Your Ultimate Guide to NFT Marketplaces
Have you ever been there when your friends are all gossiping about how much digital art they’ve collected or what they are going to get next and you just don’t know how do they keep getting these NFTs?
In that case, we’re here for you. This paper is an ultimate guide to NFT Marketplaces where you can do all sorts of things with NFTs, buy or sell them, create your own ones and do so much more. Let’s start with the guide.
First, let’s have a short introduction of NFTs and the marketplace before going on to the guide for using it. NFTs are digital forms of art, be it physical or virtual, that are unique in identity and cannot be exchanged for one another, as the name ‘Non-Fungible Tokens’ suggests. NFTs can be anything, from digital photos, videos, audios to real estate, any gaming item or any digital collectible.
And NFT Marketplace is a place of storage and trade of such digital items and you can buy, sell or create NFTs upon your ease and liking. Just like its name, it is actually a marketplace for NFTs where you can explore any form of digital art all you want.
But the concept could be a little complex for beginners. That’s why, this guide is going to help you in getting started with an NFT Marketplace. Here is the list of things you will be needing in this case.
1. Crypto Wallet:
The first thing required is a crypto wallet. And because there are many kinds or types of wallets, you need to carefully choose one that is compatible with that specific blockchain whose NFTs you wish to buy. Every blockchain has one or more supporting crypto wallets, for example Ethereum has MetaMask and Solana has Sollet etc.
2. Crypto credit in that Wallet:
Sensibly, an empty wallet will give you nothing, there needs to be some credit in it as well. To proceed with the buying, listing or minting of NFTs, you need to have crypto in your crypto wallet. Again, it depends on the NFTs you’re going to buy.
3. A User Account:
Lastly, you will be needing a user account on the particular NFT Marketplace you wish to use.
How to Use NFT Marketplace Services?
Now, let’s proceed to how you can use all the services of NFT Marketplaces. Different marketplaces offer different services, but the basic ones including buying, selling, listing and minting, etc. are offered by almost every marketplace. So let’s take a look
This is one of the most necessary parts of an NFT Marketplace. Because of the significance of this step, the button for connecting the wallet is quite prominent and is basically placed on the homepage. Provide your wallet password to complete the process.
The process of buying NFTs is simple, they either have a fixed price or sometimes, an auction is done. Buying can also be done by negotiating. Buyers can negotiate with the sellers and propose different offers. It is then up to the seller to accept or reject the offer.
Among the two processes of buying and selling, selling is a little more complicated than the other. If you wish to sell an NFT, you’ll first have to choose an NFT marketplace that is compatible with the NFT you need to sell.
After that step, you need to upload that NFT and fix its price or choose to auction it. Then, you need to wait for the verification. When it’s verified, it will be listed for sale.
If you have chosen to auction, bids will be made. When you, the seller, will accept a bid, transfers will be made. The marketplace will transfer the NFT from seller to buyer and the seller will receive the amount respectively.
It’s a process that costs some fee. If you wish to create your NFTs on a specific marketplace, you first need to pay its specific fee from your wallet. Then you can proceed with minting your NFTs. The create or mint button options are available easily on the platforms that support these processes. Click on the button and complete the further steps to complete the minting process.
Some famous platforms used for minting are OpenSea, Rarible, or Mintable.
These were all the basic points that a beginner needs to understand when starting to use an NFT Marketplace. Hope you got a good idea with this guide.