NFT Marketplace on NEAR Blockchain

NFT Marketplace On NEAR Protocol

May 30, 2022 05:00 PM

NEAR Blockchain

There is an increase in demand for eco-friendly blockchain networks due to the rising climate change crisis. Many blockchain networks are playing a significant role in reducing carbon emissions in today’s environment. The power required to trade NFTs and mint them on a blockchain network is enormous. It also emits approximately 100kgCO2 footprints. This is equal to the carbon footprints created by an hour-long flight.

NEAR Protocol's computational mechanism relies on Proof-of-Stake consensus to address concerns about carbon footprints from NFT and block minting. The PoS consensus mechanism does not have miners. Instead, validators can stake token amounts for their participation in voting. The Proof-of-Stake consensus mechanism allows blockchain-based application development communities to validate blocks, and receive block awards.

NEAR's Proof-of-Stake consensus, also known as Nightshade, is a mechanism that allows for the network to achieve scalability and security. Sharding, in addition to Nightshade, is another mechanism that aids the network to achieve scalability. It also helps it maintain security and an eco-friendly footprint. Nightshade and Sharding work simultaneously to make transactions more energy-efficient by splitting the network’s data. NEAR Protocol's computational mechanism relies on Proof-of-stake (PoS). This allows for the mitigation of the concerns about NFT or block-mining causing carbon footprints. The PoS consensus mechanism does not have miners. Instead, validators can stake a token amount for their participation. The Proof-of-Stake consensus mechanism allows blockchain communities to validate blocks, and receive block awards.

NEAR's Proof-of-Stake consensus, also known as Nightshade, is a mechanism that allows for the network to achieve scalability and security. Sharding, in addition to Nightshade, is another mechanism that aids the network to achieve scalability. It also helps it maintain security and an eco-friendly footprint. Both Nightshade as well as sharding work simultaneously to make every transaction more energy-efficient by splitting the network’s data.

NEAR blockchain

NEAR is a decentralized, carbon-neutral, and decentralized blockchain platform that uses Nightstand and sharding. It is a smart contract-capable, blockchain protocol that allows for the creation of highly scalable applications. NEAR blockchain can process approximately 100,000 transactions per second. It uses community-operated cloud infrastructure to deploy and run the dApps.

NEAR is a combination of distributed database features and a serverless database computing platform. The NEAR token powers NEAR dApps in different ways. NEAR blockchain allows developers to create censorship-free backends to smart contract functions to manage high-stake information like digital assets and identities.

NEAR blockchain works in the same way as a centralized data storage system. Amazon Web Services (AWS), for example, acts as the base layer upon which applications are built. AWS is different from NEAR because it is a distributed network of computers that is not controlled by one authority. It allows for the creation of the dApp & NFT market architecture within the network.

These are some of the key components of NEAR's platform:
  • Metabase
  • NEAR Token
  • Minting and trading NFTs Platform
  • Flux Protocol

NEAR blockchain works in the same way as a centralized data storage system. Amazon Web Services (AWS), for example, acts as the base layer upon which applications are built. AWS is different from NEAR because it is a distributed network of computers that is not controlled by one authority. It allows for the creation of the dApp & NFT market architecture within the network.

What are the advantages of building NEAR?

NEAR blockchain offers a progressive User Experience (UX), for DeFi's app users. NEAR Protocol, which uses the sharding method, facilitates network data retrieval and scales dApps on Defi platforms. It uses sharding and a PoS election mechanism called the Threshold Proof-of-Stake. This mechanism creates a predetermined path for a large number of participants to manage the blockchain network. TPoS increases the security and decentralization of the blockchain network. NEAR Protocol uses TPoS to provide a reward distribution mechanism for dApp users.

Let's now look at the benefits of building on NEAR Protocol for blockchain-based app development
Sustainability

NEAR Protocol's PoS network ensures sustainability and carbon neutrality. This allows users to efficiently run Dapps and conduct blockchain transactions.

Cost-effective

NEAR Protocol charges developers and users 1000 times less in transaction fees than other third-generation blockchains. Participation in the network's expansion is subject to a 30% transaction fee.

User-friendly

NEAR Protocol can generate a human-readable account number based on a scoped DNS pattern. NEAR Protocol can generate a human-readable address that allows anyone with no technical knowledge to access the network.

Secure

NEAR has a strong network of active validators that ensures it maintains its credibility as well as high security across the network.

Interoperability

NEAR components such as the EVM or cross-chain Rainbow Bridge support NEAR to facilitate cross-chain transactions between independent blockchain platforms.

Pragmatic

NEAR smart contracts can be written in expressive, community-supported coding languages like Rust or AssemblyScript.We are now familiar with the benefits of NEAR, so let's look at the NEAR development suite in the next section.

What are the fundamental components of NEAR's development?

NEAR blockchain can be used independently, but it comes with a set of tools and implementations. The following components make up the NEAR development suite:

NEAR SDKs

NEAR Protocol users use the JavaScript, Rust, and AssemblyScript programming languages to create their smart contracts. NEAR provides a complete SDK, standard data structure, and testing tools for smart contract languages.

Gitpod for NEAR

NEAR utilizes the Gitpod technology for a zero-time developer onboarding experience. The technology comes with an online Integrated Development Environment (IDE). Developers can use the IDE to efficiently create, test, and deploy NEAR smart contracts from their browser. NEAR also offers other templates that can easily be downloaded with one click. This makes it easy to develop new and existing developers.

NEAR wallet

NEAR wallet includes functionality that allows holders to participate in governance and stake-taking processes on the NEAR platform. It allows developers and users to store digital assets on NEAR Network.

NEAR explorer

NEAR's Explorer helps users to understand the performance and debugging of contracts. It displays real-time network data in a web-based, graphical format that is easy to understand.

NEAR command-line tools

NEAR has command-line tools that enable developers to create, test and deploy applications in their local environments. Let's now look at the steps involved in creating an NFT marketplace on NEAR on the NEAR platform.

How do you build an NFT market NEAR?
Prerequisites

Nodejs is a JavaScript runtime environment that was developed using the Chrome V8 engine. NEAR wallet accounts can be used to secure accounts and manage wallets for NEAR users. NEAR wallet accounts allow users to connect to various decentralized apps on NEAR. It secures the NFTs and NEAR tokens. This section will use the test net wallet to create an NFT marketplace using NEAR. Rust Toolchain refers to a particular version of a set of programs that are required for the compilation of a Rust app. NEAR-CLI, a NodeJS CLI, uses near-API-js to connect and interact with the NEAR network.

Two parts make up the NFT market development:
Part 1: Setting up the NFT Contract
Part 2: Setting up the marketplace
Part 1
These steps will help you set up smart contracts in the NEAR NFT market:
Step 1
Clone

Use the command-line interface to create the smart contract application.

Step 2

Creation of an account Use the command CLI to open the wallet testnet account in the NFT contract folder. Next, log in to NEAR by entering the following code. Next, build the contract using the CLI from the NFT/contract directory. There are two CLIs available:

Windows users:
Step 3
Creation of subaccounts

To create a sub-account using the NFT contract directory, use the following CLI:

Next, edit the contract name by changing your account name in the config.js to a preferred name. Then install all the packages for the frontend; go to the root of the directory NFT-marketplace-part-1 by using the CLI given below:

We are now familiar with NFT Marketplace Development on NEAR. Let us examine the development services offered by PerfectionGeeks Technologies in this section.

What NEAR development services does PerfectionGeeks Technologies provide?
Scalable dApps

We leverage the infinite scaling potential of Near Protocol to build secure, scalable, and advanced dApps. To enhance your dApp's utility, we also examine your project's technical details.

NFT markets

Near Protocol's blockchain experts create feature-rich NFT markets on Near Protocol and provide you with the best NFT trading platform. We tailor your marketplace to your specific business needs using Near blockchain's intrinsic features.

Smart contracts

Near protocol smart contracts development services are provided by us. We offer contract development services in all aspects, including smart contract architecture, design, auditing, and optimization.

Exchange Bridges

We assist enterprises in leveraging interoperability through cross-chain bridge launches using the Near Protocol. This allows their users to seamlessly trade tokens, data, and resources across multiple independent Blockchains.

Node and wallets

Based on your specific requirements, we help you create and manage a Node on Near Protocol. Our developers integrate NODE and wallets into your dApp or decentralized exchange and support dApps as well as associated transactions.

DAO Integration

DAO creation and DAO integration are our services. We keep all aspects of your project under control. DAO allows users to make major decisions and propose changes to the protocol, which helps build trust.

Maintenance and upgrade

Our clients also receive regular support and maintenance services to make sure their DApps run smoothly and are running at all times.

Conclusion

NEAR blockchain is a unique blockchain that has an environment-friendly protocol and low carbon footprints. It is highly scalable and built on the Nightshade consensus mechanism. Along with scalability, it has unique features like interoperability and human-readable account names instead of cryptographically-coded wallet addresses to its credibility. This makes it easy for users to access their wallets and Dapps. Therefore, contact our blockchain experts to know more about NEAR blockchain is one of the most compatible blockchains that meets the dApp development requirements of different businesses and start-ups.

let's cut the distances today

tell us about your project

Visit us

Plot No-one, 249, Phase IV, Udyog
Vihar, Sector 18, Gurugram,
Haryana 122022

call us

+91 8920947884

email us

sales@perfectiongeeks.com

don't think about budget just contact us and take your business beyond the sky

book free Consultation
home icon

Home

services icon

Services

technology icon

Technology

blog icon

Blog

contact icon

Contact

Coronavirus Crisis