In recent times, the NFT has piqued people’s interest and prompted them to learn more about it. NFT is thought to be a product of the new technology age and is expected to cause a fever in the near future. Along with the potential of NFT, there is a need to find a platform to own, buy, and sell NFT products for various purposes, known as the NFT Marketplace. So, do you really understand these two concepts? Let us find out together!
Table of Contents
1. What is NFT?
NFT is an abbreviation for Non-fungible token, which is a non-fungible token. NFTs are digital assets that link ownership to one-of-a-kind physical or digital items such as artwork, real estate, music, or video.
NFTs can be thought of as modern-day collectibles. They are purchased and sold online and serve as digital proof of ownership for any given item. NFTs are securely recorded on the blockchain, the same technology that underpins cryptocurrencies, ensuring the asset’s uniqueness. This technology may also make it more difficult to alter or forge the NFT.
Specifically, with NFT, creators can create works of art, images, music, fashion, land… with significant monetary value, up to millions of US dollars.
2. Real-world application of NFT
Because of the unique properties of NFT, its application in life or new technological trends has enormous potential.
NFT has also been and is most commonly used in digital content such as music, images, and other artistic content. NFT has limitless potential because it can exist in all types of digital objects, including images, videos, audio, text, and even Twitter posts. NFTs can also be virtual world land, a digital garment, or the right to use a proprietary cryptocurrency wallet.
3. What is NFT Marketplace?
The NFT Marketplace also serves as a marketplace for artists, and collectors to trade and collect digital art. Furthermore, in the virtual world-Metavesre, players can create and monetize structures such as casinos and arcade games. They can also sell in-game items such as costumes, avatars, and in-game currency on the NFT exchanges.
4. How does NFT Marketplace work?
Normally, each NFT trading market will include the following activities: Register, buy NFT, sell NFT, mint NFT.
4.1 Sign up
The steps for registering and verifying your account differ depending on the NFT trading market. However, they all have one thing in common: investors must fully disclose information such as full name, email, phone number, and so on. Simultaneously, after creating an account, you must connect with the investors a cryptocurrency wallet that allows you to make transactions.
4.2 Buying NFT
NFTs are typically sold directly in auctions. Furthermore, in some cases, potential buyers may contact the owner directly in order to negotiate a fair price.
4.3 Selling NFT
The process of selling an NFT will be far more complicated than the process of purchasing an NFT, particularly for its creators. To begin, upload your NFT collection to the NFT Marketplace and set a fixed price for it, or choose to sell via auction. The platform will then verify the asset, and if it is approved, the NFT will be listed for sale. Finally, once the seller accepts the buyer’s price, the platform will initiate a transfer from buyer to seller.
4.4 Mint NFT
Ethereum is currently the largest network of support for NFT creators. First, you must create an Ethereum wallet that supports ERC-721 (for example, MetaMask, Trust Wallet or Coinbase Wallet). Following that, you must deposit 50-100 USD into your ETH wallet as a transaction fee.
5. Types of NFT Marketplace to know when investing in NFT
The 4 most popular types of NFT Marketplace today that every investor should learn if they want to invest in NFT.
5.1 Open Marketplace NFTs – Open Trading Platform
An open trading platform is a place where people can easily create, buy, and collect works of art. Participants in this market have access to a wide range of NFTs. OpenSea, Rarible, Binance NFT Marketplace, and other open trading platforms may be of interest to you.
5.2 Curated Marketplaces – Selective Trading Platform
Foundation is probably a household name for NFT collectors when it comes to select trading platforms.
Foundation is the NFT trading platform dedicated to artists and collectors for the sale, purchase, listing, and auction of digital artworks. The platform has attracted a large number of users and has a total trading volume of more than 104 million USD.
You must be invited by members of the community to participate in the market. After being invited, creators must fund their MetaMask wallet with ETH before they can create an artist profile. Uploading a PNG, JPG, or video file to IPFS, a decentralized P2P storage system, is required for NFT minting. The NFT will then be priced in ETH and auctioned off. Creators receive 85% of the final sale price, while if the work is resold, the first wallet that mints the NFT receives a 10% royalty.
5.3 Marketplace for Collectibles – Collectibles trading platform
You can’t talk about collectibles trading platforms without mentioning CryptoPunks. Larva Labs created this platform in the beginning of 2017. You can buy, sell, and bid against NFTs as the CryptoPunks collection grows and becomes more popular.
5.4 Games Marketplaces – Game item trading platform
If you’re into the cryptocurrency market, you’ve probably heard of Axie Infinity, an NFT Play-to-Earn game. Along with the market’s explosive growth, Axie Infinity has achieved a lot of success and will be a stormy billion-dollar game in 2021. As a result, the game’s items and characters stand out even more. As a result, the Axie Marketplace trading platform was created to help users buy and sell items, characters, Axie monsters, land, and so on in the game.
For Bizverse, all assets in Bizverse are NFT. Bizverse forms the virtual reality shopping and entertainment world towards forming business connection points that are bought/sell/rented by the project currency. All products and objects vrMall/vrExpo, vrStore/vrBooth, vrPano/vrBanner, vrNFT… are displayed and exchanged, bought, sold, rented at Marketplace which allows users to use the service. Trades on Marketplace will be charged a very low fee to operate the system.
In general, the NFT market model has a lot of potential because the NFT trend has a practical mission, and as more and more NFT projects are born, the NFT Marketplaces are the “cash flow centers.” As a result, NFT remains an intriguing product segment with the potential to expand even further in the future.