Developing a Non-Fungible Token-Based Trade Marketplace Platform Using Web 3.0

Abstract

This research study provides an overview of third-generation blockchain in comparison to first- and second-generation blockchain like Bitcoin and Ethereum, to obtain data on the third-generation Elrond blockchain's actual transaction cost and speed, and to assess the platform's financial viability in light of those costs. The research consists of a blockchain theory and hybrid application that adheres to Web 3.0 principles and is a Non-Fungible Token (NFT) marketplace platform on Elrond. The underpinning work includes project planning for the entire team, the development of the platform's front-end, back-end, smart contracts, and DevOps components, as well as the development of financial models for service to create a commercially viable platform. The app will be integrated with the back-end service, which uses the database as a persistence layer to provide the front end with the UI requirements it requires.