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Deployed Ethereum Smart Contracts For Enabling An NFT Marketplace To Ensure More Transparent Transactions

Expertise: Finance Applications
Verticals: Retail & eCommerce
Technologies: Smart ContractBinance
Home > Portfolio > Deployed Ethereum Smart Contracts For Enabling An NFT Marketplace To Ensure More Transparent Transactions
Operating a digital collectibles marketplace where consumers can find task-based NFTs on the blockchain, the client heads a one-of-a-kind business. The client's evolutionary digital marketplace deals with NFT, DEFI, DAO, and staking and farming. This marketplace also converts the rarest of gemstones digitally and turns them into NFTs. Powered by trustless blockchain technology, this marketplace is a next-gen portal for digital collectibles that are turned into distinct blockchain timestamps. Users leverage this unique marketplace to create a digital identity by immortalizing themselves on the blockchain.
Business Needs
To make its unique vision a reality, the client wanted to work with blockchain. To that end, the client had a variety of requirements that they wanted its platform to have. Here are some key business needs that the client had in mind before embarking on the blockchain development project.

  • Creating a platform focusing on decentralized finance in Binance smart chain
  • Educating users about Gemstone token - BEP20 token - and LP token
  • Deploying a staking platform for normal users
  • Building a staking platform for liquidity pool users
  • Incorporating a MetaMask wallet
  • Creating two smart contracts - one for staking and unstaking while the other is for liquidity pool users and normal users
  • Integrating smart contracts to the front end
  • Building a replica of the gemstone smart contract for the client's similar token-PNDA
Strategy & Solution
After extensive research, the client teamed up with our blockchain experts. Owing to our excellent track record in handling projects related to blockchain development, consultation, and implementation, we became an ideal digital partner for the client. We collaborated with the client's team to make sure the project transformed from an idea into a reality. We used our blockchain expertise to build a robust tool that served the needs of not just stakers/users but even owners.

After participating in a few brainstorming sessions with the client's business team, we went ahead with the idea of writing Ethereum smart contracts on Solidity. This way, we ensured that the token smoothly functioned whenever it came from unstaking to staking. Keeping the client's request at heart, we created different smart contracts for liquidity pool users and normal users.

Front-end:
Our team of UI/UX developers collaborated with the client's business team to design an intuitive interface of the marketplace. The team designed an interactive user interface with React's components that brought a new level of simplicity. Below are a few front-end features of the project.

  • Enabled users to track the total staked value, estimated APR, staking status, provisions for staking and unstaking, and rewards calculations
  • Included multiple fields in the staking page of the UI
  • Helped users access their wallet on the UI page for seamless and quick transactions
  • Enabled users to create a comprehensive chart to show calculations related to rewards and API/APY

Backend:
We used the Ethereum blockchain to build the marketplace from the ground up. We also leveraged smart contracts to make sure a strong degree of transparency was maintained while users performed transactions on the platform. Here are some key highlights of the project's backend that are worth noting.

  • Included two smart contracts for normal users and liquidity users
  • Created a replica of a smart contract for the client that governed the use of an intrinsic token known as PNDA
  • Integrated a digital wallet named MetaMask for secure and smooth transactions

Development Process
From the get-go, our blockchain experts went ahead with an agile work methodology. The methodology had yielded results in handling multiple project requirements in parallel. This way, our team was all set to accommodate on-the-fly project requirements from the client. Here are the key highlights of our development process.

  • Carrying out sprint meetings to discuss and flesh out project requirements
  • Outlining the project and setting project-related roles and responsibilities
  • Arranging daily meetings with the client and updating on the latest project-centric developments
  • Preparing and delivering detailed work reports periodically
  • Accommodating any other project requirements in short order
  • Managing post-deployment testing requirements

Business Outcomes
Once the project went live, the client was able to attract more and more users who were interested in acquiring digital collectibles of unique gemstones. After the digital marketplace was launched, consumers started buying collectibles at a fast clip. That is how the client's ROI elevated like never before. Here are some key outcomes that the client experienced once the project was implemented on the Ethereum blockchain.

  • Streamlining the transition of tokens from unstaking to staking
  • Putting strong security protocols in place to ensure that only qualified stakers could stake and unstake tokens
  • Incorporating digital wallets to make sure the transactions were carried out safely, smoothly, and at a fast pace
  • Simplifying the process of calculating rewards and even API/APY
  • Enabling users to check the current status of staking, existing API, estimated APY, APR, staking/unstaking, rewards, etc.
Client's Speak
We are very happy after our vision became a reality. Thanks to the blockchain experts at Flexsin, we were able to create a robust digital marketplace of rare collectibles. The team is highly recommended for anyone who wants to make a unique blockchain idea a reality.

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