Do you often hear about people buying digital cats, memorable NBA basketball videos, or digital drawings of celebrities from NFT markets, and you have no idea where to buy them? Have you ever considered turning your artwork into unique tokens and selling them in NFT markets? Can’t afford the high commission sales and multiplication of NFT tokens in Ethereum, and are you looking for blockchains and alternative markets? Do not worry; Because you are probably not alone.
After Diffay’s famous summer of 2020, proxy tokens, or NFTs, quickly became one of the most unexpected and popular crypto trends. It is so popular that digital currency holders and traditional investors flock to the field every day to seek ownership of these unique blockchain-based assets and speculation.
If you are unfamiliar with the nature of nonprofit tokens, NFTs are virtual tokens that show ownership of an inherently rare and distinctive product. It can be a physical or digital product such as a work of art, a piece of music, a collection of digital goods, or in-game real estate.
Unlike common digital currencies such as bitcoin or fiat currencies such as the US dollar, this particular type of digital asset cannot be exchanged; Because each token has a specific value that is based on its unique features and characteristics.
An important point about NFTs is that they cannot be purchased at centralized or decentralized exchanges. Instead, these tokens are listed and traded in online markets specifically designed for NFTs. In this matter to help an article From the Quinn Desk site, we will look at the markets for unique tokens and how to work with them, and introduce some of the most important NFT markets.
Also read: What is a semi-token?
What are NFT markets?
NFT Markets are platforms in which NFTs are maintained and displayed. In these markets, it is also possible to buy and sell and in some cases, create NFT. These markets are similar to Amazon for NFTs and eBay for physical goods.
To access and use these markets, you will need the following:
- Digital currency wallet: To buy and store NFT tokens, you need to choose a wallet that is compatible with the blockchain network that supports the NFTs you want. For example, if you want to buy or sell NFTs based on the Ethereum Blockchainchain, you should use Ethereum-compatible wallets such as Metamsk. For NFTs built on the Solana platform, you will need a dedicated wallet for the Solana network such as Sollet.
- Recharge your wallet balance: You must top up your wallet before purchasing, listing, or building an NFT. Once again, you need to consider which digital currencies your target market supports.
- Account: You need to create an account in the market where you want to buy or sell NFT.
It should be noted that in most cases, listing and building NFT on market platforms includes Blockchain network fees. Fees vary depending on which blockchain network you use. Ethereum, for example, is the largest ecosystem of decentralized NFT applications, and it also has the highest fees.
Blockchain options for making and selling NFT
Ethereum is by far the most popular system for buying, selling and creating unique digital goods. However, there is a list of competitors in this market that is getting longer day by day. The following are the most famous blockchains in this field:
- Bainance Smart China
- هدرا هشگراف
Some of these porcelain blockchain systems are interactive. For example, you can purchase Ethereum tokens with Ethereum-based tokens, or ERC20 tokens. Tetri, USAQ, BinanceQueen (ERC20) and Dai are among the Ethereum-based tokens.
Some of these options, such as Flow, have closed systems. For example, you can not purchase NBA Topshot NFTs based on the flowchain blockchain with Tetra or BinanceQueen.
How do NFT markets work?
In this part of the article, we will take a look at how NFT markets work (from registering to creating and selling NFT).
Registration in an NFT marketplace may vary slightly from platform to platform; But creating an account or digital wallet connection that the market supports is one of the steps that must be done in all markets.
There is usually an option in the upper right corner of the NFT Marketplace home screen that you can click to start the registration process. When you connect your wallet, a wallet notification will be displayed asking you to enter your wallet password to complete the steps.
Build an NFT
If you want to build an NFT, you might start with Ethereum; Because Ethereum is the largest system for this type of asset. You must have an Ethereum wallet that supports ERC-721, the standard Ethereum token for NFTs.
Metamsk, Trust Walt and Coin Bass Walt are among these wallets. You will also need to top up your wallet with something around $ 50 to $ 100 ether to cover transaction fees. Fees increase or decrease depending on network congestion. In fact, the busier the network, the higher the fee.
After completing these steps, you can access and use platforms such as OpenSea, Rarible, or Mintable. On most of these platforms, there is a “CREATE” option in the upper right corner that takes you to a page where you can create your own NFTs.
Read more: NFT build tutorial; How to sell your unique tokens?
Buy an NFT
NFTs are usually purchased at a fixed price or through an auction. On some platforms, potential buyers can offer their offer to the owner to negotiate a better price.
Note that if you are bidding on an NFT, your bid must match your wallet balance. For example, if your wallet balance is 0.2 ether and you want to bid on a digital painting, your bid price limit (including commission) is the same as 0.2 ether. If your bid is the highest by the end of the auction period, the platform will automatically make the purchase. So if you really do not intend to buy, do not participate in auctions.
Sell an NFT
Selling unique digital assets can be technically much more complex than buying them; Especially if a user intends to sell unparalleled tokens (such as artwork, tweets, audio clips, etc.) created by himself. To do this you must:
- Upload your digital asset to the market platform, set a fixed price for it, or decide to sell it at auction;
- The platform then validates the asset. Once verified, the asset will be listed on the platform for sale;
- When the seller accepts the offer, the market carries out the process of transferring ownership from the seller to the buyer.
Introducing the largest NFT markets
While there are many different types of markets, public platforms focused on artwork are becoming more popular. There are also specific NFT markets that list specific types of non-recurring assets such as in-game products, digital collectible cards, and virtual real estate.
Here are six popular and art-focused NFT markets:
Open (OenSea) is one of the most popular NFT markets. By searching this market you can find unique tokens that represent a wide range of items such as artwork, sports collections, virtual worlds, match cards and domain names.
رریبل (Rarible) is an NFT marketplace owned by members of the RARI token community. This market focuses on works of art; But you can also find a wide range of other NFTs.
Superior (SuperRare) is another marketplace that focuses on digital art and collaborates with a handful of prominent concept artists.
نیفتی گیتووی (Nifti Gateway) is one of the largest markets in the field of NFT. In this market you can buy the works of the most famous artists such as Beeple, Steve Aoki and deadmau5. Beeple holds the record for the most expensive NFT sold at $ 69 million.
Foundation (Foundation), founded in February 2021, has quickly become one of the most popular NFT markets for creators of these works. According to data from the dapp radar website, the trading volume of this market during its activity has reached more than $ 59 million.
Bakery Swap (BakerySwap) is the first decentralized exchange to launch its own NFT market. The Bakery Swap NFT trading platform, like its decentralized exchange, operates on Bainance Smart China. One of the advantages of this platform is the low network fees compared to other NFT trading platforms.
Introducing other NFT platforms
For certain digital goods, such as virtual world avatars or digital fantasy football cards, there are a growing number of emerging platforms around the corner. The five main platforms in which most sales take place include the following:
- The prophets of Tapshat (NBA Top Shot): An NFT marketplace built on the Flow platform where people buy and sell digital collection cards featuring videos of memorable NBA moments.
- اSomeone Infiniti (Axie Infinity): This platform hosts the cartoon characters of Oxy Infiniti. In this game, players breed and trade digital pets called Axie. Some people even work in this game professionally and as a job.
- سوریر (Sorare): In this platform, you can buy virtual cards with images of football players engraved on them and use them in Surrier game. Surrier is a global fantasy football game.
- دسنترالند (Decentraland): The platform has an internal marketplace where users can buy and sell virtual fields or in-game items such as clothes or other wearables.
- Williams (Valuables): It is a site where users can tokenize tweets and sell them as an NFT. Twitter CEO Jack Dorsey sold the first tweet in history for $ 2.9 million on the platform.
We hope that by reading this article, we will answer some of your questions about NFT markets. If you have a question or suggestion about the topics covered in this article, please share it with us in the comments section of this article.