An NFT (Non-Fungible Token) is a digital asset that can be bought or sold but has no tangible form. One creates a digital certificate of the ownership of the asset which is referred to as “tokenization”. A record of ownership is kept on a decentralized, distributed ledger called the blockchain. It cannot be tampered with as it is stored by numerous entities (computers/servers) around the world, employing a BFT protocol such as PBFT, providing resilience to the stored data.
In 2011, Nyan cat (an animated gif), was sold for over $500k. It is currently priced at $1,256,034. It’s not just art, the very first tweet made by Jack Dorsey is currently priced at around 3 million dollars. Given the worth and the scale at which the market size of NFT is increasing, we need a scalable and resilient blockchain fabric to meet these demands.
ResilientDB is a Global-Scale Privacy-Preserving permissioned blockchain fabric, that allows its users to set up a blockchain application. ResilientDB provides an open source implementation of PBFT, a byzantine fault tolerant consensus protocol which we will build upon to develop a marketplace for NFTs. Furthermore, along with accuracy and security, ResilientDB offers a high-throughput yielding distributed ledger built upon scale-centric design principles to democratize and decentralize computation. As ownership is at the core of a NFT, we will bank upon the ResilientDB fabric to maintain and transfer the ownerships by storing custom smart contracts in the ledger.
Our goal is to build an NFT Marketplace using ResilientDB, which is a Global-Scale Privacy-Preserving permissioned blockchain fabric. Along with accuracy and security, ResilientDB offers a high-throughput yielding distributed ledger built upon scale-centric design principles to democratize and decentralize computation. As ownership is at the core of an NFT, we will bank upon the ResilientDB fabric to maintain and transfer the ownerships by storing custom smart contracts in the ledger.