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ElmonX-Revolutionizing NFT Transactions with Web3 Technology
ElmonX-Revolutionizing NFT Transactions with Web3 Technology- vizzwebsolutions

Introduction

ElmonX, a revolutionary project, is set to transform the NFT market by enabling the production and trade of Web3-based Virtual Artworks. Our unique digital and physical products are the result of a fusion of imagination with state-of-the-art technology, including blockchain, augmented reality, and other innovative tools. In this study, we will explore ElmonX’s key features, ambitious goals, advanced technology, broad areas it encompasses, and profound impact on the digital art community, underscoring its significance.

Objectives

Decentralization: ElmonX has strategically set out to remove intermediaries and establish a direct connection between artists and the public, a move that could potentially reshape the NFT landscape.

Security: ElmonX ensure the authenticity of artworks (digital images, animation, stickers, figurines, statues, illustration, and drawing) and establish ownership, which is crucial in the NFT space.

Accessibility: ElmonX provides a visually appealing and user-friendly interface to facilitate the creation of NFTs by artists or brands for selling purposes and ensure a smooth consumer experience during token purchases and trades.

Scalability: ElmonX handle a larger number of users and transactions, it has the architecture that enables the system to scale from one instance to another must be identified.

Technology Stack

Block Chain Network

Ethereum: It is used in ElmonX because it is currently in use today, second for the function of smart contracts implemented within the Ethereum, and finally for the backing of the developers.

Polygon: We are transitioning to Polygon contracts. The gas fees on Polygon are significantly lower than those on Ethereum, which will reduce transaction costs for our client. Our Polygon contract is currently in the testing phase. Once testing is complete, we plan to implement it in upcoming launches, ensuring that our clients benefit from reduced transaction costs.

Wallet Integration

Wallet Connect: In ElmonX currently Ethereum is used for transactions, facilitated through third-party platforms MoonPay and Crossmint. However, these platforms have proven to be costly for customers due to high gas fees, making contract deployment expensive.

Additionally, we are developing our own payment method using Stripe, as requested by our client of ElmonX, to further reduce transaction costs. This payment method is in the testing phase and will be implemented on our website soon. Client will then have the option to choose their preferred payment method, be it Ethereum, Polygon, or Stripe.

Smart Contracts

Solidity: Ethereum ‘Solidity’ is the language mainly used for programming smart contracts, which helps manage the creation of NFTs, non-transferability and Royalty payments.

Frontend Development

Angular: The skills to be able to construct perfect interfaces so that they are flexible enough to address users’ needs.

Implementation Strategy: Assets and Libraries used lazy loading to improve efficiency and followed the standalone component format.

Backend Development

Node. Js: First, we explain how our tools can be used to create a practical and efficient runtime for incorporating server-side applications with the necessary interactivity and computing requirements.

Express Another tool to create a micro web framework for Node that attempts to provide the minimum number of features and the feature that is needed to render a view. js, where we could set up the backend API and where the routes were managed.

Implementation Strategy: Structuring the element with the approximate division of code into three parts based on the MVC pattern: Model, View, and Controller.

Database

MongoDB: A form of database that is related to NoSQL that is used for creating and storing users’ information, NFT metadata, as well and transaction history is a quite versatile and efficient tool.

Testing and Deployment

The evaluation included conducting tests on individual smart contracts and the overall system to assess their capacity to avoid and effectively manage different types of attacks and verify their operational efficiency as intended.

Challenges & Solutions

Scalability Issues: Solved by integrating Layer 2 solutions such as Polygon in order to enhance network fees and escalate throughput.

Security Concerns: Security testing of smart contracts and third-party audits are another effective way to secure smart contracts.

User Adoption: Some changes were made, such as streamlining the steps a newbie user has to take to register and including information about NFTs and block chain to help a new user get acquainted with this form of activity.

Impact & Result

Increased Artist Revenue: It also revealed how artists and brands using ElmonX create collections of limited edition, high quality, exclusively licensed digital collectibles, to sell to the public, and as a result, they tend to make more profit from their work; besides, the transaction costs are relatively low.

Enhanced User Experience: The improvement of features like ease of operations and more effective transfer of relied products and services increased users’ satisfaction and loyalty.

Increased Accessibility: The ElmonX app for mobile phones makes the NFT marketplace more accessible by letting users access it from anywhere at any time, which, in turn, increases engagement. The app’s user interface is optimized for mobile devices, making it easy to use and improving the overall user experience. In addition, it uses augmented reality (AR) to enhance the digital painting experience by allowing for more immersive interactions with NFTs.

Growth in User Base: The main indicators of market receptiveness are the large number of people using the service, reflected in the growing number of registered users and the growth of the number of transactions made.

Conclusion

ElmonX has used Web3 technology to significantly advance in the NFT sector. Its primary benefits, which center on decentralization, security, simplicity, interface capabilities, and speed, position it as a frontrunner in the digital art sector. With its commitment to understanding the requirements of artists and collectors and the advancement of its platforms, ElmonX has established a solid groundwork for future growth in the rapidly expanding world of NFTs.

Checkout the casestudy on ElmonX

Stay tuned for our next releases, and join us on our creative journey!