If you want to join the NFT trend, the NFT Marketplace is our gateway to buying and selling these digital assets. There are many active NFT markets today. Operating the marketplace can be a great business opportunity in the current crypto world. To learn more about them, let’s find out through the following article.
I. What is the NFT Marketplace?
The NFT Marketplace is where NFTs can be stored, displayed, and traded. Besides, you can also mint NFT (generate NFT) at the marketplace. Users can find all types of NFT assets on these marketplaces. Such as: music, video clips, in-game assets, trading cards, memes,…
To access and trade in the NFT markets, users need to set up: a cryptocurrency wallet, an amount of money in the wallet, and a user account.
The NFT Marketplace is where people trade NFTs – Image: nftnewspro.com
II. Operation principle
- Registration:
Registration will vary depending on the type of marketplace. Users need to fully declare the necessary information and make a connection with cryptocurrency wallets after creating an account.
- Buy NFTs:
NFTs are usually purchased directly at a fixed price or through auctions. In addition, there are some cases where potential buyers may submit an offer to the owner and attempt to negotiate a better price.
- Sell NFT:
You need to upload selected digital assets to the NFT marketplace and enter a fixed price or choose to sell through auction. Next, the platform will verify the content. If approved, it will be listed for sale. When the seller accepts the price, the marketplace will proceed to transfer from buyer to seller.
- NFT Mining:
Users can use the Ethereum network to create NFTs. You need an Ethereum wallet that supports ERC-721, such as MetaMask, Coinbase Wallet, or Trust Wallet.
Buy and sell NFTs at the marketplace – Image: 101blockchains.com
III. Popular types of NFT Marketplace
1. Curated Marketplaces
Foundation is a prominent name in curated marketplaces. This marketplace is designed for a simple way to buy, sell, list and auction digital art.
The platform offers a wide selection of art NFTs and ensures creators receive royalties on every sale. However, the cost can be expensive as this is a Marketpalce that specializes in artworks.. You won’t find any other type of NFT here.
2. Open NFT Marketplace
This is a marketplace that allows people to freely create, collect and buy and sell products easily.
Opensea is one of the most popular open trading platforms today. You can find NFTs that represent ownership of many things. Such as art, sports collectibles and domain names, etc. This marketplace supports over 150 different payment tokens and attracts more than 400,000 traders each month.
Opensea Marketplace – Image: nftnewspro.com
3. Marketplace for Collectibles
CryptoPunks is a prime example of a marketplace for collectibles. It was developed by Larva Labs in 2017. The project consists of 10,000 unique collectible characters built on the Ethereum blockchain. CryptoPunks marketplace allows users to buy, sell, trade and bid NFT with other members of the community.
4. Games Marketplaces
Those interested in the field of video games will surely know the name Axie Infinity – an extremely popular Play-to-Earn game.
Axie Marketplace is the online store for this game. Players can buy and sell items, characters, land, … in the form of NFT to use in the game.
Axie Infinity Marketplace – Image: blog.astraguild.io
Conclusion
If you are someone who has entered the NFT field, you must have heard of or used one of the popular NFT markets mentioned above. Or if you’re a newbie, here’s your chance to learn and explore a ton of interesting NFTs. Hopefully through this article, you can understand “What is NFT Marketplace?”. This is considered a top concern for content creators as well as NFT collectors in the current cryptocurrency market.
