NFT Development on mainnets such as Ethereum comes with multiple challenges, such as high gas fees and network congestion. Thus, creators look for alternatives to overcome the issues mentioned above. Solana NFT has become famous for creators and minters as the network is ultra-fast and cheaper. So, if you want to engage in NFT development, it’s essential to consider the Solana network. Here, we explore the benefits of Solana smart contract development.
Why is NFT development on Solana significant?
Globally, Solana is the fourth-most popular blockchain network. It’s the best-decentralized ledger for decentralized finance (DeFi) and NFT development. Here are the main perks of the Solana blockchain:
- High speed: Solana processes over 50,000 transactions per second (TPS). On the other hand, Ethereum, which is the largest network, can handle only 30 transactions per second, leading to delays and jamming.
- Solana is environmentally-friendly: Layer one Ethereum network uses a proof of Work (PoW) consensus mechanism for block mining. This agreement procedure gobbles up much power and leads to carbon emissions. On the other hand, the Solana network uses the Proof of Stake (PoS) agreement mechanism, which is 99.9% more energy-effective than PoW. So, Solana is a greener option and appealing for Solana nft development.
- Transaction cost: Solana’s settlement costs are affordable thanks to the network’s use of Proof of History (PoH) and Turbine Protocols. Furthermore, Solana smart contract functions differently and minimizes the burden on the network, leading to affordable transaction costs. And this is helpful when launching a Solana NFT because the system gyrates to a digital agreement to handle the non-fungible token.
- Rust programming language is versatile: Solana NFT marketplace is powered by Rust, a current programming language. Besides marketplaces, Rust has multiple uses, such as new blockchains and games. Because of Rust’s versatility, developers can quickly launch dApps on Solana.
Steps of creating a Solana NFT
Here are the NFT development steps on Solana:
1. Create a wallet
Before you start the Solana nft development, you need to step up a wallet to enable you to pay the minting cost. You’ll also require an additional storage app to send your Solana NFT once it’s ready.
2. Determine the type of NFT you require
There are multiple NFTs in the Solana NFT marketplace. For example, you can choose a song, artwork, or illustration. It would also help determine whether you require a one-of-one digital collectible or an edition. An edition has any number of collectibles, whereas a one-of-one is exclusive and has only one existence. Suppose you have a vast generative NFT collection. In that case, it’s advisable to hire an artist who can assist you develop your pictures.
3. Create a metadata
Once you’re through with Solana NFT development, the next step is to create your metadata. For a smooth process, it’s advisable to work with a developer or use a solution without a code.
Perks of Solana digital contracts
A digital agreement deployed on the Solana network is called Solana smart contract. Solana contract development is different as it allows the completion of other functions once the contract is deployed. Solana smart contract development entails incorporating various features and plugins built on the Rust programming language. Through Solana contract development, you can design multiple decentralized apps for industries like healthcare, transportation, and information technology.
Here are the key benefits of the Solana smart contract for NFT development.
1. Minimal Gas Fees
Transactions on the Solana network are affordable. And that’s good news for NFT creators, collectors, and sellers. Solana is the perfect marketplace for NFT development because of its speed and minimal settlement fees, less than a dollar.
2. Customization of smart contracts
Creators have different needs which they want to reflect on their NFT development. Thus, you can customize a Solana smart contract to meet your unique needs.
3. Solana uses the latest technologies.
Solana is a robust blockchain because it implements eight key technologies. A critical technology is Sealevel which enables parallel digital agreements to run concurrently. Thus, the runtime can dispense numerous contracts in parallel on the Solana network.
Final thoughts
Solana network overcomes the significant problems of legacy blockchains by offering faster and more affordable transactions. The network employs eight tech stack solutions that allow it to conduct ultrafast transactions and handle vast amounts of data. Thanks to the above perks, the Solana network is the ideal platform for NFT development. We’ve explored the key benefits of developing smart contracts on the Solana platform.