ArcBlock Hackathon 2020 - NFT Marketplace
On June 27th, developers participating in ArcBlock's virtual hackathon presented their projects live. The 3rd place winner of the hackathon was Shijun Wang who created and presented the NFT Marketplace, which can be viewed here.
Before reviewing the demo, let's first confirm that everyone understands the definition of NFT, or non-fungible token.
Non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable by their individual specification, which is in direct comparison to something like Bitcoin which is considered to be a fungible token and are interchangeable.
Or, one could simply say non-fungible tokens (nfts) are a specific type of digital asset where each token is individualized and has unique identifier that makes it unique compared to other NFTs. Today, NFTs are most commonly used for things like digital collectibles, digital ownership, credentials, event ticketing, supply chain and many more.
NFT Marketplace: A platform for NFT auctions and peer-to-peer trading
The NFT Marketplace facilitates the the commerce of badges, certificates, and tickets inside of the ArcBlock ecosystem, and this version of the NFT Marketplace provides users with the following features:
- Discovery: Let users find assets that they are interested in or find valuable through the marketplace including giving them the ability to browse the details of the assets, verify the owner, and see the trading history.
- Trading: Users can put their own assets on the market in exchange for ABT or buy them in the marketplace from others.
- Collect: Find your favorite, collectable assets and store them inside ArcBlock's ABT Wallet.
- Verify: Users can audit the legitimacy and accuracy of the asset on the blockchain.
In order to work, the NFT marketplace relies on ArcBlock's decentralized identity solutions along with the ABT Wallet and blockchain application framework.
As a developer, the key technical points are:
- Decentralized identity, the assets in a pending order still exist in the user's wallet, unless the transaction is made and completed the assets will not be transferred
- Layer-by-layer security verification in cryptography to ensure the accuracy and legitimacy of the assets being traded.
- All transaction records and delegates are recorded on the blockchain, and are publically verifiable.
- Anyone can run their own marketplace and connect it to ArcBlock's blockchain network and identity services.
The basic processes on the user side includes:
- Seller: Can use the platform to list and sell their NFT (or NFT combination) that they own owns using two different methods: buy it now price or the limited bid.
- Buyer: Buy the NFT on sale by direct purchase or auction.
In the business model, the platform will charge a small fee to subsidize operating expenses. However, to increase user activity, the marketplace will be free of charge.
You can check out the rest of the demos and ArcBlock's NFTs for the devcon and hackathon here:
NFT Badges and Demos：https://devcon.arcblock.io/en/hackathonitem