Product Case Study

Product Case Study

Product Case Study

P2P NFT TRADING PLATFORM

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Background

Background

Background

Current marketplaces such as OpenSea and Rarible allow traders to buy and sell NFTs for cryptocurrency, but trading is not a commonplace option. Additionally, there is limited provision for collectors to purchase an NFT now and pay later. In response to these gaps, NF3X embarked on building a marketplace that offers collectors the option to collect and trade their NFTs akin to trading cards, creating a market that treats them as collectibles once again.


To lay the groundwork for this ambitious vision, NF3X prioritized the establishment of a secure and transparent peer-to-peer marketplace. This platform enabled users to exchange and trade their NFTs directly with each other. Successfully launched in April 2023, NF3X's peer-to-peer marketplace has ushered in a new paradigm in the NFT landscape. To date, this P2P platform has facilitated over 29,860 ETH ($71.30 million USD) in trading volume.


My Role

My Role

My Role

As the product designer, I spearheaded the development of the initial user flow for NF3X's peer-to-peer NFT marketplace. I crafted wireframes for all key user journeys, ensuring a seamless and secure experience for both buyers and sellers. My design decisions prioritized both the immediate needs of collectors and the platform's future scalability. This resulted in a high-fidelity prototype that laid the foundation for a robust NFT marketplace that could seamlessly integrate new features and functionalities in the future.

Problem Statement

The NFT landscape thrives on diverse communities with unique preferences and needs. Existing platforms struggle to cater to this variety, offering a generic experience that feels disconnected from the passion and identity of individual communities. NF3X sought to bridge this gap by building a customizable peer-to-peer NFT platform that could adapt to the specific cultures and trading styles of different communities. This platform needed to be:


  • Seamless: Facilitate intuitive and frictionless trading experiences for users of all levels.


  • Adaptable: Can be personalized for different communities reflecting their unique art themes.


  • Scalable: Lay the groundwork for future expansion, first by integrating a robust "broker" system that empowers community leaders to facilitate trusted transactions, and eventually evolving into a full-fledged NFT marketplace offering advanced features like listing fees and auctions.

Target Audience

Target Audience

Target Audience

Our primary users were passionate digital asset collectors who:


  • Actively engage in crypto and digital art communities.

  • Prioritize quick, safe, and secure peer-to-peer NFT trading.

  • Value a platform that champions their community identity and fosters personalized experiences.

  • Seek a platform that can evolve alongside their community's needs, offering new features and functionalities as the market matures.


By addressing these challenges, NF3X's platform aimed to revolutionize the NFT landscape by empowering communities, fostering deeper engagement, and paving the way for a truly personalized and scalable trading experience.

Competitive Analysis

Competitive Analysis

Competitive Analysis

Existing Platforms:

  • OpenSea: The dominant player, offering a vast marketplace with diverse functionalities. However, its generic interface lacks customization and community focus.

  • Rarible: Another prominent platform, known for its user-friendly interface and gas-free minting. However, its peer-to-peer trading options are limited.

  • SuperRare: Focuses on high-end art NFTs, offering curated collections and a strong community feel. However, its peer-to-peer trading is restricted, and the platform is less accessible to the broader NFT community.


NF3X's Advantages:

  • Community-Centric Design: Caters to the specific needs and preferences of individual NFT communities.

  • Seamless P2P Trading: Provides a frictionless and secure experience for direct user-to-user transactions.

  • Scalability & Adaptability: Built with future growth in mind, allowing for integration of brokers and expansion into a full-fledged marketplace.

  • Unique Value Proposition: Combines the benefits of a community-driven platform with the potential of a robust marketplace, offering users the best of both worlds. Also allowing cross chain and multi chain trades.

Design Process

Design Process

Design Process

Research & Ideation

Time-constrained by a rapid launch schedule and leveraging existing P2P platform data, we conducted in-depth stakeholder interviews with key community leaders and NFT collectors to prioritize user needs and inform our design direction. This targeted approach allowed us to rapidly iterate on user flows and wireframes, enabling us to ship a first-phase P2P trading platform design within two weeks, exceeding the founders' expectations and laying the groundwork for future iterations based on feedback.

Conclusions that were drawn from stakeholder interviews for our P2P NFT platform:

- While stakeholders agreed on the need for a user-friendly core experience, there was strong demand for customization. This could include community-specific interfaces, branding elements etc.


- Support for cross-chain and multi-chain trades.

- Stakeholders envisioned the platform evolving beyond simple P2P trading. They welcomed features like integrated marketplaces, listing fees, and reserving, but emphasized the need for a smooth transition that maintains the core community-driven experience.

User Flows

Now, focussing on user flows. Our goal is straightforward: design simple, intuitive paths.

Wireframes

High Fidelity Prototype

To initiate a trade, users are guided through a streamlined 4-step process. The pivotal first step involves selecting a counterparty, offering flexibility to choose either a familiar past counterparty or explore new potential partners. Depending on this decision, users can seamlessly navigate through the following tailored flows :


Flow 1A : Selecting new counterparty

Flow 1B : Selecting old counterparty

In the second step of the trading process, users proceed to select the specific assets they desire from the chosen counterparty. Our platform accommodates multi-chain and cross-chain trades, granting users the flexibility to seamlessly switch between blockchains. Whether opting for Non-Fungible Tokens (NFTs) or augmenting the transaction with additional tokens, users can effortlessly manage their preferences using the intuitive 'wallet' and 'Add Token' button. The following flows elucidate this pivotal second step:


Flow 2 : Selecting desired assets from counterparty

In the third step of the trading journey, users engage in the process of listing the assets they intend to offer in exchange for the desired assets from the selected counterparty. To ensure a user-friendly and familiar experience, the user interface mirrors that of step two, maintaining simplicity and coherence. This deliberate design choice streamlines the process, empowering users to effortlessly navigate and articulate their trade preferences.


Flow 3 : Listing your offered assets for trade

In this conclusive stage, users are prompted to meticulously review and verify all trade details before finalizing the transaction. The comprehensive preview allows users to ensure accuracy and completeness in their chosen assets, quantities, and counterparties. Additionally, users have the option to set an expiration period for the trade, enhancing control over the duration of the transaction.

This step serves as a crucial checkpoint for users to confirm the accuracy of their trade specifications. If satisfied, users can confidently submit the trade request. Alternatively, the platform offers the flexibility to make any necessary edits or adjustments before confirming the trade. This user-centric approach empowers individuals to have full control and confidence in their trade decisions.


Flow 4 : Preview, verify, and confirm your trade request

After the successful submission of the trade request, it seamlessly transitions to the counterparty's dashboard. Here, the counterparty gains immediate visibility into the trade details, enabling a comprehensive assessment of the proposed transaction. Should the terms align with their preferences and objectives, the counterparty can proceed to execute the trade. On the other hand, if the terms are not suitable, the counterparty has the option to gracefully decline the trade offer.


Trade Confirmation: Counterparty Review and Response

The platform takes personalization to the next level by offering distinct and tailored UI themes for various communities, including Azuki, Pixelmon, Degods, ON1, and more. Each community enjoys a unique visual experience that resonates with its identity and preferences. This thoughtful approach not only enhances the aesthetic appeal but also fosters a sense of belonging for users within their respective communities.

Feedback

Feedback

Feedback

Your feedback is essential in shaping our NFT trading experience.

Share your insights below and be a part of the design journey!

© 2023 by Shitiz Aggarwal