What are NFT Marketplaces?

NFT marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted (created). These marketplaces are to NFTs what Amazon or eBay are to goods.

In order to access and use these types of marketplaces, you will need to have the following:

  • A crypto wallet: You’ll need to choose a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy (below). For example, if you plan to buy or sell NFTs based on the Ethereum blockchain platform, you will need to use a compatible Ethereum wallet such as MetaMask.
  • An amount of coins in the wallet: You will need to pre-fund your wallet before buying, listing or minting an NFT. Again, you will need to find out which cryptocurrencies are supported by the marketplace you intend to use.
  • A user account: You will need to set up an account on the particular marketplace you wish to purchase NFTs from.

It’s worth noting that, for the most part, listing and creating NFTs on a marketplace platform incurs a blockchain network fee. The fee varies depending on which blockchain-based system you decide to use. For example, Ethereum boasts the largest ecosystem of NFT dapps (decentralized applications). But it has the most expensive fees.

--

--

--

BtcBam is a Vienna-based cryptocurrency mining company managed by entrepreneurs and professionals.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Introducing: Coinlancer — Freelancing Platform on the Blockchain

Shiden Network starts to support $JPYC

How to take personalization to the next level

每日JustSwap白名单项目公告(2020.10.08)

Voxel Ville x Expandables Partnership

How to be a successful crypto trader: the trading mindset

On-chain Analysis: Whales are taking profit, while the conviction is increasing among the small…

The World’s Richest Man Endorses and Buys Bitcoin + TIMELINE

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
BTCBAM Official

BTCBAM Official

BtcBam is a Vienna-based cryptocurrency mining company managed by entrepreneurs and professionals.

More from Medium

Star Venture: The Future of GameFi and Metaverse with Blockchain Technology

Introducing and comparing OpenSea, SuperRare and Rarible of NFT platforms

Asva Labs: Building the Metaverse Economy

Benefits of Buying Virtual Real Estate NFTS From SuperWorld