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How to mint and trade NFTs on OKEx’s NFT Marketplace
A beginner-friendly guide to minting and trading art, collectibles, GameFi assets and more on NFT Marketplace
As one of the planet's leading cryptocurrency ecosystems, OKEx strives to stay ahead of emerging market trends. Consistent with this mission, we just launched NFT Marketplace — a comprehensive and multichain platform to mint, buy, sell and admire your nonfungible tokens.
This introductory guide to NFT Marketplace gives you all the information you need to start using our latest product. We first explain what OKEx NFT Marketplace is and introduce its various functions. Then, we detail exactly how to perform each action with step-by-step guidance.
Table of contents
- What is OKEx NFT Marketplace?
- How use NFT Marketplace
What is NFT Marketplace?
NFT Marketplace is a one-stop shop for all your nonfungible token needs. At launch, it will support NFTs on OKExChain, aka OEC, and Ethereum networks.
The assets available on NFT Marketplace include, but are not limited to:
- GameFi and metaverse assets
- Digital artwork
- Digital collectibles
NFT Marketplace is among the cryptocurrency industry's lowest-cost NFT trading platforms. OKEx charges no platform fees for secondary market sales — users only pay network fees when they buy or sell NFTs there. Assets minted using OEC also benefit from the network's low gas fees and fast transaction settlement times.
One of the most revolutionary qualities of NFTs is their ability to empower creators. As such, anyone can mint and sell assets on OKEx's NFT Marketplace. They are also free to set the rate at which future royalties are charged.
NFT Marketplace is divided into three sections, each of which is explained below.
The "Primary" section features notable NFT collections and creators, curated by the OKEx NFT team. You'll find information about the artists and projects, as well as the time and date that a sale will take place. Initially, sales can take one of two forms — fixed price or auction.
Ranging between just 1% and 5% of the sale price, the Primary market fees are much lower than those typical found in traditionally curated collection sales. Auction houses often charge both buyers and sellers between 15% and 20% of the eventual sale price — on top of extra fees for marketing, shopping and storage, most of which do not apply to NFTs.
The "Markets" section is the place where most NFT trading occurs. In addition to the non-curated items on offer, "Primary" collections trade on this secondary market after their initial sale.
One of the standout features of NFT Marketplace's secondary market is its fee structure. It's among the industry's cheapest, with OKEx taking zero commission on sales in the "Markets" section.
Users only need to pay the network transaction fee required to transfer NFT ownership to a new address. Additionally, creators benefit from every future secondary market sale — since they set their own royalty fee when minting new NFTs.
Under the "My NFT" section, you'll see all the NFTs you have either bought or created. The section is subdivided into NFTs you currently own and those you have created — as well as an area where anyone can mint new NFTs.
How to use NFT Marketplace
The following guides will walk you through using NFT Marketplace. We assume users have already set up a Web 3.0 wallet browser extension. We also assume that your wallet is funded.
Each of the following tutorials requires you to first connect to DeFi Hub using your Web 3.0 wallet. As a decentralized product, you do not need an OKEx exchange account to use NFT Marketplace.
To connect your wallet, first head to DeFi Hub. You'll find it in a menu under the OKEx logo in the top-left corner of the homepage. Clicking DeFi will take you to DeFi Hub. You can switch back to the exchange here, as well.
First, make sure to connect your wallet to the blockchain you want to interact with before connecting to DeFi Hub.
Then, click Connect wallet at the DeFi Hub homepage and select the wallet you want to connect.
DeFi Hub currently supports OKEx Wallet, MetaMask and those wallets compatible with WalletConnect. We'll be using OKEx Wallet for this demonstration, but the steps will be similar for each option.
Open your Web 3.0 browser extension wallet and select the account you want to use. Click Next. On the following window, check the permissions granted to the site and click Connect.
Now, click NFT Marketplace on DeFi Hub's navigation bar.
How to mint NFTs
After connecting your Web 3.0 wallet, head to the "My NFT" section and click Mint NFT, then click the second Mint NFT button.
The Mint NFT pop-up that appears is where you will enter all of the relevant information about your NFT. First, select the file type and choose the file you want to turn into an NFT under the "File" heading.
Fill in the "NFT Name" field with the name you want your NFT listed under on NFT Marketplace and provide an optional description. Finally, enter the percentage of future sales you wish to receive as royalties. You can choose any number between 0 and 100%. Check the details and click Mint.
You will need to verify the request to mint in your Web 3.0 wallet. Whichever network with which you originally connected to DeFi Hub will be the network on which your NFT is minted — in our example, OEC.
When you have submitted the transaction in your wallet, wait until the network confirms it. When confirmed, you can view the NFT in the "Owned" section.
How to buy NFTs
As mentioned, you can buy NFTs in both the "Primary" and "Markets'' sections. Those available in the "Primary" section are exclusively created by curated artists and projects — handpicked by the OKEx NFT team. Meanwhile, the "Markets'' section is where anyone can buy and sell NFTs from collections previously sold in the "Primary" section and those minted or imported by non-curated creators.
Although slightly different in their function, the steps to buy an NFT are very similar for both sections. For this example, we're buying an NFT from "Markets."
Having connected your Web 3.0 wallet via the steps above and navigated to NFT Marketplace, click Markets on the navigation bar.
Browse the NFTs available. For each NFT, you'll see the price in a green box, its title and its creator.
To see more information about an NFT, click the image. On the next screen, you will see the item's sales history, token ID, contract address, royalty percentage and the blockchain on which the data is stored.
When you have decided which NFT to buy, click the Buy now button to make your purchase via your Web 3.0 wallet.
Head over to NFT Marketplace and start exploring the world of digital collectibles.