What is NFT Marketplace? How to create NFT Marketplace
- 1. What is NFT Marketplace?
- 2. How NFT Marketplace works
- 3. Types of NFT Marketplace
- 3.1 Open Marketplace NFTs
- 3.2 Curated Marketplaces
- 3.3 Marketplaces for Collectibles
- 3.4 Game Item Trading Platform (Games Marketplaces)
- 4. Some notes when participating in the NFT market
- 5. Achievements NFT Marketplace has achieved
- 6. Forecast for NFT Marketplace
- 6.1 NFT Marketplace will soon launch Token
- 6.2 NFT Marketplace will evolve to best suit the needs of users.
- 6.3 NFT Marketplace will develop further
- 7. Investment opportunity with NFT Marketplace
- 7.1 Retroactive
- 7.2 Choosing a good project
What is NFT Marketplace? Why is it currently fascinating to many celebrities? So what does this trading platform have that makes the community so attractive? In today's article, BHO Network will introduce you to the newly launched exchange and show you how to make the most of the features of the NFT Marketplace platform. Check it out now!
1. What is NFT Marketplace?
NFT marketplace is a platform used to trade NFTs. Every asset class needs a market to change, and so does the NFT.
Similar to evaluating the DeFi of an ecosystem through the ways of looking at the parameters of the DEX (TVL, Volume,...), looking at the basic parameters of NFT Marketplaces helps users evaluate the overview of the market.'s situation NFT on an ecosystem:
- Will the platform attract cash flow?
- Which NFT Tokens are preferred?
- Which branch of the NFT platform is most focused on in the ecosystem?
NFT marketplace is a platform for NFT trading
2. How NFT Marketplace works
According to the rules, each NFT trading market will include the following activities: Register, buy NFT, sell NFT, mint NFT.
- Depending on the different NFT trading markets, the registration and account verification steps are also other. However, in general, there is still one main common point that investors need to fully declare information, including full name, email, and phone number.
- At the same time, after creating an account, users need to connect to supported cryptocurrency wallets to make transactions.
- As a rule, NFTs will be sold directly in auctions. Additionally, with some exceptions, potential NFT Marketplace may be able to contact the owners directly to negotiate a fair price with them.
Each NFT trading market will include the following activities: Register, buy NFT, sell NFT, mint NFT
- The selling process will be much more complicated than the NFT buying process, especially for the project creators. First, you must upload your NFT collection to the NFT Marketplace, enter a flat price for the project, or choose to sell it through an auction.
- Next, the platform will continue verifying the content, and the NFT will be listed for sale when accepted. Finally, when the seller agrees with the buyer's price, the platform will proceed with the transfer from the buyer to the seller.
- Currently, the Ethereum platform is the largest network dedicated to supporting NFT creators. First, users will need to prepare an Ethereum wallet backed by ERC-721. Next, users will have to add to the ETH wallet with a value ranging from 50-100 USD as a transaction fee.
Read more: What is DAO? How does DAO work?
3. Types of NFT Marketplace
The following are some NFT Marketplace platforms represented through three main aspects: OpenSea, Rarible, and Binance NFT Marketplace.
3.1 Open Marketplace NFTs
Open trading platforms are considered to be the place where users can create, buy and collect their artworks on the platform in the most simplified way to reap huge profits.
At the same time, the NFT Marketplace will help any user to participate in the NFT market and fully have access to a variety of NFTs such as in-game items or art works such as pictures, sounds. , collectibles…
- OpenSea is the world's first NFT marketplace. At the same time, it is one of the largest NFT markets with nearly 400,000 traders per month and more than 10 billion USD in revenue from NFT, surpassing all time records. Some famous people such as Mark Cuban, and Chamath Palihapitiya,... have shared their interest in OpenSea.
- The platform will browse the art, music,... In addition, the platform has introduced more than 700 projects, including prominent projects such as ENS, Crypto Kitties,...
- OpenSea Platform will help you sell NFT your way. To sell users' digital works on OpenSea, it is necessary to set up and connect a wallet account to the platform, create a collection, users can even add social links, descriptions, profile and banner images.
- The user then needs to set an additional sales fee, add and upload to NFT with customization options and list to sale, fixed or discounted listings.
Some famous people such as Mark Cuban,... have shared their interest in OpenSea
- Rarible is an actual NFT marketplace set up by the community. The software uses the ERC-20 RARI Token as “ownership” to enable platform users. This is why the platform has become known as an art-based NFT marketplace with a huge volume of products.
- The platform is currently distributing 75,000 RARIs per week to reward active users. Rarible also categorizes NFTs into art, games, photography, domain memes, music, and more.
- Rarible has always allowed creators to fully "exploit" new NFTs to sell their work. Creators can reveal a preview of their creations to everyone when accessing Rarible, but only the purchaser can access the entire project.
- The NFTs that Rarible will host are also listed and integrated on OpenSea for greater visibility. The ultimate goal of users is to develop towards a Decentralized Autonomous Organization (DAO), where all decision power will be with the users of the platform. User-generated tokens on Rarible can also be managed on OpenSea.
The software uses the ERC-20 RARI Token as “ownership” to enable platform users
Binance NFT Marketplace
- Binance NFT Marketplace is an NFT trading platform that has been powered by the world's largest DeFi exchange that launched the platform in June 2021. The company has set its sights on providing the NFT market with a A number of exclusive services and partnerships, attracting a significant number of users of the exchange to its NFT platform.
- Once you have a Binance account, your account will automatically work with Binance NFT. At the same time, it is advantageous to bid on any asset that captures the user's attention. You can use ETH, BNB and BUSD, depending on what the NFT creators listed.
The company has aimed to provide the NFT market with a number of exclusive services and partnerships
3.2 Curated Marketplaces
The trading platform is based on two main factors, Foundation and Nifty Gateway. Specifically with the following information:
- Foundation is an NFT Marketplace platform dedicated to artists and collectors to trade, list for auction, offer and bid on NFT-represented digital artworks. Ethereum platform.
- Foundation currently has a total trading volume of more than 104 million USD. The Foundation has hosted viral Internet Memes such as Nyan Cat. Edward Snowden's first NFT and digital vision collection was created by producer Richard D. James, and better known as the Aphex Twin.
- The platform has invited various famous creators, such as Nadya Tolokonnikova of Pussy Cat, Kim Laughton, etc. The creators' work will be arranged with auctions in a grid card pattern. They are trending at the top, followed by featured artists.
- To participate in the market, users need to be invited by community members. Once requested, creators need to fund their MetaMask wallet with ETH before creating an artist profile. NFT minting will include uploading PNG, JPG or video files to IPFS, a system that currently hosts decentralised P2P.
- Then there will be an NFT valued in ETH and auctioned. The creator will receive 85% of the final sale price, then if the work is resold, a royalty of 10% will be awarded to the first wallet mint NFT.
Foundation currently has a total trading volume of more than 104 million USD. The Foundation hosted the Memes on the Internet
- Nifty Gateway is one of the first NFT exchanges already owned by Gemini, a prominent DeFi exchange. The platform is also a milestone for several million USD in NFT platform sales and auctions.
- It is a USD-based centralised marketplace for trading Nifties and is known for its NFT limited editions. The platform's mission is to make “Nifites” accessible to everyone.
- The platform will partner with famous artists, brands, creators and top athletes to deliver unique pieces, such as limited editions and several high-quality Nifties collections. .
- The product became a popular trend when selling CROSSROAD for $6.6 million. The platform also launches artworks to famous artists such as Cey Adams, Trevor Jones, Kenny Scharf, etc. on the forum.
The platform will partner with famous artists, brands, creators and top athletes
3.3 Marketplaces for Collectibles
The collectibles trading platform is based on two central systems such as CryptoPunks and NBA Top Shot, specifically with the following details:
- CryptoPunks is a product The wisdom of Larva Labs is now based in New York, founded by Matt Hall and John Watkinson. The project started in 2017 as an experiment in the value of NFT and art, eventually helping to convey what we now call the art of cryptography.
- Along with designing CryptoPunks, Larva Labs also created the exchange on the CryptoPunks website. This is where users are bidding, and trading CryptoPunks. Users can interact with the market by installing and connecting a MetaMask wallet.
CryptoPunks is a brainchild of Larva Labs now based in New York
NBA Top Shot
- NFT will always aim for its own uniqueness. NBA Top Shot will execute perfectly on the Flow Blockchain platform. It attracts a lot of basketball fans by selling collectibles and promotional packages. NBA Top Shot is a set of stage digital trading cards.
- After a user purchases a pack, the clips will be stored in a secure wallet, encrypted with the user-verified Blockchain, where it can be viewed or resold on the NBA Top Shot Marketplace.
- Investors will receive a real-time source of information on certified players, updated with new moments, the most valuable lists of the whole Teams. Users can choose from different NFT levels such as Common, Fandom, etc. In addition, basketball enthusiasts can follow their favorite teams.
- The NBA Top Shot NFT Marketplace System has traded over 8.1 million crypto collectibles to 425,160 traders to date.
NBA Top Shot is a set of digital trading cards phase'
3.4 Game Item Trading Platform (Games Marketplaces)
To continue the boom of NFT Game projects. Today's new trend is the NFT Marketplace for players who can trade NFT products in the Game.
In addition to Game projects that allow players to collect, collect and trade on "NFT Marketplace , NFT Game projects will synthesize NFT exchanges in the ecosystem.
- System Axie Infinity is an NFT play-to-earn (P2E) Game built on the Ethereum Blockchain platform and inspired by the Pokemon game. Axie Infinity remains a virtual universe for adorable pets called Axies.
- On Axies Infinity, any user can earn Tokens through skilled gameplay and ecosystem contributions. Players can store, collect, and build a land kingdom for their pets.
- Axie Infinity currently plays host to the NFT Marketplace , with a total trading volume of more than $3.1 billion according to data from Dappradar.
- trading platform Axie monsters, items Axie and land in the game can be put up for auction. Axie Infinity has established itself as an outstanding NFT game and platform with high sales and good user income.
Axie Infinity is an NFT play-to-earn (P2E) Game built on the Ethereum Blockchain platform
- Matrix World is now a decentralised open virtual world that allows users to interact with immersive 3D featured applications simultaneously running on different Blockchains. The world will be made up of kingdoms, issued as NFTs and permanently present on Blockchain networks such as Ethereum and Flow.
- At Matrix World users can buy NFT plots of land and build whatever they want. At the same time, players can build a museum that stores NFT art, bring the game to the land, or even create a place to shop on it. Some users also make much money by trading digital land lots.
Matrix World is a decentralised open virtual world that allows users to interact with immersive 3D featured applications
4. Some notes when participating in the NFT market
When choosing to participate in the NFT Marketplace, users need to pay attention to some basic factors: Currency, NFT type and gas fee.
- Currencies: Some NFT offer payment gateways in fiat or popular cryptocurrencies (ETH, BNB, etc.). In particular, users should note that some NFT markets only support specific crypto wallets such as MetaMask, Wallet Connect, etc.
- NFT types: Currently, there are many types of NFTs in different fields such as: art, music, sports, land… These forms also vary, from one to tens of thousands of NFTs.
- Gas Fees: Each trading platform will get different fees.
Exchange Market NFT provides a payment gateway in fiat currency or popular crypto tokens
5. Achievements NFT Marketplace has achieved
NFT will prove its appeal, this is considered a gateway to bring new users closer to cryptocurrencies.
One of the core pieces for that development, NFT marketplaces also gradually have impressive achievements such as:
- A large number of NFTs are listed on the exchange. In Open Sea, there are now more than 33 million NFTs listed on the business, a vast number.
- Indicators such as trading volume, number of NFTs sold, revenue, and users showed vital signs of increasing.
NFT marketplaces also gradually have impressive achievements as a core piece for that development
6. Forecast for NFT Marketplace
The NFT market is still growing, and I think for those who want to make money from cryptocurrencies, you should not just look at NFT as ordinary works anymore, but should gradually dig deeper into the puzzle pieces in this field.
Below are a few of my projections for NFT marketplaces.
6.1 NFT Marketplace will soon launch Token
Tokens are an integral part of cryptocurrencies and projects will all be inclined to issue Tokens, including NFT related projects. Market leading Collectibles like Bored Ape Yacht Club have already issued $APE tokens and it is highly likely that NFT Marketplaces will also launch Tokens in the future.
This is like DeFi in the development stage when the number of DEX exchanges increases and all will launch Tokens. The reason why the NFT Marketplaces have not released tokens yet, I think, is because the market leading project, OpenSea, has not yet launched the Token.
There is already a rival project launching a Token called LooksRare. Although there have been specific achievements, LooksRare has not been able to explore the wave of NFT Marketplace Token. When the OpenSea system releases Tokens, the project will likely set the standard for other industries and other Marketplaces will start to issue Tokens.
Tokens are an integral part of cryptocurrencies and projects will all be inclined to issue Tokens
6.2 NFT Marketplace will evolve to best suit the needs of users.
Each ecosystem has its technological strengths, and communities. The NFT Marketplaces will also evolve to suit the needs of their users.
“The most valuable collectibles will continue to reside on Ethereum.
NFT gaming will flourish on Solana and Binance Smart Chain.
Several NFTs related to the entertainment industry will develop on the Binance and Terra platforms.”
So, in the future Exclusive and General NFT Marketplace will develop on Ethereum system, General and Specific NFT Marketplace Solana and similar for other systems.
Each ecosystem has its own technological strengths, and communities
6.3 NFT Marketplace will develop further
At DeFi, DEX will develop, then Lending and then Dervative, when the NFT market attracts more liquidity and Axie NFTs develops big enough new projects like Lending NFT and unprecedented applications will be applied to the NFT system.
The NFT Marketplace will now always play a role as a marketplace to help transfer value between projects and the ecosystem.
DEX developed the Lending system then Dervative market NFT attracted liquidity and Marketplace Axie
Read more: What is FOMO and FUD syndrome? How to get over it?
7. Investment opportunity with NFT Marketplace
From predictions, users need to prepare for this gradually forming trend including:
Currently, a large number of investments in NFT Marketplace have not been released yet. Token is also an excellent opportunity for users to participate in the product experience and receive Retroactive from the project in the future.
Attention: As expected, most NFTs investing in NFT Marketplace have a relatively high transaction fee. Users should choose the top projects and focus on doing those projects instead of doing multiple tasks.
As expected, most NFTs investing in NFT Marketplace have a relatively high transaction fee
7.2 Choosing a good project
To choose a NFT , the steps are as follows:
- Each system will develop different types of Marketplace, and users need to determine which type they should follow. .
- Find projects that always have the best Performance. Usually, in each ecosystem, there will be a Marketplace with a significant market share. Users should look for opportunities in such projects.
Each system will develop different types of Marketplace
Above is a summary of knowledge about "What is NFT Marketplace?", hope you have gained a new perspective on this platform. NFT Marketplace is a vast platform, in the future, this market will continue to grow strongly. If you have any questions, please contact BHO Network to have all your questions answered!
Published on July 10, 2022
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