224  Blockchain

• Budget

• Skills to develop the platform from scratch

• Timelines to launch the marketplace

• Regulatory approval to use the platform in a specific country

Launch the IOSpeed ART Marketplace Using the Existing NFT Platform

The first option for IOSpeed is to use an existing established platform

for the ART marketplace. There are advantages and disadvantages of

this approach like any other. In this section, we will go through the

process of evaluating a few options and how actually it will work for

IOSpeed.

In Chapter 1, we explained various NFT platforms. We will select two of

the NFT platforms for this case study and provide recommendations.

• Option 1: opensea.io (https://opensea.io/): Opensea (https://opensea.

io) is the world’s first and largest NFT marketplace. We can literally

sell or buy anything digital here. IOSpeed will be able to create its own

portfolio within the Opensea eco-system. Usually, IOSpeed can create

a digital art marketplace on its own website, and the transaction can

be facilitated by the Opensea platform. The transaction needs to be

through Crypto currency. Opensea supports two blockchains, that

is, Ethereum and Polygon. Both charge a fee for a successful listing

and transfer of the digital assets from the IOSpeed wallet to customer

wallet.

• Option 2: crypto.com (https://crypto.com/): Crypto.com (https://

crypto.com/nft) has recently also launched the NFT marketplace on

top of a successful Crypto wallet and exchange. Crypto.com pro-

vides a whole eco-system ranging from debit card, Crypto wallet and

Crypto exchange to buy and sell major Crypto currencies and also

has its own Crypto currency called CRO. They recently launched the

NFT marketplace. It has been a major success as they validate and vet

the artists before they can use the platform to sell their ART on the

platform. Although the NFT platform is smaller than Opensea, they

offer artists to list the items to sell them for Fiat currency (dollars).

The customers can pay for the digital art through credit/debit cards

or Crypto currency.

Advantages of the third-party NFT platform

The following are the advantages of using a third-party NFT platform pro-

vider such as crypto.com: