NFTs are an important driving force for crypto, already bringing in many new users to the space. CYBAVO–a blockchain and digital asset security provider headquartered in Singapore–wanted to leverage this new opportunity and add NFT support to their offering. To do so in a timely manner while ensuring security, we based it on our own OpenNFT marketplace, with further customizations.
Python, Google Cloud, Kubernetes, Terraform, Docker, Vue, Node.js
The company’s core solution, CYBAVO VAULT is used by over 70 enterprises worldwide, manages 1000+ cryptocurrencies and tokens, and operates over $35B in transaction volume. In 2021, during the meteoric rise of NFTs, we worked with CYBAVO to introduce NFTs to CYBAVO VAULT through integration with an NFT Marketplace.
The key challenge for the project was to deliver a fully functional NFT Marketplace that would be up to CYBAVO’s standards when it comes to security and usability. We took on the project while the NFT space was booming, and it had to answer CYBAVO’s clients' demand for releasing their own NFT collections in a timely manner.
A major revamp to the original OpenNFT marketplace was rebuilding it to work with CYBAVO’s authentication software, as well as changing the blockchain from Algorand to Ethereum and using ERC-721 as the NFT standard. We knew from the beginning that switching the underlying blockchain would be a relatively large task for such a project.
CYBAVO VAULT is a custody solution that allows institutions to securely store their digital assets. The NFT Marketplace addition enables them to mint and manage their NFT collections directly in the VAULT.
The marketplace is based on OpenNFT and follows a similar open-source approach, allowing you to build your own on this architecture.
It offers all the standard marketplace features for Ethereum NFTs such as minting and facilitating primary market trades. We have also added collections, so brands can easily organize their NFTs in themes.
The marketplace has been designed to work with the Ethereum network. The supported NFTs follow ERC-721 standards, and the trades are made with ETH or USDT.
Platform owners can create NFT collections to organize the NFTs within a theme. This is especially useful for larger NFT projects and big brands.
The platform is protected against fraud through KYC. All platform users have to go through the KYC process in order to place offers and buy NFTs.
Users can deposit their ETH and USDT in CYBAVO VAULT to buy NFTs on the designed marketplace. Cryptocurrencies and NFTs are securely stored in the VAULT, then can be withdrawn to other Ethereum wallet addresses at any time.
To make the process both convenient and more secure, users can log in with their CYBAVO accounts through an always-on 2-factor authentication. No wallet is needed.
The platform enables users to monitor all their trades and transactions for a clear overview of the marketplace and NFT's performance.
The marketplace is integrated with Persona for providing KYC, CYBAVO Vault for storing NFTs and CYBAVO AuthSec for 2FA login.