LCP

NFT Marketplace Developed Using Ethereum (ERC-20,721,6551)

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Overview

NFT marketplace based on ERC-20,721,6551 with a smart contract to provide Token Bound Account, subscription management, and save important documents in NFT

At A Glance

industry
Industry
Retail & E-commerce
region
Region
Europe
duration
Duration
12 Weeks

Technical Stack

OpenSea
Pinata
AWS EC2
AWS SES
AWS S3
Solidity
Polygon
MySQL
ReactJS
Node.js

Client Profile

The client is a Europe-based Blockchain-as-a-service provider with a background in providing an NFT marketplace with the Token Bound Account in the NFTs.

Challenge

  1. The client wanted an NFT marketplace where the user’s NFTs, purchased from the platform, would have a wallet inside them. While selling, the platform should be able to save the ongoing configuration progress of NFT as a draft, and the user can continue from where he left off.
  2. The client wanted to create a smart contract where it could manage the subscriptions of the NFTs and the purchases made through them.
  3. The client wanted a Referral code program where the NFT owner has the exclusive right to the referral code unique to them.
  4. Each NFT had to have a unique QR code that could be used by the users as a pass to attend the events or shows as per hosting. These QR codes should be downloadable or could be copied to be used on the website.
  5. The client also wanted a feature where the user can store their Documents as NFT on Blockchain and they are exclusive to the user - An NFT type similar to the Soul Bound Tokens.
NFT Marketplace Developed Using Ethereum and Ploygon

Solution

  1. Seaflux created an ERC721 contract which is an extension of the ERC6551 contract (Token Bound Account). This enables the NFT to act as a wallet as a unique wallet address is generated for it and can be used to store both fungible and non-fungible tokens.
  2. We created a subscription smart contract in which users have to pay the subscription charges for the first time along with the 12-month price based on the price of MATIC at the time of purchase. They can choose the number of coins they want to subscribe for and they will be charged accordingly. Users can cancel the subscription at any point but they will receive coins until their yearly subscription has expired.
  3. Seaflux created the referral code contract using the AccessControl smart contract. With the help of this, we grant the user a role to generate a unique referral code for the NFT wallet. This generated code is unique to an NFT Wallet and can be used to buy NFT or gain rewards in Coins.
  4. Seaflux created the unique QR code for the purchased NFT. This QR can be used by the user to receive ERC20 tokens or NFTs by sending it to other users. This QR code can also be used by the users as an event pass as well. Users can download or copy the QR Codes as a PDF or copy the embed code to use it anywhere on their websites.
  5. To build a system where users can upload their documents and store them on their NFTs, Seaflux used IPFS. IPFS gives the ability to access the file from anywhere and anytime. We used the FHE (Fullu Homophormic Encryption) to encrypt the documents, ensuring only NFT owners have access to the files and documents.
  6. Seaflux developed a bulk upload feature where users can upload a .txt file which includes all the configurations. They can also make the changes in the file and save them as new versions with proper versioning done by the system. Once they are satisfied with the configuration they can list all the NFTs at the same time. The platform also allows the users to load their listed configuration or their last saved configuration straight from the platform just in case they have lost the .txt file.

Key Benefits

  1. The platform has seen a rise in the NFT listing by 9% with the implementation of the configuration saving feature.
  2. The FHE functionality compelled users to upload their important documents as tokens in a secure manner. The documents as tokens have been on the rise and more than 30% of the users use the platform for their documents.

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