NFT exchange is currently chosen by many investors to trade. So, what is NFT Blockchain? Related knowledge will be compiled and fully provided by Learn Crypto Trading in the article below!

Overview of NFT exchange

The first thing everyone needs to understand is the general knowledge about NFT exchange, the concept of what NFT is, how it operates, as well as commissions or fees.

What is Nan FT exchange?

NFT exchange is a direct platform that allows users to exchange, buy, and sell items. On the platform, artists and content creators create exclusive digital products. These are NFTs and can be resold to those in need. The price of NFTs is high or low depending on market demand, creativity, and rarity.

NFTs have the following basic characteristics:

• Uniqueness: NFTs are irreplaceable and they are not interchangeable. It is different from other types of assets, such as a banknote, a piece of gold, or Bitcoin. Because these types of assets can be interchanged with an item of equivalent value.
• Exclusivity: NFTs are created by users and are exclusive.

How NFT Exchange Works

Unlike other exchanges, this platform does not require users to log in to an account. Instead, users just need to interact with the exchange through their e-wallet. E-wallets are where investors store their digital assets, including NFTs.

When wanting to buy an NFT, users only need to have an electronic wallet containing the currency used for payment. 

See also: NFT: Benefits, risks of investing in crypto

Commissions and Fees on NFT Markets

Commissions and fees on NFT exchanges include:

– Commissions: Some exchanges may receive commissions from creators. This commission is calculated as a % of the NFT sale price. Typically, this percentage ranges from 2 – 5%.

– Transaction fees: This is the main source of income for NFT Exchanges. Transaction fees usually range from 2 to 5%. For example, OpenSea charges 2.5% for each transaction.

– Listing fee: Depending on the trading platform and the type of listed asset, the listing fee also varies. For example, the OpenSea exchange does not charge a listing fee. Meanwhile, other platforms, such as Rarible, charge a small fee. 

The listing fee is often added to the gas fee. This is considered a fee used to verify the transaction.

– Bidding fee: Some platforms will require buyers to pay a fee when successfully bidding on a certain asset. This fee is the bidding fee.

Major NFT Blockchain Exchanges 

Large, reputable NFT exchanges include OpenSea, Looksrare, Magic Eden, Binance NFT…

NFT exchange OpenSea

OpenSea is the world’s first NFT platform. At the same time, this is also one of the largest NFT exchanges on the market today. Each month, the exchange has more than 400,000 traders. Revenue from NFTs reached more than 10 billion USD. 

OpenSea provides users with many outstanding features. The exchange allows you to create NFTs or buy and sell them. Currently, the exchange supports many different types of NFTs, such as music, art, games, as well as other collectibles.

However, up to now, this trading platform has not yet issued its token.

Exchange LooksRare NFT

LooksRare focuses on the community. The platform uses Ethereum technology. To encourage everyone to contribute to the overall development of the platform, LooksRare has an extremely attractive reward mechanism. Anyone who makes an NFT airdrop transaction on the platform will be rewarded with LOOKS tokens.

People can create their products on the platform and choose the appropriate selling price.

Although it was only established a few years ago, LooksRare has quickly become an NFT Blockchain exchange that many people are interested in. 

What is Magic Eden’s NFT exchange?

Magic Eden is an NFT exchange built on the Solana Blockchain platform. This platform allows users to create, buy, sell, and trade digital assets with low transaction costs (only 2%) and high liquidity. 

Binance NFT Marketplace

Binance NFT Marketplace is an NFT exchange announced by Binance. The platform has the participation of many famous artists. They share their exclusive works after launching to the public. On Binance NFT, only approved creators have access to the platform. 

Besides, you can also choose some other exchanges such as CryptoPunks, Gem, X2Y2, Rarible Protocol, Mintbase…

See more: Register MEXC account – Reputable Crypto broker

Some notes when trading on the NFT exchange

During the process of trading on the NFT exchange, please keep in mind the following things:

First, you need to follow essential security measures. This will help you protect your account and digital assets from hackers. These security measures include using strong passwords and ensuring two-factor authentication. This will help keep your account more secure.

Besides, during the transaction, you find that storing your digital accounts directly on the exchange is quite convenient. However, to ensure more safety, you should consider storing it in a cold wallet. A cold wallet is a hardware device that helps store assets offline.

In addition, before deciding on long-term coin investment or short-term coins on the NFT Blockchain platform, you should only make transactions with a small amount of money first. After making sure that everything on the exchange is working properly, consider spending a larger amount of money. 

Finally, before buying any NFT, do your research carefully, evaluate the market, and the risks involved. Once you are sure, invest.

Conclude

So through the article, you have grasped the knowledge about NFT exchange, reputable exchanges, and some necessary notes. This is currently a quite promising trading exchange, chosen by everyone. If you are also wondering about this exchange, please refer to the article above carefully to make your choice. If you want to know more information about Crypto in general and NFT trading platforms in particular, you can visit Learn Crypto Trading!

FAQs:

Can NFTs be stolen?

This is still possible in reality. In case you reveal your account password. Scammers can steal NFTs from your wallet and transfer them to your wallet.

What are the risks of investing in NFTs?

When investing in any asset, there are certain risks. NFTs are no exception. When investing in an NFT exchange, you may encounter risks such as the risk of investment bubbles or the risk of trading with fake NFTs.

How to mint NFTs?

Minting NFTs is not too complicated. First, you create a cryptocurrency wallet on the trading platform NFT exchange you want. Then, you create your collection. Finally, you upload your creations. The NFT minting process is complete.