The Inspiration and idea of NFTmall developed some time ago, as we all were talented crypto investors, but we mainly were in it ‘for the tech’. A big part of our combined interest was in the NFT utility. When more and more NFT platforms came out, we were researching existing NFT marketplaces and their limitations. Besides, we saw incredible chains that lack the NFT utility in scale, which stops them from revealing their true potential. As the crypto space evolved, and the infrastructure got improved, we decided to create an all-in-one solution that will ease the user experience of the NFTverse.
We have identified the issue of lack of quality NFT projects and games on the BitTorrent Chain despite its advanced technology, and we thought it was because of the lack of robust NFT infrastructure. So our team has decided to develop just that - an all-in-one NFT infrastructure that combines the NFT marketplace, NFT minting platform, NFT materialisation service, and an NFT Launchpad(aka INO platform).
What it does
A robust multi-chain NFT platform that empowers creativity. It allows NFT creators to have fun while earning. We are a next-gen NFT marketplace & Launchpad for NFT creators, traders, and enthusiasts. Our platform is synergizing DeFi and e-commerce to achieve a fully autonomous and royalty-driven marketplace.
- B2B SaaS
Wheels don’t have to be reinvented over and over again. Building a robust NFT marketplace is not an easy task. Furthermore, 1000 NFT games don’t have to build 1000 different marketplaces, those siloed environments will cause scattered communities, degraded UX, shallow liquidity and waste of energy and money that could’ve been spent on building what matters most - their game. So why not build a unified interconnecting marketplace together?
NFTmall team wants to empower innovative projects to achieve their dreams much FASTER and CHEAPER by leveraging NFTmall’s like-minded community and infrastructure including white-label marketplace, NFT Launchpad, and NFT trading, indexing and search engines.
This achieves, "nftmall.io" means the consumer software applications created, operated, and made publicly available by NFTmall for transactions involving Digital Assets and the NFTmall or Third parties DEX systems. The NFTmall DApps consisted of the world wide web application hosted at https://nftmall.io/ (the "NFTmall Website"). In the future, NFTmall may release one or more mobile applications (the "NFTmall Mobile Apps").
How we built it
NFTmall Protocol consists of
- Exchange smart contracts
- Smart contracts are responsible for atomically exchanging NFT and BTT or BRC20 tokens.
- Written in Solidity and deployed to BTTC mainnet.
- Off-chain order book
- Signed sell orders and bids are stored off-chain in DB and are executed atomically by the trading counterparty. (e.g sell order is executed by a buyer, a bid is executed by a seller)
- NFT indexer
- A backend service that monitors transactions and indexes metadata of ALL NFTs of ALL collections on BTTC & other Chains.
- NFT search engine (NFT Explorer)
- A backend service that allows filtering NFTs and collections using various criteria.
- Marketplace API
- A backend service responsible for displaying NFTs, collections, user profile management and authentication.
- Frontend UI
- Everything beautiful you see on our site. https://bttc.nftmall.io
- Plus an upcoming mobile app
NFTmall has a governance token called $GEM, once we establish a DAO with $GEM holders, we are going to fully open source our works to achieve a higher level of decentralization and transparency.
"NFTmall" means the unincorporated association of GEM holders. "NFTmall DEX System" means the smart contracts for creating, buying, selling, and transferring NFTs/Digital assets that are officially supported in the NFTmall DApps. The NFTmall DEX System is comprised of the smart contracts deployed to the following - BSC, Ethereum, Polygon, Avalanche, ThunderCore, BitTorrent network, and other blockchain networks and is visible on the NFTmall official Github. ( "NFTmall Governance Platform" means the websites, forums, technologies, and methods established from time to time by NFTmall for the coordination, voting, and other official activities of GEM holders in connection with the NFTmall DAO. "nftmall.io" means the NFTmall dApps and NFTmall DEX Systems collectively.
Challenges we ran into
- Budget. We’re a small company building NFTmall and we have limited funds, and things can be quite costly.
- Liquidity. NFT liquidity also is an issue for NFT marketplaces, nftmall.io is trying to solve the liquidity issue by acting as a digital asset aggregator for NFTs minted on third-party contracts and making available the deepest liquidity to the NFTmall users.
- Being able to sustain a high volume of NFT trading. The crypto markets can be a roller-coaster, creating nice momentum waves to ride on, but also times when people and crypto projects are discouraged. We had to build our platform scalable in order to sustain unpredictable load during peak hours.
- Too low default gas price set by MetaMask. Transactions on BTTC usually require a gas price of 300,000+ GWEI. We had to solve an issue with MetaMask (a popular web3 wallet) that suggests too low gas price like 300 GWEI as a default value, resulting in forever stuck transactions.
- Quality. Finding high-quality digital asset projects.
Accomplishments that we're proud of
We had a lot of positive triumphs along the way that we’re so proud of. If we want to summarize it in a list:
- We have been accepted into the ThunderCore Dev Accelerator program and launched nftmall.io on the ThunderCore chain under an exclusive Strategic Partnership as NFTmall is the default #1 NFT marketplace on the ThunderCore chain.
- NFTmall currently supports BitTorrent Chain as well as ThunderCore. We are working hard to integrate even more chains such as Ethereum, Polygon, BSC, and Avalanche, to bring NFT creators, traders, and gamers from many other chains to BitTorrent Chain.
- We have been accepted into the AWS Activate Program for innovative startups. https://twitter.com/NFTmall/status/1509972497583644672
- IPFS, the Filecoin team has provided us grants to further accelerate our growth.
- Launching big programs with big partners. Including ThunderCore, CoinMarketLeague, Oasis__DAO, and more.
- We’ve integrated Transak to allow users to purchase crypto using fiat directly on our site. https://bttc.nftmall.io/purchase-crypto
- We’ve also integrated UnstoppableDomains, to allow the UD community to log in using the UD wallet and transfer to UD.
What we learned
Our journey was incredibly interesting so far and we’ve learned quite a lot in the process and still learning every day. Integrating with BitTorrent let us test all our functionalities on a large scale. As well as we will also be deploying on Tron and some other networks using it, in the coming days and months. We learned about each chain's uniqueness and capabilities. We now truly understand how much the crypto space is evolving every day at an extraordinarily fast pace with this immersive technology.
We learned the importance of robust NFT infrastructure with top-notch UI/UX in order to build a vibrant NFT ecosystem on a chain. Just like a chain needs a great block explorer visually displays all types of transactions of Fungible Tokens. Just like that, a chain requires a robust NFT infrastructure for Non Fungible Tokens including the NFT marketplace and launchpad to make its NFT ecosystem thrive. NFTmall team wants to indefinitely support the lovely community here and become an integral part of the NFT ecosystem.
What's next for NFTmall
- Scaling Faster Further and Beyond. We workaholics at nftmall.io are building our platform with scaling in mind from day one. As our platform is live on several main nets and more and more users are joining, we are anticipating exponential growth in our partner chains.
- Phygital NFT Commerce. Being the first to present ‘Phygital’ (Physical & Digital) utility to the NFT world. (Materialize your NFT in its physical form - Verify its authenticity by scanning the QR code on the front) - We already have the MVP of that! Wanna see it? contact us.
- No-code NFT Collection Minting. In the past, minting an NFT collection required special technical knowledge and hiring developers. We are going to simplify this process to allow creators to create their NFT collections easily and efficiently.
- Public NFT API for 3rd party project integration. Building a robust NFT marketplace for your game is hard. Really. We’ve been there. Fortunately, we can now help you to focus on what you know and do best - your game. Saving a ton of energy, time, and money you would otherwise spend to develop a marketplace for your project. Best part? Your community can trade your NFTs using your own token!
- Social Features. Enabling users following, NFT likings, commenting, and direct chatting (soon) Enabling social interactions and chat service.
- Launch of NFTmall DAO. NFTmall Governance Forum is a platform for a higher level of decentralisation.
- Pioneer of GameFi Infrastructure - Home of Game NFTs and NFT Games. We want to become the leader in GameFi and MetaFi space. Mint, Buy & Sell your Multichain Game NFTs through NFTmall. Bridging the gap between web2 & web3. NFTmall integration with popular web2 game app through partnership and introducing game Economy & NFT in the gamification.
- NFT Games.🤫 (Did anyone tell you about NFTmall Games? Probably not. because it’s secret yet.) Last but not least, we have an ambitious plan to bring massive Web2 games to the web3 world leveraging NFTmall’s powerful Multichain Game NFT Marketplace. We are in talks with prominent web2 game studios with millions of monthly active players. We are not going to share too much on this topic just yet but our games may hit the market earlier than you think.
Keep an eye on us. 👀