Most blockchains have third-party NFT marketplaces that allow the creators to mint their own NFTs and sell them. On the Theta blockchain, there was only ThetaDrop run by Theta Labs, and only selected artists, influencers, and creators were able to launch there. Also, customers can't buy and then withdraw their NFT to another wallet. So, we decided to build a public and independent NFT marketplace on the growing Theta blockchain to fill this market gap. We want to develop a market where customers have full control over their NFTs and creators can launch their newest art collections.
What it does
OpenTheta supports creators in launching their next NFT on the Theta blockchain. We provide the infrastructure with our marketplace and help with all technical aspects of an NFT launch. After the launch and the initial minting, NFTs can be traded. We try to provide an easy-to-use website where anyone can filter for creators or projects to find the next NFT they would like to buy. Also, people can check the sales history of an NFT, which gives them an understanding of the supply and demand. After minting or purchasing a new NFT, they see it under "My NFTs".
How we built it
The backbone of the marketplace runs as a smart contract on the Theta blockchain. This smart contract is developed in the solidity programming language. To provide people with the newest information, we have a server that listens to the events happening on the blockchain and accordantly updates our database. This also makes loading the website faster for the end user. Then finally, we have an easy-to-use website interface so that everyone can interact with the marketplace smart contract and the NFT smart contracts.
Challenges we ran into
The first challenge started with the development of the smart contract. We decided to start with a relatively simple marketplace smart contract to provide the maximum amount of security for assets (NFTs) stored on it. Also, our website was in the beginning quite simple, and with more and more listings, it was a bit confusing. That's why we just reasonably released the second version. But not only with our product, we ran into challenges, but also with the launches and listings of NFT projects, where we had to change our code in the front and backend to read the metadata of these NFTs correctly.
What we learned
During the development, we always had to be able to adjust to new problems and figure out a solution to a problem. Especially after publicly launching, the user's expectations are high, and we want to provide the best experience possible. One thing that stood out is how great and supportive the Theta development community and other projects are. They helped us when we ran into issues and provided us with information on further optimizing and improving our product.
What's next for OpenTheta.io
The development of OpenTheta just started. As previously stated, our smart contract is quite simple. The next step is to create one that provides additional functionalities as bidding and updating the price of an asset on the market. Also, our front and backend need constant updating and improvement to provide the best experience to our users.