NFTs are one of the latest developments in the digital economy. According to Nonfungible.com, the marketplace of the NFT has been increased 2100% from 2021. Now we will shortly discuss, “how to launch an NFT marketplace”.
Many NFTs sold instantly and the most popular NFTs sold approximately 75 million dollars. Moreover, various celebrities support the market by transferring their music, pictures, memes, videos, logos, codes, etc. into NFT.
What is NFT?
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectables and even real estate.
They have one official owner at a time and they secure by the Ethereum blockchain no one can modify the record of ownership or copy/paste a new NFT into existence.
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For Example – Mike Winkelmann aka the digital artist Beeple, has sold his piece “Everyday — The First 5000 Days” for $69.3 million.
Here are some other examples of NFTs:
- It was the very first tweet sold for 2.9 million dollars.
- Nyan Cat animation movie sold for 590,200 dollars.
- CryptoKitties cat was sold for 172,000 dollars.
Key Attributes of NFTs
- Transparency – It is very important for buyers, who can trust and as well as verify the validity of a specific NFT.
- Ownership – The NFT tokens ensure the ownership of the asset transferred
- Indivisibility – Non-fungible tokens cannot splits into smaller pieces.
- Non-Interoperability – Each token is unique and cannot exchange for these items.
- Authenticity – Their authenticity can easily verify information about tokens and as well as their owners.
- Programmability – Non-reversible tokens are fully programmable, just like any other digital asset. However, the design space has endless possibilities.
- Traceability – NFTs can trade on various cryptocurrency exchanges and owners can benefit from these advance trading systems.
How to launch an NFT Marketplace?
An NFT marketplace is a decentralized platform where users may generate, purchase, sell, and as well as store non-fungible tokens.
They primarily focus on selling specific assets, such as digital tokens of artwork, games, soundtracks, or any other artistic production, together with information about their ownership and validity.
NFT Minting Steps
- Creating a new block
- Validating information
- Recording information into the blockchain
Building MVP of NFT Marketplace
Building an NFT Marketplace solution consist of the following basic operations:
- Minting NFT
- Purchasing NFT
Tech Stack required to launch an NFT Marketplace
Blockchain platforms allow the development of blockchain-based applications. It allows people to develop and host applications on the blockchain. Examples of Blockchain platforms: Ethereum, Hyperledger, Tron, and as well as Cosmos, etc.
Ethereum: You can use Ethereum-PHP to watch changes on your smart contracts or index a Blockchain block by block.
Non-fungible Tokens Standard
NFT standards describe how to build Non-Fungible Tokens on a particular blockchain protocol. we are introducing are the most common NFTs standards, which uses in the Ethereum blockchains are
- ERC 998
- ERC 1155
- FA2 and many more..
We will use ERC-721 in the NFT Marketplace of Laravel. Furthermore, it implements API for tokens within a smart contract, helping people to interact with the token and receive proof of interaction too.
Functionalities of ERC-721:
- It transfer tokens from one account to another,
- To get the current token balance of an account,
- To get the owner of a specific token
- The total supply of the token available on the network.
NFT wallet is a cryptocurrency wallet that supports the blockchain protocol NFTs are built on. You can use Wallet to store, send and as well as retrieve funds for NFTs. Furthermore, here are some of the top NFT wallets available right now.
- Math Wallet
- Trust Wallet
- Coinbase Wallet
We will use MetaMask which is a software cryptocurrency wallet used to interact with the Ethereum blockchain.
It allows users to access their Ethereum wallet via a browser extension or mobile app, which can then use to interact with decentralized apps.
Front-end NFT marketplace
This is the external part of the trading platform that is responsible for the interaction with the user. We will use the Vue.js framework will act as a frontend to our application
Here are some storage platforms that you can use:
IPFS is a peer-to-peer hypermedia protocol designed to store media content in a decentralized way. Media files related to NFTs cannot store directly on the blockchain, IPFS can store all that data.
Filecoin is an open-source, cloud-based decentralized storage network built to maximize data storage and as well as retrieval.
Pinata makes file storage like images or video, 3D files, or an app, easily take your creations and share them with the world.
Programming Language: PHP
Writing Smart Contracts
Solidity is an object-oriented, high-level language for implementing smart contracts. You should use the latest released version of Solidity at the time of deployment.
Library to interact and make requests to Ethereum (Ether.js)
The Ethers.js library aims to be a complete and compact library for interacting with the Ethereum Blockchain as well as its ecosystem.
Ethereum Development Environment (Hardhat )
Hardhat is an environment developers use to test, compile, deploy and debug Apps based on the Ethereum blockchain.
Ethereum Web Client Library
How do they work?
NFTs gives the ability to assign or claim ownership of any unique piece of digital data, trackable by using Ethereum’s blockchain as a public ledger. However, an NFT can only have one owner at a time.
Here the ownership manages through the uniqueID and metadata that no other token can replicate. Furthermore, NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT’s.
When a user creates or mints an NFT, they execute code stored in smart contracts that conform to different standards. Such as ERC-721 that information is added to the blockchain, where the NFT is being managed.
Here is the step by step process that you need to follow:
If you are looking to know more on how to launch an NFT marketplace, you can consult our NFT development expert. You can connect with us at [email protected] who will help you from consulting to the marketplace development and as well as launch.
Facing any issues/queries regarding NFT Marketplace, kindly raise a ticket at https://webkul.uvdesk.com/en/customer/create-ticket/.
Thanks for paying attention!!