NFTs are one of the latest developments in the digital economy. According to Nonfungible.com, the marketplace of the NFT has been increased 2100% from 2021. Now we will shortly discuss, “how to launch the NFT marketplace in Laravel”.
Many NFTs sold instantly and the most popular NFTs sold approximately 75 million dollars. Moreover, various celebrities support the market by transferring their music, pictures, memes, videos, logos, codes, etc. into NFT.
What is NFT?
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles and even real estate.
They have one official owner at a time and they secure by the Ethereum blockchain no one can modify the record of ownership or copy/paste a new NFT into existence.
For Example – Mike Winkelmann aka the digital artist Beeple, has sold his piece “Everyday — The First 5000 Days” for $69.3 million. Another example – Carl Runefelt, better known as The Moon, recently spent over $1 million on a crypto punk NFT. See him in this YouTube video:
Here are some other examples of NFTs:
- It was the very first tweet sold for 2.9 million dollars.
- Nyan Cat animation movie sold for 590,200 dollars
- CryptoKitties cat was sold for 172,000 dollars.
Key Attributes of NFTs
- Transparency – It is very important for buyers, who can trust and as well as verify the validity of a specific NFT.
- Ownership – The NFT tokens ensure the ownership of the asset transferred
- Indivisibility – Non-fungible tokens cannot splits into smaller pieces.
- Non-Interoperability – Each token is unique and cannot exchange for these items.
- Authenticity – Their authenticity can easily verify information about tokens and as well as their owners.
- Programmability – Non-reversible tokens are fully programmable, just like any other digital asset. However, the design space has endless possibilities.
- Traceability – NFTs can trade on various cryptocurrency exchanges and owners can benefit from these advance trading systems.
An Introduction to NFT Marketplace:
An NFT marketplace is a decentralized platform where users may generate, purchase, sell, and as well as store non-fungible tokens.
They primarily focus on selling specific assets, such as digital tokens of artwork, games, soundtracks, or any other artistic production, together with information about their ownership and validity.
NFT Minting Steps
- Creating a new block
- Validating information
- Recording information into the blockchain
Building MVP of NFT Marketplace
While building NFT Marketplace, you need are two things require to do basically one to check the feasibility with required protocols:
- Minting NFT
- Purchasing NFT