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- Consulting for an NFT marketplace in restaurant business
About the client
Oku Group is a food and beverage technology company. It is determined to redefine the way people experience food and to empower restaurants, food retailers, and F&B brands to unleash novel opportunities and acquire a better understanding of their operations and finances.Details
- Website:https://www.oku.group/
- Location:Singapore
- Year:2022
Team
- Project manager
- Business analyst
- Blockchain consultant3
- UI/UX designer
- Tech specialist
Project goals
- 1
Help the customer define the core technical components and architecture of the NFT marketplace-to-be
- 2
Elaborate on how to ensure smooth user flow on the platform
- 3
Research and provide a list of key third-party integrations
- 4
Consult the customer on the most appropriate technology stack
- 5
Think through the key NFT marketplace features
Work done
- Comprehensive vision and scope document outlining the solution’s core components and architecture
- In-depth business analysis of the customer’s future NFT marketplace
- Research into the most suitable third-party integrations for providing the user with an impeccable experience
- Definition of potential business and technical risks
- Elaboration of the NFT marketplace structure and operational logic
- Conceptualization of the marketplace’s core features and NFT model
Business opportunity
An expert in the field, our customer conducted thorough market research and concluded that the existing methods for restaurant financing are inefficient and suboptimal for both owners and investors. The client also noted that restaurants often have to operate with tight margins and limited working capital, which puts them in a difficult position in terms of sustaining or growing their businesses.Keen to resolve the aforementioned challenges while implementing the newest tech trends, Oku Group decided to offer their own unique NFT marketplace that would draw in an international restaurant community and allow participants to enjoy fruitful and successful cooperation on a top-notch platform.To gain a better perspective of their project, Oku Group reached out to PixelPlex as a reliable and experienced blockchain and NFT consultant.
Solution
PixelPlex blockchain consultants have analyzed the client’s requirements and worked out an all-encompassing development roadmap, as well as a vision and scope document that covers all technical and business aspects from A to Z. The NFT platform’s architecture and key components are included in the roadmap, which also anticipates risks and dependencies, and provides a broad understanding of user roles and their opportunities in the NFT marketplace.
Details
Together with the customer, the PixelPlex consulting team has thoroughly considered the business and operational logic of the NFT marketplace to ensure that it will be able to fulfill two core business goals that the client is striving to achieve:
- 1Help restaurants to receive funds to launch new concepts and ideas, grow restaurant channels, and allow for greater brand recognition
- 2Enable NFT holders to receive unique benefits including discounts, advance reservations, and access to exclusive events
How the NFT marketplace works
We have established the following functional flow for the NFT marketplace:
- 1
Oku Group selects a suitable restaurant based on certain criteria.
- 2
Legal frameworks setting out specific conditions are created.
- 3
Oku Group mints a predetermined number of tokens for each restaurant.
- 4
NFTs are available to trade on the NFT marketplace.
- 5
NFTs are purchased by investors.
- 6
NFT holders receive access to various perks offered by restaurants.
Key features of the NFT marketplace
NFT minting
Performed on the admin side. The platform’s admin will also see the statistics of all minted NFTs.
NFT gallery
Showcasing a variety of restaurant NFTs that users can purchase.
NFT sale
Offers users the opportunity to buy/sell NFTs on the marketplace for a fixed price.
Marketplace statistics
A page that displays important data such as trading volume, transaction history, and the number of NFTs sold and offered for sale.
User roles
A person who operates on the web platform. To gain access to the NFT marketplace’s functionality, a user has to undergo a KYC verification procedure and connect their wallet.
A person having access to all management tools and responsible for managing the NFT marketplace’s activity.
A vendor whose NFTs are minted and traded on the NFT marketplace. A restaurant can change the terms of the agreement and set up conditions for their NFTs’ prices, royalties, user privileges etc.
Types of NFTs represented on the platform
To cater to the interests of different audiences, the client wanted to incorporate diverse NFT types into the marketplace. Our consultants analyzed the requirements and needs of potential marketplace users and introduced a multi-tier NFT system, where each NFT tier would be based on specific ownership rights and benefits for token holders.
Standard
the first tier with a set of benefits
Premium
the second tier with a set of benefits as well as all the benefits from the Standard tier
Super Premium
the third tier with a set of benefits, plus all the benefits from Standard and Premium tiers
Luxury
the fourth tier with a set of benefits and all the benefits in Standard, Premium, and Super Premium tiers
Supreme
the fifth tier with a set of benefits and all the benefits in Standard, Premium, and Super Premium tiers
Technical vision
Alongside the client, we looked into different blockchains and their capabilities. After conducting thorough research, we decided to opt for Solana because it offers the following advantages:
- Low transaction fees (around $0.00025)
- Good tradability capacity
- Secure development environment
- Rapidly growing DeFi ecosystem
- The variety of advanced DeFi and NFT projects that have been developed on Solana (including Raydium, Port Finance, and Solend)
Our technical experts recommended to the customer that they leverage the following tools and frameworks for the development of the NFT marketplace:
Third-party integrations
KYC
Email delivery service
Support service platform
Wallet
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