Exchange provides a safe and decentralized avenue for owners to put up their token for trade where other owners can browse and offer their own token in exchange. If the offer is accepted, the exchange takes place.
While it is commonplace for Non-Fungible Tokens (NFT) to be sold for cryptocurrency instead, a service to swap a pair of NFT directly opens other possibilities. For collectors or long-term owners who wish not to sell their prized item for money, but would be willing to exchange them for other desirable tokens, NFT Exchange would be the perfect place to start.
Also, with the adoption of blockchain technologies becoming more mainstream, NFT could someday represent physical assets like cars and real estate, or important legal documents. In which case direct exchange of NFT would be appropriate; buying a house could mean exchanging mortgage binding agreement between a bank and a purchaser.
A key criterion of the NFT Exchange is decentralization for trustworthiness and security. In order to achieve this, the entire exchange process has to be executed by smart contracts on the blockchain.
One of the goals was for the NFT Exchange to work on any NFT available today. The exchange contract itself does not store the data properties of the NFT token, only the information required to perform the transfers (i.e.: NFT token id, seller, and buyer addresses).
User Flow on The NFT Exchange
- The user needs to create an account on the NFT exchange by filling in all the details. They can connect the existing crypto wallet or create a new one to keep their assets in one place.
- The user can create the NFTs. After passing the registration process, the users can enlist their tokens. They can create different collections and sell them at the price of their choice. You can find out the best purchaser offering you the highest price through bidding.
- Once the items are listed on the platform, they are available for bidding/sales for the customers.
- Once the purchase is made, both parties get notifications about the successful purchase. The platform well manages everything from listing to transactions.
Creating the NFT listing is the primary function of the NFT exchange to start the whole exchange process. The creators must facilitate the easy-to-do procedure when creating and listing the NFTs. There should be an individual page on the NFT exchange website where users can create the NFT lists, from submitting the file to filing the data related to the item. For example, tags, titles, descriptions, etc.
An NFT can be any digital asset like image, music, voice note, game, etc., that is unique and non-interchangeable. People can buy and sell NFTs to earn profits through an NFT exchange website. An exchange is a platform where investors and traders can trade the NFTs through bidding.
Once an NFT is created, it gets listed on the exchange by the owner, and he can explore the audience on the platform. After successful bidding, the owner can purchase NFT from the crypto exchange platform.