Published Paper Details:

A brand-new class of blockchain-based tokens that is exclusive and indivisible is called a non-fungible token (NFT). They first made their debut in late 2017. NFTs are a particular class of blockchain-based digital assets that have recently attracted a lot of investor attention. The phenomenon and its markets have grown significantly since early 2021. Developers struggle to create such marketplaces since blockchain technologies are yet underutilized. This paper outlines the essential procedures that readers may adhere to as they engage in NFT marketplace creation through the example of a web application named RareBuy. The development process involves choosing the base blockchain, writing relevant contracts, deploying and testing them, UI designing, frontend creation, and its interaction with the contracts. Relevant options for the same have been presented in terms of workflow, architecture, and tech stack. It has been investigated how IPFS is an adept file storage system for NFTs. The study also discusses the difficulties NFT marketplaces face, such as blockchain selection tradeoffs and NFT-related legal concerns. It also highlights the advantages of NFT marketplaces, which are directly related to the security and transparency features of blockchain technology. As a result, we set the way for future research paths on a number of crucial yet unresolved areas pertaining to NFTs, NFT markets, and their role in future e-commerce.