NFT Marketplace On Flow Blockchain: A Guide To Understanding The Significance Of The Flow Blockchain-Based NFT Marketplace
Author NFT Marketplace On Flow Blockchain
As NFTs are making strides, contemporary time calls investors for investing in the worth-the-hype Non-Fungible Tokens. Generally, many NFT marketplaces are built on Ethereum and there are marketplaces that are built on “Flow,” a robust blockchain network.” Let us see through the development of an NFT marketplace on Flow blockchain and the history of this blockchain network.
Flow – A Secure And Scalable Blockchain Network
The Flow Blockchain Is Synonymous With Scalability, Security And Lower Transaction Costs Which Helps In Enhancing Your NFT Marketplace.
In the sequence of Ethereum, Bitcoin, etc., Flow is also a blockchain technology, which supports fast transactions, security of data, and lower transaction costs. In 2017, Dapper Labs launched an Ethereum blockchain-based NFT marketplace called Cryptokitties.
Well, you may be knowing the virality of this marketplace in recent times. Cryptokitties involves trading pretty virtual cats, which have their own set of distinguishable traits. When this marketplace was launched, it gained popularity, which in turn was crowded with multiple users. Hence, as the demand for the marketplace spiked, the transactions became slow, and the transaction costs also saw an upsurge.
To cut away these shortcomings, Dapper Labs decided to develop and launch an exclusive blockchain technology for game-related NFT marketplaces. Hence, Cryptokitties is the first NFT marketplace platform to have been built with the Flow blockchain technology.
Flow And The Smart Contract Employed
If you are a newbie to the NFT marketplace, then you need to know about smart contracts in the very first place. Irrespective of any NFT marketplace, smart contract execution is mandatory. Technically, smart contracts are defined as pre-programmed software. Owners or sellers of NFTs are given the right to add the conditions to be met by the buyers before buying their NFTs.
It is as simple as the paper agreement, which is drafted for trading physical properties. The owner will pen down a set of conditions, which the buyers will have to agree on so that the property will be transferred.
In Flow, smart contracts are programmed with the use of Cadence, a programming language. The use of this resource-oriented programming language ensures that the smart contracts developed using Cadence will be secure and easy.
Simply, smart contracts written with Cadence will ensure that the digital assets associated with that cannot be replicated or deleted.
Chief Elements Of The Flow Blockchain
- Multi-Node Architecture
Here, the node defines a computer server. As the name suggests, a multi-node architecture is where multiple computer servers are interconnected. Since there are multiple servers connected, the platform can serve the requests of multiple users without any congestion.
- Resource-Oriented Programming
As discussed above, Cadence is employed for writing smart contracts in the Flow blockchain, which is the best and secure programming language for NFTs and decentralized applications.
- Developer Ergonomics
Ergonomics defines how a product is comfortable or easy to access for the end-users. Here, Flow facilitates ergonomics to developers in terms of upgrading the smart contracts. Developers can fix bugs if anything occurs and upgrade the smart contracts.
- Consumer Onboarding
Flow NFT marketplace development lets users experience smooth payments and conversion of cryptocurrencies into fiat currencies.
Build your NFT marketplace using the secure and robust Flow blockchain
Connect on WhatsApp Sharding And How Flow Eliminated That?
In blockchains, sharding is the process of dividing up the database or blocks, which store all the transaction details of digital assets. When the Cryptokitties marketplace was built on the Ethereum blockchain, every user action was consuming seven blocks. But now, i.e., after the integration of Flow blockchain, every user action consumes a single block.
NFT Marketplace On Flow Blockchain – The Top Ones
The above-detailed explanations on the history and the significance of Flow blockchain would be alluring. Here are some familiar NFT marketplaces that operate on the Flow blockchain technology.
- NBA Top Shot
NBA top shot is a basketball-themed NFT trading marketplace. On this platform, basketball fanatics who are ready to invest in gaming cards as NFTs can sign-up. And NFT in itself means a digital certificate to any assets. So, the same concept is applicable for trading basketball-themed cards (fan cards).
The platform will have cards, which users can buy, stake, or collect and then sell to other users. And the platform doesn’t restrict itself to trading cards; it also supports video clips and accessories related to basketball players. Our team of expert developers at Appdupe has made the process of developing such a marketplace platform easy by providing pre-built clone scripts.
- Top Expo
Top Expo is all about an exclusive marketplace for trading real estate in the form of Non-Fungible Tokens. While every possible industrial sector has been integrated with NFTs, why not real estate developers can consider doing so.
NFTs for real estate isn’t a new topic. It has been causing a sensation in the real estate industry. When people buy or sell properties via real estate agencies and not independently, then they have no other choice than to pay the exorbitant commission price. Whereas if they sign-up for an NFT-based marketplace for real estate, they can directly trade properties and, most of all, secure their properties from forging.
- Cryptokitties
We have already discussed Cryptokitties and how that platform was enhanced with the integration of Flow. Buying, breeding, and selling are the processes associated with this platform. Appdupe also has a similar marketplace platform development solution that features trading virtual cats. Our solution is named Cryptokitties clone, and you can pour your customizations into it.
Develop an NFT Marketplace On Flow Blockchain With Appdupe
Well, you have understood the level of significance the Flow blockchain offers. If you have a perfect NFT marketplace development idea and want to build it on the Flow blockchain tech, then you must be considering reaching out to Appdupe. Our ardent blockchain developers will team up with you and turn your requirements into a well-functioning marketplace platform.
Develop your NFT marketplace integrated with the NFT in Flow blockchain technology
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
