A Beginner's Guide About NFT Marketplace

This is a simple example of how to use the NFT Marketplace—using the API shows you how to create an asset and then transfer it from one account to another. The code also demonstrates some basic usage of the NFTs in-game marketplaces.


Note that this tutorial assumes you have already created your own Ethereum wallet with MetaMask or Mist. You will see a list of all assets currently available for sale. Clicking on an item's name opens up its details page, where you can view more information about the product and purchase it by sending Ether directly to the seller's address.

Things I should know about NFT Marketplace.

  • The following are things I think every new user needs to know before they start working with the NFT Marketplace:

  • Assets must be transferred between accounts via a private key. This means if you want to sell something, you need to send funds to the seller's account first. If you don't do this, no transaction will take place.

  • When transferring assets, make sure you specify which account owns them. Otherwise, the other party won't receive ownership over the asset. For instance, let's say Alice has sent Bob 100 ETH. Then she wants to give him 50% of those tokens but instead sends only 10 ETH to his public address. In this case, Bob doesn't get anything because he didn't specify what account owned the original 100 ETH. He would only get half of the amount Alice originally wanted to send him.

  • There is a limit of 1 million transactions per day. So if you're planning on doing large amounts of transfers, please consider setting up multiple wallets, so you aren't limited to just one at a time.

  • Once you've sold an asset, there isn't much else you can do with it besides trade it back again. That being said, once you've bought an asset, you can always resell it later. Just remember not to buy too many items at once!

  • All transactions are irreversible. Even though you may lose money when selling an asset, you cannot recover it unless you decide to keep it yourself.

  • To prevent fraud, we recommend creating two separate addresses. We'll show you how to set these up below.

  • Please note that while our team does everything possible to ensure security, we still advise against storing sensitive data such as passwords inside smart contracts. Instead, store them securely outside of the blockchain itself.

  • Finally, we highly suggest reading through our documentation section here. It contains valuable tips and tricks for getting started with the NFT Marketplace.


Creating Your Wallet With Metamask Or Mist

If you haven't done so yet, go ahead and install either Metamask or Mist. Both applications allow you to interact with the Ethereum network without downloading the entire blockchain onto your computer. They both work similarly, so feel free to choose whichever works best for you.

Once installed, open each application and log into their respective websites. Next, click “Create New Account" under the "Account Settings" tab. Enter in a strong password, then hit Create Account. Here you will find your newly-created MyEtherWallet. Whenever you create a contract, you will use this website to manage your keys.

Now that you have access to your wallet, you can begin interacting with the NFT Marketplace using the same process described above. However, before sending any Ether, you should transfer some from your main wallet. After confirming the transaction, wait until it confirms successfully.

 Now that you have enough ether in your new wallet, you can start buying and selling NFTs. Remember: all purchases require payment upfront. The buyer receives the item after they pay. If you want to sell something, simply put down the price you'd like to be paid. You can also leave a message explaining why you’re willing to part with the item. This helps buyers know whether or not they want to purchase it.

After making a sale, you must confirm the transaction by clicking the green checkmark button next to the transaction ID. Wait until the transaction completes. Then send the funds to the seller's address provided during checkout.

After completing a successful transaction, you can view the details of the transaction within your account. Clicking on the Details link takes you directly to the page to see what was purchased, who made the purchase, and other information about the transaction.

Sending Funds Using MetaMask And/Or Mist

To make payments via the NFT Marketplace, you need first to deposit some ETH into your wallet. Once there is sufficient balance, you are ready to proceed.

Logging into your wallet allows you to select which accounts you would like to fund. Select the one you wish to receive the money from, enter its public key, and press Send Transaction. A pop-up window appears asking if you're sure you want to act. Press Yes.


The amount of ETH sent depends on how much you've deposited into your wallet. For example, if you only had $10 worth of ETH at the time of the transaction, the total cost of the trade would be 0.1ETH. To avoid paying too high of an exchange rate, try depositing more than once every few days.

When the transaction has been confirmed, you'll notice that the funds appear in your wallet immediately. Now you just need to withdraw them back to your original wallet.

Select the Wallet menu option, followed by Withdrawal. Choose the destination address and press Continue. Confirm the withdrawal request, and wait for the funds to arrive.

 You may experience delays while withdrawing funds due to low liquidity. In these cases, you might consider waiting until the market improves. Alternatively, you could always buy some more ETH beforehand.

Pros 

NFT Marketplaces allow users to trade items without having to worry about shipping costs or storage space. They provide a convenient way to acquire unique collectibles. Users don't even need to own the actual physical object; instead, they can use their digital copy as long as they keep it safe.

Cons 

There aren't many cons associated with this type of platform. It does take up quite a bit of room on your hard drive, though. Also, since most transactions involve sending someone else's currency, fees will vary depending on the current state of the network. However, the fee structure isn’t wrong compared to traditional methods like eBay, Etsy, Amazon, etc.

Frequently Asked Questions

Q: How do I know whether my item sold?

A: You should have received an email notification after submitting your listing. If not, please contact support@ethereumworlds.com.

Q: What happens if I sell something but never get paid?

A: Please check your emails regularly. We send out reminders whenever we haven’t heard anything from our customers. If you still haven’t gotten any response after several weeks, feel free to reach out again.

Q: Can I list multiple items at once?

A: Unfortunately, no. The system currently supports single listings per user.

Q: Is there a minimum price limit?

A: No. Ethereum World News sets no minimum sale price.

 Q: Can I list multiple items at once?

A: No. The reason being, the system currently supports single listings, and each listing must contain a unique URL. This means that all URLs are different and cannot share the same domain name.

Q: Do I need to pay gas before selling?

A: Gas is required to process transactions within the blockchain. When using the web3j library, you simply pass along the gas value to the contract constructor.

Q: Will I lose access to my account if I forget my password?

 A: Yes. Your account information will remain intact. But you won't be able to log in anymore.

Bottom Line

NFT Market allows anyone to create custom tokens and then exchange those assets through smart contracts. While the concept seems simple enough, there are plenty of challenges involved. For example, how would one go about creating a token that represents ownership over real estate property? Or what about a token representing a piece of art? These questions require specialized knowledge, which makes it difficult for beginners to jump right into the fray. That said, it doesn't mean that everyone shouldn't try! place.