Like any other physical store, a place to store, buy and sell NFTs is also required. An NFT marketplace stores NFT assets and combine a user-friendly interface with highly powerful back-end properties that support the underlying blockchain technology.
In the working of an NFT trading platform, creators and NFT collectors play a major role. Usually, all NFT platforms share a similar workflow. Firstly, a user has to sign up on the platform and install a digital wallet to store NFTs.
Users can then create their assets by uploading items to exhibit their work. The user can also select which payment tokens they would like to accept for their art and set a fee if the platform suggests it. The next step in the workflow is to list items for sale. The user can choose a bid for a fixed price or an auction. A transaction is created when listing an item for sale to launch a personal trading smart contract for the user’s wallet.