The 7Pixels NFT-Metaverse ecosystem is based on the Binance Smart Chain protocol for efficient performance at low costs. The use of EVM compatible BSC instead of Ethereum enables 7Pixels to provide a fast, economical, and easy to operate protocol where anyone can join and start interacting with NFTs and other built-in DeFi features with minimal resistance.
Most of the platform functions are automatically handled by smart contracts. These smart contracts are designed to be compatible with ERC721 and ERC1155 token standards, while the platform’s storage needs are handled by IPFS through Pinata.
The IPFS storage is utilized to store the NFTs minted on the blockchain, ready to be listed and sold. The use of BSC over Ethereum ensures that there is no latency between the creation and sale of NFTs. However, once the token is minted, the user can list it for sale at any time they want. Until then, the NFTs will be only visible to the creator.
Moralis is used for developing the platform's backend, which will process data generated from IPFS like events, tech info, history, etc.
Collection: The collection, as the name suggests, is a collection of NFTs in possession of the owner. These collections can be viewed only by the owners from their profile.
Reserve Price: If a user wishes to sell their NFTs, then they will have to set up a reserve price which is the lowest price at which the particular NFT can be sold.
On Auction: With the reserve price set, the token can be put on auction to start inviting bids from all the participants.
Sold: The auction concludes when the seller agrees to sell their artwork to another person at a predetermined rate or for the highest bid.
Once the transaction is concluded, the NFT will be transferred to the successful bidder’s wallet, against a payment of the agreed amount.