NFT can be traded through NFT marketplaces such as opensea, rariable, superare, miniutopia or other platforms, nft marketplace is a decentralized platform which means all data is stored securely on the blockchain and very transparent, no operator is needed to validate transactions on the nft marketplace. Basically this nft marketplace is like an eCommerce platform, say Amazon or eBay where various products are listed by sellers, and buyers can buy them.
However, the NFT marketplace has several different features from the eCommerce marketplace. NFT or digital assets in the nft marketplace can be stored, traded, and displayed to a wider audience, and have a unique business model. The NFT marketplace gave rise to the NFT Business Model, where unique non-exchangeable tokens associated with art, video, audio and other types are bought and sold.
What Can Users Do on the NFT Marketplace?
- The user creates a new account on the nft marketplace
- Crypto wallets such as metamask can be linked to the account
- User can create NFT in marketplace by paying only tx blockchain fee
- Users can create as many nft as possible
- User can configure NFT (metadata)
- User can register NFT to auction / become available for purchase
- User can delete NFT in marketplace
- Users can buy other NFTs, and collect as many as possible
- NFT creators will get royalties when nft is resold, and so on
- All transactions in the marketplace are handled automatically, users don’t need extra time to monitor the marketplace
- No banned or blocked transactions on the NFT marketplace
- NFT Marketplace is very safe from theft
NFT Marketplace For Business ?
NFT marketplace is a paradise for artists, in the past they sold their art offline which had a very limited audience reach, now with the NFT marketplace their art can be sold freely (in digital form), with a very wide reach and they will get royalties when nft re-sell.
NFT marketplace gives birth to business people who sell their own art or art from other parties, not only that, nft on game platforms can also be traded on the nft marketplace. Sometimes users collect nft to get other nft (staking nft) and sell it for profit. The current game character is nft, which makes users more flexible to collect and trade them.
How to Minting NFT & What is Needed?
Coinex smart chain is a blockchain that supports EVM, so to use the blockchain, you can use a metamask wallet. Metamask is a very popular wallet, you can customize the network rpc in the wallet. To use the csc blockchain, you have to set the rpc wallet to rpc coinex smart chain mainnet
RPC URL : https://rpc.coinex.net
Network Name : Coinex Smart Chain
ChainID : 52
Symbol : CET
Block Explorer : https://www.coinex.net
Coin CET is the native coin of the coinex smart chain blockchain, all transactions on the network are paid using coin cet. Because the nft byteblock marketplace is based on the coinex smart chain blockchain, you need a coin cet for nft minting, approving, selling and buying nft fees.
To get coin cet you can buy it on Coinex Exchange, buy coin CET and send it to your metamask wallet, for the minting and approval process it only takes about 0.6 cet, the nft minting process on the coinex blockchain is very cheap, $ 1 dollar (in coin cet) you can use for minting (approximately) 60 NFT
You can use photos, paintings or digital art for content on NFT, make sure the image you upload is unique and original, so that the NFT can sell quickly and at a good price. Make sure the file size is not too big. We will upload the file later to the NFT marketplate (ipfs).
Metadata is a json file that contains NFT information such as name, link, description, author and other information. You just need to prepare the information needed in the nft marketplace, later the nft marketplace will create a json metadata file automatically
- Go to site byteblock.io
- Connect your wallet, make sure you already have CET coins
- Click the “Mint” menu
- Click or drag the file : Select the art to be used as NFT
- Details about your NFT: enter the name of the nft and a description, later this will be used as metadata on the nft
- Click “Create“, and confirm your metamask wallet
- Wait about 10 seconds, the NFT creation process will be finished soon
- When finished, the nft account goes to your wallet, you can see it in the “Collection” menu or in the coinex smart chain explorer
How to Sell NFT (Listing)
To sell NFT, you need to do 1 more transaction (setting price & approve on metamask wallet
- Choose the NFT you want to list/sell
- Click “Create an Auction”
- Enter the amount of CET (price) for the nft
- Confirm in the metamask wallet
How to Buy NFT
- Go to the byteblock.io site, Connect wallet and make sure you already have CET coins to buy NFT
- Select the NFT you like, Click “Bid“
- Enter the amount of CET according to the NFT price, Click “Bid“
- Confirm in your wallet
- If within 24 hours no one else bids, then the NFT account belongs to you
How to Remove NFT
In the byteblock nft marketplace there is a burn feature, burn is a feature to permanently delete nft from the blockchain, for example, if you experience an input error in the nft you requested, you can delete it at a later date.
- Go to the “Collection” menu
- Select the NFT that you deleted, Click “Burn” *if the position of the NFT is not listed / auction, if the position is already in the auction (click cancel first)
- Confirm your wallet
- NFT will be permanently deleted after the transaction is confirmed
How to Transfer NFT
- Go to the “Collection” menu
- Select the NFT you transfer, Click “Transfer“
- Enter the recipient’s wallet address
- Confirm in your wallet
- After the transaction is complete, the nft will go to the recipient’s address
Minting NFT on the coinex smart chain blockchain is very fast, only takes 5-10 seconds, and the minting fee is super cheap, for 1 NFT no more than 0.6 CET (equivalent to $0.022). The process of minting, selling and buying is very easy, I’m sure a beginner can do it. If you are an artist who wants to sell work on the nft marketplace, I recommend using the nft blockchain based coinex smart chain.