NFTs have accelerated in recent years, propelling many businesses toward profitable dynamism. NFT marketplace development has the potential to be the most lucrative trump card in the long run. The Multichain NFT marketplace includes a number of advantages such as cross-chain connectivity, low gas fees, and seamless connectivity. We create a multi-chain NFT marketplace while adhering to your business’s growth with minimal resources. So, how does common user behavior flow on a multi-chain NFT marketplace?
What is Multi-chain NFT Marketplace?
By combining all of these blockchain technologies, multi-chain NFTs are created. This is primarily done to remove barriers such as interoperability, high gas fees, and energy consumption.
Some NFT marketplaces currently use a single blockchain technology. It enables buyers to obtain the NFT only using the native cryptocurrency on which the blockchain is built. When the NFT marketplace has multiple blockchain chains for minting, trading, or exchanging, a multi-chain NFT marketplace is an online platform where NFTs built on different blockchains can be traded through the same interface.
The multi-chain NFT marketplace ensures that crypto collectibles are widely adopted without restrictions. It makes the future NFT landscape more interoperable, sustainable, and energy efficient.
The following are the advantages of developing a multichain NFT marketplace:
- Supports trading in multiple networks
- Low gas fees
- Interruption-less connectivity
- High transparency
- Traverse across different blockchain networks
- Unique abilities of networks incorporated
- Users tend to interact with Defi and NFT at the same time
This section only considers wallets that use our portfolio tracker feature and the Ethereum ecosystem. We discovered that the growth trend of NFT began to overlap with existing Defi users after analyzing the wallets that interacted with DappRadar throughout July.
When analyzing wallets that interact with Defi dapps via various protocols, only 15% of wallets only interact with Defi dapps. In comparison, the remaining 85% of wallets have some transactions with the NFT collection or the market. NFT’s strong performance continues. NFT usage by Defi users has increased by 10% compared to May data.
In contrast, we saw a 6% increase in wallets connected to Ethereum NFT compared to May. 75% of NFT wallets have interacted with Ethereum Defi dapps. This is where 25% of NFT wallets excel.
The NFT craze is genuine. More experienced blockchain users (such as Defi users) are more likely to fully appreciate NFT and its numerous applications. Furthermore, Dune analytics reports that there are now over 3 million Defi users on Ethereum. According to the current population model, there are approximately 2.5 million NFT users. With new collections being released daily, investment in the NFT field has also reached new heights. There is no doubt that this field has a lot of room for expansion in the medium term.
Conclusion
That is the flow of typical user behavior on a multi-chain NFT marketplace. Traditional finance extensively uses behavioral finance to identify user behavior patterns to explain economic decisions. If you are interested in developing an NFT marketplace, SmartOSC can assist you in creating a marketplace with a user-centered design and powerful features.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
