Building a NFT Marketplace DApp
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This document provides an overview of building an NFT marketplace similar to OpenSea using AWS services. It describes the key components including storing NFT assets on IPFS/S3 and metadata on the blockchain, using smart contracts to manage minting, ownership transfers and royalties, and building APIs and user interfaces to allow creators to mint/list NFTs and buyers to discover and purchase them. It also discusses using AWS services like Lambda, API Gateway, DynamoDB, and managed blockchain to build the backend infrastructure while hosting the frontend on S3/CloudFront. The goal is to create a scalable and secure marketplace for buying and selling NFT assets.
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Building a NFT Marketplace DApp
- 1. Web3 Building a NFT Marketplace DApp like OpenSea Thanh Nguyen Senior Solutions Architect nnthanh101@gmail.com | +84938203080
- 3. https://nft.job4u.io 3LAU: 33 NFTs for $11.6M Mark Cuban: 1 NFT for $80k Beeple: 1 NFT for $69M NBA TopShot: $460M vol., 280k traders Cryptopunks: $186M w/ 10K traders OpenSea (marketplace): $276M vol., 88k traders
- 4. https://nft.job4u.io Blockchains by NFT Sales Volume NFT Collection by NFT Sales Volume 0 0 0 0 0 출처 : https://cryptoslam.io/ (2022/02/15일 기준)
- 6. https://nft.job4u.io Seller • List their NFTs • Offers them in fixed price sales or auctions OpenSea (NFT Marketplace) Wallet Creator Artist • Upload image, define meta-data • Mint a new NFT NFTs ① NFT Minting Market Operator • Operate the marketplace • Settles sales • Platform Fees for every sale (2.5% - 5%) Buyer • Looking for new NFTs • Buy with crypto/fiat • Pay for royalties/licensing Wallet ② Buy NFT Cryptocurrency Exchange Cryptocurrency transfer ③ Deposit cryptocurrency ③ NFT Ownership Transfer
- 7. https://nft.job4u.io Wallets Custodial Wallets Non-Custodial Wallets No account recovery Private key gone, tokens gone Tokens owned by the user Email/PW sign-up/ login (No wallet) Account recovery Tokens manged by them Security risk for all assets on the platform Metamask Portis
- 8. https://nft.job4u.io Simply programs stored on a Blockchain that run when predetermined conditions are met Smart Contract pragma solidity ^0.8.0; contract SimpleHouse { uint storedHouse; function set(uint x) { storedHouse = x; } function get() constant returns (uint) { return storedHouse; } } Real Estate Contract Registration & Contract Visit & Contract Real Estate Brokers & Courts Borrower Home Owner Reality Smart Contract Borrower Home Owner P2P Network Blockchain =
- 9. https://nft.job4u.io Non-Fungible Tokens ERC-721 Smart Contract Impl. 157 158 0x722….042c 0x932….043e token_id owner 159 0x212….013e ERC-721 defines: • Standard Interface for a NFT collection Properties: • Collection Name • Collection Symbol Functions: • Get owner of tokens • Get balance of an address • Transfers of ownership • Approvals (e.g. for exchanges) • Links tokenId to the URI … … … …
- 10. https://nft.job4u.io Non-Fungible Token token_id: 157 User with Wallet owns 0x7222fB737B4480A80d71452bBa5C9C799300424b ERC-721 / ERC-1155 NFT Smart Contract stored on public Ethereum 157 Hashmask-157.jpeg IPFS/S3 stored in a data store (IPFS / S3) Meta-Data links
- 11. https://nft.job4u.io Backend Block1 EVM (Ethereum Virtual Machine) Data (Transaction List) Developer Smart Contract pragma solidity ^0.8.0; contract SimpleHouse { uint storedHouse; function set(uint x) { storedHouse = x; } } Block2 Smart Contract Block3 Data (Transaction List) Node Node Node Node Data Distributed Network JSON RPC/HTTP Borrower Frontend Mobile / Web App. (javascript/HTML) Web3.js TheGraph.com Wallet (eg. Metamask) I want to rent this house for months Smart Contract
- 12. https://nft.job4u.io User with Wallet 0x7222fB737B4480A80d714 52bBa5C9C799300424b DATA STORAGE BLOCKCHAIN owns Digital Asset links 16 YEARS 001.mp4 NFT Media Data Meta-Data links (Ethereum) (IPFS / Amazon S3) 16 YEARS TokenID 157 Owner 0x722..… s3://yyy.. Metadata_URI NFT Smart Contract (ERC-721 / ERC-1155) NFT Token 157 NFT Meta-Data Name : AWS s3://xxx…. File_URI
- 13. https://nft.job4u.io By mid 2021, projects can reduce the environmental impact by ”off-loading” transactions to layer 2 solutions Scaling Ethereum: Two Approaches to Fix Things ETH 2.0 Enlarge blockspace (Layer 1): Modify the base protocol L2 Approaches Fit more tx into existing blockspace (Layer 2): Move stuff off-chain Layer 1 Layer 2 15 tx/sec 100s tx/sec to 1000 tx/sec
- 14. https://nft.job4u.io Years of research by the community Launch of phase 0 in 2020 Full scale launch expected in 2022 Goals: • Scalability & Security • Sustainability “Will cut the energy demand by 99%”
- 15. https://nft.job4u.io Ethereum mainnet is too expensive for day to day low value transactions Optimism/Arbitrum are still in development Polygon provides the right balance between security and cost Security high low Tx Cost 100$ 0.1$ Ethereum β
- 16. https://nft.job4u.io BaaS Comparison Name IBM AWS Kaleido Luniverse Klaytn Network Hyperledger Fabric Hyperledger Fabric Ethereum (MainNet) Ethereum (TestNet) Hyperledger Fabric Hyperledger Besu Quarum, R3 Ethereum (MainNet) Ethereum (TestNet) Ethereum (Private) Hyperledger Fabric Hyperledger Besu Bitcoin, Quarum Ethereum (MainNet) Ethereum (TestNet) Ethereum (Private) Luniverse RPC Node on Cloud Infra O (1) IBM O (1) AWS O (3) AWS, Azure, On-prem O (5) AWS, Azure, GCP, NCP, On-prem Smart Contract IDE Visual Studio Code IDE X Remix Truffle Suite Remix Atom Truffle Suite SaaS Service Food Trust X NFT, DID, Bridge, Sidechain Ethereum Development Stacks
- 17. https://nft.job4u.io Challenge: Querying Smart Contracts for historic data is not a good idea Option1: Run an Ethereum node in archive mode ( 8TB) Option2: Listen to events like mint and transfers, and track the balances off-chain • Needs to be robust (do not miss an event!) • Needs to handle chain reorgs Option3: Use “TheGraph” Project • It tracks all the events & builds up index • Provides graphQL API interfaces • Powers all the popular crypto projects
- 18. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 Web Apps Amazon S3 Web Apps Amazon S3 NFT Assets AWS Lambda Create NFT AWS Lambda Transaction Signer AWS KMS Ethereum Private Key(Admin) Amazon DynamoDB AWS Fargate AWS Lambda Proxy Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Creator Frontend NFT Asset API NFT Storage NFT API Blockchain Event Synchronizer Amazon Managed Blockchain Transaction Manager & Admin Wallet Ethereum Create, mint, and list a new NFT Buy an NFT Personal wallet Buyer Frontend Buyer user interface NFT API Blockchain event synchronizer Ethereum contracts and wallets Amazon Managed Blockchain Transaction manager and admin wallet NFT storage Creator user interface NFT assets
- 19. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT Assets AWS Lambda Create NFT AWS Lambda Transaction Signer AWS KMS Ethereum Private Key(Admin) Amazon DynamoDB AWS Fargate AWS Lambda Proxy Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Creator user interface NFT Asset API NFT Storage NFT API Blockchain Event Synchronizer Amazon Managed Blockchain Transaction Manager & Admin Wallet Ethereum Buyer user interface NFT API Blockchain event synchronizer Ethereum Contracts and Wallets Amazon Managed Blockchain NFT storage NFT assets Create, mint, and list a new NFT Buy an NFT Personal wallet NFT API NFT storage NFT assets Blockchain event synchronizer Ethereum contracts and wallets Amazon Managed Blockchain Transaction manager and admin wallet
- 20. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT Assets AWS Lambda Create NFT AWS Lambda Transaction Signer AWS KMS Ethereum Private Key(Admin) Amazon DynamoDB AWS Fargate AWS Lambda Proxy Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Creator user interface NFT assets NFT Storage NFT API Blockchain Event Synchronizer Amazon Managed Blockchain Transaction Manager & Admin Wallet Ethereum Buyer user interface Blockchain Event Synchronizer Ethereum Contracts and Wallets Amazon Managed Blockchain Transaction Manager and Admin Wallet NFT Storage Create, mint, and list a new NFT Buy an NFT Personal wallet NFT storage Blockchain event synchronizer Ethereum contracts and wallets Amazon Managed Blockchain Transaction manager and admin wallet
- 21. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT assets AWS Lambda create NFT AWS Lambda Transaction Signer AWS KMS Ethereum Private Key(Admin) Amazon DynamoDB AWS Fargate AWS Lambda Proxy Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Blockchain Event Synchronizer Amazon Managed Blockchain Transaction Manager & Admin Wallet Ethereum Blockchain Event Synchronizer Ethereum Contracts and Wallets Amazon Managed Blockchain Transaction Manager and Admin Wallet Create, mint, and list a new NFT Buy an NFT Personal wallet Blockchain event synchronizer Ethereum contracts and wallets Amazon Managed Blockchain Transaction manager and admin wallet Creator user interface NFT assets NFT API Buyer user interface NFT storage
- 22. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT assets AWS Lambda create NFT AWS Lambda Transaction Signer AWS KMS Ethereum Private Key(Admin) Amazon DynamoDB AWS Fargate AWS Lambda Proxy Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Blockchain event synchronizer Amazon Managed Blockchain Transaction Manager & Admin Wallet Ethereum Ethereum Contracts and Wallets Amazon Managed Blockchain Transaction Manager and Admin Wallet Create, mint, and list a new NFT Buy an NFT Personal wallet Creator user interface NFT assets NFT API Buyer user interface NFT storage Ethereum contracts and wallets Amazon Managed Blockchain Transaction manager and admin wallet
- 23. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT assets AWS Lambda create NFT AWS Lambda Transaction Signer AWS KMS Ethereum Private Key(Admin) Amazon DynamoDB AWS Fargate AWS Lambda proxy Amazon Managed Blockchain Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Amazon Managed Blockchain Transaction Manager & Admin Wallet Ethereum Ethereum Contracts and Wallets Transaction Manager and Admin Wallet Create, mint, and list a new NFT Buy an NFT Personal wallet Blockchain event synchronizer Creator user interface NFT assets NFT API Buyer user interface NFT storage Transaction manager and admin wallet Ethereum contracts and wallets
- 24. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT assets AWS Lambda create NFT AWS Lambda transaction signer AWS KMS Ethereum private key (admin) Amazon DynamoDB AWS Fargate AWS Lambda proxy Smart Contract Owner Wallet Marketplace Smart Contract ERC-721 Smart Contract Company Wallet Royalty Fee Recipients Wallet Transaction manager and admin wallet Ethereum Ethereum Contracts and Wallets Create, mint, and list a new NFT Buy an NFT Personal wallet Amazon Managed Blockchain Blockchain event synchronizer Creator user interface NFT assets NFT API Buyer user interface NFT storage Ethereum contracts and wallets Amazon Managed Blockchain
- 25. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT assets AWS Lambda create NFT Amazon DynamoDB AWS Fargate AWS Lambda proxy Smart contract owner wallet Other smart contracts (marketplace) ERC-721 smart contract Company wallet Royalty fee recipients wallet Ethereum Create, mint, and list a new NFT Buy an NFT Personal wallet Transaction manager and admin wallet Amazon Managed Blockchain Blockchain event synchronizer Creator user interface NFT assets NFT API Buyer user interface NFT storage AWS Lambda transaction signer AWS KMS Ethereum private key (admin) Amazon Managed Blockchain
- 26. https://nft.job4u.io Amazon CloudFront Amazon CloudFront Amazon CloudFront Amazon Cognito Amazon API Gateway Amazon S3 (web apps) Amazon S3 (web apps) Amazon S3 NFT assets AWS Lambda create NFT Amazon DynamoDB AWS Fargate AWS Lambda proxy Smart contract owner wallet Other smart contracts (marketplace) ERC-721 smart contract Company wallet Royalty fee recipients wallet Ethereum Create, mint, and list a new NFT Buy an NFT Personal wallet Transaction manager and admin wallet Amazon Managed Blockchain Blockchain event synchronizer Creator user interface NFT assets NFT API Buyer user interface NFT storage AWS Lambda transaction signer AWS KMS Ethereum private key (admin) Amazon Managed Blockchain
- 27. https://nft.job4u.io Seller Recruiter/BD/Agent • List their NFTs • Offers them in fixed price sales or auctions Resume4U (NFT Marketplace) Wallet Creator Job-Seeker • Upload Resume - personal & professional, experiences & achievements … define meta-data • Mint a new NFT NFTs ① NFT Minting Market Operator Job4U Call-Center • Operate the marketplace • Settles sales • Platform Fees for every sale (2.0% - 5%) Buyer Employer • Looking for new NFTs • Buy with crypto/fiat • Pay for royalties/licensing Wallet ② Buy NFT Cryptocurrency Exchange cryptocurrency transfer ③ Deposit cryptocurrency ③ NFT Ownership Transfer
Editor's Notes
- We’ve seen an explosion of NFTs and different types of digital assets. In sports, NBA TopShots launched a baseball card like product where you can own highlight moments of individual players. In art work, Cryptopunks launched 10k pieces of art. Beeple sold many of his art pieces for significant amounts, including an all encompassing artwork for $69M. Triple digits of bidders from the crypto world as well as modern art world More 22mn people watched the auction live In music, Kings of Leon sold an NFT only album (6500 copies), along with six golden tickets which give perks like lifetime front row seats to their shows, backstage passes etc. BLAU sold 33 different NFTs for various experiences like being able to record a song with him. There are marketplaces like OpenSea where people can resell and buy these ---- Everything what you see - is on Ethereum except “NBA topshot”
- What about NFT market trends? Axie Infinity P2E (Play to Earn) games are the most active. As for the network, Ethereum ranks first, followed by Ronin and Solana. In addition to the Axie Infinity game, Community-friendly NFTs such as bored Ape yacht club and art blocks are active and popular.
- 2022_NFT Market Report Q1_final.pdf
- The process of issuing and trading NFTs in the open market is as follows: First, the creator creates an NFT and uploads it. If the Buyer purchases it with cryptocurrency Cryptocurrency is deposited to the creator, and The buyer receives a certificate of ownership and stores this in his wallet.
- Creator/Artist: Apply + GetVerified Create new NFTs (primary market) Upload image, define meta-data Unlockable content (e.g. image in high-resolution) Royalty fee (10%) Seller: List NFT Fixed price sales Run an auctions (English/VN) Buyer: Explore/Search/Filter Verify chain info Check provenance of the item Bid on auctions (can be canceld) Buy with crypto/fiat Fees for every sale: Platform fee (2.5% - 5%)
- Artist/Jobseeker: Apply + GetVerified Create new NFTs (primary market) Upload image, define meta-data Unlockable content (e.g. iamge in high resolution) Royalty fee (10%) Seller: List NFT Fixed price sales Run an auctions (English/VN) Buyer: Explore/Search/Filter Verify chain info Check provenance of the item Bid on auctions (can be canceld) Buy with crypto/fiat Fees for every sale: Platform fee (2.5% - 5%)
- * To use cryptocurrency, you need a different type of wallet than the one you always use. * Among them, the most familiar one is probably the exchange wallet (Binance, CoinBase). The exchange wallet does not manage the key by the user Users can access with their familiar email and password. Even if you lose your password, there is no need to worry because the exchange will recover it. However, if the exchange is closed or hacked, users cannot do anything. * In some cases, the user directly manages the key. You may know 'MetaMask'. Users do not need any personal information, they only need a password to connect to the wallet. If you lose your password or key, the tokens in your wallet are gone. This key management is absolutely up to you!.
- To rent a house in reality, Through a real estate agent You must write a lease agreement. But in blockchain With smart contract, “non-face-to-face” and “automatic contract” is possible. If the contract condition is implemented as programming, it will be executed when this condition is satisfied. This condition means . . whether a specific parameter comes in, whether the parameter value is greater than a certain value etc.
- What is a standard: Royalties Which NFT standard makes most sense? Pros of ERC 721: Best ecosystem support Clear provenance of each NFT Pros of ERC 1155: More generic: Allows also fungible tokens Less transactions, more gas-efficient for certain operations Questions: Do you need fungible tokens for your use case?
- Challenge: What is the best standard if you need fungibility for the shares, but would like to attach a media asset as well. NFT properties: Ownership Transferable Fraud-proof Invisible Provably Scarce Unique Problem: which standard Problem2: security tokens - A non-fungible token (NFT) is a unit of data on a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. - NFTs can represent digital files such as art, audio, videos, items in video games. - While the digital files themselves are infinitely reproducible, the NFTs representing them are tracked on their underlying blockchains and provide buyers with proof of ownership.
- A Fungible Token represents ownership of an on-chain asset One of the most frequently asked questions by customers is which NFT standard to use. ERC20 is not NFT standard but FT standard, and there are two NFT standards, ERC-721 and 1155. In ERC20, balance is important, in ERC-721, owner is important information. But in the case of game items or if there are many NFT collections, the cost would be huge if you trade them one by one. ERC-1155 adds Balance so that multiple NFTs can be traded at once. For example, instead of selling each sword one by one, you can sell 3 or 2 at a time.
- The working process of the actual smart contract is as follows. Data is stored in Blockchain in each node, not in a database. As Java has JVM, for Ethereum, there is EVM. In order for a smart contract to work, there must be a VM When a developer develops a smart contract and deploys it to the network, The Smart Contract code is stored in a block. Smart Contract code is exactly the same as other transaction data. You can call the Smart Contract stored in the blockchain / using the web application, and the data created in this application is also stored as a new block.
- Making NFTs is called 'minting'. Let's say that S3 “16th anniversary” NFT is issued. Upload this file to distributed storage IPFS or Amazon S3. If the file is uploaded successfully, the uploaded location will appear, right? and then store meta-information such as this link and the name of the person / who issued it. So, until now, we have saved the actual file and metadata to S3. Metadata can be stored in the database. * The smart contract is distributed in advance on the blockchain. In the case of Ethereum, smart contract is created and distributed in advance * When an NFT issuance request comes, this contract creates a token with a unique ID This token records the location of metadata and the owner' address. * If you want to check the current ownership of this file, you can check this token. * If you want to look at the original file, you can see the actual file by following the metadata link and file link.
- By mid 2021, projects can reduce the environmental impact by ”off-loading” transactions to layer 2 solutions Scaling Ethereum: Two Approaches to Fix Things Enlarge blockspace (Layer 1): Modify the base protocol ETH 2.0 Fit more tx into existing blockspace (Layer 2): Move stuff off-chain L2 Approaches
- Source: https://spectrum.ieee.org/computing/networks/ethereum-plans-to-cut-its-absurd-energy-consumption-by-99-percent Scalability: Sharding, in combination with layer 2 rollups should allow to 100,000 tx / second In Proof Of Work, miners invest their resources – mainly electricity – to validate transactions and secure the network. This model requires massive amounts of energy to work properly and protect the network from “51% attacks”. In Proof of Stake, users who want to secure the network, stake their ETH and become validators. Each validator is incentivised to validate transactions by receiving, similarly to miners in proof-of-work, both the block reward and the transaction fees. To discourage validators from trying to game the system and validate fraudulent transactions, the Proof of Stake system implements a mechanism called “slashing” where validators lose part of their staked ETH if they decide to act dishonestly. Phase 0: Means staking Eth. Right now we have 3.6mn ETH staked $7bn
- Layer2 discussion Polygon Side-chain that periodically syncs to main net: Plasma & Polygon 🌟 useful for NFT applications 🌟 constant data on-chain per tx (1 merkle root per period) = O(1) ☄️ tx not instant (have to wait for interval to end) ☄️ not general purpose (can’t simulate full EVM)
- Based on: 10gwei, ETH price: 2100$ Action Gas costs Transaction costs Mint a new NFT 150k 3.50$ Transfer NFT 80k 2$ Deploy a ERC721 smart contract 3.7mn 85$
- TokenDataService (based on theGraph)
- NFT Ownership have a limited interval or sales NFT to everyone? The process of issuing and trading NFTs in the open market is as follows: First, the creator creates an NFT and uploads it. If the Buyer purchases it with cryptocurrency Cryptocurrency is deposited to the creator, and The buyer receives a certificate of ownership and stores this in his wallet.
- For individuals or Job Seekers, they simply need to create a profile and Resume NFT in the marketplace. Verify Resume: Digital Identity Marketplace fee: 2.5%