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A Complete Guide to NFT Marketplaces

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The NFT ecosystem has grown wider over the past years. NFTs are now present on several blockchain networks and marketplaces.

These platforms allow digital art creators and collectors to trade and invest in NFTs.

Due to their number and complexity, understanding how to navigate these vast NFTs marketplaces could prove difficult, especially for beginners.

The following article provides a simple and comprehensive beginner guide to navigating NFT marketplaces. Read on to find out.

What are NFT Marketplaces?

NFT marketplaces are platforms where you can display, trade, or store NFTs.

NFT marketplaces are built on blockchain networks like Ethereum, Cosmos, Solana, etcetera.

Like conventional marketplaces, NFT marketplaces bring non-fungible token buyers, sellers, and creators together.

Here are the requirements to access NFT marketplaces.

  • You must have a crypto wallet: You need a cryptocurrency wallet compatible with the NFT you wish to buy. For instance, if you’re buying or selling Ethereum-based NFTs, you need a compatible Ethereum wallet like MetaMask.
  • You’d need to have cryptocurrencies in your wallet: NFT marketplaces charge transaction or network fees in crypto. The network fees vary based on the platform’s blockchain you choose. So, before you buy, mint, or list NFTs, you must fund your wallet with cryptocurrencies.
  • Set up a user account: Like conventional marketplaces, NFT marketplaces require creating accounts. The steps to set up user accounts depend on the NFT marketplace you wish to sign up for.

Top Ten NFT Marketplaces

Here are the most popular NFT marketplaces.

  1. OpenSea
  2. Axie Infinity
  3. Magic Eden
  4. Solanart
  5. SuperRare
  6. NBA Top Shot
  7. Decentraland
  8. Rarible
  9. Nifty Gateway

How Do NFT Marketplaces Work?

The three main things people do on NFT marketplaces are Buying, selling, and Minting NFTs.

However, you must sign up for your chosen platform before performing any activities or transactions. Here’s how it works.

READ ALSO: Report Illegal Fund Manager Without Registration, SEC

Sign Up

Sign-up steps differ slightly from one marketplace to another. However, the basic steps involve creating an account, connecting a supported crypto wallet, or both.

For instance, signing up on OpenSea requires prompts to “Connect Your Wallet” by clicking an icon in the top right-hand corner.

NFT

Source: OpenSea

Buying NFTs

You can purchase your choice NFT directly at a fixed price or through an auction. Sometimes, prospective buyers propose offers to the seller or owner of the NFT and negotiate a better price directly.

Selling NFTs

Selling an NFT is more tasking and a little more complicated than buying, especially if you want to sell a piece of art you created yourself. People mint almost anything as NFTs, from artwork to music, tweet, memes, and more. Here are the steps.

  • Upload the digital art to the marketplace, and fix a price or opt for an auction sale.
  • The platform will verify the uploaded asset to ensure you have rights to it. When your work gets approved, the platform will list it for sale.
  • Prospective buyers will bid a price for listed assets. If the seller accepts, the marketplace will transfer the NFT to the buyer.

READ ALSO: Bahamas DARE Bill Subdues Crypto After the FTX Disaster

Minting NFTs

There are several blockchains you can use to mint NFTs. These blockchains include Ethereum, Solana, Binance Smart Chain, Cosmos, Tron, Polkadot, Flow, Algorand, EOS, Tezos, and WAX. However, Ethereum is the most popular system for minting, selling, and buying NFTs.

Each NFT Marketplace anchors these blockchains. And if you want to mint NFTs, you pay transaction fees depending on the underlying blockchain. For example: To “Mint” NFTs on an Ethereum-based NFT Marketplace;

  • You’d connect Ethereum-supported wallets like MetaMask, Trust Wallet, or Coinbase Wallet.
  • Your wallet must have the minimum Ether balance, worth at least $100, that covers the transaction fees. You can only access the platform when you meet the above criteria.

There’s often a “Create” at the top-right corner on some marketplaces that redirects you to start minting your NFT. That said, the steps to mint an NFT include the following.

  • Connecting or setting up a crypto wallet
  • Creating an NFT collection and;
  • Uploading your collection.

Minting your NFT allows the marketplace to write it on a blockchain for a fee. However, some platforms like OpenSea offer “Lazy Minting,” enabling you to bypass gas fees. But when you lazy-mint your NFT, the platform can only list the item for sale but won’t write your asset on the blockchain.

Take Home

Do you want to mint, buy, or sell NFTs? If yes, it is advisable to research to know the NFT marketplaces with high transaction speed and lowest fees. These attributes attract a higher audience. They are crucial, especially if you want to mint and sell your NFTs.

 

 

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