Proceedings of the International e-Conference on Advances in Computer Engineering and Communication Systems (ICACECS 2023)

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Revolutionizing Digital Ownership: Examining the Perks of a Polkadot- Based NFT Marketplace

Authors
R. Kranthi Kumar1, Rithika Singh2, *, P. Neeharika2, M. Shashi Vardhan Reddy2, M. Sujith Reddy2
1Assistant Professor, VNR Vignana Jyothi Institute of Engineering & Technology, Hyderabad, India
2Under Graduate Student, VNR Vignana Jyothi Institute of Engineering & Technology, Hyderabad, India
*Corresponding author. Email: rithikasingh47@gmail.com
Corresponding Author
Rithika Singh
Available Online 21 December 2023.
DOI
10.2991/978-94-6463-314-6_15How to use a DOI?
Keywords
Polkadot; Non-Fungible Tokens; NFT marketplaces; Digital Ownership; Blockchain Technology
Abstract

This research paper investigates the transformational potential of Polkadot-based NFT (Non-Fungible Token) marketplaces in transforming digital ownership. NFTs have evolved as distinct digital assets on blockchain networks, reflecting ownership of different materials such as art, music, and collectibles. However, present blockchain platforms face scalability, interoperability, and transaction cost constraints that prevent the full realization of NFTs’ potential. In this setting, Polkadot, a multi-chain environment, stands out as a novel solution. The platform’s emphasis on interoperability enables smooth communication between various blockchains, encouraging collaboration and liquidity. Furthermore, its scalable architecture allows for parallel processing, decreasing congestion and improving user experience. Polkadot’s shared security concept protects NFT assets across interconnected para chains, enhancing the accuracy of ownership records. Additionally, decentralized governance allows stakeholders democratic control over the platform’s progress. As Polkadot’s ecosystem grows, the research investigates its impact on the broader NFT market, providing insights into the future of digital ownership. This study contributes to the ongoing discussion about altering the digital world through decentralized and efficient ownership systems by assessing the benefits of Polkadot-based NFT marketplaces.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International e-Conference on Advances in Computer Engineering and Communication Systems (ICACECS 2023)
Series
Atlantis Highlights in Computer Sciences
Publication Date
21 December 2023
ISBN
10.2991/978-94-6463-314-6_15
ISSN
2589-4900
DOI
10.2991/978-94-6463-314-6_15How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - R. Kranthi Kumar
AU  - Rithika Singh
AU  - P. Neeharika
AU  - M. Shashi Vardhan Reddy
AU  - M. Sujith Reddy
PY  - 2023
DA  - 2023/12/21
TI  - Revolutionizing Digital Ownership: Examining the Perks of a Polkadot- Based NFT Marketplace
BT  - Proceedings of the International e-Conference on Advances in Computer Engineering and Communication Systems (ICACECS 2023)
PB  - Atlantis Press
SP  - 152
EP  - 160
SN  - 2589-4900
UR  - https://doi.org/10.2991/978-94-6463-314-6_15
DO  - 10.2991/978-94-6463-314-6_15
ID  - Kumar2023
ER  -