Paper Key : IRJ************541
Author: Chirag Kiran Chaudhari,Kunal Shankar Girme,Omkar Pravin Ghatge,Parikshita Shashikant Gaikwad,Prof. Sarita Khedikar
Date Published: 31 Oct 2023
Abstract
Non-fungible tokens (NFTs) are digital assets that provide unique ownership and authenticity of digital media such as art, music, and collectibles. NFT Marketplace is a blockchain-based platform that enables the creation, trading, and collecting of NFTs. The platform leverages blockchain technology to ensure the authenticity and ownership of NFTs, providing a secure and transparent way to transact digital assets. In this major project report, we explore the NFT Marketplace and its underlying blockchain technology. We provide an overview of the platform's features, including the ability to tokenize any digital asset, create customizable smart contracts, and sell NFTs with low fees and instant trades. We also discuss the advantages and disadvantages of the platform, including its ease of use, potential for fraud, and scalability challenges. The Non-Fungible Tokens (NFTs) have revolutionized the digital realm, redefining the concept of ownership and trade of unique digital assets. NFTs represent one-of-a-kind tokens, each verifiably and indelibly linked to a specific digital or physical asset, encompassing diverse forms of content, including video, audio, and images. These unique tokens have paved the way for creators to monetize their digital creations while providing collectors with an innovative means to invest, trade, and showcase their multimedia NFT collections. Central to the NFT ecosystem are NFT marketplaces, digital platforms designed to facilitate the creation, sale, and management of NFTs in various multimedia formats. These marketplaces have proliferated, providing creators with the means to mint NFTs, buyers with the opportunity to acquire them, and collectors with platforms to curate and trade their diverse NFT portfolios. We explore the multifaceted world of NFT marketplaces, focusing on their pivotal role in the creation, sale, and management of video, audio, and image NFTs. We analyze the economic implications, including pricing strategies and royalties, while addressing environmental sustainability concerns associated with NFTs.Challenges and opportunities encountered within this dynamic ecosystem are critically examined, including scalability, intellectual property rights, and the emergence of decentralized NFT marketplaces. Through in-depth case studies, we offer insights into the unique features and innovative approaches adopted by leading NFT marketplaces, shedding light on the transformative potential of this digital metaverse. This report serves as a valuable resource for those seeking a comprehensive understanding of NFT marketplaces catering to video, audio, and image NFTs, emphasizing the profound impact these tokens have on the creation, trade, and experience of digital content across various media formats. Navigating this dynamic digital frontier necessitates a nuanced perspective, and our survey aims to provide a holistic view of this rapidly evolving landscape. Keywords: NFTs; Blockchain; Marketplace; Scalability; Security; Internet Computer Platform.
DOI LINK : 10.56726/IRJMETS45692 https://www.doi.org/10.56726/IRJMETS45692