NFT Marketplace
Overview
The sharing economy is a fundamental pillar for the sustainable development of new communities, hence the need for a system that incentivizes participation from each member so that they can be rewarded for their contribution to the community.
To this end, we developed Realtok Marketplace, which is based on blockchain technology and allows for the co-creation of NFTs by members participating in the same collection, which represents a social group or objective that the community has set.
In addition to shared minting of assets, we also introduced the concept of profit distribution from a sale, which allows each member involved in the creation of the NFT - be it an art director, technology specialist, sponsor, etc. - to receive an economic return. This is made possible through a split payment at the time of the NFT's sale.
Tech stack:
React, Node.js, MongoDB, Ethers.js, Express, Solidity
My contribution
Product design User research Product development
The team
1 × project manager 1 × team lead 1 × engineer
Year
2022
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Process
Setting the foundations
We divided the project into stages, considering each point according to its weight in importance. To do this, we defined sprints with temporal goals and weekly meetings to constantly keep track of the development.
Portfolio Feature
In the first stage, we identified as most important the user sign-in through web3 wallets (Metamask) and the user profile page where the information of the logged-in user would be displayed, as well as the portfolio of NFTs that they hold in their wallet.
I utilized the powerful Moralis API to extract information from the blockchain of the wallet and obtain the tokens held, along with their corresponding metadata hosted on IPFS. One of the challenges I faced was the format in which the information was provided, as not all tokens stored the metadata in the exact same way. I had to add support for previewing images, videos, audio, and GIFs, making the portfolio more visually appealing and interactive for the user.
Minting Engine
This module allows us to mint the NFT itself by adding the metadata that will be present in the token using the ERC721 standard. We use IPFS technology to store the information in a decentralized manner. We can attach an image, name, description, additional attributes, and more.
- It allows us to set royalties divided from the sale of the item, enabling us to add different recipient addresses with their corresponding percentage, totaling up to 20% in royalties.
- This means that each NFT can possess attributes that provide various benefits within the organization. Let's take the example of a coworking space: an NFT could grant access to the streaming room, entry to premium events, a designated number of hours at a workspace, and more.
- Each attribute adds real-world utility to the NFT, increasing its value. To develop this feature, we combined blockchain and off-chain technology and integrated it with a CRM system. This allows us to efficiently control and manage each benefit while preserving the decentralized nature we aim to promote.
Trading Module
This arguably the most important component of the Marketplace as it enables secure and decentralized asset transactions. It is powered by the main smart contract, which allows:
- Listing an NFT for sale: Users can list their NFTs for sale in the marketplace. The method used involves spending permissions, which means there is no need to transfer the item to the contract when listing it for sale. This allows the user to list the NFT on other markets and continue using the asset until it is purchased.
- Buying and selling NFTs: Users can initiate buy orders for NFTs listed in the marketplace. When a buy order is executed, the NFT is automatically transferred from the seller's wallet to the buyer's wallet. The purchase amount is divided proportionally among the co-creators in the same transaction.
This approach ensures secure and decentralized trading of assets within the Marketplace, providing flexibility for sellers and ensuring fair distribution of proceeds among co-creators.
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