NFT Marketplaces: A Comprehensive Analysis of Trading, Security, and Metadata Challenges

Abstract

MintMart is a decentralized Web3 platform designed for simplifying the process of buying, selling and creating NFTs (Non Fungible Tokens). Currently there are various existing platforms in the market which have features like transparent transactions, auctions in marketplace etc. However they lack some focus in areas of secure transactions, irregular platform fee and royalty compensation for owners which plays an important role in such platforms. The proposed system is designed with an objective to encounter such problems and make the use of NFT marketplace more seamless for the users. The proposed system uses blockchain technology to confront the existing issues. Royalty compensation distribution becomes easier using smart contracts and libraries like OpenZeppelin which helps in better integration of royalty features using its ERC-721 standard. Also MintMart offers fixed minim MintMart is a decentralized Web3 platform designed for simplifying the process of buying, selling and creating NFTs (Non Fungible Tokens). Currently there are various existing platforms in the market which have features like transparent transactions, auctions in marketplace etc. However they lack some focus in areas of secure transactions, irregular platform fee and royalty compensation for owners which plays an important role in such platforms. The proposed system is designed with an objective to encounter such problems and make the use of NFT marketplace more seamless for the users. The proposed system uses blockchain technology to confront the existing issues. Royalty compensation distribution becomes easier using smart contracts and libraries like OpenZeppelin which helps in better integration of royalty features using its ERC-721 standard. Also MintMart offers fixed minimal platform fee making it more accessible for users The proposed system can successfully support multiple digital formats like images, videos etc. and has also achieved cross chain compatibility allowing users to interact with various blockchain networks. 

MintMart plans to expand its features in the near future. These include personalized recommendations, live bidding for NFTs on the marketplace, etc., thus aiming to increase user engagement. The proposed system can successfully support multiple digital formats like images, videos, etc., and has also achieved cross-chain compatibility, allowing users to interact with various blockchain networks. MintMart plans to expand its features in the near future. These include personalized recommendations, live bidding for NFTs on the marketplace, etc., thus aiming to increase user engagement.