The NFT marketplace: How do I sell or buy NFT?

Nonfungible tokens, or NFTs, are a step forward in the reinvention of modern finance and other industries, as well as an evolution in the cryptocurrency space.

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Because there is no distinction between one dollar and another, money is fungible. Stocks of the same type and quality in the same company are frequently interchangeable. Nonfungible tokens, on the other hand, represent unique physical and digital assets such as a work of art, a song, or an in-game collectible that other investments cannot replace. Each nonfungible token is recorded on the blockchain, has metadata, and a unique identifier, preventing NFTs from being exchanged for or equal to one another.

NFTs can remove intermediaries and connect content creators with audiences directly by enabling digital representations of individual items combined with the benefits of smart contracts, offering blockchain-generated certificates of authenticity for digital assets. As a result, the concept of NFTs has the potential to drastically alter the current crypto and art landscape.

So, what else attracts artists and collectors to nonfungible tokens? Where and how can I get NFTs? How should an NFT be sold, and which method is best?

In this article, we will try to answer the questions raised above.

What are NFTs?

Nonfungible tokens are cryptographic digital assets that are "one-of-a-kind" and represent real-world objects and digital items such as art, music, virtual land, in-game collectibles, videos, photographs, and other creative products. They can be bought and sold like any other piece of property in the digital world because they do not have a physical form of their own. NFTs are one-of-a-kind, limited in quantity, and valuable due to scarcity. They are unreplicable and easily authenticated. NFTs can be viewed as proof of authenticity and ownership certification for virtual or physical assets recorded on the blockchain.

Digital art, collectibles in gaming, music, fashion, sports, academia, decentralized finance (DeFi), tokenization of real-world objects, domain name ownership, licenses and certifications, patents, documentation, and others are some of the prominent potential use cases for NFTs. Additionally, NFTs have the potential to track metadata, improve event ticketing, and even transform real estate.

Although NFTs have been around since the early 2010s (the prototypes of NFTs were experimental assets named colored coins created on the Bitcoin network in 2012), they have recently gained popularity in the crypto community. As a result, NFTs are becoming a more convenient way to buy and sell digital items. Artists and other content creators can use NFTs to monetize their work and sell it directly to the audience, with complete independence from the creative industries' middlemen represented by galleries, auction houses, and major record labels.

Buying NFTs

Some may argue that spending thousands or millions of dollars on portable network graphics (PNG) or graphics interchange format (GIF) files is irrational. People are still willing to spend large sums of money on something they can easily view, screenshot, and download for free on the internet. Why?

In terms of developing a network of relationships among people and demonstrating community membership, NFTs directly link social and financial capital. The information immutably recorded on the blockchain includes built-in authentication. It essentially allows content creators to digitally "sign" their NFTs and allows the audience to connect with artists, own their favorite art, and join the community. Because NFTs are known as "Investment-as-a-Status," purchasing them is regarded as one of the most efficient ways to maximize social capital by forming more links and bonds in the crypto space.

When collectors purchase an NFT, they are purchasing something unique and scarce — the ultimate criterion for any true collector — even if an image or piece of music has been shared hundreds of times online.

It is worth noting that collectors are not purchasing original content because they will most likely not own the copyright to it. Because of the technology, the content creator retains the copyright, and the majority of NFT platforms allow them to claim royalties when the object is sold again in the future. Rather, when purchasing NFTs, collectors are purchasing tokens on the blockchain that link their name to the content creator's art, which is the most valuable thing.

Thus, purchasing NFTs enables collectors to own original items that have been recorded on the blockchain and serve as proof of ownership.

Where to buy NFTs?

There are numerous online cryptocurrency marketplaces where you can buy and sell nonfungible tokens. Not all of them operate in the same way, provide the same functionality, or offer the same types of NFTs. The majority of platforms, however, are built on the Ethereum blockchain. Non-Ethereum NFT services are provided by blockchains such as Cosmos, Polkadot, and Binance Smart Chain, to name a few.

Other differences between NFT marketplaces include whether they support required NFT standards and file formats, NFT platform accessibility, the cost to create (or mint) an NFT, and other details that may be more important to content creators than buyers.

Although each NFT marketplace operates differently, the majority of them offer a diverse selection of NFTs for purchase. At the same time, experienced buyers select a marketplace based on the type of nonfungible token they wish to purchase.

The following types of NFT marketplaces can be classified based on various nonfungible token use cases:

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Choosing a crypto wallet and cryptocurrency to fund a wallet

Collectors must create an account on the marketplace in order to buy NFTs after selecting a desirable collection and an NFT marketplace. However, they must first connect their cryptocurrency wallet to the chosen NFT platform, as they will be unable to buy or sell anything until they do so.

A crypto wallet, which serves as a secure storage location for digital assets, is an essential component of any blockchain system. Members of the cryptocurrency community require wallets in order to use blockchain services, access various platforms, sign transactions, and manage their balances in accordance with blockchain fundamentals. As a result, all crypto platforms, particularly NFT marketplaces, eliminate the need to store user account data, making their operations more accurate and secure.

Before creating a wallet, make sure that it matches the cryptocurrency used on the platform the buyer intends to use. Because the majority of NFT services are Ethereum-based, they accept Ethereum's native cryptocurrency Ether (ETH) as payment.

Hosted wallets, non-custodial wallets, and hardware wallets are all types of cryptocurrency wallets.

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A hosted wallet, also known as a custodial wallet, is the most user-friendly and simple to set up. It is called hosted because a third party automatically stores users' crypto in it, similar to how banks keep money in checking and savings accounts. Because third parties are responsible for the safety of users' cryptocurrency, users have nothing to worry about with this type of wallet because they will never lose their cryptocurrency even if they lose or forget their password or private key. The most significant disadvantage of using a custodial wallet is a loss of anonymity, as this type of wallet frequently advises users to perform Know Your Customer (KYC) verification.

A non-custodial wallet does not rely on a third party to safeguard the cryptocurrency of its users. It instead gives them complete control over the security of their cryptocurrency funds. Users are not required to submit a request every time they want to send cryptocurrency because they can select the type of transaction fee — either the default or a higher fee based on how quickly they want a transaction to process. Although these wallets provide the necessary software to store cryptocurrency, users are solely responsible for remembering and protecting passwords. Users will be unable to access their wallets if they lose or forget their passphrases, also known as mnemonic and seed phrases.

A seed phrase is a list of 12 to 24 words that is generated at random (arranged in a specific order). It is generated by cryptocurrency wallet software and is used by users to reclaim access and control over their crypto funds on the blockchain. It is best to keep a copy of the seed phrase offline for safety. For example, write it down and keep it somewhere safe. The unrecommended method is to keep the seed phrase on an internet-connected device or in any digital format, such as a print file or a photograph. A malicious actor who discovers the user's seed phrase has complete access to the wallet's crypto assets.

Non-custodial wallets also allow users to perform advanced cryptocurrency operations such as staking, lending, borrowing, and more.

A hardware wallet, also referred to as a cold wallet, is a physical device the size of a USB flash drive. This type of wallet is difficult to use and relatively expensive. The obvious advantage of using a hardware wallet is the secure storage of users' private keys without the security risks described above for online wallets. A hardware wallet can store cryptocurrency funds offline and keep them safe even if the user's computer is hacked.

The collectors' preferences, as well as the level of security they are willing to accept, influence their choice of wallet. They can keep the purchasing process simple with a hosted wallet, have complete control over their cryptocurrency with a non-custodial wallet, or take extra precautions with a hardware wallet — the choice is entirely up to collectors.

In conclusion, once collectors have established their wallets and sufficient crypto funds, they can proceed to connect them to a suitable NFT marketplace, create an account, and begin purchasing NFTs.

Options for buying NFTs

There are a few options for purchasing nonfungible tokens, and the majority of them are similar to eBay schemes. As a result, even a novice collector can understand how to purchase NFTs.

An auction is the most common option. The majority of NFT marketplaces operate similarly to auction houses. They typically provide two types of auctions. The first is an English auction, in which the highest bidder at the end of the auction wins. A timed auction (a type of English auction) is an auction in which each lot can be bid on for a set period of time, and at the end of the period, the buyer with the highest bid wins and purchases an NFT. A Dutch auction is another type of decreasing-price auction. The price of an NFT begins at a certain level (the ceiling price) and then declines by a predetermined amount on a regular basis (e.g., 0.1 BTC every 10 minutes). The NFT Dutch auction begins when a user bids the current price.

Nonfungible tokens can also be obtained via NFT drops. In this case, collectors must wait for one of the drops to be announced before attempting to purchase scarce NFTs before they sell out. These drops are usually sold in seconds and require collectors to sign up to the specific NFT platform and fund their crypto wallets ahead of time so that they do not miss out on the opportunity to purchase NFTs when they are dropped.

In addition, some NFT platforms offer a "fixed price" or "buy now" option. It refers to a predetermined price set by NFT creators at which they want to sell their nonfungible tokens immediately. Fixed-priced buying may appear to be the simplest solution for collectors because it eliminates the need to rely on auctions and wait for a specific drop time. Nonetheless, collectors must pay attention to the currency and format of the price, as prices are frequently listed in decimals of cryptocurrency (for example, ETH) and may not be accompanied by the fiat (for example, USD) value. Buyers should also keep in mind that the dollar value can fluctuate due to the volatility of the cryptocurrency market at any given time.

Furthermore, the amount of crypto in the wallet must be greater than the price of the NFT they wish to purchase, as collectors will most likely be required to pay the transaction fee, also known as a gas fee, when purchasing. Gas fees are payments that are required to successfully process and validate blockchain transactions. Users force them to compensate for the computing energy required.

Selling NFTs

There are two ways to sell NFTs: selling a minted NFT (the way content creators sell) and selling an NFT that the collector has already purchased and is now willing to trade.

The first method is most likely the conclusion of the nonfungible token creation (or minting) process. Minting is a simple procedure in which innovative products such as works of art, collectibles, songs, memes, and so on become a part of the blockchain, tamper-proof and secure, and the content transforms into an NFT and is "tokenized." Since then, these digital items can be sold and traded as NFTs, and they can also be digitally tracked when resold.

To get started, content creators only need a Mac or a PC, a cryptocurrency wallet that supports NFTs, some crypto, and an account on a blockchain-focused NFT marketplace.

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Before clicking on the “Create” button, it is usually advisable to make a final check. The minting process is complete when the creators sign their NFTs and pay the gas fees. After that, the transaction is considered to be validated, and content creators are able to see their newly minted NFT in their profiles on the chosen NFT platform.

Furthermore, NFT marketplaces may ask content creators to set a royalty percentage when selling NFTs. Royalties allow them to earn a specified commission every time the NFT is sold to a new collector. Royalties can potentially establish lifelong passive income streams for content creators automatically due to the basics of the nonfungible tokens’ technology.

The majority of NFT marketplaces also allow you to select a selling method or set a price for the NFT while minting a token. As a result, newly minted NFTs are frequently thought to be put up for sale shortly after they are created.

In other cases, content creators must log into their NFT marketplace accounts and locate the digital items from their NFT collections in order to sell NFTs. When they find the required NFT items, they must click on them. This action will reveal a button that says "sell" or "list for sale." Once the creators have this option, they can click on it and specify whether they want an auction or a fixed "buy it now" price.

If they are fortunate enough, they may be able to create a drop for their nonfungible tokens with the assistance of NFT platform representatives, which will likely add a certain level of awareness and likely help them successfully sell their creations.

How to sell NFTs you bought

The process of selling collected nonfungible tokens is no more difficult than the process of selling freshly minted NFTs.

Collectors can easily resell their NFTs on the secondary market if they so desire. The term "secondary market" refers to all subsequent resales of the work, whereas "primary market" refers to the initial sale of an NFT. Collectors will need the following items to sell NFTs: an account on the NFT marketplace of choice, a crypto wallet linked to it, and an amount of cryptocurrency used on that marketplace.

The main distinction here is that collectors will not be eligible for royalties when NFTs from their temporary collection are sold. Royalties in the form of percentages of all future sales will be paid directly to the wallets or the original creators of the NFTs.

Thus, content creators are forever associated with copyright on their creative products in the form of NFTs, whereas collectors only receive nonfungible tokens in their collection for a limited time. Collectors of nonfungible tokens, like collectors in other traditional markets, have only basic ownership rights, such as the right to possess, sell, or gift the items they have purchased, and these rights expire with the sale of the specific NFT.

Collectors can sell NFTs by going to their profiles on the NFT platforms and selecting the NFTs they want to sell. They must locate the "sell" or "list for sale" button after clicking on the saleable NFT. By clicking on this button, they will be taken to a pricing page where they can choose the terms of the sale. At that point, they must either set a price for the NFTs or initiate an auction. If a collector wishes to begin an auction, they must first determine which type of auction is supported by the chosen NFT platform. It is most often an English auction, a timed auction, or a Dutch auction.

Despite the volatility and undeveloped nature of the cryptocurrency market as a whole, as well as the high level of uncertainty surrounding nonfungible token valuations, the NFTs renaissance is spreading. Even if content creators and collectors do not always profit from selling NFTs, buying nonfungible tokens is still regarded as a great way to support artists, musicians, designers, and other creative people whose digital assets collectors are interested in.

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