Etho Protocol provides mission critical IPFS storage and 100% EVM compatibility and is therefore a perfect place to build a NFT market platform. On the 2nd of January a first deployment started.
When looking at market places for NFTs there are different solutions, Opensea, Rarible are just a couple of examples. All of them are battling with large minting costs, centralisation issues and solution fragmentation.
Etho Protocol is addressing this with a neat solution: merging IPFS and blockchain into one. The IPFS network is provided by a work wide cluster of master nodes, where the owners are contributing and get paid for the storage capacity they are providing. As the network has a replication factor of 10x the storage is highly redundant and perfect for Your NFTs.
Last year a development team formed to deploy a market place. Aim has been to facilitate Etho Protocol NFT functionality which has been introduced last year by the Atlas upgrade.
The focus when minting an NFT should be full decentralisation, which means:
- The NFT should live on a decentralised blockchain and should be minted before the NFT is offered
- The content should live on a decentralised IPFS
- The content description should also live on a decentralised IPFS
These have been the main design principles for setting up a new market place, also as we see that a lot of market places are not fulfilling those requirements.
In the below picture You can see the display of a minted NFT
A typical NFT display card
It consists of 8 elements as of version V0.0.3 of the market place:
- A NFT image: the NFT image can be of any size, however it will be potentially cropped if it has an aspect ration different then a square. Currently the formats png, gif and jpg are supported. The image can also be animated
- A NFT title: Can consist of alphanumeric letters and special characters like '#', '$', ' ', '-' and '.' Note that if the title is too long it will be truncated and only visible on the NFT info page, once that is developed.
- A NFT description: Can consist of alphanumeric letters and special characters like '#', '$', ' ', '-' and '.' but also of URLs. Note that if the description is too long it will be truncated and only visible on the NFT info page, once that is developed.
- The NFT owner circle will show the correlated account on the blockchain. It uses Etho Protocols blockchain explorer.
- The NFT owned address string will open all NFTs owned by this address.
If we go to the right side of the card there is the Twitter and Like button, You can only like an NFT once.
Last but nt least there is the NFT minting sponsor circle, that points to the entity which potentially has sponsored the minting. This is functionality being under development.