NFTONE

NFTONE is a Non-Fungible Token (NFT) marketplace that operates through the usage of the TRON Blockchain network. The TRON network is powered by the TRX cryptocurrency token.

NFTONE is an NFT marketplace. NFT is the acronym used to describe "Non-Fungible tokens." Fungible items are ones that can easily be replaced by other items. For example, a $1 dollar bill will always be worth the same as any other $1 dollar bill. When something is non-fungible, this means that it is fully unique and cannot be replaced by anything else out there.

NFTs are digital assets that can represent just about anything in a virtual form, such as artworks, trading cards, wearables, and other items that have unique features or properties. Each of these tokens is then stored cryptographically in a blockchain network, where it is authenticated and validated by the network and its validators or nodes. When these NFTs get transacted from person to person, they are sold as a whole and cannot be divided into smaller units in a similar way as cryptocurrencies such as Bitcoin (BTC) can.

NFTs can be duplicated by the original creator and artist. However, the total number of duplicates will always be known, as all of this data is permanently recorded and stored on the TRON blockchain network.

NFTONE is a marketplace that accepts many different kinds of artworks from individual artists, without any specific theme that needs to be followed while minting them. The marketplace allows for the creation of auctions on the Tron Network system, where the users can set a minimum and preferred or instant-sale price for their lots. Within the NFTONE marketplace, an auction bid cannot exceed an instant-sale price.

Throughout an auction, smart contracts within the system save only assets of the highest bid and the token that is put on sale. When a new bid exceeds a previous one, the latter gets returned immediately to the owner. If a buyer clicks on "Buy Now," while there are several active bids on a specific lot, the highest bid will be returned to the owner. The Smart Contracts of the Tron network system are used as a means of encrypting the NFTONE platform.

Each collectible asset, as well as its details and history, are fully recorded on the decentralized BTFS system. The project’s back end is provided in the View mode, with specific data that is given in human-readable formats.

During each transaction that occurs on NFTONE, no cryptocurrencies are kept on the platform, and all of the cryptocurrencies are immediately transferred to the wallet of the artist.

NFTONE has a streamlined user experience, where right from the homepage, users get access to the Top Users, Live Auctions, and the Explore section of the page, which has recently added NFT collectibles.

The “Log In” button is located on the top menu and does not require any personal details from the users; however, it does require a TronLink or similar and equivalent extension installed. TronLink Is a wallet that connects users to the TRON ecosystem.For users on mobile devices, all they have to do is open their TronLink wallets and go to the "Browser" tab, after which they can select NFTone.net and tap "Log In." Each digital artwork is listed with the image, the time period in which it can be purchased, and its start price in both TRX and in USD.

If a user wants to buy a collectible NFT, they have to register to the marketplace, and their digital wallet balance needs to be positive. After that, they can click on "Place a Bid" next to the artwork that they want. They will then be sent to the collectible's profile for purchasing.

Collectibles can be purchased in two ways:

• Placing a bid on the “Bids” history of the lot.
• Clicking on “Buy Now” if the user wants to purchase the collectible at an instant, at the price which is requested by the collectible’s owner.

When an artist creates a collectible, they need to select the "Put on Sale" option. Here, a new field will pop up, where they will need to indicate the auction start and auction end time as well as the minimal and instant-sale prices. A bid cannot exceed an instant sale price, and once an auction comes to an end, a collectible owner needs to finish it by clicking on the "Finalize" button.

To become an author on the NFTONE platform, all you have to do is apply, and this comes free of charge. Once your application gets reviewed, you will be able to submit your artwork to the system.

When a newcomer wants to mint an NFT, this procedure will cost them 95 TRX tokens. This sum is taken by the TRON Network and includes the cost of the account creation in the marketplace, the cost of account deletion, in case a user makes the decision to delete their account, the cost of minting, minting approval, and the cost of the auction start.

The charges the TRON Network takes go as follows:

• Minting costs 30 TRX.
• Approval costs 5 TRX.
• Sending to an auction costs 65 TRX.
• Bidding costs 5 TRX.
• Buy Now costs 25 TRX.
• Finalizing or completing an auction costs 60 TRX.

Account-store lot creation consists of three transactions in total on the TRON network:

• MintWithTokenUri—this is the token creation phase and has a service fee of 25 TRX or 250,000 energy, which is taken by the TRON network. This sum gets charged directly from a user account after the e-wallet confirmation.

• Approve—the token owner has to allow the auction contract to manage and store the token, which has a service fee of around 5 TRX or 50,000 energy.

• CreateAuction—This is the lot creation cost and is around 50 TRX or 350,000 energy for an auction store.

The auction end cost is paid by the auction creator through a method called "Finalize." During this point in time, an NFT token is transferred from seller to buyer, where the seller gets the highest bid in TRX. This is the cost of the method call and is around 25 TRX or 200,000 energy. NFTONE receives 2% of the highest bid in the auction. Each transaction cost can be calculated at the official TRON network calculator.

While there are NFT marketplaces out there that do support credit card or debit card deposits, and in some cases, even PayPal, NFTONE is not one such NFT marketplace. In other words, you can only make a deposit through the usage of the Tron Coin (TRX) cryptocurrency. This means that you have to purchase TRX tokens from a cryptocurrency exchange so you can get started with using NFTONE.

The platform currently supports the TRC721 protocol standard. There are plans in the future for the platform to upgrade to the TRC1155 standard as soon as this opportunity gets enabled within the Tron Network System.

In August of 2021, Tpunks launched, which was the world’s first NFT project on the Tron blockchain.TRON is a blockchain founded by Justin Sun, and the project has had huge support from the community. With the goal of creating an engaging NFT marketplace, Tpunks introduced the NFT ecosystem of TRON.

There are a total of 10,000 unique collectible characters, all of which have a different value. This is seen as the prelude to what would eventually become NFTONE, as they showcased that there is a market out there for NFTs that are minted on the TRON blockchain.

The NFTONE NFT marketplace built on top of the TRON blockchain network was launched in 2021 and is the first NFT marketplace to be covered by the TRON blockchain. The main goal it has is to allow registered artists to publish their artworks for sale or auction on its marketplace.