What is NFT Marketplace?
NFT marketplace is a platform where NFT is displayed and traded
ScienceLovers - The NFT marketplace is a dedicated platform that sells various NFT digital assets. What is an NFT marketplace and how does it work? Read more in the following article!
What is NFT Marketplace?
NFT marketplace is a platform where NFT is displayed and traded. In short, an NFT marketplace is an NFT marketplace or site that works like Amazon or eBay to sell or buy various goods, but focuses on NFT products.
The NFT marketplace allows digital collectors to trade and create their own NFT tokens to represent ownership of unique assets or items, whether tangible (physical) or intangible (digital).
NFT Marketplace Development
Since the onset of the “DeFi Summer” in 2020, or the period when the Total Locked Value (TVL) stored in DeFi smart contracts rose sharply from hundreds of millions of US dollars to over 20 billion US dollars, NFT has become one of the most influential cryptos.
This is indicated by the increasing number of investors, crypto activists and world celebrities who are involved in trading NFT assets.
Reporting from Coinmarketcap, the NFT market managed to record a record $2.5 billion in sales throughout 2021.
Example 4 Platform NFT Marketplace
In general, there are two types of NFT platforms, namely universal and specialized. Dedicated marketplaces typically sell specific assets such as game items, digital card collections, and virtual real estate. Meanwhile, the universal marketplace provides more diverse assets.
Here are some of the most popular universal marketplaces oriented towards digital art, including:
OpenSea
It is the first and most popular universal NFT marketplace based on the Ethereum blockchain. You can find a variety of NFTs that represent ownership of works of art, virtual items to card collections.
In OpenSea, users can create collections and upload their work to help sell their work.
Rarible
It is an NFT marketplace, where the community consists of RARI token holders. Shoppers can find a large collection of art and other items in the Top Collections, Top Sellers, Hot Bids and Live Auctions segments.
SuperRare
SuperRare collaborates with leading artists to produce digital collections that are cryptographically secured on the blockchain (CryptoArt). In addition to providing a variety of authentic digital art, this platform also regularly holds exhibitions.
Nifty Gateway
Is a platform that sells Nifty, various types of digital items. Recently, this platform has become increasingly popular as it sells works by famous artists such as Steve Aoki, deadmau5 and Beeple who hold the record for selling the world's most expensive NFT worth $69.3 million for his work "Everyday's: The First 5000 Days".
Things to Prepare Before Accessing NFT Marketplace
To be able to transact on the NFT Marketplace, here are some things that you must prepare first.
User Account
Before making transactions on the marketplace, you need to create an account by registering on the platform. The amount of registration fee varies for each platform.
Crypto Wallet
Crypto wallets are used to store coins that will be used for NFT transactions. Each NFT marketplace has its own blockchain-compatible crypto wallet.
Prepare Coins
To be able to carry out activities such as account registration to NFT transactions, users must fill their wallets with crypto coins. The cryptocurrency that is loaded into the wallet must be supported by the NFT marketplace that will be used.
Well, that's the explanation of what the NFT marketplace is and how it works. For those of you who are interested in investing and trading crypto, download the Pintu application now! Buying and selling bitcoin and other crypto-assets can start from as little as IDR 11,000, you know!
Reference:
Anatol Antonovici, NFT Marketplaces: A Beginner's Guide. Retrieved 09-20-2021.
Todd Haselton, How to Make, Buy and Sell NFTs. Retrieved 09-20-2021.
Forbes, NFT Marketplace CEO Explains Why The Industry Is Moving Beyond Ideological Purists. Retrieved 09-20-2021.
