How to Develop NFT on Solana

develop NFT on Solana

  • Today building of the NFTs project is on the Ethereum blockchain development. And for the solution like minting, selling, and buying NFTs, the Ethereum chain remains the most popular solution. Due to the general crowding of the network and the speedy growth of gas prices, many market participants are looking for alternatives. Thus, Solana(SOL) is one of the possible and very interesting alternatives.

    As we all know very well, NFTs marketplace development is gaining traction globally. Although, like Ethereum, the design of the Solana blockchain is to create smart contracts and decentralized applications. That includes the launching of the NFTs project-from the art collection in the marketplace. It is for minting and selling various non-fungible tokens.

    Here, we will discuss the development of NFT on Solana, but at first, we have to know what exactly the Solana blockchain is?

    What is Solana Blockchain?

    It is an open, decentralized blockchain network focused on providing scalability. It is without compromising transaction cost, decentralization, and security. That means blockchain developers with full stretch to run mass adoption can place scalable, low-cost decentralized applications(dApps).

    Moreover, it is a public blockchain platform founded by former Qualcomm, Intel, and Dropbox engineers in late 2017. Altogether, it is a faster, safer, and more censorship-resistant counterpart to Ethereum. That provides the open infrastructure required for global blockchain adoption.

    In the world, Solana is one of the fastest blockchains that operates with a unique and innovative infrastructure. It provides a wealth of development tools to help developers to get started. Additionally, developers can integrate existing applications on other blockchains on the Solana blockchain. The powering of the consensus mechanism of Solana is by an improved Proof of Stake(PoS). The prime function of Solana PoS is Proof-of-History(PoH) protocol. Thus, it permits each node to make timestamps with SHA256 computations. Additionally, Solana for interior digital currencies eases p2p exchanges. Moreover, around 50,000 exchanges can perform per second.

    Also, Read: What is Blockchain Technology and How Does it work

    Top Benefits of Solana for NFT

    After the growth of Ethereum, Solana has become the second most popular NFT launch space, with many projects launched every day. Moreover, to meet a capacity of 700,000 transactions per second in the future, the Solana development team promises to do that. By comparison, the average transaction fee is $ 46 (December 2, 2021). Although, the efficiency of the Ethereum network is to process an average of 16.5 transactions per second. Thus, Solana is about 4,000 times faster and 185,000 times cheaper than Ethereum.

    Although the difference becomes even more meaningful when it comes to NFT processing. Minting and sending non-fungible tokens, Ethereum needs more calculating resources than sending regular ETH and ERC-20 tokens. It is because NFT development with a custom smart contract needs a combining process.

    The benefits of the new blockchain are not only the speed and cost processing of non-fungible tokens. Thus, if you decide to develop your NFT solution based on Solana, then here are some other benefits to look ahead.

    Also, Read: A Quick Guide to Ethereum ERC Token Standards

    It is easier to program.

    Rust powers Solana and is one of the most famous programming languages. Thus, the use of Rust is to build a wide range of applications, such as new blockchains, marketplaces, or games. It is easier to use and more familiar. Although, deploying applications makes the Solana blockchain more reachable than Ethereum. So, together with low fees, help the rapid growth of its space.

    With mempool, Solana has no problem.

    The waiting area where all real transactions hope proved by the network is mempool. Although, one of the main benefits of Solana over Ethereum and many other blockchains is that the new blockchain does not have a waiting period for processing a transaction and adding this transaction to the blockchain. It doesn’t have a mempool – all confirmed transactions within 400ms. Whereas in Ethereum, confirming the transaction takes up to four minutes.

    The ecosystem of Solana is expanding much faster.

    Ethereum faces many challenges related to price, speed, and scalability and still hosts most of the Smart contracts, decentralized apps, and NFT solutions. But with the Solana blockchain, there are no such problems that rapid increase the number of smart contracts, Dapps, and NFTs on this network. Apart from this, in comparison to Ethereum, Solana can support more coins.

    Solana uses fewer resources and is more sustainable.

    If the blockchain is slow, it has bandwidth problems, which affect the entire space and slow down.

    With the Turbine protocol, Solana solves the splitting of each block into different packets. Thus, the transfer of each packet is to the group of computers and then transfers the data to another group.

    Solana is a greener ecosystem.

    For block mining, the prime Ethereum network uses the Proof of Work (PoW) consensus algorithm. That leads to high electricity use and needs high computing power. Thus, to the hike in global warming, an increase in CO2 released into the atmosphere is due to Ethereum.

    The Solana blockchain is 99.9% more energy-efficient than PoW and uses an improved Proof of Stake (PoS) algorithm. Thus, Solana is making it more attractive to run NFT, which is better for the environment.

    Higher capacity

    In the Ethereum network, the processing time of one transaction (block mining) ranges from 10 to 15 seconds. Although, the network as an entire can only process from 15 to 45 transactions per second. In contrast to mining a block that can process up to 65,000 transactions per second, Solana takes only 400 milliseconds.

    It is worth noting in 2022, Ethereum will upgrade to Ethereum 2.0. Although, the network expects to have a capacity of up to 100,000 transactions per second afterward. The saying of Solana by this time, the speed benefits will remain with their project, and their network capacity will increase.

    Also, Read: An Introductory Guide to Ethereum 2.0

    Transaction process cost

    After blockchain rise to PoS in 2022, Ethereum fees are also probable to change. Thus, even then on Solana, the possible transaction costs on the Ethereum network are higher. Thus, this is because they use PoH and Turbine protocols to fast up data processing. Besides, It also minimizes the load on the network and works within distance with smart contracts. Thus the cost of transactions is also reduced.

    Some Features of Solana smart contract

    To enable smart contract development and application developers to take full benefits of Solana’s high-performance network. So, the project team built a hyper-parallel transaction processing engine called Sealevel. Although, the design is to scale even between GPUs and SSDs. The point to note is that the rest of the blockchains are single-threaded systems. Solana is the only blockchain working current to support the parallel implementation of transactions in one segment.

    Thus, the Sealevel gives a Smart contract model different from traditional EVM blockchains. It is in Solana’s Smart contract architecture. The read-only, stateless, and containing only programmatic logic is possible in Solana smart contract. The interaction with external accounts can be after utilizing such a smart contract.

    In Solana, accounts that create a logical separation of state and contract logic (programs) interact with programs. Thus, it stores data related to interaction with programs. That is the primary change between Solana and EVM Smart contracts.

    Also, Read: Emerging Use Cases of Smart Contracts on Blockchain Technology

    Benefits of developing Solana smart contracts

    On Solana, it is cheaper to launch smart contracts and dApps.

    Developers can create Dapps and port their Smart contracts for other WASM networks to Solana using the compiler.

    For specific needs, developers can tailor their products.

    The changing of code of Solana Smart contracts can be by software developers/owners following the requirements.

    A large number of training materials.

    It supplies high security.

    Read more: Exploring Applications of Smart Contracts in Businesses

    Conclusion

    It is one of the most up-to-date and advanced blockchains. To create a high-performance network with a low cost of tasks, the developers of this project manage it. Thus, it is without compromising the security of the platform. Moreover, if you wish to build your own NFT solution, then feel free to choose this blockchain and connect with Oodles blockchain development experts for more information.

Published on : Feb 16, 2022

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Pankaj Kaushik (Writer)


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