Performance Evaluation of NFT Trading Platform Based on Hyperledger Fabric Blockchain

Abstract

This paper proposes a NFT (Non-Fungible Token) trading platform over Hyperledger Fabric blockchain, proceeding with performance evaluation to confirm innovatory speed improvement and power conservation. The growing public interest for NFTs in recent years has played a major role in expanding the market size. However, as a result of expansion, massive overload to the Ethereum network occurred, leading to high gas costs for trading NFT assets, which is rather considered a burdensome amount. To overcome this problem, we introduce a NFT trading platform on Hyperledger Fabric with reference to ERC-721 standard of Ethereum. ERC-721 standard is implemented by Hyperledger Fabric chaincode, which is similar to Ethereum smart contract, where all features of the current protocol are implemented. Parallel processing of Hyperledger fabric enables fast NFT trade management with minimal cost since no gas cost is required with Hyperledger Fabric Raft consensus protocol. It is applicable to fields other than the most actively traded works of art. By providing an optimized trading environment, we expect further development of the NFT trading industry.