About

The client is a leading entertainment company that nurtures, creates, and develops content studios that create fabulous content aimed at audiences worldwide and build sustainable businesses. The client had an idea to launch a marketplace to sell content as digital assets. The client wanted to employ NFT technology to transfer the right of ownership to a buyer and thus justify an asset’s uniqueness and value. The NFT market in the content space was relatively new so the client was looking to accelerate to take a niche position. With the idea in mind, the client was looking for a competent team to plan out and develop the Blockchain-based solution. The client commissioned Sakha as its partner to prepare the PoC, roadmap and the development project taking into account our expertise in the development of Blockchain-based apps.

The Challenge

• As the Customer’s vision of the marketplace to-be was vague, our team built a business case to understand the marketability of the Customer’s idea and uncover possible risks.Preparation of the technology stack, the feature map, architecture and infrastructure design for the marketplace.

• User journeys for marketplace sellers & buyers and a detailed specification of needed functionality.
• Multiple login options (via email and password, social media, digital wallets).
• Custom catalog widgets helping in navigation, like new or most expensive items on sale.
• Flexible payment via a crypto wallet, credit cards, mobile payment.
• NFT minting capabilities for non-technical people.
• Integration with numerous Blockchains.
• Auction bidding for NFT.
• Intuitive navigation and a Web3 compatible interface.

Solution

The platform offers IP holders a full suite of features to take control of their product licenses and data by being able to collect revenue from any source, platform, or distributor around the world. Key features of the Blockchain platform include streamlined onboarding, custom royalty models per asset via smart contracts, recoupable expense options, one-click deployment, receive payments, automatic coin conversions and transparent & automatic reporting. A user-facing web application integrated with web3 and multiple crypto wallets. The integration simplified the payment step for users who could instantly convert a fiat currency into crypto assets to pay for NFTs. The front end of the web app was planned in React.js and the back end – in Golang. LevelDB was used to store the binary data of Ethereum nodes while AWS S3 and IPFS were intended to store digital assets. Smart contracts were used to automate the verification of Blockchain transactions. To speed up the development of smart contracts, our team offered to use ready libraries of OpenZeppelin. An Ethereum-based Blockchain network was built on Polygon framework. Polygon was employed to bypass high transaction costs and slow processing of Ethereum.