A non-fungible token (NFT) marketplace is like any other bazaar where goods are bought and sold: it’s a place where buyers meet sellers and NFT wares are arrayed and stored. Users can either buy tokens at a set price or bid for them at an auction.
Because an NFT marketplace is, well, digital, there must be a mechanism in place that regulates transactions. This is where smart contracts come into play – self-executed transaction protocols that facilitate trades between users.
While some NFT marketplaces are centred around one particular industry (digital art, for instance), others offer a range of NFTs: everything from in-game collectibles to web domains and trading cards.
From signing up to cashing out
If you’ve never used an NFT marketplace, don’t worry: the process is incredibly simple. Here’s a quick step-by-step guide.
- Sign up on an NFT platform
- Select your preferred digital wallet
- Browse NFT listings, including items sold at a fixed price and those listed in an auction
- Make a bid or click to buy an NFT of your choosing
- If budding an auction, you will be notified when/if you are outbid – just like eBay
- When an item is purchased, the platform will facilitate the transaction.
Meet leading NFT marketplaces at our event!
At The Conference.NFT, we shine a spotlight on NFT marketplaces.
KnownOrigin: an artist-led platform where digital creators can authenticate, exhibit and sell their NFT artwork. With visions of becoming a wholly community-owned platform, the Ethereum-powered marketplace aims to bring NFTs and DeFi to the masses while incentivizing artists the world over.
The Sandbox: an engaging metaverse where players can play, construct, own, and govern a virtual world of their own creation. Ethereum-based LAND tokens entitle users to populate digital terrain with games and assets while the SAND utility token is used to buy and sell LAND and ASSETS.
Async Art: a blockchain-based platform where artists and musicians can tokenize programmable digital art/music into layers. A collaborative space, Async Art is a cutting-edge portal that aims to create new experiential NFTs.
Nifty Gateway: the premier gateway to the world of NFTs, Nifty enables users to buy, sell, and store digital art and collectibles in the form of Nifties, the platform’s pet name for limited-edition NFTs under its umbrella.
Hopefully, by this point, you’re feeling a little more au fait with the beguiling world of NFTs. There are now numerous NFT marketplaces to choose from, representing an expanding ecosystem for budding digital artists and collectors. We will be discussing the present and future of NFTs on the 17th of June at our leading NFT conference – book your place today!