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Lovelace is built on an ecosystem of robust smart contracts that are responsible for the listing of NFT assets, management of NFT staking and reward programs, management of purchases, auctioning, transfers using NFT and standard fungible tokens, and establishing of NFT metadata on IPFS within the Lovelace platform.
Off-chain data (e.g. User accounts, unfulfilled bids, etc.) will be managed by a centralized backend system that powers non-blockchain applications as well as our user interface.