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NFTs & Components
All NFTs are created and uploaded to the IPFS storage and secured by blockchain. Only allowed users can mint tokens. That means that there is a granting procedure that verifies an NFT creator candidate and grants him permission of creating NFT.
When NFT is minted it does not mean that it is ready for sale. Minted NFT is visible only for their authors but not for buyers or other interested parties. After an owner of NFT lists it, it becomes available for sale.
a) Minted — visible only to a celebrity who owns this token.
b) Reserve price — listed with a reserve price, but no one has placed a bid on the auction yet. It might be listed as both an author and a fan.
c) On Auction — listed with a reserve price and the auction has started. It might be listed as both an author and a fan, but only a fan can make a bid.
d) Final Bid — token with an ended auction. The token waits for transaction confirmation.
e) Sold — token owned by a fan who hasn't put it on sale yet.
f) Reserve price and fixed price g) Reserve price auction postponed.
All NFTs may have a Rare Sale badge that means the author makes them visible only for their own subscribers. But when a fan has bought it, the NFT becomes visible to all platform Users (the badge remains). The Fan can list it for sale again.
Each time you execute the contracts on the Ethereum blockchain, you pay the miners that own the computer hardware doing that computation. That means that each transaction is charged. The transaction name is the Gas Fee. The amount of Gas depends on miners' workload and is not regulated by the platform.
The authorization in the system is made by a wallet address. The system recognizes a role and outputs UI depending on the role. Roles differ on the ability to create NFTs only, or on only buying NFTs. Granting an author (creator NFT) role and administration. Using a smart contract, an administrator grants the Creator role to the candidate. In order to grant a role, there is an onboarding procedure that results in getting all necessary information about a creator candidate.
All users regardless of their roles are stored in the database on the platform. All data about a user is filled by himself whenever he wants to do this. However, minting tokens (for creators) or placing bids (for fans) becomes available after filling out necessary details about them. IPFS network is used for storing and sharing NFTs in a distributed file system.
A creation of NFT is developed according to the following standards:
ERC-721 - standard for single tokens
ERC-1155 - standard for series of tokens (collections and multiplies)
Wallet’s integration to the platform is implemented via Metamask. Web3.js library is used for connecting to Metamask and smart contracts Pinata cloud is used for uploading and managing NFTs on IPFS.
Our backend for the platform is necessary only for storing users’ data and their parameters. Back-end also processes data of NFT coming from IPFS like events, tech info, history, etc.