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Are you intrigued by the buzz surrounding non-fungible tokens (NFTs)? Look no further than Polygon, a leading platform that streamlines NFT trading. With Polygon, you can confidently participate in buying, selling, storing, and curating your own unique collections. Our newest blog installment demonstrates a simple step-by-step guide for purchasing and selling NFTs on Polygon. By the time you finish reading, you’ll have a clear understanding of just how easy it is to join the digital asset revolution!
What are NFTs?
In the realm of cryptocurrency, something truly intriguing has emerged – NFTs or Non-Fungible Tokens. These tokens distinguish themselves from other cryptocurrencies by their remarkable attribute of being one-of-a-kind and serving as a representation of ownership for distinct digital assets.A crucial distinction from fungible tokens is that NFTs cannot be exchanged for tokens of equal value – each token holds its own distinct identity.
Embedded within every NFT is metadata that differentiates it from all others in existence. This metadata includes crucial details such as ownership information and instructions on how the token can be transferred between users. As a result, NFTs have found their ideal purpose in the realm of collecting rare and exclusive digital items like artwork, sports cards, limited edition game items, and music albums.
One remarkable aspect made possible by blockchain technology is assigning genuine monetary value to these digital assets without interference from banks or governments. The decentralized nature of blockchain ensures transparency and trust throughout the buying and selling process.
How to use the Polygon blockchain to create NFTs?
For artists and content creators looking to join the NFT frenzy, certain platforms utilizing the Polygon blockchain offer a cost-free way to mint NFTs. Marketplaces like OpenSea and Rarible on Polygon enable “lazy minting,” allowing creators to profit from their content without any upfront expense.
Through this approach, the NFT is only minted when it’s purchased by a user. Consequently, this not only reduces the number of transactions on Ethereum but also ensures that the buyer covers the gas fees instead of burdening the NFT creator.
To get started with lazy minting, an NFT creator must first choose or craft a digital file that will be transformed into a unique nonfungible token. This file could represent various forms such as images, videos, GIFs, or even songs—creating an unchangeable version of it on the Polygon blockchain.
In the case of “lazy minting,” NFT creators must have a crypto wallet with enough MATIC tokens on Polygon to cover future fees. Once these requirements are met, creators can choose from various NFT marketplaces on Polygon and connect their crypto wallet for authentication. From there, they can upload the digital file onto the chosen marketplace.
To begin this process, creators simply need to select the “Free Minting” option and provide necessary authorization to the marketplace. Upon completing these steps, the NFT will be listed for sale and available to other users.
While listed on the marketplace, all associated data of the NFT is stored on the InterPlanetary File System—an inclusive file storage protocol enabling anyone with a computer to store and share files through its expansive peer-to-peer network.
NFT creators can ensure seamless minting of their NFTs by connecting their crypto wallets to the marketplace and granting minting permissions. This guarantees that as soon as the buyer deposits funds, the NFT is minted and credited directly to the creator’s wallet without any unnecessary complications.
Should a creator decide to delist or “burn” an already minted NFT through this method, they will be required to cover the applicable gas fee prior to removing it from the marketplace.
How to purchase NFTs on Polygon?
Interested in buying NFTs on Polygon? Well, you’ll need to start by exploring the various NFT aggregators and marketplaces that operate on this blockchain network. Options include Floor, TixHive, NFTrade, Candy Shop, Hodl My Moon, as well as more familiar platforms like OpenSea and Rarible.
While Hodl My Moon and TixHive specifically cater to the Polygon network, others serve as multichain marketplaces across different blockchain networks such as Ethereum, Solana, and BNB Smart Chain.
Also Read: Comparing PoW and PoS
To get started with purchasing NFTs on Polygon, users must connect their Polygon NFT wallet to their chosen marketplace. From there, they can begin perusing the fascinating array of NFT collections available exclusively on Polygon. It’s important to note that acquiring NFTs differs depending on whether it’s a fixed-price sale or an auction. When it comes to different types of purchases on popular platforms, such as the well-established OpenSea marketplace, specific procedures are in place. For fixed-price items, users have the convenience of adding one or multiple products to their shopping cart effortlessly. Then, with just a single transaction, they can smoothly complete their purchase.
After clicking on the enticing “Add to Cart” button, users are directed to their cart where they finalize their desired items. To wrap up the purchase journey seamlessly, they simply need to select the option labeled “Complete Purchase”. This action will redirect them to the wallet window where they need to accept a signature request. Before doing so, they must switch their wallet’s network to Polygon.
When it comes to fixed-price NFT sales, the type of token accepted depends on what the seller prefers. Consequently, buyers must align with this preference and comply with the set price. In terms of Polygon NFTs, it is most common for sellers to prefer payment in either Polygon ETH or MATIC tokens. This involves bridging traditional ETH tokens onto the Polygon network.
Bridging ETH tokens onto Polygon has significant benefits, as it enables users to reduce costs associated with high and volatile gas fees charged by the Ethereum network. As a result, acquiring NFTs becomes more affordable.
To make an offer or place a bid on an auctioned NFT requires users to lock ETH funds within a Wrapped Ether (wETH) smart contract. Such pre-authorization allows bids without any additional input from buyers.
How to buy Polygon NFTs on OpenSea?
The OpenSea NFT marketplace operates on the Ethereum blockchain, but it also supports transactions involving NFTs from other blockchain platforms like Solana, Klaytn, and Polygon.
If you’re specifically interested in Polygon NFTs, you can easily identify them by looking for the distinctive Polygon logo situated at the upper-left corner of their representative image. Alternatively, you have the option to filter out all other blockchains supported by the platform and solely explore NFTs hosted on the Polygon network.
OpenSea boasts an extensive collection of over 43 million Polygon NFTs across various categories such as art, collectibles, music, photography, sports, trading cards, utility items, and domain names. To facilitate an efficient browsing experience for users looking to make a purchase decision or expand their existing collection, OpenSea provides a wide range of filters. These filters enable users to explore popular NFT collections or set specific budget constraints when searching for desired pieces through convenient search tools available on the platform.
The Bottom Line
To sum up, the process of purchasing and selling NFTs on Polygon is a breeze that you should be able to effortlessly navigate. However, it is essential to conduct thorough research and engage with pertinent communities prior to making any transactions. This way, you can ensure optimal returns for your investment. So, if you have a strong desire to dive into the exhilarating realm of NFTs, do not hesitate; venture onto Polygon today and commence your investment journey!