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 primary and secondary markets when purchasing NFTs. Today, let's learn about the secondary market and buying NFTs in the secondary market.
If we want to buy our first NFT in 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 marketplace (such as Magic Eden for the Solana blockchain), in addition to some marketplaces that support NFTs from multiple chains. The most famous one is OpenSea, as well as 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 many NFT categories they provide, 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 Credit:
If you have a minute, here is a good video introducing OpenSea: https://www.youtube.com/watch?v=gfGuPd1CELo
Continuing from the previous article, let's dive into the eighth article, where we directly purchase NFTs.
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.
When confirming the purchase, if we haven't connected a digital wallet to OpenSea beforehand, we need to connect one. A login prompt will automatically appear, and we can proceed with the necessary steps.
Then, we can proceed with the transaction, which requires 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 clicking "Agree," make sure to carefully review the transaction details, as there is a possibility of asset loss in case of malicious attacks. If you have any doubts, do not sign the transaction. You can research or consult with others before making a decision. (Blockchain has its advantages, but for beginners, it can also be a dark forest. Be cautious at all times. Recommended reading: Dark Forest Survival Guide by Manwu)
In NFT transactions, most of the time, there will be a creator royalty (some platforms may not have it). This is actually a fee paid to the creator of the NFT. Every time the NFT is traded, the creator receives a royalty. This serves as an incentive and recognition of value for the creator. Unlike physical works, where the creator has no further involvement after the sale, the existence of royalties in NFTs allows creators to maintain a relationship with their works and continue to benefit from outstanding works, thereby motivating more creators to produce high-quality works.
In the next article, we will provide more information about selling NFTs on OpenSea.
Extra Credit:
If you have 3 minutes, this article by OpenSea explains in detail how the process of 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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