Unlocking the Power of NFT Marketplaces – A Comprehensive Guide to Get Started Key Takeaways
The NFT technology is completely based upon blockchain technology, which means it is as safe as you expect it to be. You can also consider NFTs as intellectual property that artists and creators claim. If you make an NFT, it will be exclusively yours until you sell it to another person. The most expensive NFT that has been sold to date was “The Merge” priced at 91 Million USD. Over time, humans have gradually transitioned their way of life to the online sphere. We now actively engage with media and interact with others in the digital realm. Moreover, our purchasing habits have shifted from physical goods to digital ones.
But with online goods, the ownership problem starts to arise. For physical paintings like the Mona Lisa, the original is locked somewhere in a museum and worth millions. You can download an image of the Mona Lisa online, print it, and post it in your room. Does this mean you own the Mona Lisa? No!
This same level of security is hard to recreate for virtual goods, which is where Non-Fungible Tokens (NFTs ) come into play. Because they are non-fungible, NFTs allow creators to claim ownership of items in the digital world.
You can also consider NFTs as an intellectual property that artists and creators claim. If you make an NFT, it will be exclusively yours until you sell it to another person. If someone tries to copy or clone your art piece, you can seek legal assistance from an intellectual property Lawyers .
So even if you have a copy of the asset, say a JPEG image of an NFT, you can not claim ownership of it. Just like you can not claim ownership of the Mona Lisa just by printing and posting a copy of its image in your room.
Moreover, Because NFTs are stored on blockchains, they share some of the blockchain’s attributes. NFTs are immutable; they cannot be replicated or replaced.
This piece will delve into the major components of NFT marketplaces and guide navigating these platforms. You will also gain insights into purchasing, creating, and selling your NFTs on platforms like Opensea and Rarible.
NFT Marketplaces An NFT marketplace is a platform for buying and selling NFTs. NFT marketplaces are more than just for buying and selling. Marketplaces offer the following services:
i. Auction: On a marketplace, a creator can auction their NFTs, which allows buyers to bid and compete for the best prices.
ii. Escrow services and payment processing: Many marketplaces offer their users escrow services. This implementation protects users from fraud. Marketplaces also make it easy for payments to go through to sellers on the platform.
iii. Royalties: Marketplaces like Opensea offer sellers royalties. Each time their NFTs are resold, the artists/original owners get a percentage cut.
iv. Listing and discovery: NFTs are listed on marketplaces for easy discovery by potential buyers.
In this graph, you can see the signs of explosive demands of NFTs. The most expensive NFT that is sold to this day was priced at 91 Million USD.
What Makes a Thriving NFT Marketplace? To label a marketplace as successful, we must consider the following factors.
Good Liquidity The platform must have enough sellers and buyers to ensure that NFTs are bought and sold at a fair price.
Security A good marketplace must have robust security measures to safeguard its customers’ assets.
User-friendly Interface A user-friendly interface makes it possible for users to navigate marketplaces with ease.
Good Customer Support Users need to be able to get help quickly when they run into problems when using marketplaces.
With that, let us explore some popular NFT Marketplaces
Popular NFT Marketplaces
Opensea Opensea, AKA the Amazon of NFTs, is the first and most popular NFT marketplace. Since its inception in 2017, Opensea has hosted many popular NFTs today, From artworks to photographs to music and even videos.
Opensea is very beginner-friendly. The user interface is easy to navigate. Beginners can buy and sell NFTs effortlessly using Opensea.
It is worth noting that NFT Marketplaces charge a transaction fee for transactions. Opensea, for instance, charges a 2.5% fee for transactions on their website.
Buyers cannot use fiat currencies such as the dollar to purchase NFTs directly on this platform. You will need to convert your Fiat currency into cryptocurrencies. Popular cryptocurrencies accepted by Opensea include Ethereum, Solana, Polygon Matic, Avalanche, and BNB. Check out our detailed OpenSea review for more information.
Rarible In addition to buying and selling artworks and collectibles, video game assets are sold on Rarible. Like Opensea, Rarible accepts payments in Ethereum (ETH) and Polygon’s MATIC.
Rarible is a community-driven platform with its native token called RARI. This token allows holders to exercise their franchise regarding decision-making or policy changes on the platform.
NBA Top Shots NBA Top Shots is a marketplace for basketball fans. NBA top shots allow its users to own great moments in basketball history.
These NFTs are in the form of clips from iconic basketball games. A famous example is a clip of LeBron James’ slam dunk that sold for $208,000 in 2021.
Since the NBA manages NBA top shots, trust is felt since you are dealing with a reputable organization.
NFT purchases are done in two Major ways on the platform. First is the use of credit/debit cards. The other is buying with cryptocurrencies. Accepted cryptocurrencies on the platform include Bitcoin (BTC), Ethereum (ETH), USDC, and DAI.
Binance Like its trading platform, Binance’s NFT marketplace has a user-friendly interface. As such, it is easy to navigate and use the platform.
Another advantage is that the Binance NFT marketplace capitalizes on Binance’s blockchain. No wonder Binance’s NFT trading fees are as low as 1%.
How to get started with an NFT marketplace To get started, you will need a cryptocurrency wallet to store crypto. With the crypto stored in your wallet, you will buy and sell NFTs on different marketplaces. Popular crypto wallets include Metamask, Trust Wallet, and Coinbase.
The widely used marketplace is Opensea. Opensea is built on the Ethereum blockchain, meaning you will need ETH tokens to pay for NFTs. Most NFTs on the platform are listed in ETH.
How to Buy NFTs Deposit funds into your crypto wallet. You can get cryptocurrencies from crypto exchanges such as Binance and ByBit and transfer your tokens to your Metamask or trust Wallet.
Another alternative is to use MoonPay to deposit funds directly into your Opensea account. There are slight caveats with this method, though. The first is that converting your Fiat currencies into crypto costs more using this method. The second is that the Moonpay option is only available in some countries.
After getting funds in your wallet and linking it to your marketplace, browsing for NFTs on platforms like Opensea is a matter of typing into the search box the drop you desire.
You can also browse through the marketplace to search and buy NFTs that grab your attention.
Note: Beware of fakes when browsing for NFTs. An indicator to look for is a check mark attached to verified handles.
How to Sell Your NFTs Selling your NFTs on marketplaces can be accomplished in two ways. First, you can list them for auction, allowing potential buyers to set the prices through their bids. Auctioning your NFTs allows bidders to establish the value, potentially resulting in a higher selling price.
Alternatively, you can opt for a fixed-price listing, allowing buyers to purchase your NFTs immediately.
Once you’ve made this decision, you can list your NFTs. On OpenSea, follow these steps:
Navigate to the top right corner of the page and click on your profile. Select the “Sell” option. Follow the prompts, completing the required information. Ensure that the appropriate boxes are filled with the correct details. Rarible follows a similar process but with a slight variation:
On Rarible, find the “Create” button located in the top right corner of the website’s homepage. Click on it to start the listing process. Following these straightforward steps, you can effectively sell your NFTs on OpenSea and Rarible.
Conclusion In this piece, we explore NFTs and NFT marketplaces, delving into the key factors contributing to these platforms’ success.
Plus, we examine the processes for creating, selling, and purchasing NFTs across various marketplaces. We trust that this information proves valuable in your endeavors.
Key Takeaways
The NFT technology is completely based upon blockchain technology, which means it is as safe as you expect it to be. You can also consider NFTs as intellectual property that artists and creators claim. If you make an NFT, it will be exclusively yours until you sell it to another person. The most expensive NFT that has been sold to date was “The Merge” priced at 91 Million USD. Over time, humans have gradually transitioned their way of life to the online sphere. We now actively engage with media and interact with others in the digital realm. Moreover, our purchasing habits have shifted from physical goods to digital ones.
But with online goods, the ownership problem starts to arise. For physical paintings like the Mona Lisa, the original is locked somewhere in a museum and worth millions. You can download an image of the Mona Lisa online, print it, and post it in your room. Does this mean you own the Mona Lisa? No!
This same level of security is hard to recreate for virtual goods, which is where Non-Fungible Tokens (NFTs ) come into play. Because they are non-fungible, NFTs allow creators to claim ownership of items in the digital world.
You can also consider NFTs as an intellectual property that artists and creators claim. If you make an NFT, it will be exclusively yours until you sell it to another person. If someone tries to copy or clone your art piece, you can seek legal assistance from an intellectual property Lawyers .
So even if you have a copy of the asset, say a JPEG image of an NFT, you can not claim ownership of it. Just like you can not claim ownership of the Mona Lisa just by printing and posting a copy of its image in your room.
Moreover, Because NFTs are stored on blockchains, they share some of the blockchain’s attributes. NFTs are immutable; they cannot be replicated or replaced.
This piece will delve into the major components of NFT marketplaces and guide navigating these platforms. You will also gain insights into purchasing, creating, and selling your NFTs on platforms like Opensea and Rarible.
NFT Marketplaces An NFT marketplace is a platform for buying and selling NFTs. NFT marketplaces are more than just for buying and selling. Marketplaces offer the following services:
i. Auction: On a marketplace, a creator can auction their NFTs, which allows buyers to bid and compete for the best prices.
ii. Escrow services and payment processing: Many marketplaces offer their users escrow services. This implementation protects users from fraud. Marketplaces also make it easy for payments to go through to sellers on the platform.
iii. Royalties: Marketplaces like Opensea offer sellers royalties. Each time their NFTs are resold, the artists/original owners get a percentage cut.
iv. Listing and discovery: NFTs are listed on marketplaces for easy discovery by potential buyers.
In this graph, you can see the signs of explosive demands of NFTs. The most expensive NFT that is sold to this day was priced at 91 Million USD.
What Makes a Thriving NFT Marketplace? To label a marketplace as successful, we must consider the following factors.
Good Liquidity The platform must have enough sellers and buyers to ensure that NFTs are bought and sold at a fair price.
Security A good marketplace must have robust security measures to safeguard its customers’ assets.
User-friendly Interface A user-friendly interface makes it possible for users to navigate marketplaces with ease.
Good Customer Support Users need to be able to get help quickly when they run into problems when using marketplaces.
With that, let us explore some popular NFT Marketplaces
Popular NFT Marketplaces
Opensea Opensea, AKA the Amazon of NFTs, is the first and most popular NFT marketplace. Since its inception in 2017, Opensea has hosted many popular NFTs today, From artworks to photographs to music and even videos.
Opensea is very beginner-friendly. The user interface is easy to navigate. Beginners can buy and sell NFTs effortlessly using Opensea.
It is worth noting that NFT Marketplaces charge a transaction fee for transactions. Opensea, for instance, charges a 2.5% fee for transactions on their website.
Buyers cannot use fiat currencies such as the dollar to purchase NFTs directly on this platform. You will need to convert your Fiat currency into cryptocurrencies. Popular cryptocurrencies accepted by Opensea include Ethereum, Solana, Polygon Matic, Avalanche, and BNB. Check out our detailed OpenSea review for more information.
Rarible In addition to buying and selling artworks and collectibles, video game assets are sold on Rarible. Like Opensea, Rarible accepts payments in Ethereum (ETH) and Polygon’s MATIC.
Rarible is a community-driven platform with its native token called RARI. This token allows holders to exercise their franchise regarding decision-making or policy changes on the platform.
NBA Top Shots NBA Top Shots is a marketplace for basketball fans. NBA top shots allow its users to own great moments in basketball history.
These NFTs are in the form of clips from iconic basketball games. A famous example is a clip of LeBron James’ slam dunk that sold for $208,000 in 2021.
Since the NBA manages NBA top shots, trust is felt since you are dealing with a reputable organization.
NFT purchases are done in two Major ways on the platform. First is the use of credit/debit cards. The other is buying with cryptocurrencies. Accepted cryptocurrencies on the platform include Bitcoin (BTC), Ethereum (ETH), USDC, and DAI.
Binance Like its trading platform, Binance’s NFT marketplace has a user-friendly interface. As such, it is easy to navigate and use the platform.
Another advantage is that the Binance NFT marketplace capitalizes on Binance’s blockchain. No wonder Binance’s NFT trading fees are as low as 1%.
How to get started with an NFT marketplace To get started, you will need a cryptocurrency wallet to store crypto. With the crypto stored in your wallet, you will buy and sell NFTs on different marketplaces. Popular crypto wallets include Metamask, Trust Wallet, and Coinbase.
The widely used marketplace is Opensea. Opensea is built on the Ethereum blockchain, meaning you will need ETH tokens to pay for NFTs. Most NFTs on the platform are listed in ETH.
How to Buy NFTs Deposit funds into your crypto wallet. You can get cryptocurrencies from crypto exchanges such as Binance and ByBit and transfer your tokens to your Metamask or trust Wallet.
Another alternative is to use MoonPay to deposit funds directly into your Opensea account. There are slight caveats with this method, though. The first is that converting your Fiat currencies into crypto costs more using this method. The second is that the Moonpay option is only available in some countries.
After getting funds in your wallet and linking it to your marketplace, browsing for NFTs on platforms like Opensea is a matter of typing into the search box the drop you desire.
You can also browse through the marketplace to search and buy NFTs that grab your attention.
Note: Beware of fakes when browsing for NFTs. An indicator to look for is a check mark attached to verified handles.
How to Sell Your NFTs Selling your NFTs on marketplaces can be accomplished in two ways. First, you can list them for auction, allowing potential buyers to set the prices through their bids. Auctioning your NFTs allows bidders to establish the value, potentially resulting in a higher selling price.
Alternatively, you can opt for a fixed-price listing, allowing buyers to purchase your NFTs immediately.
Once you’ve made this decision, you can list your NFTs. On OpenSea, follow these steps:
Navigate to the top right corner of the page and click on your profile. Select the “Sell” option. Follow the prompts, completing the required information. Ensure that the appropriate boxes are filled with the correct details. Rarible follows a similar process but with a slight variation:
On Rarible, find the “Create” button located in the top right corner of the website’s homepage. Click on it to start the listing process. Following these straightforward steps, you can effectively sell your NFTs on OpenSea and Rarible.
Conclusion In this piece, we explore NFTs and NFT marketplaces, delving into the key factors contributing to these platforms’ success.
Plus, we examine the processes for creating, selling, and purchasing NFTs across various marketplaces. We trust that this information proves valuable in your endeavors.
