How Does The Blockchain NFT Marketplace Operate?
NFTs are redefining the future of dealing with assets and pushing forward the global decentralized economy. They are taking over the world and transforming every sector that we know of.
Though NFTs are with us since 2014, their market exploded last year making it a mainstream topic. From 2020 to 2021, its market increased over 20x times. Experts believe that NFT has more utility and potential in future. It might surpass the crypto market in the coming days.
However, whenever we talk about NFT, there is one term that constantly comes to light. It is a blockchain.
Blockchain is the core technology behind the birth of non-fungible tokens. Without blockchain, the existence of NFTs was impossible.
Another important contributor to the NFT market boom is NFT marketplaces, other such platforms and tools.
Let us understand the role of blockchain and the NFT marketplace in NFT and how they work.
Role Of Blockchain In NFTs
All NFTs are built over a blockchain network and executed as per coded smart contracts. Blockchain is the foundational technology behind NFTs.
Non-fungible tokens are not only minted but also sold and bought over the blockchain network itself. All the asset data that the non-fungible token represents are stored over the blockchain.
These data are secure and immutable. It means that no one can hack or alter the data. Thus, providing maximum security to all the data and the asset itself.
Blockchain being a decentralized network brings transparency to the NFT ecosystem. As no government or organization has authority over the network. Therefore, NFTs are also decentralized and do not come under anyone’s control.
How Do NFT Marketplaces Work?
Not everyone can code and mint NFTs from scratch. If you are a developer, only then you can write and execute the codes yourself.
That is why to simplify the NFT ecosystem we have NFT marketplaces and other platforms. These platforms with their high-end tools make the entire NFT process easy and manageable to handle.
You do not have to be a tech geek to mint, sell and buy NFTs on marketplaces. They have automated systems where you can mint and sell NFTs in a few simple steps. It is similar to navigating through e-commerce sites or social media sites.
One such platform is NFTICALLY which lets you open your own white label NFT store. On this platform, you will have access to automated NFT infrastructure and utilities. Thus, making it easier for you to mint, sell and buy NFTs without any technical knowledge.
Such platforms also have additional features for smooth functioning like cross-chain support, fiat support, email integration, SEO optimisations, KYC, airdrops, INC etc. These features help NFT artists to convert any asset into NFT and list it for sale without any hassle.
All you need to do is simply follow the steps. To mint, sell or buy NFTs, first, you need to create an account on the marketplace. Then you have to set up a crypto wallet and attach it to your marketplace account.
Creating an account on the marketplace takes only a few minutes. It is similar to creating your social media accounts. Moreover, NFTICALLY connecting your crypto wallet to the account is also a two-step process.
Once your account creation is complete, you can proceed to create collections. For that, you only have to create a collection and add a name and description. Then you can add items in that collection to convert them into NFTs. After your NFT is created you can decide its price and list it for sale.
The entire process is seamless step-by-step so that anyone can handle it without any technical knowledge.
Conclusion
The whole idea of NFT marketplaces is to make NFTs accessible for everyone. It empowers everyone, from artists to musicians, celebrities, sportsmen, digital creators and brands to be a part of the NFT community.
Originally published at https://www.contena.co on June 6, 2022.
