Description

While buying NFTs in marketplaces, have you ever wondered if the NFTs you're buying don't sell for a better price than what you bought them for? Has that thought made it hard for you to choose an NFT to buy? Well, what if the NFT market was more liquid, and it was easier to buy and sell NFTs quickly at the prices we wanted? Welcome to the Verse NFT marketplace, where buying and selling NFTs can be done quickly without the friction caused by having to choose one specific NFT. Verse allows users to mint and add NFTs to the marketplace. Once added, users can search for sale groups. They can then list their NFT in the sale group that they see fit. Once enough NFTs are listed, the buyers can place bids on the NFTs in the sale group. At the end of the sale, based on each bid placed by each buyer, the NFTs are mated and sold to the buyers. In this marketplace, the buyers enter a sale group of their choice and are not weighed down by having to choose one specific NFT but can bid for multiple NFTs and end up getting one NFT from the sale group.

Verse showcase

How it's made

This project runs on NodeJS, ReactJS and the Ethereum network. Development tools like Ganache were used to build and test the application quickly. Users can log in to the marketplace to see a list of all available sale groups. The sale groups are classified into art groups, bonds, securities, events and miscellaneous items. Users can mint and add NFTs on the create page. Users can create a sale group on the create sale page. Here, the sale owner gets to choose the type of sale, duration of the sale, the maximum number of NFTs that can be listed, and the MSP, Minimum selling price. The MSP also dictates the listing fee for each NFT and also the minimum bids that can be placed in the sale. Users can List their NFTs on the sale by doing so. They will be prompted to pick an NFT from their collection and pay a small listing fee that is a fraction of the MSP of the sale. Once a sale is created, it appears in the sales section. Users who want to buy an NFT can do so by entering one of these sales and place a bid on one or multiple NFTs by doing so. All the bids placed and all the listing fees will be deposited in a pool. At the end of the sale, the highest bidder for each NFT receives the NFT ownership. If the same user has the highest bid for multiple NFTs, then the NFT goes to the second-highest bidder and so on. The bid amounts given by these new owners to own the NFT will be transferred to the respective sellers. The remaining bids go back to the users who paid them. Any NFT that has no bids will be returned to the seller. After the sale ends, anyone who listed their NFT or placed a bid on an NFT in the sale group will be allowed to give feedback on how satisfied they were with the sale. If the feedback is positive, the sale owner's reliability score goes up by 1. If it's negative, the score goes down by 1. Users with negative reliability scores will not be allowed to start sale groups. The reliability of each sale is the reliability score of the sale owner at the start of the sale. This score will be visible on the card of each sale for participants to know which sale groups are more reliable in terms of getting NFTs sold for the prices they want.