NFT marketplaces are places where NFTs can be sold, bought or created. In this blog post, we are going to explain everything you need to know about NFT marketplaces, including how they work, and what you need to create your own.
NFTs have quickly exploded to become one of the crypto economy's biggest trends. With more and more businesses and individuals holding cryptocurrency and investors looking to own crypto and NFTs, NFT marketplaces will become a vital part of the crypto world.
NFT marketplaces are platforms where NFTs can be traded and minted (created). Essentially, you can think about NFT marketplaces as the eBay of NFTs.
To access and use an NFT marketplace, you will need a few key things.
The first thing that you need to use in an NFT marketplace is a crypto wallet. This is a virtual wallet where you store your crypto. A crypto wallet has to be compatible with the blockchain that supports the NFTs you want to buy or sell.
For example, if you are buying or selling NFTs based on the Ethereum blockchain platform you will need a wallet that supports Ethereum such as MetaMask.
Once you have opened your wallet, you will need to put some cryptocurrency in it. You will need to pre-fund your wallet before you buy or sell* an NFT and make sure you purchase the crypto that the marketplace you wish to buy from uses.
Lastly, you will need to set up an account on the marketplace you want to buy or sell on.
* On most marketplaces, listing and creating NFTs incur a charge. This is usually a blockchain network fee and will vary from marketplace to marketplace depending on which blockchain-based system it uses.
Now you know what an NFT marketplace is and how you can access one, let's take a look at the types of things you can buy or sell on an NFT marketplace. In theory, you can buy, sell or create any digital product you can think of. However, there are certain types of items that are thriving on NFT marketplaces.
Digital art is the sector that has seen the biggest success with NFTs. Digital art covers a wide range of products. You can buy or sell digital replicas of authentic images or you can mint and sell your own memes.
Another area where NFT marketplaces are seeing success is the swapping of digital property. This can be in virtual worlds like the metaverses, collectibles, animated characters, art and more. The reason swapping has become popular is that it allows users to make a profit through securing an NFT from a new collection that holds the potential to become popular and valuable with NFT collectors.
E-learning is a sector that is seeing growing interest in NFTs. Marketplaces that sell e-learning NFTs include products such as courses, along with functionality for teachers to keep track of students’ progress, and communicate with them.
NFTs represent numerous products that users can buy and sell in-game. Gaming NFT marketplaces can sell everything from full avatars to products for those avatars. You can even buy a Gucci jacket for your metaverse avatar as an NFT if you feel like it.
To sell in-game products, an NFT marketplace has to have a close relationship with the game.
Stepping away from the realm of consumers, NFTs are having great success in security. Tokens can be bought and sold on marketplaces and used as keys for programs, databases, events and more.
There are NFT marketplaces that also essentially act like a stock exchange for trading assets. Marketplaces can be used to gather investment for projects.
NFT marketplaces are just starting to gain popularity. If you are thinking of building your own marketplace, Streams offers a platform you can use to activate a hassle-free marketplace solution for your brand.
You can create your own branded NFT marketplace with no coding knowledge required and receive a completely customisable product.
Click here to learn more about Streams NFT marketplace
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