NFT Marketplace?
We assume that you have already set up a Web3 wallet in your browser extension. If you are new to cryptocurrency wallets and need help, check out this article. We also assume that your wallet is loaded with funds.
Below is a guide to using the OKX NFT Marketplace, the most recommended NFT exchange in Japan. We assume that you have already set up a Web3 wallet in your browser extension. If you are new to cryptocurrency wallets and need help, check out this article. We also assume that your wallet is loaded with funds.
First, connect to the OKX Web3 ecosystem using a Web3 wallet. Being decentralized, you do not need an OKX exchange account to use the NFT Marketplace.
To connect your wallet, first go to Web3's Wallet Hub. Next to the OKX logo in the top left corner of the home page, you'll see an option to switch between 'Exchange' and 'Wallet'. Clicking on Wallet will take you to the Web3 ecosystem.
Click [ Connect wallet] on the top page and select the wallet you want to connect to. OKX Wallet currently supports these wallets with OKX Web3 browser extension and mobile app, MetaMask, and Wallet Connect. This demo uses the OKX Web3 browser extension, but the steps are similar for each.
Open the wallet in your Web3 browser extension, select the account you want to use, and click Next.
On the next screen, review the permissions granted to your site and click Connect.
Now click on “NFT Marketplace” in the navigation bar of your wallet.
How to create NFTs
After connecting your Web3 wallet, select the network you want to mint NFTs from within the browser extension. Click the menu at the top of the wallet window to see available networks. OKX NFT Marketplace currently supports OKC, Ethereum, BSC and Polygon networks.
Next, click Create NFT from the home page.
In the "Mint NFT" popup that appears, enter all relevant information for your NFT. First, select the file type, then select the file you want to NFT under the "Files" heading.
In the "NFT Name" field, enter the name of the NFT you want to list on the NFT Marketplace, and optionally enter a description. Finally, enter the percentage of future sales you'd like to receive as royalties. You can choose any amount between 0% and 100%. Review the details and click Mint.
You should verify Mint's request in your Web3 wallet. The first network that connects to OKX Web3 will be the network where the NFT will be minted (OKC in this example).
Click Confirm to submit the transaction. Minting requires you to pay for gas in the network's native currency. For example, when minting in OKC, you pay for gas in OKT.
After submitting the transaction in your wallet, wait for the network to confirm it. Once confirmed, you will be able to see your NFT in the “NFT” tab of your dashboard.
How to purchase NFTs
NFTs can be purchased in both the “Primary/IGO” section and the “Marketplace” section. In the "Primary/IGO" section, you can purchase exclusive products by artists and projects carefully selected by the OKX NFT team.
On the other hand, on the “Marketplace”, anyone can buy and sell NFTs of collections sold in the past at “Primary/IGO” and NFTs minted and imported by creators other than curators.
Although the functionality is slightly different, the steps to purchase NFTs are very similar in both sections. This time, I will purchase NFT from "Marketplace".
After connecting your Web3 wallet as described above and navigating to the NFT Marketplace, click Marketplace in the navigation bar.
You can browse NFTs for sale here. You can browse by sales status, collection, host chain, NFT category, and price. Each NFT will display the price, title and creator.
Click the image for more information on NFTs. On the next screen you will see the item sales history, token ID, contract address, royalty percentage and blockchain where the data is stored.
Once you decide which NFT to buy, make sure your wallet is connected to the correct blockchain network. The NFT above is on OKC. Therefore, you must be connected to OKC in order to make purchases.
Click the Buy button to purchase with Web3 Wallet. Click Confirm and once the on-chain transaction is confirmed, the NFT will appear in the “NFTs” section of your dashboard.
Alternatively, click Make offer to offer a deal to the NFT's current owner. Enter the price you want to pay the NFT, how long you want the bid to be active, and select the payment currency. Then click Make offer. Finally, sign the transaction in your own wallet.
If the current owner is happy with your offer, you will receive the NFT once the offer is accepted and the ownership transfer is confirmed on the relevant blockchain.
How to sell NFTs
If you want to list your NFT in the "Marketplace" section, please go to the "Dashboard" section with your Web3 wallet connected.
You can immediately list your purchased NFTs for sale. However, the created NFT must be submitted for review. This is to prevent the sale of potentially harmful NFTs containing pornographic, violent or infringing material.
Select the NFT you want to sell and click to see additional options. It is important to make sure Web3 is connected to the network where the NFT is hosted.
If you are not connected to the correct network, open your Web3 wallet and change the network you are connected to. You can find available networks in the dropdown menu at the top of the window.
While connected to the same network as the NFT you want to sell your wallet to, click the Sell button. If the NFT you are selling is your own creation, you must submit the NFT for review. In the pop-up, read the OKX NFT team's review process information and click Confirm. The review usually takes 1-3 business days.
You can list your NFTs if they pass the review or if you sell previously purchased approved NFTs.
After clicking Sell, you will be taken to a screen where you can enter the details of the sale. Selling price, selling currency, listing deadline, etc.
Enter the details and click Confirm. Finally, sign the transaction in your wallet to list your NFT.
After verification, the NFT should appear in the "Markets" section. If someone buys it, no further action is required to complete the sale. The procedure is automatic.
How to buy virtual currency for NFT on OKX
Now that you know what the best NFT platform is and how the NFT Marketplace works, let's explore the process of buying your first digital asset. Since NFTs are denominated in digital currency, you will need to purchase cryptocurrencies to facilitate the purchase of NFTs.
The most popular cryptocurrencies in the NFT industry are ETH, USDT, BNB and OKB, which are also used to pay applicable network fees.
This step-by-step guide will walk you through buying or selling cryptocurrencies on OKX using the options below.
- Express
- P2P trading
Let's get started with virtual currency.
Step 1: Log into your OKX account
Before you can start buying and selling cryptocurrencies on OKX, you must first log into your OKX account. To do this, click Login in the upper right corner of the OKX home page.
If you don't have an account yet, click Sign up to complete the registration process.
Click "Login" at the top right of the screen
Step 2: Select Buy/Sell
Once logged into your OKX account, click Buy Crypto on the top left of the screen to get started.
Click Buy Crypto on the top left of the screen.
Step 3: Choose your purchase method
The next step is to choose how to buy and sell cryptocurrencies. OKX has two main options.
- Express
- P2P trade
Here, we will guide you through each of them.
Express
The easiest way to buy cryptocurrencies on OKX is through the Express option.
Simply select the cryptocurrency you want to buy and the fiat currency you want to use. Then enter the correct amount of fiat or virtual currency you want before selecting your preferred payment method.
Once the payment is confirmed, the purchased virtual currency will be automatically transferred to your OKX account.
Select the amount of fiat currency or virtual currency you want to use and your preferred payment method.
P2P trade
Clicking on " P2P trade " in the submenu will take you to the P2P trading section.
Then click the currency dropdown menu and select your preferred currency.
You can click " Buy " or " Sell " to see available offers or select " Order Book " to see all available buy and sell orders.
Finally, all you have to do is confirm your transaction.
Points to consider when choosing an NFT Marketplace
First, remember that NFTs (non-fungible tokens) simply represent ownership of assets. Before choosing an NFT marketplace, you should first decide what kind of digital assets you are interested in buying, selling or creating.
Anything digital can be tokenized, including text, videos, video games, art, and collectibles. Since it can be tokenized on a blockchain (like Ethereum, the most common blockchain network on which NFTs are built), it's a good place to start by narrowing down what you’re interested in.
Another thing to consider is the token types supported by the marketplace. Some even support a wide variety of tokens. Others are closed marketplaces and utilize specific proprietary tokens.
When opening an NFT Marketplace account, please make sure to transfer the site-appropriate virtual currency or tokens to your blockchain wallet. After opening an account, you will be prompted to link your wallet to the NFT Marketplace. It is also important to check what kind of security the marketplace has and whether there have been any problems in the past.
Investing in NFTs
The NFT Marketplace is one avenue to start investing in digital assets, collectibles and art, but there are many options out there. Based on the type of NFT and the cryptocurrency you use to trade, choose one that fits your purchasing and storage needs.
Also, be aware that this is a new industry and highly speculative. Some NFTs may skyrocket in value, but there is no guarantee. Digital art and collectibles are worth almost as much as physical art and collectibles. Value is subjective and determined by factors such as uniqueness and the reputation of the creator. When purchasing, please consider your investment strategy, net worth, and investment period before purchasing.
