Imagine buying a piece of digital artwork on the Internet at a reasonable price and getting a unique digital token known which proves your authority over the artwork you bought. Wouldn’t it be great? Well, that opportunity exists now, thanks to NFTs.
NFTs are currently taking the digital art and collectables world by storm. Just as everyone worldwide believed Bitcoin was the digital answer to currency, NFTs are now pitched as the digital answer to collectibles. As a result, digital artists are seeing their lives changing thanks to the massive sales to a new crypto audience.
If you are interested in NFTs and want to explore more about what is an Indian NFT Marketplace then you have come to the right place. Let’s dive in and see how the Indian NFT Marketplace works.
Indian NFT marketplace: Operates through these 10 steps:
- The user creates a new account.
- The user connects their e-wallet with that account.
- The user can create NFT on the marketplace.
- NFT is then structured/configured for that marketplace.
- NFT is listed for sale.
- Both NFT and the marketplace are moderated.
- NFT appears on the marketplace.
- Bids are set for the NFT.
- NFT is sold to the top bidder.
- The NFT marketplace proceeds the transaction through an e-wallet.
- 3 Types of NFT Marketplace You Should Know When Investing in NFT
Indian NFT marketplace is classified into 3 main categories: Exclusive NFT Marketplace, General NFT Marketplace, and Specific NFT Marketplace.
Exclusive NFT Marketplace is created for the purchase and trading of unique NFTs, which are usually the artworks exclusively released in a copy or small quantities per work. This makes the value of the NFT in such marketplaces extremely high.
However, the disadvantage of Exclusive NFT Marketplace is the low liquidity due to the low quantities and high prices; therefore, it is appropriate for collectors who desire to own special and unique works.
- General NFT Marketplace
General NFT Marketplace is the platform for most of the NFTs. All types of NFTs in different styles, quantities, prices, and features, can be created and sold on this type of market. General NFT Marketplace is the most popular and has the highest trading volume because it satisfies the needs of the vast majority of users.
- Specific NFT Marketplace
Specific NFT Marketplace is used for a particular segment. It can be a marketplace dedicated to in-game NFT purchases, songs, or videos. Having a specific NFT marketplace for a certain segment makes it easier and more convenient for users to trade assets. Users can also track the market fluctuations and respond more quickly than they can in the common marketplace.
For the Specific NFT Marketplace to work smoothly, the project needs to have a large enough user base to encourage trading on that platform.
- How to set those Indian NFT Marketplaces?
In order to access and use these types of marketplaces, you will want to set up 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.
- 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.
- 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 apps (decentralized applications). But it has the most expensive fees.
Indian NFT Marketplaces are your path to start making your investment in digital assets, collectibles, art, game, etc. Be sure to choose one that suits your buying and storage needs based on the type of NFT you are interested in using for transactions!