Origin Protocol is a blockchain platform for building decentralized marketplaces. Origin enables the creation of truly peer-to-peer marketplaces on the Ethereum network and IPFS. Last August, Matthew Liu, cofounder of Origin, announced its partnership with Google Marketplace on a blog. Under this partnership, Origin has now mentioned that it will introduce developers using Google Cloud infrastructure to a new blockchain technology that will create and sell NFTs.
What are NFTs (Non-Fungible Tokens?)
NFTs are assets carrying fluctuating value with unique properties, meaning you cannot interchange them with other items. Anything can be an NFT as showcased by the NBA, which tokenized online trading cards with attached video highlights. You can tokenize any scarce item with NFT, and it can even program any future revenue arising from the token.
Origin’s Ventures with NFTs
Origin Protocol has already experimented with NFTs in quick succession. In 2020, it helped Brave Software migrate from Shopify to its Dshop platform to establish a merchandise store. It was a hit with Brave even conducting a meme-creating contest, rewarding the top three contestants with 3 10-of-10 NFTs.
Another big move by Origin in the market came in March 2021, when they sold a record-breaking tokenized album via an auction. With the sale racking almost 12 million dollars, it made headlines in industry and mainstream publications, including Forbes, Billboard, and Business Insider. They did not stop here as Origin went on to announce NFT sales with Lupe Fiasco (Grammy winner artist) and Jake Paul (Online Idol and Boxer.)
How to Use Dshop and Create NFTs?
Before developers start creating NFTs, they must set up a Dshop on the Google Cloud Platform. The process is fairly straightforward but requires a few steps. Origin has both a written guide and a Youtube video on how to do this.
NFT Creators will also require a Web3-based wallet such as MetaMask that can also function as a browser extension. While there are platforms like OpenSea that offer free NFT minting, it primarily facilitates support for the ERC-1155 standard. If you wish to mint an NFT with ERC-721 properties, Mintable (a free-to-use platform) should be your choice.
While ERC-721 is the older standard, ERC-1155 supports more token types and batch transfers. So, you need to choose depending on your preferences.
Once you have created the tokens, you can create listings for them on the Dshop. The recommended way to do so is by putting a token URL(preferably an Etherscan link) in the Dshop listing description, allowing users to confirm its rarity and existence.
Another way of going about this is by posting the NFT URL on Mintable or OpenSea. After the purchase of NFTs on Dshop, the buyer enters their Ethereum wallet address as part of the checkout flow. Developers then transfer the NFT to buyers via OpenSea or Mintable to complete the sale. This transfer will require paying a gas fee to the Ethereum network and is a separate transaction from the payment from the buyer. With this, the NFT sale is complete.
Through this new feature, Origin aims to contribute to the early adoption of decentralized technologies like NFTs, which can be quite rewarding.