A New Era of Automated Market-Makers (AMM) powered by Non-Fungible Tokens- A Review
Non-Fungible Tokens for Automated Market-Makers
DOI:
https://doi.org/10.58260/j.iet.2202.0106Keywords:
Blockchain, Fungible-tokens, Cryptocurrencies, non-Fungible tokens, NFT Collection, NFTs Market Places, Automated Market Maker (AMMs)Abstract
The most well-known cryptocurrency, Bitcoin, is one of many that are sweeping the globe. Along with them, fungible tokens traded on numerous centralised or decentralised exchanges are different from non-fungible tokens traded on NFT marketplaces. The majority of NFTs are currently digital, and in the future, producers may innovate in this area to allow for more innovative user experiences. The blockchain and its NFTs can provide fantastic chances for artists and content producers to profit from their work. The NFT Marketplace intends to be at the centre of all these fantastic use cases for NFTs by giving users a platform to produce and exchange non-fungible tokens. NFTs offer a wide range of application cases. Automated Market Makers, which are essentially decentralised markets for crypto-tokens and offer users three core operations—depositing crypto tokens in exchange for AMM shares, performing a dual operation in which shares are obtained in exchange for base tokens, and exchanging two tokens for one another—are some of the main applications of DeFi. This conceptual research discusses AMMs that are already in existence on the Ethereum blockchain and their developments, including the AMM that is now being created on the Tezos blockchain. The goal of this study is to present a thorough understanding of blockchain technology and all of its practical uses, including voting, trading NFTs, etc. It then focuses on how NFTs are traded on various platforms before aiming for improved NFT trading marketplaces, namely Automated Market Makers on various blockchains like Ethereum and Tezos.
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