How to build NFTs using Solana blockchain

How to Build Marketplace using Solana Blockchain 

 

Why build NFT Marketplace on Solana: Solana Blockchain is completely scalable when it comes to the transactions process, it can process more than 50,000 TPS, and is much faster than Bitcoin & Ethereum. It offers high throughput i.e. the synchronizing time across all the nodes helps it to support such a large amount of transactions and as computers become faster so will Solana. And this is the main reason why more and more people are switching to the Solana network and choosing it as a Marketplace for their NFTs. 

 

How to create NFT Marketplace using Solana:  Solana NFT  Marketplace is a digital platform that enables people to create and trade NFTs with minimum transaction fees, and many leading business giants are moving to Solana because of its growth in the market. 

 

About Metaplex

It is a Solana-powered protocol that enables creating and launching the NFTs with ease. Starting various auctions for access to global markets, and Visualizing NFTs in a systematic way across wallets and applications. 

 

Terminology 

 

Non-fungible tokens  

 

The Solana Program Library (SPL) includes Metaplex's non-fungible-token standard and is defined as a special token with a fixed supply of 1 and 0 decimals. On Solana, Metaplex grows the basic definition of an NFT to include metadata such as URI, as defined in Ethereum's ERC-721. 

 

Listed below are the NFTs that can be created using Metaplex  

 

Master Edition 

 

When Master Edition token minted represents both a non-fungible token on Solana and as well as metadata that allows creators to govern the authenticity of prints being created from master edition. A remarkable and beneficial outcome of master editions is that as prints are sold, the artwork as a master edition remains visible in the artist's wallet while the prints appear in the purchaser's wallets. 

 

Print  

 

It represents a copy of an NFT, which is created from Master Edition and each print has an edition number linked with it. They can be created by the creator manually and also as part of auctions on Metaplex. 

 

Normal NFT 

 

A Normal NFT is the same as Master Edition when minted it represents a non-fungible token on Solana and also metadata but does not have prints with it. A simple example would be a normal artwork that has been sold by the artist and is in the purchaser’s wallet but not visible in the artist’s wallet. 

 

Royalties 

 

Metaplex can create on-chain artist splits in an efficient way, taking the shyness out of collaboration. Set custom percentages for each collaborator, and they’re good  to go. Each NFT can also include configurable royalty payments, which are sent back to the original creators automatically whenever an artwork is sold back on a Metaplex marketplace in the future. 

 

Storefronts 

 

The off-chain component of Metaplex allows creators to release a custom storefront, comparable to Shopify or WordPress. This open-source project gives creators, buyers, and curators of NFTs a graphic user interface to an on Metaplex program. Storefronts can be customized to meet the needs of the entity that creates them, whether as a permanent storefront or as an auction centre for collection purposes.   

 

Why Metaplex  

 

Metaplex Studios and the Metaplex community's mission is to develop the world's NFT Protocol. And they’re seeing broad acceptance, beginning with the Solana ecosystem. 

 

1. Metaplex is approximately 10 times cheaper to mint and sell NFTs. 

2. Metaplex has a huge community of developers and industry partners. 

3. Metaplex is working towards multichain and attentive about the architecture decisions. 

 

Metaplex JS SDK 

 

It is a library that allows you to load and deserialize accounts and Create transactions and Minting the NFT or create an auction for selling the NFT. Its installation requirements are Node.js and Yarn. Also, you need to have a Solana Wallet. Here are the step by step process to build a marketplace with Metaplex.  

 

➤ Create an SOL Wallet 

➤ Fund the Wallet (For this you’ll need at least 2$ of SOL which you can get using FTX) 

➤ Go to the Metaplex repository and fork and clone it to your  GitHub account, so that we can easily host it on Github Pages. 

➤ Now change the default addresses in the metaplex repository   

➤ we forked on GitHub with your own Github username and also Change the store wallet address with yours. In order to successfully deploy our store, we’re gonna need to install some important packages with this we can deploy our Marketplace website. 

➤ Now that you have successfully created a marketplace we can Mint an NFT on a marketplace and sell it. Before selling the NFT add a description from the wallet (maximum 50  characters). There is so many Marketplace on Solana where  you can sell your NFT, For example, DigitalEyes. 

 

 

 

  • Admin
  • March 14, 2022
  • 7 comments

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