NFTs or non-fungible tokens have emerged as a revolutionary way of verifying the ownership of digital assets. NFTs are essentially digital certificates of ownership that prove that the owner has an original, unique and non-replicable asset. The blockchain technology underpins NFTs, which makes it possible to record and authenticate digital assets securely. With the increasing popularity of NFTs, it is no surprise that many people are interested in creating their own NFT marketplaces. In this article, we will take a look at how to create an NFT marketplace using the real-life example of a charity NFT marketplace to support Ukraine.
A Model NFT Marketplace: Art United
Art United is an NFT marketplace developed by the Ukrainian software engineering company, MobiDev. The marketplace is dedicated to selling unique works of art to raise funds to help Ukraine in the fight against Russian armed aggression. The platform sells NFTs of unique works by Ukrainian designers, which are based on Ukrainian national symbols interpreted in a modern context.
The platform’s customers get access not only to images but also to comprehensive information about them. For instance, the image is accompanied by a detailed description, information about the author, the history of creation, as well as an explanation of the ideas and symbols embodied in the creative work.
Smart Contracts and Minting
When it comes to minting NFTs, Art United implements a lazy minting option that is convenient for authors. With this option, the entry of an item into the blockchain actually occurs simultaneously with its purchase. This is done using a smart contract in the Solidity programming language, with the Ethereum Virtual Machine (EVM) as the runtime environment.
The Art United NFT Marketplace is designed in such a way that only two smart contracts are deployed. The Marketplace contract is used for transaction logic. With the help of the NFT contract, the record of the owners of Art_ID is kept. Accordingly, the transfer of NFT ownership to other platform users is specified in this contract.
All metadata about the artwork and its image are contained in a JSON file stored in the IPFS distributed file system. This approach ensures that the NFT data file cannot be changed by any third party.
The Technological Stack for Building an NFT Marketplace
To create an NFT marketplace, you need to consider several things. One of the most important is the technological stack that you will use. The technological stack refers to the tools and technologies that you will use to build your NFT marketplace.
In the case of Art United, the marketplace is built using the Ethereum blockchain. Ethereum is a popular choice for NFT marketplaces because of its support for smart contracts, which make it easy to mint, transfer and sell NFTs.
Another essential technology used in the Art United NFT marketplace is the InterPlanetary File System (IPFS), which is a peer-to-peer network for storing and sharing files. The IPFS system ensures that the metadata of the artwork and its image are stored securely and cannot be tampered with by any third party.
The Role of Crypto Wallets in NFT Marketplaces
Crypto wallets are essential for NFT marketplaces since they are used to store and transfer cryptocurrencies. In the case of Art United, buyers need to have a MetaMask crypto wallet and a balance in Ether (ETH) cryptocurrency to buy NFTs on the platform.
MetaMask is a popular virtual crypto wallet that supports many networks, including the Ethereum Mainnet. The wallet allows buyers to interact with different marketplaces with the same tools. Moreover, MetaMask capabilities enable NFTs to be automatically pulled up for possible interaction with other marketplaces, making it an ideal choice for NFT marketplaces. With its easy-to-use interface and broad network support, MetaMask is a great tool for anyone looking to enter the world of cryptocurrency and NFTs. Whether you’re a seasoned trader or just getting started, MetaMask provides a secure and reliable way to manage your digital assets and participate in the rapidly growing NFT market. So if you’re looking to buy, sell, or trade NFTs, be sure to check out MetaMask and see how it can help you take your crypto journey to the next level.
Now that you understand the inner workings of the digital asset trading platform, you may be considering starting an NFT project and wondering about the amount of time and effort it may require.
Customizing Your NFT Marketplace with a White Label Solution
Currently, our marketplace is working successfully and we are happy to share our experience with those who want to create their own NFT marketplace. We also offer our experience in the form of a ready-made White Label NFT marketplace solution, which can be easily customized to your needs and requirements. Our White Label NFT marketplace includes a ready-made technology stack, which includes a modern user interface, marketplace functionality, and interaction with blockchain platforms.
This solution can be configured and edited according to your business and needs. With our White Label NFT marketplace, you can quickly and efficiently launch your own marketplace to increase your revenue and expand your business in the world of NFT.
By ordering our White Label NFT marketplace, you can focus on the important aspects of your business and not spend time developing infrastructure. Our developers and blockchain experts will be in touch with you throughout the process to ensure the successful launch of your marketplace.
So if you dream of creating your own NFT marketplace, we recommend considering the possibility of ordering our White Label NFT marketplace and receiving professional assistance from our team of experts. Our experience and ready-made technology stack will help you quickly and efficiently launch your own marketplace, which will generate revenue and expand your business in the world of NFT.
Overall, the future of NFTs looks promising, and it’s an exciting time to be a part of this innovative and rapidly growing market. As the use cases for NFTs expand, we can expect to see even more creativity, innovation, and investment in this space in the coming years.