Technology used |
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Team
- BA (2)
- Project Manager (1)
- Developers (3)
- Designers (2)
- QA Testers (2)
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Timeline
- Of unstoppable work
Client
- Blockchain, Gaming Industry
Budget
- Budget for completing the project
Challenges of NFT Marketplace
Evaluation Challenges
The main challenge faced by our developers is the uncertainty in determining the price of the NFT. The price of any NFT will now be determined by the buyer’s and seller’s originality, uniqueness, scarcity, and various other factors. Unfortunately, people cannot identify the factors that may influence the price of NFT; therefore, price swings remain consistent, and evaluating NFT becomes a significant challenge.
Royalty payment challenge
The growth of the NFT market is attracting a lot of businesses since it provides several benefits to NFT authors, including royalty payments. The smart contract, a fantastic feature of blockchain, is printed into NFT codes. This allows NFT ownership to pay royalties every time the underlying work is resold. However, this is the problem that our developers had to deal with. If NFTs are resold through different platforms, the default royalty payments will not be sent to the actual owners. As a result, smart contract development for NFTs needs refinement to overcome this difficulty and improve the effectiveness of the royalty payment method. This will necessitate as much diversification of platforms as possible and network enhancements.
Copyright violation issue
Rigorous restrictions do not constrain the development of the NFT marketplace, and this lack of well-defined rules often leads to copyfraud. Our developers had to thoroughly think about certain areas that could lead to copyright violation issues, To construct a safe and secure network.
How Did We Solve The Challenge?
Backend Foundation
ForWe leveraged our unique blend of design and programming knowledge to build and deploy the user-friendly NFT marketplace on “testnet and mainnet,” building on the existing backend basis and a list of desirable features such as NFT trends, filters, and so on.
Wallet Revamped
Our developers revamped the wallet using a live Ethereum version deployed from a cold storage wallet, making it simple to use and feature-rich, seamlessly integrating customized NFT collectors with players.
- NFT collectors can connect their wallets, request custom NFTs, browse player submissions, choose winners, and mint their NFTs.
- Players can link their wallets, upload art, earn cryptocurrency, and improve their reputations.
Digital Copy Creation
To avoid concerns with copyright infringement, We created an NFT marketplace that guarantees their uniqueness and copyright. It’s an assurance of authenticity.
User App Features of NFT Marketplace
The NineHertz provided this NFT Marketplace with a plethora of great features to provide a flawless user experience to its global users.
User App Features
- Filters Another option to enhance a buyer’s experience is to use search filters. People that consider NFTs as an investment have different criteria than collectors. Users should be able to sort goods by price, rarity, and artist.
- Listings Both buyers and sellers must have a favorable experience in the NFT marketplace. When someone wishes to list a file, well-designed NFT development offers a step-by-step path that makes it simple.
- Wallet Tech-savvy consumers are just as anxious about the security of their crypto wallets as they are about the security of any other piece of financial information. As a result, users should use their existing crypto wallet solutions with a new NFT marketplace.
- Ratings Ratings are a valuable resource for both buyers and vendors. People want to do business with those who have a good reputation. A rating system can also help discourage bad behaviors like misrepresentation or pulling out of a transaction before the smart contract takes effect.
- Smart Contract At this platform, all trade transactions were executed via a smart contract. It helps in the smooth flow of transactions and serves as legal clearance.
Additional Smart Features
- Attractive Storefront
- Advanced Token Search
- Bidding Option
- User History
- Alerts
- Buying and Auction
- Status of listing
Work Gets More Appreciation Than Words
Let’s talk more about your plan. Get a free consultancy and no-binding quotation for your project.
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