NFT Marketplaces: A Beginner’s Guide

NFT Marketplaces: A Beginner’s Guide

Do you keep hearing about people buying digital cats, NBA moments and virtual artwork of Donald Trump, but have no idea where they’re getting these NFTs from? Don’t worry, we’ve got you covered.

Non-fungible tokens (NFTs) have quickly become one of the most explosive crypto trends since the “DeFi summer” of 2020, with increasingly more cryptocurrency holders and traditional investors seeking to own and speculate on these unique blockchain-based assets.

NFTs are virtual tokens that represent ownership of something inherently distinct and scarce, whether it be a physical or digital item, such as artwork, a soundtrack, a collectible, an in-game item or real estate. Unlike regular cryptocurrencies like bitcoin or fiat money like the U.S dollar, these special types of digital assets cannot be mutually exchanged for one another because each token has a specific value based on its unique traits and attributes.

Also unlike regular cryptocurrencies, NFTs cannot be purchased on centralized or decentralized crypto exchanges. Instead, they are listed and traded on online marketplaces that are specially built for NFTs.

What are NFT marketplaces?

NFT marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted (created). These marketplaces are to NFTs what Amazon or eBay are to goods.

In order to access and use these types of marketplaces, you will need to have the following:

A crypto wallet : You’ll need to choose a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy (below). For example, if you plan to buy or sell NFTs based on the Ethereum blockchain platform, you will need to use a compatible Ethereum wallet such as MetaMask. For NFTs sold on the Solana platform, you will need to use a wallet service such as Sollet.

You’ll need to choose a wallet that is compatible with the blockchain network that supports the NFTs you wish to buy (below). For example, if you plan to buy or sell NFTs based on the Ethereum blockchain platform, you will need to use a compatible Ethereum wallet such as MetaMask. For NFTs sold on the Solana platform, you will need to use a wallet service such as Sollet. An amount of coins in the wallet : You will need to pre-fund your wallet before buying, listing or minting an NFT. Again, you will need to find out which cryptocurrencies are supported by the marketplace you intend to use.

You will need to pre-fund your wallet before buying, listing or minting an NFT. Again, you will need to find out which cryptocurrencies are supported by the marketplace you intend to use. A user account: You will need to set up an account on the particular marketplace you wish to purchase NFTs from.

It’s worth noting that, for the most part, listing and creating NFTs on a marketplace platform incurs a blockchain network fee. The fee varies depending on which blockchain-based system you decide to use. For example, Ethereum boasts the largest ecosystem of NFT dapps (decentralized applications). But it has the most expensive fees.

NFT blockchain options

Ethereum is by far the most popular system for buying, selling and creating unique, digital items. There is, however, a growing list of competitors that have also entered the market, including the following:

Binance Smart Chain

Flow (by Dapper Labs)

Tron

EOS

Solana

Polkadot

Tezos

Algorand

Cosmos

WAX

Hedera Hashgraph

Some of these blockchain systems are interoperable. For example, you can buy Ethereum-based non-fungible tokens with Ethereum-based tokens (called ERC-20 tokens, which include USDT, USDC, BNB, DAI, etc). Others, such as Flow, are closed systems. For instance, you can’t buy NBA Topshot NFTs (that are based on Flow) with ether or BNB.

How do these marketplaces work?

Signing up

Signing up to an NFT marketplace can differ slightly from site to site, but the main steps to follow involve creating an account or connecting a supported digital wallet, or doing both. The button for this is typically located in the top right-hand corner of the NFT marketplace homepage. When connecting your wallet, you will be asked to enter your wallet password to complete the process.

Buying an NFT

NFTs are usually purchased directly for a fixed price or through an auction. In some cases, prospective buyers can submit offers to the owner and attempt to negotiate a better price.

Selling an NFT

Selling unique digital assets can be a more technically complicated process than buying them, particularly if the user is attempting to sell something they have created themselves (artwork, a soundtrack, a tweet, etc.).

You will need to upload the chosen digital asset onto the marketplace and enter a fixed price or opt to sell the NFT via an auction.

Next, the platform will verify the asset. If approved, it will be listed for sale.

When the seller accepts a bid, the marketplace conducts the transfer from buyer to seller.

Minting an NFT

If you want to create an NFT, you may consider starting with Ethereum, because it’s the largest system for these types of assets. You will need to have an Ethereum wallet that supports ERC-721 (Ethereum’s token standard for NFTs), such as MetaMask, Trust Wallet or Coinbase Wallet. Also, you will have to top up your wallet with about $50-$100 worth of ether to cover transaction fees (depending on how congested the network is).

Once you have completed those steps, you will be able to access and use platforms such as OpenSea, Rarible or Mintable. Most platforms have a “Create” button in the top right corner that will take you to the page where you can begin minting your NFTs.

Types of NFT marketplaces

While there are many types of marketplaces, universal and art-oriented platforms are the most popular ones. There are also niche NFT marketplaces that list specific kinds of non-fungible assets such as in-game items, digital collectible cards and virtual real estate.

Here are the five most popular universal and digital art-oriented NFT marketplaces currently available:

OpenSea: This is one of the most established universal NFT marketplaces. You can find non-fungible tokens representing ownership of a wide variety of things, including artwork, sports collectibles, virtual worlds, trading cards and domain names.

OpenSea NFT marketplace (OpenSea)

Rarible: This is an NFT marketplace owned by the community members holding RARI tokens. It puts an emphasis on art, but you can find a wide range of other NFT items here, too.

Rarible NFT marketplace (Rarible)

SuperRare: Another marketplace focused on digital art is SuperRare, which works with a select handful of leading concept artists.

SuperRare NFT marketplace (SuperRare)

Nifty Gateway – Nifty is one of the largest marketplaces for NFTs. Here you can buy artworks from well-known artists, including Beeple (who holds the record for the most expensive NFT sold for $69 million), Steve Aoki and deadmau5.

Nifty Gateway NFT marketplace (Nifty Gateway)

Foundation: Founded in February, Foundation has quickly become one of the most popular NFT marketplaces for creators, with the all-time trading volume already touching almost $48 million.

Foundation NFT marketplace (Foundation)

For niche digital items like virtual world avatars or digital fantasy football cards, while there is an ever-increasing number of platforms emerging in this corner of the market, there are five main platforms where a majority of NFT sales are made:

NBA Top Shot : An NFT marketplace built on Flow where people buy and sell digital collectible cards featuring videos of memorable NBA “moments.”

An NFT marketplace built on Flow where people buy and sell digital collectible cards featuring videos of memorable NBA “moments.” Axie Infinity : This platform hosts cartoon characters for the Axie Infinity game, where players breed, battle and trade digital pets called Axies. Some people even play it professionally for a living.

This platform hosts cartoon characters for the Axie Infinity game, where players breed, battle and trade digital pets called Axies. Some people even play it professionally for a living. Sorare : Here you can buy virtual cards representing football players and use them for Sorare, which is a global fantasy football game.

Here you can buy virtual cards representing football players and use them for Sorare, which is a global fantasy football game. Decentraland : This platform has its own in-house marketplace where users buy and sell virtual land or in-game items such as wearables.

This platform has its own in-house marketplace where users buy and sell virtual land or in-game items such as wearables. Valuables: This is a site where users can tokenize tweets and sell them as NFTs. The Twitter CEO himself, Jack Dorsey, sold his first-ever tweet for $2.9 million.

Shopify partners NBA’s Chicago Bulls for NFT store

Online store platform Shopify will enable brands to sell their licensed non-fungible tokens (NFTs) directly through their own storefronts. NBA team Chicago Bulls will be the first to put the feature to use and has launched its own NFT online store.

NFTs are frequently not sold directly through a brands’ website but instead through a third-party marketplace. Shopify’s solution enables brands to create their own storefronts for NFTs.

Third-party marketplaces provide less control to brands over the sales process and require them to direct consumers to another platform. Once brands decide to commercialize NFTs on one marketplace, they may have less control over the layout, advertising, and brand position, and it might not align with the company’s values.

Hence with Shopify, besides addressing these challenges, brand managed NFT stores enhance the relationship between the brand and consumers and help market the platform to their desired audience.

The NFTs launched by the Chicago Bulls will be the first officially licensed collection by the team. The Bulls Legacy Collection relates to the Bull’s six World Championship rings and features six token designs in three tiers of rarity. While supply lasts, the NFTs will be available for purchase from July 26th to the 31st. There will be additional opportunities for collectors to showcase their digital assets and earn prizes.

An additional feature is that the NFTs are randomly assigned to purchasers. Buyers can only uncover an NFT’s content and rarity once it is opened. Purchasers looking to resell the NFT for a profit will have to decide whether it is more valuable to sell it opened or unopened.

Topps MLB NFTs faced criticism about this aspect due to a miscommunication with consumers. Early pack openers uncovered the rarest packs while the WAX platform said the assignment was random.

Oasis Digital Studios Brings The Outer Space Men Collectible Characters to Worldwide Asset eXchange(TM)

(TheNewswire)

Inspired by space exploration and the original iconic Colorforms toys of the 1960s, Oasis Digital Studios, Apex Comics Group and Deadpool co-creator Fabian Nicieza, have teamed-up to re-imagine the Outer Space Men as modern physical and digital collectibles and much more.

Toronto, Canada - TheNewswire - July 27, 2021 - Liquid Avatar Technologies Inc.(CSE:LQID) / (OTC:LQAVF) / (FRA:4T51) / (CNSX:LQID.CN) Liquid Avatar Technologies, a global blockchain, digital identity and fintech solutions company is pleased to announce that Liquid Avatar’s Oasis Digital Studios (“Oasis”) has partnered with, Apex Comics Group and Deadpool co-creator Fabian Nicieza to re-imagine The Outer Space Men with an integrated product and media program beginning late August. The upcoming NFTs and related collectibles will be availableon the carbon neutralWorldwide Asset eXchangeTM (WAX).

The NFT program will launch “The Outer Space Men Have Landed” multi-media program that will span physical and digital figures, digital trading cards, augmented reality, 2D Liquid Avatars and a limited comic book collector run featuring key artists from the industry, led by Apex Comics Group and Oasis Digital Studios coming later this year.

“From the tin spaceship toys of the 1920s and 30s to the movie and TV tie-in action figures and playsets of the 1970s and 80s, The Outer Space Men combine the best of physical collectibles, digital technology, and storytelling for a modern and unique space age experience,” said David Lucatch, CEO of Liquid Avatar Technologies, and Managing Director of Oasis. “The Outer Space Men honor the original Colorforms toys while introducing them to the fans and collectors of today in new and exciting ways through Oasis and the Wax, supporting an environmentally friendly process of creating, distributing and enjoying digital collectibles.”

With commercial space travel, NASA’s Perseverance Mars rover, and UFO speculation dominating the news, The Outer Space Men harken back to the days of NASA’s early influence on toy action heroes like Major Matt Mason, “Mattel’s Man in Space,” and of course, the original Outer Space Men of the 1960s as well as recent partnerships with LEGO and OREO celebrating 50 years since the original moon landing in 1969.

“Oasis and WAX offers existing and new fans of science fiction, comic book and space toys an entirely new way to collect both physically and digitally,” said Gary Schaeffer. “The Outer Space Men have been mine and collectors for over 50 years and today we’re giving them the opportunity to save their memories on their phones and other digital devices using environmentally, safe and secure technologies.”

The Outer Space Men were originally created by toy inventor Mel Birnkrant in 1968 and produced by Colorforms. Visionary director Marie-Georges-Jean Méliès’ 1902 film Le Voyage dans la Lune predicted humankind’s first voyage to the moon. The space race of the 1960s turned that vision into reality when Neil Armstrong first walked on the lunar surface in 1969. In 2008, with tens of thousands of clamoring fans demanding the return of these archetypal heroic icons, the wildly successful line of toys was brought back to the market with the support of childhood fan and Wall Street executive Gary Schaeffer who reintroduced the line of toys in a new affordable format. Since 2010 the 21 OSM characters that span our solar system, The Milky Way Galaxy and beyond have been played with by millions of children globally. Today, the adventure continues with acclaimed award-winning writer and co-creator of Deadpool, Fabian Nicieza, who is developing the revamped storyline that will support the digital collectible program, upcoming comic book and Liquid Avatar augmented reality programs.

“The Outer Space Men were a cherished memory of my childhood when a young boy could imagine incredible aliens from other planets coming here to help us as we first landed on the moon,” said Fabian Nicieza. “Developing a new storyline that introduces the OSM to a whole new audience at a time when, maybe more than ever, we need to explore what’s out there in order to help us down here, was a wonderful opportunity.”

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About WAX - The King of NFTs – www.wax.io

The Worldwide Asset eXchange™ (WAX), aka the King of NFTs, is the world’s #1 blockchain, as measured by number of users and transactions, according to Dappradar.com. WAX’s mission is to bring NFTs to the mass market in the safest, most secure, environmentally friendly, and easy-to-use marketplace in the world. WAX is also the leading entertainment NFT network — in 2018, WAX introduced vIRLs®, giving consumer product companies the ability to directly link NFTs to physical consumer products. Co-founded in 2017 by William E. Quigley and Jonathan Yantis, WAX has facilitated the trade of more than 100 million digital collectables including Major League Baseball (via Topps MLB collectables), Capcom’s “Street Fighter,” and world-renowned entertainers Deadmau5 and Weezer. For more information, please visit https://wax.io and follow along on Twitter and Discord.

About vIRLs®

WAX vIRL® NFTs are different from the standard NFTs you’ll find on other blockchains. Every vIRL® NFT is minted on the energy efficient and carbon neutral WAX Blockchain that puts the environment first. They feature a host of additional functionality including app/video game integrations, marketing tools and V-commerce capabilities — linking a vIRL® NFT to a real-world item, so you can transfer ownership without needing to physically ship anything until a collector is ready to claim it as their own.

About Oasis Digital Studios Limited – http://www.oasisdigitalstudios.com/

Oasis Digital Studios Limited (“Oasis”) brings together leading individuals and organizations in blockchain technology, computer graphics, augmented reality, entertainment, art, sports, gaming, music, media, comic book, memorabilia, and pop culture arenas to support the fast-paced and growing digital collectible and NFT marketplace. The Oasis business model is to create storytelling, experiential and collectible partnerships with artists, sports personalities, talent, brands, and commercial enterprises to create digital offerings and digital / physical product programs via digital collectibles and NFTs. Oasis uses multimedia, cinematics, animations, and other techniques to create unique products together with the latest Augmented Reality and virtual technologies to tell the Artist and Talent stories providing immersive experiences for Digital Collectibles and NFTs. The Oasis AR Enhanced NFT experience, powered by ImagineAR, will be available exclusively through the Liquid Avatar Mobile App, which features the ability for users to create digital icons that allow them to manage, control and create value from their biometrically verified digital identity, and is available on Google Play and in the Apple App Store.

About Liquid Avatar Technologies Inc. –www.liquidavatartechnologies.com

Liquid Avatar Technologies Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.

The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.

The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) is being built to support all participants in a digital credential ecosystem, including the Holder, Issuer and Verifier, using state-of-the-art blockchain and open standards technologies initially as a node on the Indicio Network. The Company is a voting and steering committee member of the Trust over IP Foundation, founding and steering committee member of Cardea, a Linux Foundation Public Health project, member of the Good Health Pass collaborative, ID2020, DIACC, The Linux Foundation and a founding member of the Lumedic Exchange.

The Company has a suite of early-stage revenue generating programs that support the Liquid Avatar Mobile App program, including KABN KASH, a cash back and reward program that has over 500 leading online merchants and coming soon, an integrated offering engine. In Canada, the Company also has the KABN Visa Card, a “challenger financial” platform that allows users to manage and control a range of financial services for traditional and digital currencies. The Company is currently exploring expansion of the KABN Visa Card program to other geographic regions, including the USA.

The Company’s subsidiary, Oasis Digital Studios, is a creative and development agency that supports a wide range of artists, talent, and enterprises with Non-Fungible Token (NFT) solutions.

Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol “LQID” (CSE:LQID).

The Company also trades in the United States, on the OTCQB under the symbol “LQAVF” and in Frankfurt under the symbol “4T51”.

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For more information, please visit www.liquidavatartechnologies.com

For further information, please contact:

David Lucatch

Chief Executive Officer

647-725-7742 Ext. 701

ir@kabnsystemsna.com

US and Canadian Media Contact:

Nicole Rodrigues

NRPR Group

nicole@nrprgroup.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

All websites referred to are expressly not incorporated by reference into this press release.

Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.

The forward-looking information and forward-looking statements contained herein include, but is not limited to, statements regarding the future launch of sales of digital and physical collectibles, Non-Fungible Tokens and other related products through Oasis Digital Studios and / or its clients, partners and other service providers, an integrated offering engine, statements regarding the future capabilities of LAVCE or the operation of an Indicio Network Node, statements suggesting LAVCE or an Indicio Network Node will be successfully launched and integrated into the Liquid Avatar platform, information concerning the timing for the launch of Liquid Avatar apps, the plans for future features of the Liquid Avatar apps, expected geographic expansion, the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. With respect to (i) the future launch of an integrated offering engine, is based on the fact that the Company has substantially completed the current build of the platform as specified and that the Company believes that there are currently there no material outstanding items; (ii) statements regarding the future capabilities of LAVCE or an Indicio Network Node, the Company has assumed that the current blockchain technology and infrastructure will remain substantially unchanged, and that new technologies will need to be developed; (iii) statements suggesting LAVCE or an Indicio Network Node will be successfully launched and integrated into the Liquid Avatar platform, the Company has assumed that government, industry and market conditions will remain relatively focused on the testing and presentation of Covid testing, vaccination record presentation and other credential requirements for identity and access to venues, facilities, hospitality, education, healthcare, travel and other destinations.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: failure to obtain necessary approvals from governments and other jurisdictional regulatory bodies; lack of sufficient capital to expand the Company’s geographic footprint or to add new features to the Company’s offerings, including to launch an integrated offering engine and to successfully complete the development of and launch and integrate LAVCE or an Indicio Network Node; changes in general economic, business, and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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