230  Blockchain

• Creating and maintaining our NFT-based marketplace can be very

expensive. IOSpeed might face difficulty to raise money to sponsor the

programme and deliver the platform.

• There can be delay in platform delivery due to a requirement for regu-

latory approvals, depending on the country IOSpeed would like to

launch the platform.

Recommendations

• IOSpeed should launch its own NFT-based Digital ART marketplace.

They should start small initially to have a quick to market advan-

tage for their solution. As IOSpeed already had a business in UK, my

recommendation for them is to launch in the UK first and expand to

other countries as a staged approach.

• They should have a clear roadmap of releases of the platform along

with high-level features along with timelines.

• They must hire an experienced leadership and technical team who

have had experience in the delivery of similar blockchain platforms

or products.

• It is also important to have a member in the team who has experience

in engaging with regulators as it is crucial to get regulatory approval

to launch the platform in various countries.

• IOSpeed needs to carefully plan and forecast for the budget, required

to launch and platform as well as maintain it. They must avoid the

situation of forecasting for under-budget and facing the problems dur-

ing or after the launch of the platform.

Architecture diagram

The following is an architecture diagram to create a IOSpeed-owned NFT

platform.

Solution selection

A selection of the solution based on the fact and data points would be eas-

ier. In previous two sections, potential solutions to establish an NFT-based

digital marketplace were discussed. The recommendation for IOSpeed is to

create and maintain its own NFT marketplace rather than using an already

established third-party solution. This decision is aligned to the IOSpeed

vision and mission.