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A Guide To NFT Marketplaces

NFTs are considered an evolution in the crypto world as it takes the modern financial system to another level. Since the DeFi summer of 2020, NFTs have become one of the most explosive trends in the industry.  NFTs represent the ownership of unique digital and physical assets like songs, art or even precious stones such as diamonds. It is impossible for NFTs to be exchanged for each other as all of them are stored on the blockchain and have their own unique identifier. 

NFTs connect content creators directly with their audiences, removing the need for intermediaries. Smart contracts have played the main role in all this, as they provide NFT holders with the promising agreements of their ownership. These NFTs cannot be exchanged on centralized or decentralized exchanges. Their trade is carried out on platforms known as NFT marketplaces.

What Is An NFT Marketplace?

An NFT marketplace allows the users to display, store, and trade their NFTs. Some even allow you to mint the NFTs on the same platforms. The NFTs are generally available at a specific price. There are a few things that you need prior to starting with NFT trading, such as:

  • A wallet: Not any other wallet, but a crypto wallet. And that wallet should be compatible with your desired NFTs. 
  • Funds in your wallet: In order to get started with the NFT space, you need to secure some amount of cryptocurrency in your wallet. Also, make sure that you invest in a crypto that is compatible with the marketplace on which your desired NFT is listed. 
  • An active user account: You need to register an account at the marketplace you want to trade on.

How Does It Work?

The first step is to sign up on an NFT marketplace. This may differ site to site, but it mainly involves creating a user’s account on the platform and linking your wallet to it. Now you are ready to buy your first NFT. These tokens can be purchased via auction or directly at the fixed price. Sometimes, prospective buyers are allowed to make offers to the sellers, and they get to choose the next owner of their assets. Selling is a more complicated process than buying an NFT. You can either sell a pre-owned NFT or one that you created yourself. For this, you will first upload your NFT onto the marketplace and opt to sell your NFT via fixed price or auction. When the platform verifies your asset, the listing gets approved. Minting an NFT is a further complicated process. It can be created using different blockchain networks, but Ethereum is used most commonly. You need to have a wallet corresponding to the blockchain network you are using. For example, if you are using Ethereum, you would need to have an Ethereum wallet compatible with ERC-721. You also need to top up your wallet. Only then, do you get access to platforms such as OpenSea, Mintable or Rarible when you can mint NFTs. 

Features Of An NFT Marketplace:

  • The User Interface: It is important for any digital platform to be user-friendly in order to be successful. When NFT marketplaces are considered, you have to look out for the dashboard. It is the entity that will provide users with all the necessary information about their desired asset, such as ownership details, price description, payment gateway etc. 
  • Advance Search Option: This means that users will be able to access all the information about any product without much effort. A good marketplace will have all its products organized categorically, listing all their features clearly to let users have a smooth experience in the marketplace. 
  • Filters: These have become one of the best features to be able to navigate through the whole platform. Users should be able to select their desired features and filter out tokens according to their needs, such as payment method, type of asset, listing status, etc. 
  • Rating and Reviews: In the era of the Internet, do not trust any digital application without some authentic feedback. If the marketplace has good ratings among its customers and has been receiving good reviews, you’ll be able to trust that platform more easily.

Tiamonds Marketplace

LCX has its own NFT marketplace for its diamond NFTs, known as “Tiamonds”. The Tiamonds marketplace allows users to buy and sell these tokenized diamonds on the same platform without any need to go to a third-party platform for the trade. Our marketplace comes with different filters and has the option of selling the Tiamonds at a fixed price or via auction. It has an amazing user interface, providing you with smooth functioning and a seamless experience.

In the future, the community is going to witness more new updates regarding Tiamonds as a part of our Roadmap. From the Tiamonds drop to the expansion of the $TIA Token and Tiamonds celebrity edition, the community will have a lot of experience with Tiamonds.

Conclusion:

The NFT market is expanding with exponential market growth. More and more users are investing in these assets due to their appealing nature. This market has huge potential because of the increasing adoption of blockchain platforms and the growth of tokenization. 

Thus, start investing in the assets worth your time and money but always be through with your research before committing to any platform.

LCX NFT Marketplace
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