To make it easy, we can name the users of the platform as creators and buyers. Creators are the ones who tokenize their digital assets into NFTs, and buyers are the ones who collect NFTs. Here’s the process.
✔️ A profile is mandatory for both the buyers and creators of the platform.
✔️ Successful integration of the wallet is also essential. Without wallets, one will not be able to transfer or store the traded NFTs.
✔️ Once the account gets verified, both are ready to start.
✔️ Firstly, the creators have to upload their digital files on the platform.
✔️ Then the name, title, description, price, and other particulars of the NFTs can be given.
✔️ The next step is to mint NFTs. Minting is a process of tokenizing their digital files into NFTs.
✔️ Once minted, the file will be successfully converted into NFTs.
✔️ Now, the creators can list them in either auction sales or fixed-price sales.
✔️ It is the right time to talk about buyers.
✔️ After the creation of an account, they visit the storefront of the platform to buy their desired NFT.
✔️ In case the NFT is listed in the auction sale, they can bid a slightly higher price to win the auction in the specified time.
✔️ If it is listed on the fixed price sale, then the buyer can directly send the amount to the creator to procure NFTs.
✔️ suppose the transaction is approved, the NFTs will be sent to the buyer’s wallet using the smart contract process.
Read More @
https://medium.com/geekculture/a-soup-to-nut-about-nft-development-8f04fc8557ee
Topic: How does an NFT marketplace work? (Read 15 times)