If you have been experiencing a complicated understanding of the Non-Fungible Tokens (NFTs), this blog will detangle the complications. The midpoint of the below-mentioned content is to explain the development of the MakersPlace clone and the personalization option that comes along with it.
Non-Fungible Tokens – A Clear-Cut Explanation
Immutable digital ownership of real-world assets is the apt definition for NFTs (Note: NFTs can also be referred to as digital collectibles/crypto collectibles). You can indeed mint any type of asset into an NFT and following which it will be added to the blockchain network’s distributed ledger.
From then, your asset becomes immutable even by you, the owner. Digging a step deeper into the concept of these crypto collectibles, you will get to know other traits like security (to your asset’s identity), non-interchangeability, indivisible, uniqueness, and transparency.
The reputation of MakersPlace surged after the historic sale of an artwork named “Beeple’s Everyday:The First 5000 days” at Christie’s auction house in March 2021.
How To Mint An NFT In The Marketplace Platform?
In plain words, minting is the technical term used to describe the process of appending the assets’ details on the blockchain network. Here, let us take a look at the generic process of minting NFTs.
Assume that you have signed up for an NFT marketplace. Next, you must head to the page “Create an NFT.” Next, you must upload a digital copy of the asset. Every marketplace platform has a specific file size that has to be uploaded.
You must add the title and a description of the asset that you are about to upload. Post adding the details, you must click on “mint NFT.”
Before initiating the minting process, you must click on the “sign” button. Here, the signing process is similar to how one approves any document by putting his/her signature.
The process of minting a crypto collectible on an Ethereum blockchain network will require gas consumption. For that, users will have to pay gas fees in ETH. Hence, after approving the gas fees the minting process starts.
After it ends, you will get notified and view the minted crypto collectible on your profile.
We hope this introduction circling around the definition of an NFT/crypto collectible and the minting process is understandable. We shall take the next step, where you will explore a popular marketplace called MakersPlace.
MakersPlace NFT Marketplace – An Exclusive Platform For Digital Artworks
MarkersPlace is a platform for trading crypto collectibles that are related to artworks. First, you need to know that there are two kinds of NFT marketplaces in existence. One is a universal marketplace that supports any category of crypto collectibles. And the other one is a niche-based marketplace that supports a particular niche like either artworks, music, videos, and you can name many.
So, the MakersPlace NFT marketplace falls under the niche, artworks. In this platform, all the crypto collectibles are verifiable. Any buyer can view the details of different digital collectibles and also check the authenticity of the owner easily.
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Generally, NFT marketplaces will be integrated with payment options. Users can convert their fiat currencies into crypto currencies and then buy crypto collectibles with those currencies. In some platforms, there will be an in-built wallet for storing cryptos. Alright!
The list of payment options supported by MakersPlace is PayPal, Stripe, credit, and debit cards plus a digital wallet.
Commission Fees On MakersPlace
It is obvious that any online medium involving the exchange of products will impose a commission on traders. Similarly, NFT marketplaces will also deduct a percentage of the total payment.
MakerPlace charges 15% as commission fees, which will be deducted from buyers. When compared to other blockchain-based trading platforms, this marketplace levies higher commission fees. In addition, if buyers wish to make the payment via credit cards, then they will pay a fee of 2.9%.
Most importantly, if buyers wish to resell the artworks on the platform, then the percentage of commission fee is 12.5%. Out of this percentage, 10% is passed on to the creator of the art as a sign of royalty.
Is MakersPlace A User-Friendly Platform?
This niche-based platform is definitely a user-friendly marketplace. Users can navigate through the platform, view the NFTs, the details of each collectible, etc. For additional convenience, the platform has a filter-enabled search and filter bar that lets users discover the category of artworks they prefer.
What Is Special About This MakersPlace Clone?
To your knowledge, this marketplace is an invite-only platform. If one wishes to join this art-based trading platform, one must request the referral link through the marketplace’s home page.
First, you have to head to the platform’s home page and click on the Sign up as a creator. You have to enter your full name, email address, password, and invite code.
If you don’t have an invite code, then click on the “Don’t have an invite code? Fill out this application.”
Now, you will be directed to a Google Docs form, where you have to fill in the details. The details include email address, full name, social media links, and links to your portfolio (featuring your previous artworks).
The same process applies if you are a buyer. All that you need to do is choose the “Sign up as collector” option.
What’s The Latest News About MakersPlace?
In August 2021, MakersPlace received $30 million in a Series A funding round from a group of Venture Capitalists (VCs). Dannie Chu, CEO and Co-Founder of MakersPlace has stated that “ With this Series A we will further our commitment to uniting the best digital artists with the most passionate collectors and continue to bring this new medium for creativity and collecting to a mainstream audience.”
Our NFT fanatics have developed a similar app that is suitable for trading artworks. We know that infusing some uniqueness to an NFT marketplace platform is the key to make it captivating. Hence, our developer team will have a meeting with you, know your preferences and apply those to our clone solution.
In the last 30 days, the trading volume on MakersPlace is $709.08. Investors processed 2260 peer-to-peer (P2P) payments. Besides that, artists and investors have locked $205,650 worth assets on the Ethereum-based smart contract. Start off developing and customizing the NFT marketplace like MakersPlace from Appdupe. Cheers!
Do you want to launch an artwork-based NFT marketplace platform like MakersPlace?
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