NFT Marketplace Discovery

From idea to perfected development roadmap in five weeks

The Idea

The client came to Unicsoft with an idea of creating an NFT marketplace for works of art. The aim was to provide independent creators with a handy way of direct distribution for their works, bypassing the extortionate commissions of mediators.

Our customer chose Unicsoft as its technology consulting partner, since Unicsoft possesses a strong client portfolio and a proven track record of blockchain projects.

Challenges

From the very beginning, it became clear for our experts that the initial vision of the product contained legal issues that could lead to further pitfalls when creating the platform. So we had to clarify the following questions before successfully developing a sleek product:

Should creators sign up on the platform themselves? How would the marketplace verify them?
What functionality should each user role have?
How should workflows operate in the platform, taking into account the blockchain?

Discovery stage

We agreed on a full-fledged Discovery project that would result in a detailed plan for further development, with justification for the business aspect, a complete system architecture, cost estimate, and implementation plan.

Project workflow

Highly qualified project team, composed of project manager, blockchain business analyst and technical architect, covered the following steps:

01

Conducted a series of workshops with the client to brainstorm the best ways for implementing the project and answer fundamental questions:

  • What kind of platform should it be?
  • How to monetize?
  • How will the client work with creators (through contracts or directly)?
02

Defined functionality and user flows for each role

03

Agreed on what technology to use

04

Issued breakdowns by platform structure, back-end, front-end, and DevOps operations

05

Prepared software requirements specification, product vision, and high-level architecture documentation

06

Presented considerations for the potential project’s timelines, risks, and responsibilities

07

Demonstrated a proof of concept demo showing how the platform will appear to the end-user

Product Concept

It is an NFT marketplace that will let art creators issue and sell tokenized assets to their followers in the form of non-fungible tokens (NFTs).

Blockchain

The platform has to be built on the Solana blockchain to create NFTs, process and track transactions including platform fees and payouts.

  • To date, Solana is the world’s fastest blockchain with over 400 projects spanning NFTs and Web3.
  • Solana’s users never deal with fragmented Layer 2 systems or sharded chains.
  • The blockchain provides reasonable pricing to ensure transactions remain less than $0.01 for both developers and users.
Scheme
Real world
price data
chainlink
Note Token
Galleries
and other
organizations
chainlink
NFT marketplace
built on Solana
chainlink
Legal team & Traditional
contract
NFT
Pieces of art

Infrastructure

The solution will run on AWS cloud infrastructure utilizing message-based architecture and modern technologies like Docker, RabbitMQ, Redis, Learn, etc.

Functionality

This NFT marketplace will outperform competition due to its outstanding features:

  • Custody Service
  • Secondary Marketplace
  • Multiple Cryptocurrencies Support
  • Integration with Price Data Providers
  • Automated Revenue Distribution
  • Support of NFTs Issued on Other Platforms
  • Own Wallet Solution

Unicsoft Collaboration

Due to adequate management, transparent processes, and active cooperation by both parties, the project went through each phase smoothly and effectively.

While compiling on the Discovery project, Unicsoft worked within the budget requirements set by the client. The main priority was to allocate funds reasonably while exceeding the client’s expectations.

Our expertise

Blockchain
NFT
Solana
Smart contracts
Token
Cryptocurrency
AWS
EML

The Result

With the Discovery phase completed, our client had everything he needed to commence the development process: architecture designs, roles, timelines, and prices.

The icing on the cake was an impromptu proof of concept — a draft of a working MVP, which the Unicsoft team designed during the final stages of work.

Whatever Unicsoft customer decides for the project’s future, he now has a plan that covers development and release stages from A to Z. And more importantly, Unicsoft guarantees that this plan can be implemented by any team of qualified developers, not just developers from the Unicsoft office.

Our experts can make a research of possible, applicable chains for your project
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