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How the NFT marketplace works

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Friday, October 8, 2021 at 2:15 PM filed under General postings

Unlike bitcoin or ether, you cannot directly trade non-fungible tokens on conventional cryptocurrency exchanges. To buy and sell NFTs, you need special trading platforms that allow you to issue, store and trade non-fungible tokens, which will help you https://unicsoft.com/blockchain-development/nft-marketplace-development/ your marketplace will be on the same line with you big players like OpenSea, Rarible, Superfarm and Mintable.

They generate NFTs using special smart contracts that add a set of unique information (metadata) to each such token and prescribe its main parameters (name, immutability, indivisibility, address / number, etc.). After that, non-fungible tokens can be bought and sold on the site at a fixed price or through auctions.

On the client side, NFT marketplaces work like regular online stores. The user needs to register on the platform and create a personal digital wallet to store NFTs and cryptocurrencies. The user can then either use the listing to buy NFTs or create their own token. Starting an NFT is usually straightforward and similar to creating an eBay ad. You need to indicate the name, price, give a description and an image, photo, video, gif, and the like.

 

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