At first, there was simply a discussion of Bitcoin, Ethereum, and the quick gains and huge returns that this new market might provide. But as time passed, it became clear that this was merely the start of something much more significant and different – the beginning of a new world. A new world where virtual goods can become a reality and the point at which intangibles and virtuality start to rule the world rather than just be the exception.
Another concept that became a trend was the appearance of non-fungible tokens. Whenever you open social media, there is a thread about how people make huge money selling NFTs. Others buy digital cats, cartoon apes, NBA moments, and brag about new assets. You start wondering where they are getting all those things. Suddenly, you find yourself searching for NFT marketplaces.
What Is an NFT Marketplace?
An NFT marketplace is a platform on which NFTs can be created, stored, and sold. For better understanding, compare this marketplace to Amazon or eBay as places where goods find their buyers. The same is with NFTs and their markets. If you own anything as a digital file, you can sell it as NFT on an NFT marketplace.
Usually, NFTs may be bought or sold at a decided-upon price. But first, you need a crypto wallet to help you enter the marketplace. The only thing you need to pay attention to when creating a crypto wallet is to make sure that the crypto wallet is compatible with the blockchain on which the NFT is based. For example, you need to use a MetaMask crypto wallet if you want to trade NFTs based on the Ethereum blockchain platform.
Types of NFT Marketplaces
NFT marketplaces are used for trading unique digital assets like pieces of digital art, music, in-game items, and videos. Just as many of these NFTs differ, the marketplaces also differ. Here you can find three types that are good to learn about.
Universal Non-fungible Token Websites
There is an opinion that this type of market is the best for finding customers easily. It’s like an eBay for NFTs, meaning you can find any NFTs on this marketplace.
OpenSea is one of the most entrenched universal NFT marketplaces. If you want to learn how to create your NFT and launch it on OpenSea, follow this guide!
Niche marketplaces are growing in popularity. These marketplaces are narrowly specialized for a particular type of non-fungible tokens. If you have a specific taste for a certain kind of NFTs, the best for you is to orient on this marketplace because it’s more likely that you’ll find what you need without spending too much on searching.
An example of a niche marketplace is KLKTN, created for fandom fans (a group of fans with a shared interest defined by its members’ sense of empathy and togetherness).
If you want to create an NFT collection, the best is to choose a marketplace that allows you to do that. As a collection, there can be found baseball cards, clothes in games, or even permission to enter a live concert. Most NFT collections often consist of a large number of NFTs that all adhere to the same creative design with minor changes between each token.
OpenSea is a great place where you can create an NFT collection.
Key Features of an NFT Marketplace
We can’t but mention some of the critical features of the NFT marketplace.
In a booming NFT market, a storefront is something that can’t be bypassed. It gives users access to all the information they want that is related to the asset, together with owner, title, price, archives, payment getaways, etc.
Users need to get all the information about assets they want quickly and in a short time. As an outcome, group the products in your NFT marketplace app based on a few characteristics (e.g., art, images, music, videos, memes). The client will be more satisfied when his search finishes prompt.
Filter and Sort Options
If you want to create a platform for the NFT marketplace for collectibles, include this feature. Users may choose the asset based on the asset’s category, payment method, and listing status.
It should be simple for creators to mint and list their NFTs on an NFT marketplace. When posting an NFT is crucial to add all relevant information, such as tags, description, and selling mode.
This function will come in handy when sellers list their NFTs for sale since moderation takes time. Especially if you intend to sell a collection of NFTs, keep in mind that you can benefit from it.
This is an excellent feature because people like bidding and keeping updated on the situation. Setting a deadline is crucial because it stimulates interest in non-fungible tokens auctioned on the platform.
Having a crypto wallet is essential for the process of transactions. Although users may sign in with their wallets, it’s recommended that they use the built-in wallet since it’s more secure and provides a smoother user experience. You can go with a familiar MetaMask or Coinbase wallet.
Ratings and Reviews
Everyone wants to know who the top seller is before making a purchase. In particular, the ratings and reviews can help buyers decide which NFT to go with and will allow them to judge the worth of an NFT.
What Can You Do on NFT Marketplaces?
We mainly concentrated on selling non-fungible tokens. But that’s not all you can do.
Whether you are a creator or a buyer, the principle is the same – you must sign up on a chosen platform. No matter what platform you pick, the main steps include creating an account and connecting a supported digital wallet. The button for this step is typically found in the upper right corner of the NFT marketplace homepage. You must provide your wallet password to finish the process with your wallet.
Buy an NFT
If you are not a great artist and don’t know how to create an NFT, the best solution for you is to buy an NFT at an auction directly for a fixed price. In certain circumstances, you can seek the owner and negotiate with him directly to obtain a better price.
Sell an NFT
Some find selling an NFT more challenging than buying one. You have to find the best way to reach the customer and enable people to recognize your work and stand out among the crowd of other artists.
The moment you upload a digital asset on the marketplace, enter a fixed price or choose to sell it in an auction.
The marketplace handles the transfer from buyer to seller when the seller accepts a bid.
Mint an NFT
Minting an NFT means creating something new. To make NFT accessible for sale to others, you have to mint an NFT. There are a few steps to follow:
- Create a digital wallet
- Create an account on a chosen platform
- Connect a wallet
- Start minting an NFT
Once you finish the first step and create a digital wallet, you can access and use platforms like OpenSea or Rarible. If you want to learn how to mint your own NFT for FREE follow this guide!
Top 3 NFT Marketplaces
OK, we constantly write about marketplaces without telling you which platform is best for trading NFTs. Therefore, we decided to pick the three most popular platforms chosen by many artists and sellers.
As we mentioned above, OpenSea is the most recognized universal NFT marketplace. It was launched in 2017 and is among the largest NFT marketplaces active nowadays. Whether you want to sell/buy virtual worlds, trade cards, artwork, sports collectibles, or even domain names, OpenSea is an excellent platform to choose from.
This platform gives a special place to art. The great thing about this platform is that creators may show a sneak peek of their product to everyone who comes to Rarible while limiting the full project to the buyer.
Even the name says itself – the focus of this platform is on buying and selling unique, single-edition digital artworks.
Each piece of art is genuinely created by one of the artists and tokenized as a crypto-collectible digital object that you can trade.
Currently, SuperRare only collaborates with a select group of carefully chosen artists; however, you may use a form to submit your artist profile and be listed as a potential collaborator for their upcoming full launch.
One of the most successful business initiatives in the blockchain industry is an NFT marketplace as the worth of non-fungible tokens rises. Additionally, investors are increasingly using blockchain platforms because of their strong trend diagrams.
As the world begins to accept NFTs, it is only natural that more niches will join the NFT sector, leading to the launch of additional niche markets. People will invest more money, monetize their art, and make a name in the NFT world.
Now that you’ve learned more about the NFT marketplace, you can start your next adventure and join this huge market by creating your first NFT.