Proposal Of User-Friendly Design Of NFT Marketplace

Abstract

A non-fungible token (NFT) is a digital asset that does not have a fixed value and it cannot be replaced neither interchanged as it has unique properties. Overall, non-fungible tokens represent a significant advancement in the world of digital asset ownership and authentication. They provide a means of verifying the ownership and authenticity of unique digital assets, while also enabling a new level of interoperability and interoperability between different platforms and applications. As the use of NFTs continues to grow and evolve, they are likely to play an increasingly important role in the digital economy of the future. The NFT market has witnessed a remarkable upswing, reaching a trading volume of ${\$}$10 billion in 2021. However, the complexity of the consensus algorithm in blockchain technology enhances security but leads to elevated transaction fees, energy inefficiency, and restricted scalability. To address these challenges, various public blockchain platforms with different consensus protocols have emerged as alternatives for NFT marketplaces. Choosing the most suitable public blockchain platform is a critical decision in designing an NFT marketplace. In this study, we evaluated the cost and performance of three public blockchain platforms, namely, Fantom, Avalanche, and Polygon, for minting and transferring NFTs. Our approach employed machine learning models to predict the transaction cost and throughput for each platform, facilitating the selection of the optimal platform. Our experimental results revealed that the Polygon network is more efficient than the other two platforms in terms of transaction fees and throughput.