NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFTs from scratch.
In the previous article, we learned about the difference between the primary market and the secondary market when purchasing NFTs. Today, let's learn about the secondary market and buying NFTs on the secondary market.
If we want to buy our first NFT on the secondary market, where should we go? As mentioned in previous articles, each blockchain has its own NFTs, which means that almost every blockchain has its own NFT trading market (such as Magic Eden for the Solana blockchain). In addition, there are also some marketplaces that support NFTs from multiple blockchains, the most famous being OpenSea and the recently popular Blur. Today, let's take OpenSea as an example.
When we enter OpenSea, we can search for thousands of different NFT projects. When we select "Explore," we will see the various NFT categories they offer, such as collectibles, music, art, photography, and more. By clicking on "Stats," we can see the ranking of transaction volumes for all NFTs from the past hour to the time of issuance.
Alright, today we learned about the secondary market for purchasing NFTs and used OpenSea as an example. Take some time to use it and understand the basics of NFTs.
Extra Bonus:
If you have a minute, here's a great video introducing OpenSea: https://www.youtube.com/watch?v=gfGuPd1CELo
Continuing from the previous article, we will directly move on to the eighth article, where we will purchase NFTs directly.
After selecting the desired NFT on OpenSea, we can find the option to "Buy Now," allowing us to directly purchase the NFT at the listed price. Of course, we can also use the "Make an Offer" feature to indicate how much we are willing to pay for the NFT.
Once we confirm the purchase, if we haven't connected our digital wallet to OpenSea beforehand, we need to connect it now. A login prompt will automatically appear, and we can proceed with the necessary steps.
Then, we can proceed with the transaction, which will require us to sign the transaction, meaning that we will spend our digital currency to interact with the smart contract and obtain the selected NFT. Before agreeing, make sure to carefully review the transaction details, as there is a possibility of asset loss in the case of malicious attacks. If you have any doubts, do not sign the transaction. You can research or consult with someone before making a decision. (Blockchain has its advantages, but for beginners, it can also be a dark forest, so always be cautious. Recommended reading: Mist Fog's Dark Forest Survival Guide)
In NFT transactions, most of the time, there will be a creator royalty fee (some platforms may not have it). This fee is actually paid to the creator of the NFT, and the creator receives royalties every time the NFT is traded. This serves as an incentive and recognition of value for the creators. Unlike physical artworks that no longer have any connection to the creator after being sold, the existence of royalty fees in NFTs allows creators to maintain a relationship with their works and continue to benefit from outstanding creations, thus motivating more creators to produce high-quality works.
In the next article, we will provide more information about selling NFTs on OpenSea.
Extra Bonus:
If you have 3 minutes, this article by OpenSea explains in detail how buying NFTs works: https://opensea.io/learn/how-to-buy-nft#toc-3
If you have 5 minutes, this step-by-step video explains the above process: https://www.youtube.com/watch?v=pSMbt-2ls98
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