HOW TO START THE DEVELOPMENT OF A MARKETPLACE FOR NFTS?
Being within the Blockchain technology, they are indestructible and unforgeable . In addition to certifying the authenticity and ownership of an asset, it is a means for artists to market their digital works. There are many marketplaces to market them, but what is the best option to start building one?
In this example we are going to show why it is safer and more transparent for all transactions to go through the blockchain. In order to develop a marketplace for NFTs, there are several things to investigate beforehand:
▪Web3: everything revolves around the principles of this universe
▪ Smart Contracts
All these concepts are key when making decisions on the architecture of the solution. At GM2 we build products from scratch on Blockchain and contribute to the creation of environments where transactions are more transparent and secure. Digital trading cards or DTC, is our latest development in the world of NFT Marketplace development . The client came up with a disruptive and innovative idea to make the digital asset exchange even more independent.
To do this, we not only look for the Blockchain network that best suits your needs, in this case Polygon . We also use all our previous experience in e-commerce to offer the most intuitive solution for users. This combination is the ideal setting for our clients’ concept to become the success they desire.
? Find out below how we approach the creation of an NFT marketplace from scratch! ?
The client was looking for a marketplace for NFTs with a key differential: eliminating intermediaries and bringing artists closer to the public. Their goal was to build a platform where everyone could count on the royalties from their assets and move them to another marketplace without losing the royalties they already have set up. This approach is one of its most important differentials with respect to the other NFT marketplace development platform in the environment.
In turn, the idea was to create an attractive and friendly product for any user from scratch. Even if you are not an expert in cryptos. That is, build an intuitive interface that refers to that of any e-commerce. It is there where our UX/UI team took center stage and made their proposal.
Solution: the complexity of blockchain but with all the advantages of a traditional site
Taking into account how innovative Web3 is, we advise you on all fronts: the complexity of blockchain but with all the advantages of a traditional site. There are a lot of aspects to consider that are related to E-commerce. Therefore, thanks to all the expertise we have on these platforms, we were able to advise them on SEO and Web3 Analytics to position DTC in Google.
The realization of the project lasted 3 months (6 sprints). At GM2 we opted for the Polygon network since it allows faster transactions, lower fees and is compatible with Ethereum. This network is more inclusive and allows reaching the general public, not just those specialized in crypto. Its philosophy of independence and inclusion demanded that a multi-royalty sales flow be considered from the outset. This means that the royalties from the sales of the NFTs can be distributed among all the participants: partners, investors and artists. In this way it is more democratic and fair for all parties.
Being compatible with Ethereum, you can operate with all the marketplaces that use that platform. That way, the tokens in your catalog can be transferred without hindrance or complications. And most importantly, without losing the royalties already set up in DTC and harming the artists.
On Chain y Off Chain
The project has an off chain infrastructure in Amazon AWS, a backend application in NestJS and a MariaDB database . Then we have a backend service that listens to all the transactions going into the database. This allows everything that is happening within the blockchain based on our Non-Fungible Token Marketplace Development Services to enrich the database. Then the API returns that information on the frontend in NextJS and Vercel.
The entire Onchain part, that is, the interaction with the blockchain, is carried out based on Smart Contracts made with Solidity . These are based on an Ethereum virtual machine that we then upload into the Polygon network. All commissions are based on this network and use its native cryptocurrency, Matic.
To avoid hacks or lack of clarity as it happens in other marketplaces, we proposed to the client that the transactions happen 100% on Chain. Since everything is registered in the Blockchain, there is complete transparency for users and there are no risks.
visit : https://www.blockchainx.tech/nft-marketplace-development