A non-fungible token (NFT) is a type of DeFi token that can’t be substituted for another. Each NFT is unique and can be considered a “digital asset” that represents something tangible, such as a car or a house. NFTs can be used in various ways, such as to represent a digital copy of a piece of artwork, game items, tickets, and more.
An NFT Marketplace is a place where you can trade, sell, and buy Non-Fungible Tokens (NFTs). They can be both decentralized and centralized exchanges, much like crypto exchanges. In addition, you can use these NFT marketplaces to mint your own NFTs – virtual collectibles or assets with real-world utilities.
Choosing A Marketplace
There are dozens of options available when it comes to choosing an NFT marketplace to do your trading on. OpenSea, WazirX, Bollycoin are such marketplaces. Each of these have their own features and quirks. How do you choose one to mint and trade NFTs on? Ideally, you should take a look at the marketplace’s offerings, trading volumes, fees, and features before deciding.
Most popular marketplaces are decentralized, meaning that a central authority does not control them. This makes it easier for you to mint and distribute your NFTs if you’re a creator, and if you are a collector, it makes it easier to look for new NFT series and creators, all for a nominal fee.
Let’s take a look at some popular NFT marketplaces, and you can then decide which one is best suited for your needs.
Blockparty is an NFT marketplace and storefront platform for creators and brands to mint and sell their NFTs. Their primary and secondary marketplaces support both fiat currency and crypto payments alongside bidding, as well as creator royalties. Later this year, storefronts on Blockparty will be embedded with the resale functionality, creating an eBay-like platform for NFTs.
Jupiter Meta is an Indian NFT marketplace based out of Chennai. Currently, it is working on the “Singara Chennai” project, which aims to showcase iconic Chennai destinations and items that include monuments, locations, food, places of worship, beaches, etc., as the background, while the foreground is taken up by a mix of elements that represent the past, the present, and the future.
NFTX is a marketplace for creating a liquid market for illiquid NFTs. The user deposits the NFT in the NFTX vault and creates an alternative ERC20 token (vToken) that represents the vault’s invoice for random assets within. You can also use vToken to retrieve a specific NFT from the vault. Collectors can stake their NFTs to earn rewards, similar to how crypto is staked.
Bollycoin is an ambitious project that aims to bring Bollywood enthusiasts over to crypto and NFTs by minting Bollywood-themed NFTs via community involvement and eventually gamification. In June of 2022, Bollycoin will launch its own metaverse, bringing these Bollywood-inspired NFTs to life. Since the community is an integral part of Bollycoin, the Bollywood community takes all decisions through a voting process, and all decisions are implemented on the DAO autonomously.
OpenSea is one of the biggest platforms when it comes to buying and selling NFTs. It operates on three blockchains for now: Ethereum, Polygon, and Klatyn. OpenSea allows extensive customization for independent storefronts and integration into your project. Secondary sales on OpenSea give the creator an option to set a royalty system, wherein each sale gives the original creator a set percentage of the profits.
WazirX’s NFT Marketplace
WazirX’s NFT Marketplace is a new addition to the blockchain ecosystem, brought to you by the team behind WazirX, the largest centralized crypto exchange in India. The WazirX NFT Marketplace is built on the Binance Smart Chain blockchain. The BSC blockchain is faster than ETH and has comparatively lower gas fees. This makes it a better choice for NFT projects since transaction costs can be prohibitively expensive on the ETH chain. Also, it is possible for you to transfer your NFTs from one chain to another (multi-chain transfers) in case you need your NFTs on ETH for some reason.
WazirX’s NFT Marketplace is an excellent choice for both creators and collectors since its user-friendly and simplistic layout makes it easy to mint new collections, put them up for auctions, bid on NFTs, trade them, organize them, and more.
Creators can drop their NFT collections, no matter how big or small, on WazirX’s NFT Marketplace. Any piece of digital art (GIFs, videos, audios, images) with a file size under 100MB can be minted as an NFT by creators. While minting your NFTs, all you need to do is upload the file, set your asking price in WRX, set the royalty, and you’re done. There are no fees to be paid other than gas fees.
Currently, WazirX’s NFT Marketplace is an invite-only platform. This means that only approved artists can become creators on the platform, which helps keep the quality of art on the Marketplace to a high standard. To get whitelisted, you must be invited by existing creators or verified collectors on the platform.
Alternatively, you will be automatically whitelisted if you’ve sold a certain amount of NFTs on Ethereum-based marketplaces such as OpenSea. To get whitelisted, simply connect your MetaMask wallet.
The only prerequisite for collectors to purchase NFTs on the platform is to own a MetaMask wallet and have it connected with their account on the WazirX NFT Marketplace. There are no fees associated with buying an NFT. The only costs you have to pay are the cost of the NFT and the 5% commission, which goes to folks who work to verify the transactions on the blockchain.
There are two pricing models when it comes to NFTs on WazirX’s NFT Marketplace. The first is the most common, the fixed price model. In this model, the price of the NFT is fixed, and the buyer gets the NFT as soon as the payment is made. In the auction model, multiple collectors make bids on a particular NFT, and each bid must be 5% greater than the current highest bid within the auction period. The auction ends after the period expires or if the creator ends the auction early.
As we’ve seen above, WazirX’s NFT Marketplace is an excellent choice for NFT Marketplaces. Low gas fees, no extra fees, and an invite-only community all come together to make a great marketplace with no downsides. Hopefully, this post has helped you make the right choice in choosing a marketplace.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.