Even though NFT projects are thriving well on third-party marketplaces, the increasing number of those platforms raises several concerns thus resulting in Community-Centric NFT Marketplace Development.
How Does The Community-Centric NFT Marketplace Work?
Step 1: Users have to register on the platform by filling out all the required information
Step 2: After registration, the user has to create their own digital wallet and link it to the platform.
Step 3: The user now has the option to purchase the governance token (platform’s native token)
Step 4: After purchasing the tokens, the marketplace platform let the authorized users to look and pick their desired NFTs.
Step 5: The authorized user can create a community or join the existing community and discuss with the community members to buy/sell NFTs.
Step 6: Buying and selling NFTs is done with the knowledge of each individual in the community. (Everyone has the right to vote, decide and implement)
Step 7: The admin manages the communities, hence it is completely centralized.
Step 8: The user can now purchase their favorite NFTs via auction or fixed price with the knowledge of the community he/she belongs to.
Step 9: After that, the users can resell the NFT, if they purchased it just to sell on the platform
Step 10: Once the payment is done, the NFT is transferred to the buyer's wallet from the seller’s wallet. The proprietor of the community-centric NFT marketplace charges a fee for all those actions.