Consulting for an NFT marketplace in restaurant business

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

  • Location:Singapore
  • Year:2022

PixelPlex has consulted a client on the development of a Solana-powered NFT marketplace intended for restaurant businesses and their investors. Our experts have defined and elaborated the marketplace’s core features, user roles, NFT model, third-party integrations, and a host of other technical criteria vital for delivering a successful and fully-fledged NFT platform.

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.

A person working on a laptop next to a cup of coffee

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.

People ordering coffee in a cafe

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
Waitstaff serving tables in a restaurant

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

A white icon of a token

NFT minting

Performed on the admin side. The platform’s admin will also see the statistics of all minted NFTs.

A white icon of NFTs

NFT gallery

Showcasing a variety of restaurant NFTs that users can purchase.

A white icon of a sale tag

NFT sale

Offers users the opportunity to buy/sell NFTs on the marketplace for a fixed price.

A white icon of an infographic

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 bartender studying the menu on a tablet

User

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.

SuperAdmin

A person having access to all management tools and responsible for managing the NFT marketplace’s activity.

Restaurant

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:

JavaScript
TypeScript
Node.js
Rust
Nest
Express
TypeORM
Rest
JWT
PostgreSQL
Redis
RabbitMQ
Docker
Docker Compose
Kubernetes
Nginx
Solana
SPL
Metaplex
Anchor

Third-party integrations

KYC

Our team performed analysis of numerous KYC providers and advised the customer to consider Onfido.Once the user has registered on the NFT marketplace, they will be asked to undergo a customer verification process to verify their identity and gain access to the platform’s features and functionalities.

Email delivery service

To allow the platform users to keep abreast of the NFT marketplace’s latest news, changes, and updates we looked ahead to the integration of an email delivery service. Our experts have opted for Twilio as a reliable gateway for sending all the key messages to the user’s email.

Support service platform

We have chosen Zendesk as a support service platform, which will make it possible to set up FAQs, a contact form, and the space for processing user requests. This will help marketplace admins to provide their customers with a decent level of support and personalized experiences.

Wallet

Once the client chose Solana as the underlying blockchain for their NFT marketplace, our team needed to carry out research on blockchain wallets that would provide support to Solana and its native token SOL.After careful consideration, we presented the client with a choice of one of the following wallets: Phantom, Solflare, or Torus.In addition, our experts offered to leverage the Moonpay service that would allow NFT marketplace users to purchase crypto with fiat quickly and easily.