Some people think that web3 is the same thing as web 3.0. But it’s not.
Web 3.0 is semantic web – it is a common framework for user to reuse and share data. While web3 is a decentralized and blockchain-based web that stands for privacy, security and machine learning. It is perfect for developing the next generation of marketplaces — NFT.
Some of the best things about web3 is an ability to create decentralized products, which are not subject to the same regulations as a traditional platforms. This provides more freedom and flexibility.
The case study: NFT (non-fungible token) is a new way to authenticate an ownership for digital items. It received its best use in digital art. This digital identifier cannot be copied, substituted, or subdivided.
Working with a startup specializing in digital collectibles (and serving NFT creators) our team was engaged in developing a unique NFT marketplace for viewing, renting and securely purchasing digital assets, which can then be exchanged for physical items.
Key components of the NFT marketplace
User interface, video & image uploads, smart contract, code infrastructure and third-party integrations — are the key components of the built NFT marketplace.
To avoid shell scripts for generating NFT tokens, we created a stepper for the system’s administrator to generate and customize NFT tokens and vouchers. Also, it was necessary to provide background services for minting and distribution.
One of the problems was handling several different payment methods with completely different APIs and flows. To integrate the different payment methods, we created a gateway for the different APIs and unified the whole payment process by using the Queue, WebHook and Background services.
Sometimes NFT tokens can be bought on external resources. To synchronize the data from blockchain with database and simplify monitoring, our team implemented Graffle WebHooks together with Cron Jobs.
Why NFT in the future of digital marketplaces?
As an eCommerce enterprise, you can pair NFTs with your goods or commodities (as NFT is a digital representation an object). While your customer waits for a real object to be delivered (and it might take some time) you can send an NFT of this product to assure a customer about real product being on its way.
Also, products with NFT replicas can be easily traced and authenticated via the public ledger where the NFTs have been recorded. It also give distributors a chance to monitor and authenticate publicity of numerous products and editions. Counterfeit products mimicking yours will be also easy to identify and proof them to be fake.
Values delivered by Abto’s NFT marketplace
- By using traditional marketplaces, the client would have to put up with some additional transactional charges. Instead, with the tailor-made NFT marketplace, the benefits of decentralization gives an opportunity to omit conducting transactions through intermediaries.
- Increased security — by leveraging blockchain technology, we provided for security and transparency of every single transaction.
- Independency — since the NFT marketplace is decentralized.