Inspiration

NFTs have been the source of whispers across the globe over the past few months and are a strong contender to be the main trend in the 2021 crypto world. Although DeFi has been the focus for most of 2020, NFTs have steadily been gaining traction in recent months. These main factors inspire add functionality of the NFT market in a SYMBOL wallet.

What it does

A new section NFT was developed in the SYMBOL infrastructure, the section allows:

  • Digitize art, get NTF for a picture, small video or animation;
  • Save the file to the IPFS network;
  • Sell or transfer a token;
  • The buyer can purchase a token in the marketplace;
  • A system for receiving commissions for the operation of the section has been laid, the market owner receives 2.5% of the transaction amount and an additional commission depending on the time the product is placed in the market.
  • Creator of NFT also gets additional commission from resell of his art, amount is 5% from price.

How we are built it

  • We created an API with PostgreSQL DB for marketplace;
  • We used native SYMBOL platform functions like mosaic for NFT implementation;
  • We used native design abilities of software to get a nice consistent look;
  • We used IPFS for storing digital arts;

Challenges we are run into

The biggest challenge was creating NFT without implementation ERC 721 standard in the network. The solution for this challenge is creating NFT with the help of the mosaic, and connect IPFS file with mosaic by the help of metadata.

Accomplishments that we are proud of

All ideas were implemented and all functions are working. Interesting cases that help to understand mechanisms in the SYMBOL network.

What we are learned

How mosaics works, and abilities of this instrument; How aggregate transactions works, and broad the vision of this functionality; How to create NFT and store them in IPFS; There was a good practice of using VueJS in the front-end;

What's next for SYMBOL NFT

This implementation works like PoC, it could be a good idea for creating an MVP version of the product.

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