Our client is a leading figure in the financial services and crypto DeFi community and one of the main contributors to the Enigma blockchain, later transformed into the Secret Network.
The client has an exceptional background in futures trading, blockchain and business consulting. As part of the Enigma project, they used to consult businesses during their transition to blockchain technology and was one of the key players in the conceptualization of the Enigma platform and its features.
Non-fungible tokens have been a hot topic in the crypto space and the number of NFTs has been growing exponentially. Yet, in spite of their lucrativeness, NFTs have to deal with several challenges, including violated copyright, misquoting, confused authorship, and fake news.
Currently, there is no decent solution that would tackle the burning issue of NFT provenance. The present-day protocols don’t possess the required functionality, therefore it is next to impossible to authenticate the originality of NFTs.
Considering the aforementioned challenges, the client was set to design a decentralized application that would help authenticate the originality of visual, verbal, and audio content.
Another idea was to provide users with an opportunity to easily create their own NFTs on the platform and effortlessly share them on social media.
In short, the client required the platform that would:
First off, our experts analyzed the client’s requirements and ideas to identify which direction should be taken. We fleshed out the project’s purpose, value proposition as well as the client’s expectations. Thanks to these steps, we managed to:
Together with the client, we carried out exhaustive market research and identified which features should be included in the initial release (MVP).
To help our client extract maximum value from the platform, we’ve also foreseen the implementation of the following monetization strategies:
Research fee
Charged for originality and authenticity checksMinting fee
Charged for generating tokens on the blockchainCustodial wallet fee
Charged from users who prefer to register with an email address and use the platform’s built-in walletReminting fee
Charged for transferring NFTs between blockchains and updating existing NFTsGallery fee
Charged for showcasing the NFTs in the galleryInfringement check fee
Charged for updating the NFT’s originality report to see if it had been used or copied after it was created on the platformWe suggested going with a microservice architecture with the following main modules dedicated to supporting features and functionality:
The module is responsible for processing data validation requests. Designed with a modular approach allowing to add new providers in the future. Supports both automated providers and manual data processing.
The module provides the functionality for sending data to the blockchain and IPFS network.
The module is responsible for accepting payments. Built with a modular approach for the ability to integrate additional payment providers, including payment in cryptocurrencies.
An interlayer responsible for the interaction between the user interface and back-end system components. It also enables data exchange through REST API.
For data storage and transfers we’ve suggested using:
The following third-party tools were suggested to support key features:
The system did not involve any complex processing or computational tasks. With this in mind, we recommended the system to be implemented using the Node.js server and built on top of the Nest.js framework.
The client wanted to take advantage of the security and decentralization of modern blockchain networks to create an advanced application. Non-fungible tokens (NFTs) were seen as the perfect tool for authenticating and sharing video, audio, images, and quotes.
We advised using Binance Smart Chain (BSC) for the blockchain platform as it offers distinct advantages:
After careful consideration and assessment, our team introduced the following user flow to accomplish key project goals:
1
The NFT creator submits the content of the quote and pays the research fee
2
The system checks for NFT duplicates already created on all NFT capable blockchains
3
If the quote has not been yet created, the user pays a minting fee
4
Before being minted, the quote goes through a verification stage and is checked by AI tools and automated plagiarism systems
5
If the plagiarism reports reveal mixed results, the quote goes through an additional approval process by the decentralized community
6
After the research stage is complete, the NFT is minted and the final report is published alongside for the users to view
7
The NFT quote is added to the user’s collection and they can choose to publish it on social media, showcase it in the gallery, or trade it for other NFTs
PixelPlex performed a detailed analysis of the customer’s goals and requirements to determine the core system elements and implementation strategies.
Our team elaborated the platform’s MVP functionality, user flows, and processes while offering recommendations on optimal monetization mechanisms, project architecture, and tech stack.
As a result of our collaboration, the client received comprehensive research and a detailed vision and scope document, which can be further used to start the project smoothly.
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