Saturday, 20 July 2024

NFT Trading: A Beginner's Guide

Written by  The Dubrovnik Times Sep 29, 2022

NFT technology breaks new records every year. According to DappRadar, total NFT sales will reach $25 billion in 2021. Snoop Dogg, Paris Hilton, Eminem, Lindsay Lohan, and dozens of other celebrities have joined this market and created their non-fungible tokens. NFT is the art of the 21st century. However, to monetize these unique digital assets, it is necessary to choose the right platform for hosting, as well as to engage in marketing. We will talk about how to do it properly later. Bitcoin360ai trading platform will provide you with more information on the current topic. 

NFTs are digital assets stored on a blockchain (digital ledger). Each NFT is non-fungible, meaning it cannot be exchanged for another asset of similar value. Common NFT assets include images, videos, music, GIFs, and collectibles. An NFT can only have one owner until they sell it to someone else. Even if someone copies the non-fungible token, you still have the current owner of the original file.

NFTs require the production of digital tokens using a cryptographic approach. Coining is a term used in the cryptosphere to describe the process of creating tokens. Usually, to mint NFTs, it is necessary to pay a certain amount in crypto for the creation of smart contracts.

Smart contracts are pieces of software code that allow the blockchain to store data securely and transparently. These codes are responsible for the ownership and transfer of NFTs.

We've covered what NFTs are, so now let's talk about how to sell them.

How to sell NFTs: 7 steps

 

Your sales journey begins with choosing a platform. There are several options available: online marketplaces (OpenSea), and direct-to-consumer platforms (Shopify). The choice of platform usually depends on the type of NFT you are selling and the fee associated with trading the cryptographic asset.

So let's take a look at some of the platforms and what they offer NFT traders:

NFTb is the first NFT digital art and merchandise marketplace built on the BNB network. As a creator, you can show your priceless piece of digital art to the world by linking it to a non-fungible token. By doing this, you gain the ability to maintain its authenticity through the blockchain, as NFTs cannot be altered or reproduced.

All transactions on NFTb are carried out using the BNB Chain network. BNB Chain has some of the lowest fees and transactions are processed much faster than ETH. Producing an NFT during peak congestion on the ETH network can cost the creator $150 (excluding sell transactions), while it can cost less than $1 on the BNB network.

Binance NFT is a great platform that allows you to sell immutable tokens from different categories. This NFT market supports two blockchains: Ethereum and Binance Smart Chain (BSC).

Binance charges a flat trading fee of 1% to all NFT creators and sellers, the lowest in the market. Additionally, sellers pay a 1% royalty if the NFT they own is created by someone else.

Binance NFT has several advantages, including placing an offer to buy NFT at a fixed price, many convenient filters to find the NFT you need, integration with Binance Pay, and others. You can find out more at the link.

Shopify, a popular e-commerce platform, started working with NFT sellers in July 2021. Shopify's infrastructure allows creators and resellers to offer D2C (Direct-to-consumer) through a branded storefront. Instead of using a marketplace, each NFT creator can sell digital assets directly to the customer.

Shopify also has other benefits. For example, NFT merchants can accept debit cards, credit cards, and mobile payments through their stores. Shopify also has its payment gateway called Shopify Payments — merchants don't pay fees for transactions processed through that gateway. You can also add alternative payment methods such as cryptocurrencies. Shopify supports popular blockchains: Ethereum, Flow, Near, and Polygon, to host and sell NFTs.

OpenSea is the world's largest digital marketplace for buying and selling NFTs. It supports two popular NFT standards: ERC-721 and ERC-1155 tokens. Sellers can choose between Ethereum and Polygon when listing their NFTs on the market. OpenSea trading fees are 2.5%.

The next step is to create a wallet. Download the MetaMask, Trust Wallet, Wallet Connect, or Math Wallet mobile app to use as a crypto wallet.

(Add the Chrome wallet extension to your browser: this way you can access your crypto wallet on both your phone and computer, making the process of minting, validating, selling, and interacting with the community much easier).

Top up your wallet. To mint tokens, it is necessary to have at least 0.003 BNB in ​​the crypto-wallet account.

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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