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NFT Marketplaces: A beginner's guide

NFT Marketplaces: A beginner's guide | Jungle NFT

The NFT bandwagon is rapidly rising as many celebrities, such as Paris Hilton, Shaquille O’Neal, Post Malone, Snoop Dogg, etc., have been showing interest in it. NFTs or non-fungible tokens are digital artwork through which creators can show their skills and make money.

An NFT marketplace is an essential part of the entire concept of owning digital assets. Like any other commodity, you need a platform to buy and sell non-fungible tokens on Jungle. Thus, the Jungle NFT Marketplace enables people to make transactions for their digital artwork.

Now you might be wondering how to use an NFT marketplace to create and sell non-fungible tokens. This thought is in many people’s minds as they look for ways to make money through the NFT marketplace for themselves.

Many of us also want to avail the opportunity of owning a digital asset. To help you out, we will discuss the nitty-gritty of an NFT marketplace for beginners. You will learn what the Jungle NFT Marketplace is about and what you need to buy, sell, and trade NFTs on Jungle. Let’s start by understanding what an NFT marketplace is.

What does the Jungle NFT Marketplace entail?

The concept of the Jungle NFT Marketplace is to have a platform for individuals to display, buy, sell, and exchange their digital assets. This platform enables creators to show their skill and sell it to the direct consumer.

They can get complete compensation for their hard work as they won’t have to give a percentage of their income to the auction centers. Jungle NFT Marketplace enables users to buy, sell, trade, and even create various non-fungible tokens, such as:

  • Arts
  • Images
  • Tweets
  • Videos
  • And many more digital collectibles

However, there is a growing popularity of niche marketplaces instead of the conventional ones that focus on a particular NFT. The reason behind the growing popularity of the niche marketplace caters to the needs of a specific target audience.

You can find only certain artwork that a particular audience group will like. Regardless, the overall NFT market is seeing a rapid surge in its fame, with digital assets worth millions of dollars. You need to have specific things to access these platforms, such as a user account, cryptocurrencies, and a digital wallet.

Wallet
You will need to have a crypto wallet that is compatible with the Jungle platform to buy your favorite NFTs. Usually, most NFT marketplaces are based on the Ethereum blockchain, so you can choose a digital wallet that can hold Ether.

Cryptocurrency
You will have to add the relevant cryptocurrency that is acceptable by the seller you are looking to buy the NFT from and if the Jungle platform supports it.

User Account
The user accounts will help you access the NFTs on the Jungle marketplace, where you can buy, sell, and trade non-fungible tokens.

How does the Jungle NFT Marketplace work?

The entire system of the Jungle NFT Marketplace operates on a protocol known as smart contracts. It allows the network to store the data for the transitions of the non-fungible token and handles the dealing between the buyers and sellers.

The smart contract also defines the ownership of the digital assets, making them distinctive. Smart contracts operate on their own after both parties meet certain conditions.

It makes the overall transaction process safe and secure. Here is how a beginner can create an account and make the most out of the NFTs on Jungle.

Sign up and set up your wallet
The first thing you need to do is sign up on the platform to access the NFT market. You need to set up a basic user account and connect with the digital wallet. After that, you will have to add your digital wallet password to connect it to the NFT user account.

Purchasing an NFT to build your collection
The process of buying an NFT is pretty similar to buying physical art. You will have to buy it through an auction process and you can it in your collection. Sometimes the buyers might negotiate and settle the deal with the seller to get a better price.

Adding your own NFT to sell it
The selling process includes some technicalities, making the overall process a bit more complex than buying an NFT. It is particularly a little challenging when you are trying to sell something that is their creations, such as a tweet, soundtrack, and more. Here is the step-by-step process to help you out.

Step 1
Firstly, you need to upload the NFT on the Jungle platform. Then, you need to enter the price you are looking to sell it for or choose the option to sell it through an auction.

Step 2
The Jungle platform will verify the NFT, and upon approval, you can list it for sale.

Step 3
The buyers will now bid on the NFT. If you accept a bid, the platform will facilitate the transaction.

Minting an NFT

Many people might be interested in creating an NFT for themselves. The first thing you need to do is choose the blockchain platform to help you with the minting an NFT. Most platforms give the option for you to create a non-fungible token without going through a lot of hassle.

Why should you dive into the NFT market?

There is no doubt in the fact that joining an NFT marketplace by Jungle can open you up to many benefits. The overall market value of the NFT is increasing, and we can expect the trend to continue in the next few years. Therefore, the overall market value of NFTs will increase by a significant margin.

The one thing that helps NFT stand out is that they cannot be replicated or copied. You will have the sole ownership of your digital asset, which you can sell as per your choice. Thus, it opens up many different avenues for you since you can sell or trade your digital assets to earn a profit on them.

Most importantly, the Jungle NFT Marketplaces allow creators to display their talent and get paid for their hard work. It saves them from going through the hassle of finding an auction house and paying them a significant portion of their earnings to list their artwork. The NFT marketplace fees are pretty minimal compared to auction house fee charges.

As the world is rapidly moving towards digitalization and with the incorporation of the metaverse, we can further see NFTs becoming more popular. In short, getting your hands on the digital marketplace can help you get the following benefits:

  • Allows you to enjoy the ownership of digital assets
  • Enhance your brand awareness and improve your reputation among the target audience
  • Increase earnings for content creators
  • Much better gaming experience since you will have in-game assets

Wrapping up

Getting into the NFT market is the best decision, considering its popularity and increasing value. The digital era presents exceptional opportunities for you, and NFTs on Jungle is one of them. You can create, buy, sell, trade, and own digital assets worth millions of dollars through this platform.

The best part is that there is plenty of room for new digital assets to enter the market. Creating an NFT will help you get the maximum return on your investment. You can create an engaging and appealing NFT that can capture the target audience’s attention and persuades them into buying it.

If you want to enter the NFT space on Jungle, you need to have a sound understanding of the Ethereum blockchain. A significant majority of the non-fungible tokens and their marketplaces are on this blockchain technology. So, you need to have comprehensive knowledge before getting into the NFT marketplace.

FAQs

Below are some common FAQs regarding NFTs in the Jungle NFT Marketplace.

How does an NFT marketplace work?
Firstly, you need to have a digital wallet to access the Jungle NFT Marketplace. Next, you can create assets and choose the payment tokens you want for your NFTs on Jungle. The user can either have a fixed price or an auction option for the price.

What does NFT mean?
NFTs, also known as non-fungible tokens, are unique cryptographic tokens that you can find on blockchain technology. The NFTs in the Jungle NFT Marketplace is a virtual representation of various items, such as memes, GIFs, videos, etc.

What is the best NFT marketplace?
Jungle NFT Marketplace is one of the best marketplaces which allows creators to discover, trade, buy, and sell valuable crypto collectibles.

Can I make an NFT for free?
You can head over to different marketplaces to create an NFT. There will be no charges for creating one, but you will have to pay a small service fee if you want to sell it.

Do I need a crypto wallet?
Anyone looking to invest in NFTs must have a crypto wallet. It will hold the currency, such as Ether, to help you buy the NFTs you want.

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