The NFT marketplace is all about NFTs that represent ownership of physical objects including but not limited to artworks, music pieces, exclusive videos, and the like. These digital assets are then traded through cryptocurrencies such as BTC and ETH and exist on blockchain technologies which record their transactions so that the buyer becomes the sole irrefutable owner of that object.
This client had an idea to build a one of its kind marketplace dealing in NFTs that is secure, scalable and quicker than all existing solutions. Thus, he approached us with this idea in mind so that it could be brought into existence as an NFT marketplace for short videos.
The existing blockchain ecosystem was not scalable and had problems with block size restrictions and slow block confirmations that needed to be resolved to offer a seamless user experience.
To resolve this, we incorporated a fantom framework with the help of which we could work on providing an impeccable user experience.
The key features of the final product were as follows:
- Creation of listings
A user is enabled to create and mint NFTs where the user can upload files, and fill in token details such as its name, description and tags.
With the wallet, users can save, send and also receive NFTs instantly. To make the program intuitive, features were added to enable users to add already linked wallets where users could add trending wallets such as Metamask and Coinbase.
- Search bar
The search bar allows users to search for collectibles that they are interested in. It allows them to add these items to their repositories.
Most marketplaces are a hassle to use since they have a large number of collectibles but seldom offer an effortless navigation experience. Filters in the final solution enable users to search items based on status, category and payment method.
- Buy & Bid
Users can purchase and bid on the collectibles listed on the marketplace where before bidding, details about the bid’s expiry date and its current status will be visible to the user.
Each item comes with a preview option that shows its key details such as price history, owners, and bids, etc.
The marketplace solution was developed with a blockchain technology incorporated with smart contracts that would reduce transaction fees.
Since this platform allowed bidding on NFTs, our team opted to create a node server for transactions which also helped in approving the initial transactions as there were no blockchain users to approve them.