Cryptokitties built by the Dapper Lab team is an example of the first-ever NFT mass adoption. After Cryptokitties newly developed NFT marketplace platforms like OpenSea, Sorare, and Rarible have been brought up to increase the development of NFT. NFT marketplace has shown tremendous growth as the total value of NFT transactions has increased over a certain period.
NFT Marketplace Development has a user-friendly mechanism. People working on the NFT marketplace can develop their assets by uploading all the items to showcase their work. The users also have the option to choose the payment tokens they prefer to accept for their own art and can then fix a fee if the platform allows for it. After fixing the price, the users can move forward with the process of items listing for sale. After listing the items for sale, users will choose a price for the process for bidding or an auction. A personal smart contract used for trading will be launched by creating a transaction when the sale item is listed for the user’s wallet. There is a major possibility that the platform might require a collection moderation, and all the NFTs will reflect on the list after the approval has been done.
These issues go beyond the violation of intellectual property rights and have strong financial repercussions. When NFT copyright content is stolen or pirated, the uniqueness and value associated with the assets are greatly degraded. This not only undermines the trust and confidence of NFT creators and collectors but also can result in substantial financial loss.
How to create an NFT Marketplace?
Since you are familiar with the working mechanism of NFT Marketplace, let’s now learn about the process of developing a marketplace.
The first thing you will need to perform is precisely to decide on a list of attributes and select the technology stacks and NFT levels for the marketplace you are planning to develop. Below mentioned are some attributes that can increase the value of your NFT marketplace:
- Searching for Items
- Listing Creations
- Bidding and buying
Once you are done completing the process of adding the attributes, next continue with analyzing the technical components to be implemented in the project. Below mentioned are some of the selective technical components that will add up value in the working of your NFT marketplace.
Steps to Develop the NFT Marketplace
- Setup the Tools
The first step is to install the Flow CLI on the system. There are various commands for installing a Flow CLI on the operating systems.
- Create Contracts
After setting up the Flow CLI, you need to create contracts for minting the NFT, for metadata association with NFT, and to ensure that the metadata points towards underlying assets stored on the IPFS.
- Mint NFTs
You can use the command lines and the cadence scripts to mint the NFTs on Flow. Start with creating a new directory within the roots of the pinata-party project and then create a new file naming it as MintPinataParty.cdc.
- Displaying NFT Collectibles
After minting, create a simple React app that has an interaction with the Flow Smart Contracts to authenticate and pull out NFTs owned by the users.
- Fetch NFTs from Flow
- Communicate with the Flow blockchain to display the NFTs that you have created. Communicate with the Flow emulator and build a component to fetch the data.
- Extracting Media from IPFS
As you will already sign up on the Pinata account and add the video to IPFS through the interface of Pinata upload, you will then be navigated to Pinata gateway IPFS where the entire IPFS content is reflected just by a click on has in Pin Explorer.
- Transfer the NFTs
The next step is to transfer the NFTs. Before that, you will need to create contracts for setting up the marketplace. These contracts will be created for the payment process of fungible tokens, the supply settings of the token, and the transfer capabilities of the token.
- Deploying Tokens
The next step is to deploy the minted tokens. Update flow.json file, which is in the project to continue deploying the new contracts. After that, make sure that flow.json references the new contract and has the reference of the emulator account key.
After this, the marketplace contract will finally be deployed and will permit you to use it within the frontend application. As it gets done, you will need to work on the frontend and connect the contracts with the assistance of the Flow CLI tool.