How Does A NFT Marketplace Work?
Signing up to an NFT marketplace can differ slightly from site to site, but the main steps to follow involve creating an account or connecting a supported digital wallet, or doing both. The button for this is typically located in the top right-hand corner of the NFT marketplace homepage. When connecting your wallet, you will be asked to enter your wallet password to complete the process.
Buying an NFT
NFTs are usually purchased directly for a fixed price or through an auction. In some cases, prospective buyers can submit offers to the owner and attempt to negotiate a better price.
Selling an NFT
Selling unique digital assets can be a more technically complicated process than buying them, particularly if the user is attempting to sell something they have created themselves (artwork, a soundtrack, a tweet, etc.).
- You will need to upload the chosen digital asset onto the marketplace and enter a fixed price or opt to sell the NFT via an auction.
- Next, the platform will verify the asset. If approved, it will be listed for sale.
- When the seller accepts a bid, the marketplace conducts the transfer from buyer to seller.
Minting an NFT
There are benefits of creating the NFT version of your digital or real-world content or item. Creating an NFT gives you more control over your intellectual property and offers unregulated access to a global network of art and other digital item collectors. Think of NFT as a much-needed gateway to a democratized market for owning, selling and buying rare and unique digital assets.
You should get familiar with some factors that could sway your decision on where and how to create your first NFT. The first thing to have at the back of your mind is that several blockchains support the NFT token standard.
Once you mint your NFT on any of the blockchains, it is most likely impossible to transfer them or sell them on other blockchains. Hence, take the time to research the pros and cons of each blockchain’s NFT ecosystem before making a decision.
Note that the blockchain you choose will determine the array of NFT marketplaces you can choose even you can buy, sell and create NFT’s in BTCBAM’s chain in the near future…