A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain. NFT certifies a digital asset to be unique and interchangeable. NFTs can be used to represent items such as photos, videos, audio, digital art and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
NFT marketplaces are like any other online marketplaces or eCommerce portal, however, the buyers are required to have a digital wallet and use cryptocurrencies platforms like Ethereum, World Asset Exchange (WAX) or Flow. The examples of crypto wallets are Binance wallet or Metamask wallet. Also, for buying and selling transactions on NFT marketplaces, smart contracts are essential. Smart contracts are programs that run when buyer agrees to the seller's terms. These smart contracts are a set of pre-defined conditions. So, when a transaction has to happen between a buyer and a seller on NFT marketplace, the buyer logs in to the network, where the execution of smart contract happens. When the buyer decides to buy, the crypto wallet is another network where the user logs into complete the transaction through digital wallet.
Apart from the keyword-based search option, an NFT Marketplace should have category-based search, especially if it is a horizontal marketplace that is selling a wide range of digital collectibles like art, music, domain names, trading cards, virtual lands, video clippings, podcasts and may more. This will help the user to land on the right product page, that is specify to their requirements. Search and Filters will help users find the right product as quickly as possible and make an effective purchase.
In order to develop an online marketplace for NFT, NodeJS, MySQL, React Storefront and Solidity language is essential. We have experts at Piccosoft, who are well-versed in blockchain technology, smart contract programs and Solidity. If you have a vision to develop an online marketplace for NFT, then do get in touch with us and we will discuss on how it can be implemented in the best manner.
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