Understanding the Enterprise NFT Market

NFT Marketplace offers an e-commerce site for dealing with NFTs — unique digital objects. The ownership, provenance, and history of these objects are recorded using smart contracts in a cryptographically secure digital ledger.

Therefore, they cannot be copied, replaced, altered or otherwise tampered with. They can be issued (minted), transferred to others (as a seller/buyer transaction or auctioned), and burned (destroyed). Through ownership of an NFT, a unique digital file containing a representation of an asset (typically an image, video, 3D object, data file, or other form of digital asset) can be accessed.

NFTs can be used to record and transfer ownership of digital artwork, unique photos or videos, virtual trading cards, images and product registrations of physical objects. They can be implied to include content such as moment-specific sports games or concert events with unique personalization, but can also represent ownership of real estate (often zero), investments following environmental, social and governance (ESG) principles, product content and Manufacturing history, certifications and qualifications, etc.

NFT Marketplace is similar to an e-commerce website, but it uses blockchain and content management services as part of the backend infrastructure.

Oracle customers currently use NFTs mapped on the Oracle Blockchain Platform to provide:

Marketplace of Iconic Photos from Global News Agencies

International music star fan club enriches membership experience

Trade in personalized digital objects related to the US football team, as well as a movie about the iconic family that owns the franchise

This solution exemplifies how to build an NFT marketplace Development using Oracle Blockchain Platform and Oracle Cloud Infrastructure.

Architecture

This architecture shows an example of an NFT marketplace in Oracle Cloud Infrastructure (OCI). Using this architecture it is possible to build an NFT marketplace using Oracle Blockchain Platform on Oracle Cloud Infrastructure

The following are the key components of the NFT market:

The blockchain platform provides distributed ledgers and supports smart contracts for issuing and trading NFTs

A content management platform that supports the storage, development and combination of digital objects that make up NFTs

User experience platform for creating marketplace UI and workflows associated with shielding NFTs, browsing available NFTs, buy/sell transactions, and payment processing

The diagram below shows the core services and some optional services that you can integrate as needed.

The instructions for build-nft-marketplace-blockchain.png are as follows

Description of the illustration build-nft-marketplace-blockchain.png

NFT Marketplace is a custom Visual Builder Cloud Service (VBCS) app with web and mobile UI. You can tailor the scope and functionality to your specific organizational needs. You can integrate it with existing customer portals or other enterprise customer experience (CX) applications and systems. You can design the UI so that specific user flows involve NFTs for consumer collection CX, but not applications for B2B dataset transactions and ESG investment portals. This solution playbook provides specific instructions on enabling the Visual Builder low-code development infrastructure using the API to:

Content management using Oracle Content Management and creating plugins

NFT drawing, listing and transfer using Oracle Blockchain Platform REST API (using OCI API Gateway)

Payment processing using the Oracle Integration PayPal adapter or the Oracle CX Commerce platform

Optional data visualization and dashboards using Oracle Analytics Cloud

The architecture has the following key components:

area

An Oracle Cloud Infrastructure region is a localized geographic area that contains one or more data centers, known as an availability domain.

tenant

A tenant is a securely isolated partition that Oracle sets up in Oracle Cloud when you sign up for Oracle Cloud Infrastructure . You can create, organize, and manage resources in Oracle Cloud within your tenant. Tenant is synonymous with company or organization. Typically, a company has one tenant and reflects the company’s organizational structure within that tenant. A tenant is usually associated with a subscription, and a subscription usually has only one tenant.

Oracle Blockchain Platform

Oracle Blockchain Platform is a managed blockchain service that provides a tamper-proof distributed ledger to record the issuance (printing) of NFTs, maintains NFT transaction history, and the infrastructure for running NFT transaction smart contracts node. It is a pre-installed permissioned platform based on Hyperledger architecture that can run independently or as part of a network of validating nodes (peer nodes). These nodes update the ledger and respond to queries by running smart contract code (business logic that runs on the blockchain).

External applications invoke transactions or run queries through client SDK or REST API calls, which prompt selected peers to run smart contracts, such as those generated and deployed in the development section. ERC-721Multiple peers endorse (digitally sign) the result, then verify the result and send it to the ordering service. After consensus is reached on the order of transactions, transaction results are grouped into cryptographically secure, tamper-proof blocks and sent to peer nodes for verification and appending to the ledger.

With Oracle Blockchain Platform , you go through a few simple instance creation steps, and Oracle takes care of service management, patching, monitoring, and other service lifecycle tasks. Service administrators can use the Oracle Blockchain Platform web console or its REST API to configure the blockchain and monitor its operation. See the Browse More section for details.

Oracle Content Management (Ocm)

Oracle Content Management provides marketers, developers and business leaders with a powerful content management system based on an API-friendly platform. It provides the security and efficiency to create, manage, store and deliver digital assets and websites that scale to meet your growing business needs and complexity.

The platform provided by OCM uses a hierarchical structure of items and folders, including a repository of content items and their indexable metadata attributes.nft marketplace development solution It also provides plugins for managing collections, compilations, and optional review and approval workflows prior to publishing NFTs. OCM provides sites that can be used to create custom NFT creation sites.