What is NFT Marketplace? And How to use NFT Marketplace
Here, we will explain about NFT Marketplace and introduce 3 recommended NFT Marketplaces!
Table of Contents
The NFT Marketplace is where you can sell and buy digital data and works that have been proven non-fungible (a token that is irreplaceable) by NFT. In NFTs, these exchanges are often referred to as marketplaces. There are many things to handle, but the ones to handle differ depending on the marketplace. Some marketplaces specialize in NFT art, while others handle multiple items (music, art, photography, etc.).
What you can do with the NFT Marketplace
|・Creation and sale (issue) of NFT|
|・Sell the created NFT work|
|・Purchase NFT works|
・Further sales of purchased NFT works (secondary sales)
* Secondary sales are not possible or restricted in some markets.
* Some marketplaces can only be listed by approved creators.
Here are 3 recommended NFT marketplaces!
OpenSea is NFT’s largest marketplace for selling a whole new type of digital product called non-fungible tokens (NFTs), which are open digital assets. OpenSea allows users to freely trade NFTs, tools and creators to launch new NFT works, and developers to build a marketplace for NFT items. The feature is NFT’s largest marketplace.
・Covers various genres and contents
・The number of subscribers to the list released in 2017 is also very large.
OpenSea is especially famous for its NFT marketplace. The NFT Marketplace occupies the largest share of the world market in Opensea, and is said to have more than 90%, and many Japanese artists are also exhibiting.
OpenSea also features a wide range of genres. Besides art, there are also NFT games, trading cards, and even digital real estate in virtual space. Since you can use crypto assets (virtual currency), you cannot purchase in yen or currency.
Digital real estate in virtual space seems to be able to develop land even with the NFT game The Sandbox. Either way, you can exchange these NFT items and buy and sell land in the virtual reality world.
Rarible is a leading NFT marketplace created by the founders of Russia, primarily dealing with digital art. The appeal of Rarible lies in its user interface, which makes it easy to publish NFTs. Anyone can issue an NFT called single (1/1 NFT) or multi (1 / n NFT) simply by connecting a wallet (MetaMask, etc.) and filling out the form.
In 2020, more than 100,000 products will be made, and the transaction amount will be about 2.6 billion yen. Then, in 2021, there were more transactions, and in just three months, we had already recorded sales of about 3.6 billion. This Rarible is one of the sites that sold out shortly after selling virtual sneakers that had previously attracted attention.
As a platform for publishing NFT art, it is more suitable and easier than OpenSea above. However, it also has some drawbacks. This is unique to Rarible, but the code behind NFTs and smart contracts is a bit more complicated, so network charges (gas charges) are relatively high. In addition, there are various benefits to being granted RARI tokens.
Rarible has its own governance token, the RARI token. When RARI tokens are granted, voting rights are granted. For example, you will be able to vote for proposed new features and prices. The feature is that you can participate in some of the operations.
Rarible was released in 2020. It’s not as marketable as OpenSea, but it’s one of the most popular and expanding NFT platforms. The range of products we handle is expanding, centered on digital art.
Super Rare is only available to carefully selected creators and offers high quality NFT art. SuperRare, along with the Foundation, is an NFT marketplace that requires pre-screening to list NFT works. SuperRare is a relatively old NFT marketplace and has been in service since 2018.
It is a platform that has been loved by many digital creators even before the word NFT became a common noun. SuperRare is a platform dedicated to digital art, and only authorized creators can list their work. Therefore, the quality of the work is high and the reputation is stable.
COMSA is Japan’s first large-scale ICO project that has successfully raised 10.9 billion yen and is currently attracting attention as a virtual currency (cryptocurrency) originating in Japan. After that, the COMSA project was frozen for about four years in a rapidly changing regulatory environment, but was launched as “New COMSA” on November 25, 2021.
SuperRare is a platform dedicated to digital art, and only authorized creators can list their work. Therefore, the quality of the work is high and the reputation is stable.
The publisher of COMSA and the leader of the COMSA project is Tech Bureau Co., Ltd. Tech Bureau Co., Ltd. was the company that operated the virtual currency exchange Zaif. In 2017, we acquired a license as a formal crypto asset exchange company, and have been engaged in blockchain technology related referral services and contract development.
The company developed and sold mijin as a public / private chain based on the blockchain operated by the NEM Foundation, or as a private blockchain product, and provided COMSA as a connection solution with the public blockchain.
The COMSA project supports companies that want to build blockchain technology and the token economy by raising funds and tokenizing through ICO (Initial Coin Offering).
One of the core services is mijin, which is based on the blockchain technology of the NEM project. In the spring of 2021, NEM was updated to Symbol and a new token XYM was issued. Along with this, mijin has also been updated.
COMSA (NFT) is an NFT marketplace where you can tokenize and sell all the values of individuals, groups and organizations in a simple procedure. It is based on the public blockchain Symbol, which stores asset data on the blockchain without loss. , Each process is built to be as secure as possible with Symbol.
It handles both NFTs (Non-Fungible Tokens) and FTs (Non-Fungible Tokens: Substitutable Tokens), and users can choose which tokens to create. When the service starts, we will start handling only NFT.
・ ② Please note that counterfeit products may be sold.
・ ③ Be especially careful when purchasing for investment purposes
・ If you hear that a picture of a person who started painting sold for hundreds of thousands of yen, “If so, do you want to put out your own work?” It is not advisable to buy or sell easily on the marketplace without your knowledge.
List of virtual currencies that can be used in the NFT marketplace
|Platform||Virtual currency that can be used||
Virtual currency that can be used
Virtual currency that can be used
Virtual currency that can be used
Ethereum Polygon (Matic) is common, you can also use cryptocurrencies related to Ethereum such as Linky, Polygon. As the number of marketplaces and various DAOs increases, the number of virtual currencies that can be used should increase. Ethreum, Tezos, Link (chain link) is a coin that is common in domestic virtual currency sales offices, so it is relatively easy to get.
So far, we have introduced the mechanism of NFT marketplace and popular marketplaces. Currently, Rakuten and GMO are entering the NFT marketplace one after another in Japan.
In addition, Mercari and LINE have announced their entry as new entrants. With these domestic services, you can purchase NFT art with a credit card and send NFT works to each other via LINE. There is no doubt that domestic companies will be bustling with new features that are easy for domestic users to use.
And even if you look at the world, the number of creators from music to art will increase, and the scale of trading will also increase.
It turns out that just because SuperRare and others were originally popular on digital content platforms, the recent boom doesn’t mean that everyone can create content. At the same time as NFT, the Internet using the blockchain called Web3.0 should become larger and larger and cover the existing Internet.
However, it still takes three, five, and years to do so. Therefore, I can understand the desire to sell or purchase NFT works immediately, but I think it is not too late to start after gaining general knowledge of NFT and Web3.0.
Understanding cryptocurrencies is also essential for understanding blockchain. This is because there is an aspect that the blockchain is maintained by virtual currency. And the virtual currency is the same as the stock market, and it fluctuates every day, and the price fluctuates 24 hours a day, 365 days a year, and trading is done. Similarly, the NFT Marketplace runs 24/7 on the blockchain. There is not an operator, but a set of rules determined by smart contracts.
In this way, the rules for smart contracts are also set for the work, and there are differences such as whether secondary use is possible or whether rewards are included. The correct way to list your work is to first check this rule carefully. And many marketplaces will be born at home and abroad, and your NFT works will be listed there as the only digital works. Experience this new era of technology.
Reference URL: https://www.businessinsider.jp/post-247180