NFT Marketplace using Blockchain

Blockchain is a new, emerging, and pioneering technology under which the society has evolved from the existing Web 2.0 to the innovative Web 3.0. Blockchain paves the way to a decentralized system diverging from the current centralized system. One such captivating phenomenon in the Blockchain would be that of NFTs. NFTs are non-fungible tokens; they are a form of digital art and could be anything from pictures, music, videos, or games. NFTs could be considered the real-world equivalent of indispensable assets like gold, silver, stocks, or bonds. They are unique and have predominant characteristics that make them invaluable to their collectors, admirers or even creators allowing them to be a great source of investment and trading. This great potential in acquiring a large capital is what makes the establishment of a platform that could be used by both creators and consumers for doing dealings in NFTs exceedingly compelling. This paper puts forth a way to develop an NFT marketplace i.e., a decentralized application(dApps) for the trade of NFTs. For this cutting-edge application, some key and fundamental concepts such as smart contracts, wallets, token standards and a lot more are explored. A system design has been proposed that highlights all the essential features like minting, listing, buying, and selling of NFTs. A precise analysis of the benefits and limitations associated with NFTs, and their marketplaces is done. Benefits being immutability, security and tokenization and the limitations being gas fees, legal issues, and environmental concerns, to properly determine the feasibility and value of developing such an application.