaming sector grow despite the overall market downtrend. If we look into the NFT sector we foresee that Cross Chain NFT Marketplace Development is the hottest trend.
At present crypto collectibles have become a walled garden. To become widely accepted, the NFT sector needs interoperability and lower gas fee solutions.
When a user mints an NFT on a certain blockchain let’s say Ethereum, the scope of that NFT remains limited to a single blockchain and single NFT trading platform. In simple words, single-chain NFTs cannot lead to mass adoption of NFTs. Thus multi-chain NFTs are being aggressively explored and to enable the trade of multi-chain NFTs, users would need Cross Chain NFT Marketplace Development.
A multi-chain NFT marketplace will traverse multiple blockchains and will support trading across multiple networks.
We have seen Bored Ape Yacht Club NFTs clog the Ethereum network. As a result, traders ended up paying hefty fees amid failed transactions. If a project like BAYC goes multi-chain to overcome the gas fees crises, it will also require a cross-chain NFT marketplace to support the trading of BAYC NFTs across multiple chains.
When the NFT marketplace will integrate multiple blockchains to support sales of cross-chain NFTs, the users will more options for gas fees and speed of transactions which will effectively drive more traders to the marketplace.
Blockchains are decentralized in nature but at present interoperability is the biggest challenge in the space. The same restriction holds for NFTs and NFT marketplaces. When we build NFT Marketplace on Ethereum cannot access an NFT marketplace built on Polygon. This puts a serious limitation on the growth of the sector. As seasoned blockchain technologists, we feel the urge for multichain NFT Marketplace Development because:
To enable this, we have identified some indispensable features of a multichain NFT marketplace:
The NFT marketplace must enable users to create, buy, sell, swap, and farm NFTs across multiple chains.
The multichain NFT marketplace must have a shopfront that is very simple to use and users should be able to access all the required details about NFTs very easily. That means a multichain NFT marketplace will become successful only when the learning curve for the traders is almost flat. The storefront should also enable users to check the uniqueness of the NFT.
If an NFT marketplace goes multichain, it will attract way too much NFT minting and listing. While this is a good thing, it can create a lot of confusion for the buyers and that is why the NFT development services must make sure that enough search and filter options are provided to the users. This will enable a quick and easy selection of NFTs for trades.
The multichain NFT marketplace must come with a secure and integrated multichain wallet. This wallet should be capable of supporting multiple NFT standards like ERC721, ERC1155, and more.
One of the most important considerations of an NFT marketplace is that it should support multiple modes of payment both for buyers and sellers. It should include both fiat and multiple cryptocurrency payments.
Over time Antier Solutions blockchain development experts have mastered the process of integrating different blockchains into different application frameworks. With our expertise in Multichain NFT marketplace development, we will help you maximize your reach in the global NFT market. Connect with our experts now. They are just a call away!
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