Blockchain is the latest tech to enter the digital world. However, it powers a wide range of digital applications. The well-known one is the cryptocurrencies. An online ledger based on blockchains records every transaction distributed and replicated across dozens of computer networks. Blockchain refers to a database of transactions organized into blocks. Each block is interlinking to the next in a chain, thus the name.
However, there is a wide range of blockchain networks in the crypto space. Each has its own characteristics and utilities. Thus, for every Decentralized Finance (DeFi) platform, the blockchain varies according to the requirements of the business entities. Among these blockchain networks, the Flow blockchain is one of the best in the market. It is largely used for developing the NFT marketplace on Flow. Additionally, it can benefit various DeFi platforms, but it is preferred for developing the NFT marketplace on Flow.
Flow Blockchain and Its Impact On Decentralized Finance Platforms
Flow blockchain was introduced in the year 2020. However, the platform is built by Dapper labs, the place that brought the Cryptokitties to life in the crypto market. The primary goal of the Flow blockchain is to create a platform that can utilize and provide services to more than billions of users for their decentralized applications.
Flow blockchain is a high-speed network that exists with the sole purpose of elevating Dapps and non-fungible tokens to a greater height. Flow possesses its own native token like every other blockchain platform called the Flow. As the native token for the blockchain, it pays off transaction fees and initiates staking models. Flow is very similar to the rest of the blockchain networks and uses the Cadence programming language, thus, incorporating various features that make it perfect for the development of smart contracts.
There are various blockchain networks in the digital space. However, every single blockchain has its own purpose for the DeFi development platforms. Likewise, the Flow blockchain will be support the creation of DeFi platforms. Furthermore, the most common platform that utilizes the Flow blockchain is the NFT platform development on Flow blockchain.
On the other hand, the Flow NFT marketplace is being praised as being one of the best in the digital sphere. Moreover, this immense level of popularity is due to the marketplace named NBA Top Shot. This flow NFT marketplace has taken the digital world by storm, and it has evolved into a perfect business model for a variety of digital platforms.
How business would develop an NBA top shot like NFT marketplace?
NBA Top Shot is a sports-based NFT marketplace on Flow blockchain. Here, the Flow NFT marketplace is exclusive to the National Basketball Association league (NBA). However, it consists of sports assets that are exclusive to NBA. Moreover, users are able to see every moment and image of popular NBA players on this website. The most popular NBA moments are short videos of players performing spectacular feats. As a result, the Flow NFT marketplace attracted a diverse group of basketball fans. Every basketball fan’s dream has now become to hold a Flow NFT from the NBA Top Shot platform. Hence, this platform furnishes the business platforms an idea to develop an NFT marketplace like NBA Top Shot and experience the profits and rewards of the platform in a meticulous way.
In order to develop an NFT marketplace like NBA Top Shot, follow these steps:
- The first step is to define the business niche. Basketball is a worldwide popular sport that has a massive fan following. Thus, while creating a roadmap for the Flow NFT marketplace, it is necessary to understand the preferences and interests of this target market completely. The NBA top shot NFT marketplace is based on this niche.
- The second step is to hire a team of blockchain developers. Moreover, it is very important to have a perfect team, filled with top-tier frontend and backend developers. Thus, it is very easy to develop an NFT marketplace like NBA top shot by using flow blockchain effectively.
- Adding smart contracts and the Flow blockchain to the mix will lead to building a perfect platform, where Creating an NFT marketplace will be the next step.
- Once the NFT marketplace is ready, the developers will check the platform to remove all the bugs and provide a technically ideal platform.
- The Flow NFT marketplace is provided to the client after the NFT marketplace, like the NBA Top Shot, is ready.
Innovative Features For NFT marketplace like NBA Top Shot
- However, the social media platforms login feature enables the users to participate in various unique auctions.
- Incorporating the activity dashboard allows the user to discover a wide range of NBA NFTs quickly.
- Dedicated help desk to overcome all the front-end issues the users in the marketplace are facing.
- However, the featured packs section is provided to the platform to bring in users rapidly.
- Also, real-time updates regarding the new NFT arrivals and ongoing auctions should be provided on the NFT platform, thus, connecting the NFT marketplace with the appropriate crypto wallet to unlock various benefits.
Flow blockchain is perfect for businesses to create a top-tier business platform. Additionally, developing an NFT marketplace like NBA Top Shot is incredibly perfect to bring in an enormous level of profits and revenue. Hence, non-fungible tokens are the perfect solution for anyone to experience novelty and profits simultaneously at the same place.