NFT Marketplace Based on Ethereum Blockchain

Abstract

Non-fungible tokens (NFTs) are transferrable rights to digital assets, such as images, videos, or music. The phenomenon and its markets have grown significantly since early 2021. The number of NFT marketplaces has been rising continuously since a couple of years. Majority of them employ centralized systems for storage of digital assets (files). This is contradictory to the notion of decentralized systems. In this project we propose a secure platform for trading digital assets in the form of Non-Fungible tokens. It will enable the users to create new digital assets and trade them in exchange of Ethereum-based cryptocurrency. Along with this, we aim to explore technical feasibility of a decentralized file system (using IPFS protocol) for storing the digital assets in a more secured way. In this way, we attempt to address the issue of file storage. Also, this project is an attempt to advocate the use of block chain technology.