Do you still remember the "Boring Ape" (BAYC) NFT that was very popular in the past few years? What is the NFT that singers Jay Chou and JJ Lin have bought like crazy?
NFT (Non-Fungible Token) in Chinese is non-fungible token, which is an encrypted asset using blockchain technology. It can be simply understood as a token with a unique number, but pictures, videos, and GIFs can be placed in the token. and other information, and can be traded.
If you think the concept of NFT is complicated, "Crypto City" has previously written an article on "What is NFT". It is recommended that you take a look and get to know it first. This article will teach you advanced NFT knowledge, including NFT trading methods and recommendations. NFT platform, etc.
How to buy NFT? What are the NFT purchase channels?
Although NFT is non-fungible, it can be traded like Bitcoin. Generally speaking, if you want to buy and sell NFT, there are usually the following channels:
1. NFT Platform
Many specialized NFT platforms provide NFT trading services, such as OpenSea, Blur, etc.
2. Cryptocurrency Exchanges
Some centralized cryptocurrency exchanges have also set up NFT markets to allow users to trade NFTs.
3. Traditional auction houses
Established auction houses such as Sotheby's and Christie's have all provided NFT auction services in recent years. Among them, the "Every Day: The First 5,000 Days" NFT created by digital artist Beeple was sold for a sky-high price of US$69 million.
4. Game-specific NFT platform
Many blockchain games also involve NFT transactions, so developers usually set up exclusive NFT trading platforms to trade NFTs that can be used in games, such as "Axie Infinity", "NBA Top Shot", etc.
What is the NFT platform? What are the benefits of using the platform to trade NFTs?
As mentioned above, NFT platforms are places where users can trade NFTs. Most platforms also support "secondary markets", which means that users can continuously resell the NFTs they hold. Some platforms will also give NFT issuers a creator royalty, so that creators can benefit from the process of resale by users.
For users, the benefits of using NFT platform transactions include:
Avoid private transaction risks: Avoid fraud or non-performance risks extended by private transactions
Price disclosure: You can see the current lowest selling price of NFT (floor price)
Preferential activities: You can participate in special preferential activities organized by the platform, such as transaction fee discounts.
Aggregation service: Some NFT platforms use aggregation technology to quickly help users sort out the selling prices of specific NFTs on other platforms and provide the lowest price.
Are there risks in using NFT platforms to purchase NFTs?
Although using the NFT platform has the above benefits, you should also be aware of the following risks:
1. You may buy fake NFTs with the same name
In the past, unscrupulous elements would deliberately issue NFTs with the same name as well-known NFTs on the NFT platform, such as using the name Boring Ape. However, OpenSea, a well-known NFT platform, has recently used mechanisms such as "blue tick" to verify accounts to help users identify genuine items.
2. System risks of the NFT platform itself
Since users typically interact with NFT platforms using self-hosted wallets and may sign authorization contracts, if the platform is hacked or systemic risks arise, authorization will need to be canceled to avoid asset attacks.
3. Phishing scams
According to a report by "The Verge", hackers once used OpenSea to update the smart contract system and used phishing attacks to trick victims into signing a "semi-consent" contract, resulting in asset losses.
How to choose an NFT platform?
According to the opinions of cryptocurrency researchers and experts compiled by the "Linkedin" website, when choosing an NFT platform, you need to pay attention to the following factors:
Conduct due diligence (DD): including the platform’s history, community participation, security measures, etc. If the platform has high trading volume and an active user base, it usually represents its reliability and trustworthiness.
Check the security of smart contracts: Ensure that the platform’s smart contracts are audited by a reputable third-party organization. The security of the code will increase the trustworthiness of the platform, thereby preventing vulnerabilities that could impact assets.
In addition to the above factors, users can also use data websites NFTGo and DappRadar to find platforms with high NFT transaction volume.
NFT platform recommendation list 2024: International NFT platform
If you don't want to slowly search for high-quality NFT platforms through data websites, "Crypto City" will help you compile a list of several recommended NFT platforms in 2024, and sort out the relevant advantages and disadvantages for reference.
International NFT platform recommendation 1: OpenSea
OpenSea is currently one of the NFT platforms with the largest transaction volume and scale. Founded in 2017, it provides users with functions such as casting, buying and selling NFTs. According to DappRadar, as of August 22, 2024, OpenSea had 85,000 monthly active users and a monthly transaction volume of $25.62 million.
NFT platform OpenSea introduces the establishment date in 2017. The advantages of the platform are friendly to novices, supports a variety of blockchains and encrypted wallets, supports Traditional Chinese, and can be minted. The disadvantages of the NFT platform are that creator royalties may need to be paid, transaction fees need to be paid, and there is no direct way to attract users. Number of blockchains supported by Incentives: 10 buying and selling methods, British auction, fixed price auction, batch listing, handling fee, transaction price 2.5%, optional royalty, up to 10%, official website https://opensea.io/
Detailed advantages of OpenSea:
Friendly to newbies
The OpenSea website has designed a complete tutorial, with detailed explanations of NFT concepts and buying and selling methods, which is very suitable for novices who are new to NFT.
Support multiple blockchains
Including Ethereum, BNB chain, Polygon, Solana and other 10 blockchains, users can issue NFTs on chains with cheaper transaction fees and wait for transactions.
Supports multiple crypto wallets
Including MetaMask, Coinbase Wallet, Phantom Wallet, Trust Wallet, etc.
Support Traditional Chinese
Users can select Traditional Chinese in the avatar at the top of the homepage to avoid the trouble of not being able to read English.
Provides minting NFT functionality
Click the Create function at the top of the homepage to cast your own NFT.
Detailed shortcomings of OpenSea:
Creator royalties may be payable
OpenSea once mandated that creators’ royalties be at least 0.5%, and later canceled the mandatory royalties for a time. However, after a massive backlash from creators and netizens, it changed the royalty mechanism to both mandatory and optional systems.
Transaction fees apply
OpenSea pays a fee of 2.5% of the transaction price for each NFT transaction, while some of its competitors have transaction fees approaching zero.
Lack of direct incentives to attract users
Although OpenSea is one of the largest NFT platforms, it lacks direct incentives to attract users compared to its competitors. For example, the Blur platform will provide $BLUR airdrop token rewards to encourage users to increase transaction volume, while the OKX NFT platform will seize the once popular Bitcoin inscription and provide users with related transactions.
Picture source: OpenSea What is OpenSea - OpenSea features, advantages and disadvantages - OpenSea introduction
OpenSea usage tutorial
OpenSea's user interface is user-friendly and it also supports Traditional Chinese, so it is easier to operate than other platforms. Most questions have been officially made into frequently asked questions (FAQ). The following tutorial uses the English version as an example.
How to buy NFT on OpenSea?
According to OpenSea official instructions, there are several steps to purchase NFT.
Fixed price purchase: Click the "Buy now" button to purchase at a set price.
Ordinary auction purchase: Participate in the bidding, and the NFT will be sold to the highest bidder.
English Auction Buying: Bidding is accepted at any time and the seller pays gas. Your bid must be 5% higher than the previous one. The seller can set a reserve price and not sell if it is not met.
Make a payment: Connect and set up a crypto wallet, choose to pay with cryptocurrency or credit card. If you choose a credit card, identity verification is required.
Complete the purchase: Confirm and pay transaction fees (Gas fees and platform fees). Once the purchase is completed, the NFT will appear in your OpenSea collection.
How does OpenSea sell NFT?
According to the official OpenSea tutorial, there are several steps to selling NFT.
Select the NFT you want to sell: Click the profile picture icon in the upper right corner of the page to enter the wallet page. Select the NFT you want to sell and go to the details page.
List an NFT for sale: Click the "List for sale" button in the upper right corner of the NFT page. The system defaults to "fixed price" sales, and you can choose to change it to "limited time auction".
Set sale conditions: Set the price and sale period of your NFT. If you want to reserve it for a specific buyer, you can enter the buyer's wallet address in "More options" or set the creator's profit share.
Complete NFT listing: Confirm the sales settings and sign the transaction. A listing fee will be charged for the first listing. After successful listing, you can view "Active listings" on your personal page to manage the NFTs on sale.
List NFTs in batches: Go to your personal page, click the "Collected" button, select multiple NFTs and click "List items" at the bottom of the page. After setting the price and sales period of each NFT, you can use the "Apply to all" function to apply unified settings.
Image source: OpenSeaOpenSea usage tutorial
How does OpenSea create NFTs?
According to official teaching, there are two major steps to create NFT in OpenSea:
Step 1: Enter OpenSea Studio
After clicking on your profile picture to select "Studio", click the "Create" button in the upper right corner and select "Collection or item" to mint NFT directly into your wallet.
If this is the first time you use the OpenSea Studio tool, click "Create a new collection". Add a logo image, contract name and token symbol to the contract, then select the EVM blockchain and pay the Gas fee to deploy the smart contract.
Then click "Continue", confirm the signed transaction in the wallet, and then click "Create an NFT" to enter the second part.
Step 2: Create an NFT
To upload the art you want to make into an NFT, you can drag and drop the file or upload it from your computer. You then select the series in which you want to mint the NFT, and name and set the supply for the NFT. If set to 1, it means that the NFT is unique.
Next, you need to add a description, external links, and attributes (optional) to the NFT. Then click "Create" and sign the transaction in the wallet to complete the minting. Once minting is complete, the NFT series page can be further customized and relevant details updated.
International NFT platform recommendation 2: Blur
The Blur platform launched in 2022 and has grown rapidly in just two years. DappRadar data shows that Blur is currently the second largest NFT platform in terms of historical transaction volume, second only to OpenSea.
According to DappRadar, as of August 22, 2024, Blur had a monthly trading volume of $123 million and 25,000 monthly active users.
Introduction to NFT platform Blur Founded in 2022 Platform features Designed for professional traders, zero handling fees, integration of other market quotes, number of blockchains supported by airdrop reward system, 2 buying and selling methods/functions, bulk purchase, and the ability to view multiple platforms at the same time Points can be earned for pending orders, prices, and transactions. The transaction price is 2.5%. Royalties are optional and the default is 0%. Official website https://blur.io/
Detailed feature introduction of Blur:
Designed for professional traders
With advanced features such as bulk buying, instant analysis, and customizable creator royalties, the Blur platform meets professional traders' needs for speed, efficiency, and trading control.
Zero handling fee
The Blur platform adopts a zero-fee structure to reduce transaction costs for professional traders, especially users with high trading volumes.
Integrate quotes from other markets
Blur integrates with other NFT trading platforms, allowing users to view pending orders and prices on multiple platforms in a single interface to find better trading opportunities.
There is an airdrop reward system
Blur rewards traders for buying and selling NFTs by airdropping $BLUR tokens, and encourages users to be active on the platform, increasing overall liquidity.
Image source: What is BlurBlur NFT platform - Introduction to Blur features
The $BLUR token is the native token of the Blur platform and is used to support the purchase and transaction of NFTs. Currently 3.6 million $BLUR tokens (12% of the total supply) have been airdropped to NFT traders, past Blur users, and creators.
However, for novices who are new to NFT, Blur also has some shortcomings. For example, it does not have a complete and friendly novice teaching guide like OpenSea, and it only supports Ethereum and Blast (the blockchain launched by Blur), and does not support multi-chains. Trade or pay in cryptocurrencies other than Ethereum ($ETH).
International NFT platform recommendation 3: Magic Eden
Magic Eden was launched in September 2021. It was first an NFT platform supporting the Solana blockchain, and later expanded to support Ethereum, Polygon, and even the inscription and rune projects of the Bitcoin ecosystem.
According to data from DappRadar, as of August 22, 2024, Magic Eden had a monthly transaction volume of $27.62 million and 59,000 monthly active users.
NFT platform Magic Eden Introduction Founded in 2021 Platform features include a points system, tradable Bitcoin inscriptions and runes, exclusive wallet, number of blockchains supported by the launch platform, 5 buying and selling methods/functions, bulk purchase, and points earned for transactions , tradable Bitcoin inscriptions and runes. The transaction fee is 2.5% and the royalty is optional. The default is 0%. Official website https://magiceden.io/
Magic Eden features include:
There is a points system
Magic Eden has a designed reward system. Users can earn diamond points by purchasing, listing, selling and using the Magic Eden wallet to purchase NFT. It is officially called Gem Quest. Solana Wallet Phantom has previously introduced points and transaction volume. Loyalty may affect the airdrop token $NFT that users can obtain. According to the latest announcement from Magic Eden, $NFT has been renamed $ME, and eligible users can apply for airdrops.
Tradeable Bitcoin Inscriptions and Runes
Runes is a new token standard on the Bitcoin blockchain that allows users to issue homogeneous tokens and use satoshis (sats), the smallest unit of Bitcoin, as the transaction benchmark.
Have a dedicated wallet
Magic Eden creates an exclusive encrypted wallet specifically for NFT users, allowing users to manage encrypted assets on multiple blockchains, and even inscription and rune assets on Bitcoin.
There is a launch platform
Magic Eden has a built-in Launchpad, which allows users to view NFT projects that will be listed and decide whether to plan in advance.
Image source: Magic Eden What is Magic Eden NFT platform - Magic Eden features
International NFT platform recommendation 4: Foundation.app
The Foundation.app platform was established in 2020. Although the transaction volume is far less than that of the above-mentioned platforms, the website design and the types of products displayed make it look more like a real "digital art gallery." If you are a creator or artist, or a collector who wants to browse high-quality digital art, you may prefer the atmosphere of Foundation.app.
NFT platform Foundation.app Introduction Founded in 2020 Platform features Display interface specially created for artists, mintable NFTs, exclusive digital exhibitions Supported number of blockchains 2 buying and selling methods/functions Fixed price or floating price sales, limited time or limited auctions , Ordinary auction handling fee is 5% of the transaction price, and works released using Drops and Edition will receive 0.0008 $ETH Royalty 10% Official website https://foundation.app/
Detailed feature introduction of Foundation.app:
The website design of Foundation.app, a display interface specially created for artists, is mainly designed to display artworks, with a very large proportion of pictures and few avatar-style NFTs of varying quality, making it suitable for art collectors to browse.
Artists can easily issue NFTs
Foundation.app accepts uploaded works in formats such as images, videos, and GIFs, and can issue NFTs in a few simple steps (on-chain handling fees are required).
Exclusive digital exhibition
Foundation.app provides a digital exhibition function. Artists can apply for an exhibition and have a dedicated page to introduce their works and exhibition concepts.
Support Ethereum, Base blockchain
If you feel that the on-chain handling fees (gas) for buying, selling, and issuing NFTs on Ethereum are too high, you can choose the Base blockchain.
Image source: Foundation Foundation.app Platform Introduction-Platform Features
Although Foundation.app seems to be more suitable for real artists, it also shows the dilemma of "highbrow" just like the real art world. DappRadar data shows that as of August 2024, Foundation.app’s transaction volume in the past 30 days was only $53,820, and it had only 180 monthly active users.
Recommended comparison table of the top three international NFT platforms
OpenSeaBlurMagic Eden was founded in 2017 2022 2021 30-day transaction volume 25.62 million 123 million 27.62 million Platform features The world’s largest, novice-friendly aggregator, suitable for professional traders Provides Bitcoin inscription, rune trading supported chains 10 blockchains Ethereum and Blast blockchain transaction volume data were updated to 8/22, in US dollars, source: DappRadar