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|Nft by interherber(m): 3:07pm On Sep 10, 2021|
Before knowing about the NFT marketplace, you must probably know about non-fungible tokens.
NFT is a non-interchangeable token that has a unique value and cannot be interchanged with the same type. This kind of token is generated using blockchain technology which is an advanced and complex technology in this digital era. Everything which is considered a collectible is now becoming an NFT. The collectible can be digital art, GIF, game assets, or whatever. That's why in recent times, there is hype for NFT and NFT marketplace in the blockchain industry. There has been an increase in e-marketplace targeting the sales of digitized goods such as NFTs, collectibles, and e-books suggesting that digitized products are slowly increasing in demand within the e-marketplace. The estimated total value of crypto-art has now passed $100 million according to cryptoart.io/data, this is just one vertical of a growing ecosystem of NFTs (Turley, 2021). The next stage of digitized growth with e-commerce is likely to come from the entire adoption of multiple payment methods for full commercial purchasing. There is a significant uptrend with the rate of annual NFT transactions, providing it is a fast-growing market segment, with a 138% increase from 2019–2020 (Statista, 2021).NFT traders have experience strong financial performance in recent years with profits of up to $500,000 in a single year and certain traders able to generate annual profits over $100,000 from trading NFTs (Harrison, 2021). Some brands that have already begun creating NFTs are Nike, Louis Vuitton, Breitling, and Samsung (Harrison, 2021).
NFT has some ideal characteristics in real-time. Such as:-
The Potential among the DEFI scheme
The RANCOIN ecosystem is configured to meet the requirement in an innovative, rebuts and user-friendly manner. After extensive studies and research, we have come up with a marketplace where users can buy, sell, create and resell digitized/physical goods and services whilst allowing information to be transferred amongst stakeholders securely. Rancoin users can create an account and use our services instantly. The Rancoin.net advertising system allows for sellers on our platform to target specific users for their listing, moving it to the top of the list and allowing search engine optimization to be maximized, additionally, the platform will implement location-based mobile marketing like geo-fencing, geo-conquesting, and proximity marketing. By integrating a multilingual system Rancoin will expand its target market internationally. International expansion will allow Rancoin to reach a broader subset of its target market in different regions of the world. Users can create collections and benefit from the multiple rewards related to the membership program.
Rancoin will initially create a desktop platform followed by a mobile application. This will be available across all web browsers alongside iOS and Android. The desktop platform shall be built on various pillars to maximize technological capability. We anticipate that our desktop and application will be bridges for users not familiar with blockchain space, providing the accessibility and functionality of the blockchain protocols in a user-friendly and inviting way.
KEY SYSTEM ARCHITECTURE
The platform includes the following components:
• An application for users to create, buy, sell and resell digitized goods.
• Smart contract for NFT marketplace functionality.
• An application for users to list, buy, sell physical goods (artwork&craft).
• The list of all NFTs minted by the Rancoin system. These NFTs can be listed, purchased, and sold on the Rancoin marketplace.
• An application for admins to configure the system, track status updates, and view reports.
• A decentralized storage system that allows the users to securely store all digitized contents files.
• Server modules for storage of data that are no longer essential (those that do not define transfer asset or asset ownerships, therefore no longer need to be stored on decentralized storage) and cache blockchain and other frequently used data for the sake of Rancoin efficiency and performance.
• Business report users can be able to view their business analysis report: - Total income, balance, total outgoing, and sales from their beautiful analytic dashboard.
• The platform will allow the integration of logistics service which will allow not only seamless shipping but also ensures that the merchant and the customer get real-time courier updates along with order tracking capability. This allows the user to manage shipments from the same panel instead of approaching the courier partners separately.
• Rancoin users can provide personal profile details, bookmark the digitized items they are interested in viewing at a later date and report illegitimate content. Our system has an account module that provides the support of email and password authentication for its users together with other federated authentication providers. This account module will make the platform user-friendly and allow the user to personalize their accounts.
• The platform will verify and certify creators and sellers contributing towards the ecosystem with a blue check, this will be for accounts with significant traction and to protect buyers and sellers from fraudulent activity. Verified accounts without the blue check will still show in the marketplace, the platform will configure an AI capability to perform the verification process.
• Rancoin maintains an open approach to all blockchains and compatibilities. We are not limiting our services to a specific blockchain and we intend to provide our users and the entire blockchain ecosystem with a cross-compatible e-marketplace. Initially focused on Ethereum and Binance Smart Chain. An NFT creator would have the right to submit their content on multiple blockchains at the time of minting. Initially, the RAN token will be a BEP20 token on the Binance Smart Chain.
• Rancoin NFT conforms to the ERC1155 specification meaning our NFTs should work with all external systems that support the ERC1155 standard. The platform NFT metadata makes use of the same format and rules specified by all leading NFT compatible platforms. Each of our NFTs metadata contains a signature signed by Rancoin system private key. This means that a user can always identify whether or not an NFT is minted by the Rancoin system.
• The digital content file is the heart of Rancoin NFTs. However, due to the high cost of blockchain storage, it is inefficient to store such a large file on-chain, meaning all digital content files will be stored on the IPFS network, which is a decentralized and mature storage protocol. IPFS identifies files based on their hashes. Rancoin stores a digital contents hash into the corresponding NFTs metadata. The metadata itself is stored as a JSON file on IPFS, and the hash of the JSON metadata file is stored on the chain as the token URL and because of this, the integrity of the NFT as a whole is guaranteed. Because a file on IPFS exists only as long as at least one node pins it, our system maintains an IPFS cluster to pin its files. In the future, we may store files on one of the external IPFS service providers like FileCoin, Pinata, etc. instead of or in addition to our IPFS cluster.
THE NFT MARKETPLACE
NFT marketplace is a kind of special place for buying, selling, and trading non-fungible tokens without any hassle. NFT marketplaces will accept all credit/debit cards and crypto payments for selling and purchasing Non-Fungible tokens. The NFT marketplace is a kind of regular marketplace and auction platform. In this platform, creators can turn their collectible into an NFT. Then, they will put it up for sale by setting a fixed price or launching an auction. After setting up, different buyers from various countries will participate in the auction and purchase NFTs.
In other words, we can say the NFT marketplace is a decentralized platform. So, in the NFT marketplace, you can find anything from any domain. Also, you can modify items and start selling them. As of now, the NFT marketplace has been generating millions of dollars for global crypto investors. As previously said, Non-Fungible tokens are generated over various products like art, music, game assets, etc. This makes an added benefit for collectibles through the NFT marketplace.
Rancoin marketplace consists of a smart contract which:
• List all the NFTs that are for sale at that moment in time.
• Handles the exchange of NFTs.
• Storefront our NFT marketplace has a storefront that offers users all the information required for an item: bids, owners, preview, or price history.
• Using filters, it becomes easier to navigate a site, By adding the filters feature, users can select items by payment method, listing status, category, and collection.
• Our NFT marketplace platform supports tagging and category management to allow users to search collectibles. Use a search bar on the site and add categories.
• Create listings, a user should be able to create and submit collectibles. Using this feature, a user should upload files and fill in the token information such as name, tags, description.
• Our NFT marketplace platform has a feature that allows users to buy and bid for NFTs listed on the platform. The bidding feature includes a bid expiration date and allows users to view details about the bids' current status.
• Rancoin NFT Marketplace Platform has a wallet that allows users to store, send and receive non-fungible tokens.
• The system also can allow the NFT owner to update their price and listing details, delist their NFT from the Rancoin e-marketplace, and burn their NFT.
Rancoin e-marketplace has various features and components which are implemented off-chain, some examples are as follows:
• Ability to add and/or upload promotional materials.
• Report, flag, Bookmark or React to digital content on the platform.
• Rate and review digital content.
The listed features can be classed as non-essential for asset ownership therefore we can put them off-chain.
The platform will ensure its users are protected because the hash of an NFTs digital content file is stored on-chain, our system can perform a scan to check for any duplications, preventing any other user to create the same content from being submitted again.
Our digitized system also provides the user the option to REPORT this is a function for users to report illegal content or content that violates Rancoin terms and services. Once reviewed any content that is proven to be invalid will be permanently deleted from the Rancoin platform.
Rancoin identifies three key user types, they are as follows:
Rancoin provides the capability for any user to create NFTs on our platform, allowing the user to create their collection of NFTs and have the authority to sell them on our platform.
Buyers will experience a simple user interface to ensure they are engaging with a user-friendly platform. The buyer will be able to use the search bar to find specifics relating to the NFTs they require, they can also configure their account with personal interests to allow automated products selection to load related products with their homepage.
Our key aim is for the buyer to have an enjoyable experience on Rancoin whilst finding new and interesting digitized products for their purchase, cryptocurrency, and in future fiat currency.
In the Rancoin platform, sellers of NFTs will have a simplified process of listing, processing payments, and delivering the goods to the buyer through smart contracts. Our platform focuses primarily on the quality of NFTs and provides a unique option for the seller to advertise their products to a specific target group within the platform.
Thank you for reading; we look forward to having you onboard.
Our token private sale is in progress click on https://rancoin.net to be a part of our ever-growing community, our offer is clear (Get 30% bonus) or join our TELEGRAM community now.
I hope this answer is informative for you!
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