What are NFT Marketplaces and How to Trade? – NFTs cannot be listed on cryptocurrency exchanges like Fungible Tokens due to the smart contracts they are created.
What are NFT Marketplaces and How to Trade?
NFTs have their own special marketplaces where trading and production transactions are carried out. NFT marketplaces are platforms where NFTs can be stored, traded, viewed and created.
In order to trade in NFT marketplaces, you must first register with the platform you have chosen. What you need to do is to integrate your wallet into the system, which is compatible with the blockchain supported by the platform you choose.
Then you can create your profile from the page you are directed to and start the actions you want to do.
NFT Marketplace variants
NFT marketplaces are differentiated by content types and the different possibilities they provide.
Curated Platforms: Some of these NFT platforms only work with authorized artists, while others accept new users with the reference of those who use the platform. In short, if you want to produce NFT on such platforms, you must first go through the acceptance process.
These platforms allow you to produce not only your simple collections, but also your high-quality digital artworks. They curate the NFTs you create. For this reason, they have high transaction fees and low flexibility in the royalty percentages you will apply for your NFTs.
Self-Service Platforms : Platforms that allow anyone to create NFTs. You can produce the NFTs you want to create in any format without going through processes such as approval or reference.
These platforms allow you to flexibly set your desired royalty percentage from future sales.
Since platforms in this category are open to everyone, they run the risk of harboring imitators and scammers.
Gaming Platforms: These are platforms that allow NFTs created for gaming and VR technology to be sold and traded between users.
Read Also: 5+ Best Free Money Making NFT Games 2022
Sports Platforms: Platforms where sports-related souvenir NFTs are presented.
Niche Platforms: These are platforms where the content in specific areas is converted to NFT. For example, platforms that NFT tweets.
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How can I get NFT?
When purchasing NFTs, you can buy directly at the listed fixed prices or by bidding on auctioned NFTs. You can also contact the sellers directly for the price if you wish.
For the transactions you will carry out, you must keep the crypto money supported by the platform as much as the NFT value you want to buy in the wallet you integrate while logging into the platform.
How Can You Sell NFT?
In order to sell an NFT, you must have an NFT you have already purchased or have produced an NFT yourself. You can sell your NFT on the platform where it is located, with a fixed price or auction option. If the platform approves the transaction, your NFT will be up for sale.
In some cases, buyers can negotiate the price by contacting sellers directly. When the seller confirms a price, the platform performs the transfer.
What is NFT ‘Mint’?
To mint is to make NTF part of the blockchain. It is also used for the NFT creation or printing process. If you are building an NFT yourself, the first thing to print your NFT to the blockchain is to mint it.
If you are purchasing a created NFT collection at the initial offering (INO), the concept of minting will also appear here. Minting here is actually starting a pre-designed NFT on the blockchain.
What is Gas Fee?
Gas Fee is a term used for commissions received from transactions that take place on the Ethereum blockchain. This concept has entered the literature for all commissions received in the crypto sector.
The term Gas Fee is also used for commissions paid when buying, selling, auctioning, and creating NFTs on NFT marketplaces. Gas Fee is the fee charged for transactions you will perform on blockchains.