226  Blockchain

• The other strategic move for IOSpeed could be to make a partnership

with a third party to develop the IOSpeed NFT platform. This will pro-

vide an advantage to develop a platform using third-party experience

and skills as they already launched a platform for the NFT marketplace.

• IOSpeed can also hire a third-party consulting/blockchain develop-

ment company to assist them in the delivery of the NFT marketplace.

This will provide benefits of quick time to delivery and quality prod-

ucts along with reasonable budget.

Architecture diagram

The following is an architecture diagram to create an NFT platform using

the Opensea platform (Figure 8.2).

Create a brand-new NFT platform to launch an IOSpeed ART marketplace

Rather than utilising a third-party NFT platform to launch a digital art

marketplace, IOSpeed could design and deploy its own digital market-

place using NFT technology to connect artists and customers. In this sec-

tion, we will go through the end-to-end process to launch an NFT-based

marketplace providing a variety of unique features, gaining a competitive

advantage.

The following is the process to launch a digital art marketplace.

• Hire a leadership and technical teams to design, create and run the

platform. The essential roles will be the following:

⚬

⚬Chief Technology Officer

⚬

⚬Chief Financial Officer

Digital art listed using

Eth Blockchain

ART Marketplace on Opensea.io

Digital art transferred

to the buyer

To list and sell ART

digital pieces

Artist

Connect wallet

Open account

Digital art created at

certain amount of eth

crypto

Interested in owning

digital art

Interested

Buyer

List the digital art

Digital art listed using

Polygon Blockchain

Digital art listed using

other Blockchain

Browsing the art and bid for it

Eth crypto gets

transferred to seller

wallet

Digital art transaction

completed

Figure 8.2  ART marketplace on crypto.com or opensea.io.