Our client had a WooCommerce website which she wanted to turn into an NFT Marketplace. She wanted to promote her custom Tokens and NFTs on this Marketplace. For this purpose, she wanted to make her NFTs purchasable exclusively from her custom tokens.
For those who are new to the subject, Tokens and NFTs are digital assets that one can own on the blockchain. NFT stands for Non Fungible Token, hence, it is a kind of token that represents a unique asset on the blockchain.
Our client had a unique business model where she would enable the user to customize an avatar on WooCommerce. This NFT would be minted by the user after payment using the client’s custom token. The user would then be able to view this NFT on their Profile Page, as well as be able to list the NFT for resale on the client’s NFT Marketplace.
WordPress NFT Marketplace is a plugin that converts a normal WooCommerce store into an NFT Marketplace. It adds all the features that you would need to run an NFT Marketplace. Users can Mint NFTs, List NFTs, Import NFTs and Sell NFTs all from the comfort of a WordPress website.
Once the client had chosen WordPress NFT Marketplace, it was ascertained that certain customisations would be needed to create her version of the NFT Marketplace. These customisations were as follows:
- Enabling the customer to modify their NFT upon the checkout page.
- Integrating payment, minting and listing of NFTs with the client’s custom Token.
- My Profile and NFT Marketplace pages to let the user view and list their own NFTs, as well as view and purchase the listed NFTs of other users.
The client’s business model allowed for their customers to customize their NFTs upon checkout. This introduced an aspect of novelty in the NFTs that were being minted. For this purpose, the client was using a Product Configurator plugin that allowed their customers to modify their NFT products before minting. This was the first challenge of the task, as the flow of the Product Configurator plugin had to be integrated with the flow of NFT Marketplace to enable the experience of customization for the customers, that the client had envisioned.
In order to promote the client’s custom Token, and enable the users to purchase NFTs using this Token, certain changes had to be made to the Marketplace. It was required by the customer that these NFTs be minted to their SWDM Collection. In addition to this, the payment for the SWDM NFTs was to be performed by the SDWM Token exclusively. We integrated both these requirements with our plugin. With NFT Marketplace for WordPress, you can configure your own NFT Collections and even add any custom token that you would like to be the medium of your transactions.
What is the next thing to do after minting an NFT? Showing it off! Web3 has a big impact on social media and creating an interactive NFT Marketplace is absolutely essential in keeping that trend rolling. According to the requirements of our client, we provided short-codes for a My Profile page and an NFT Marketplace page. With these short-codes, the client was able to set up these pages on their website, which allowed any user to view their minted NFTs and share them with the rest of the community.
You might be thinking, how does an NFT Marketplace operate? Well, under all the art pieces and design elements, there’s a logical backbone that forms the backend. This is the Smart Contract. A Smart Contract is essentially a piece of code that exists on the blockchain. All NFTs are created from Smart Contracts. Smart Contracts are the backbone of all DAOs (De-centralized Autonomous Organizations) and Dapps (Distributed Applications).
The NFT Marketplace Smart Contract allows for an NFT Marketplace to perform listing and selling of NFTs. It keeps track of which NFTs are listed and performs the necessary operations that enable the buying/selling of NFTs. In addition to this, it is the responsibility of the NFT Marketplace to honour the Royalties set by the NFT Collection.
The NFT Marketplace Smart Contract included with our plugin provides a great amount of flexibility to the user. The seller does not even have to pay any gas fees upfront during listing. The seller can choose whether they want to make their NFTs purchasable via a Custom ERC20 Token or through the native currency of the blockchain. Furthermore, the miniOrange NFT Marketplace supports royalties. If creator royalties are of importance to you, you can be assured that our Marketplace will honour those royalties.