Workflow of our NFT Marketplace
● The participants should create a profile and get it confirmed by our council body.
● Once the profile is created, the creators can upload the digital version of their work to start the process of minting.
● Next, they can give the title, description, price and other required details for the asset.
● Once the listing is complete the creators can mint or tokenize their work into NFTs.
● It is their choice to list the NFT either in an auction sale or a fixed-price sale.
● The buyer now comes into the picture.
● If their desired NFT is an auction sale, they can place bids. The highest bid in the specified time will be the winner.
● If the NFT is listed on the fixed price sale, the buyer has to pay the shown amount to claim it.
● Once the transaction is approved, the NFTs will be transferred to the wallet. Once the users initiate the transaction, the smart contract transfers the ownership of the assets (NFT) to the particular user.
Royalty- The royalty fee for the creators will be written on the smart contracts. For every sale, there will be a royalty fee transferred to the creators as per the terms of the smart contract.
Transaction History- When an asset is traded multiple times, the smart contract stores every ownership detail of the asset. Our marketplace allows the creators to upload the designs and edit the same with the appropriate parameters.
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