The NFT marketplace will allow users to trade digital assets for other digital assets, and also allows developers to create new applications that use the blockchain technology.
Deciding what type of NFT marketplaces you want to build.
There are two main types of NFT markets: decentralized and centralized. A decentralized NFT marketplace would require no central authority to operate, while a centralized NFT marketplace requires an entity to run the platform.
Choosing which blockchain platform to use.
Decentralized platforms allow users to trade directly with each other without any intermediary. This means there is no need for a third party to facilitate transactions between buyers and sellers. However, decentralized systems also lack security and transparency.
Centralized platforms provide more security and transparency than decentralized platforms. They also offer better user experiences because they typically have fewer restrictions on what can be traded. However, centralized platforms often require users to trust a third party to maintain the integrity of the system.
Creating the backend of the marketplace.
Once we had the front end ready, we started building out the back end of the platform. This included adding functionality to allow users to add listings, manage inventory, and accept payments.
The listing management system allows sellers to list items for sale. Sellers enter the details of each item, such as its description, image, and price. They also upload documents related to the item, such as receipts, warranties, and other paperwork.
Once a seller has listed an item, buyers can browse through the listings and select the ones they wish to purchase. After selecting an item, buyers can choose how much they are willing to pay for it. If the buyer accepts the offer, the transaction will go through automatically.
Sellers can also view the status of their transactions. They can check the history of their orders, view the shipping address associated with each order, and cancel any pending orders.