What is an NFT marketplace?

A simple NFT marketplace tutorial. Marketplaces for NFTs have just emerged and will probably evolve in the future.

What is an NFT marketplace?

opensea nft marketplace

An NFT marketplace is a website where users can buy and sell Non-Fungible tokens. Often pictures, videos and songs.

  • Users connect with their web3 wallet (Metamask, Coinbase wallet)
  • View collections
  • List NFTs
  • Bid on NFTs

Don’t forget to secure your NFTs with a Trezor hardware wallet (affiliate).

There are several different marketplaces for NFTs. The biggest one currently being Opensea – which is a platform on the Ethereum blockchain.

Read more about how to sell on OpenSea.

nft ftx

Some of the biggest NFT marketplaces

Music NFT platforms

Video NFT platform

Listings on an NFT marketplace

A creator of an NFT can create a 1/1 NFT and list it for sale
A creator can make a collection of a certain number of NFTs with different rarity and traits.

What is an exchange NFT marketplace?

marketplace

An exchange NFT marketplace is a marketplace hosted by a cryptocurrency exchange instead of on the blockchain. The users trade and list NFTs through their exchange account.

The exchange accesses and lists the NFTs on the blockchain and holds them for the user.

The user does not “own” their NFTs until they send them so their own non-custodial wallet on a blockchain like Ethereum or Polygon.

What is an NFT aggregator?

nft marketplace

An NFT aggregator is a platform that sources listed NFTs from several marketplaces (or API:s) and makes them available for purchase. Aggregators also make it simple to purchase several NFTs and sweep the floor of a collection.

NFTs as a technology are still very early and so the marketplaces that host them might change alot over the coming years.

Don’t forget you need to pay taxes on NFTs as well as crypto. We use Koinly as our crypto tax software (affiliate).

 

Affiliate: Learn more about blockchain and crypto with courses at Skillshare.