NFT marketplace platform for users to buy and sell digital collections
Our client needed a unique Non-Fungible Token marketplace platform that is cost-effective, quick, secure, and scalable; where users can showcase and sell their digital collections in a hassle-free manner. Reducing transaction friction to get instant processing and Slow block confirmations, which need to be solved to render an impeccable user experience. Integration of listings with OpenSea was also an inherent ask.
Virtuosity provided a solution to this problem statement by creating an NFT Marketplace with Layer 2 of the Ethereum network. We chose Polygon/Matic network as the base, making the high-volume transactions faster and cost-effective. Considering the security, cost of transactions, block confirmation time, and scalability, we decided to adopt this blockchain technology.
We have used Innovative smart contracts to integrate the platform with OpenSea on the Layer 2 network. Smart contracts enabled optimally to incentivize users for their contribution to the platform. Smart contracts using ERC1155 Token standard for the NFTs to provide batch transfer functionality to the user.
Since OpenSea SDK did not support a Layer 2 Polygon environment, we developed custom APIs and custom smart contracts to implement key NFT functionalities like Mint, Buy & Sell NFT.
Achieving Full Potential
NFT Based Value-Driven Protocol: NFT’s are assets with both long and short benefits, these assets can be traded outside the client ecosystem also.
Storefront: This feature renders users with details about the item such as preview, price history, owners, bids, etc.
Security: Custom Security algorithms are used in the Platform which helps in Signature verification of the users and the transactions, blocking the addresses to prevent fraudulent transactions.
Filters: Allowed users to select items by listing status, collectibles, category, payment method and makes it easier to navigate the app.
Wallet: This feature enabled users to save, send, and receive NFTs on linked wallets. We integrated popular wallets for a seamless experience.
Buy & Bid: This feature allowed users to purchase and bid for NFTs listed on the app. The bidding part included a bid’s expiry date, enabling users to view details about the bid’s status.
We continue to develop this platform and add features towards a full-fledged marketplace.