The NFT Marketplace launched last week. This is the first and only open-source NFT marketplace. It’s a great project and I think it will be a great success.
There are several things that NFT Marketplace should be doing that are already being done by other projects. I’d like to suggest that NFT Marketplace take these and do them a bit better.
- Don’t sell items that have already been sold
This one is an easy one to implement. When an order is placed, NFT Marketplace should check to make sure that the item hasn’t been sold already. It’s super easy to implement.
Of course, this doesn’t prevent sellers from re-selling the same item. But at least if sellers try to make money off of selling the same item twice, they’ll be reminded that the item has already been sold once and will probably be sold again.
- Don’t sell items that are already in the system
This one is also easy to implement. When an order is placed, NFT Marketplace should check to make sure that the item hasn’t already been sold. This is a really good idea. I think it would greatly reduce the risk of fraud, which is what prevents people from using the system at all.
- Ensure that the items are complete
This one is tricky. It’s easy to ensure that the order is complete, but not that the item is complete. An order might be complete, but the item is not yet complete.
For example, the order might specify that the item should be shipped in a month, but the item isn’t complete. It has only one module. In the nft companies, it would be good to require sellers to ship out all of their items before they can accept an order.
- Allow buyers to browse for items
This is probably the most important thing NFT Marketplace should do. The primary reason that the NFT Market Place is not used by a lot of people is that it’s difficult to find items that are actually available.
By allowing buyers to browse for items, it will encourage more buyers to browse for items. Of course, NFT Marketplace should allow buyers to filter items by availability.
- Don’t require buyers to pay with NFTs
NFT Marketplace should allow buyers to pay for items with fiat. It’s a good way to make buyers feel a bit more comfortable with the system.