A Comprehensive Study on Ethereum Blockchain-based Digital Marketplace using NFT Smart Contract Infrastructure

Every day thousands or millions of digital content or assets have been created and transected through the digital marketplace. Most of the cases after creating the content in the digital market a seller completely lose their content ownership and creative content. Not only that the entire system is centralized which means the whole transaction, information sharing, and database update are maintained by the third-party organization. And no contact verification and authentication happen between two parties. Also, generate the possibilities of data manipulation risk for a large amount of data. To solve this problem, we have introduced Ethereum blockchain-based digital marketplace where we use NFT-based smart contracts to verify and authenticate every transaction between buyer, seller, and marketplace owner. Our proposed system operated as a decentralized and distributed ledger. To develop the NFT-based smart contract we use the ERC721 token standard which provides us the non-fungible properties. We use two smart contracts to develop the whole infrastructure. One is for creating a market item and another one is for the marketplace. Also, develop the payment mechanism for our proposed structure and collect the listing fees. So, the proposed Ethereum blockchain-based digital marketplace is secure, trusted, immutable, and properly authenticated by the decentralized network.