Crypto Academy Week 12: Homework Post for @levycore | Buying and Selling NFTs

The year is 2065; humans have fully transitioned to a completely new world; a world of unimaginable visual ecstasy. Virtual reality devices have reached its final form factor; with just a pair of glasses anyone can step in and out of the virtual world.

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A Tale of NFTs

The virtual world inherits a lot from our physical reality; with digital paintings hanging on the walls of virtual homes, digital plants at each corners to decorate these homes, together with other collectibles. On the bright side, these digital assets do not inherit the weaknesses of their traditional counterparts.

You can easily verify the authenticity of digital arts on the blockchain because they have been tokenized. This is contrary to traditional arts where you need the help of a seasoned expert to do this. So, in this world, the risk of acquiring pirated arts has potentially been reduced to a certain degree. And with that, comes peace of mind. As a lover of art, this means a lot.

However, in this every moment you realize one thing; you could have gotten these digital arts for a cheaper rate back then in 2021, but you didn’t. You missed out on the opportunity to buy non-fungible tokens (NFTs) just like you missed the chance to get Bitcoin when it cost only a few cents. Regrets!

What if I told you, you can change all that? No, I am not talking about Bitcoin, that shipped has already sailed! Let us talked about non-fungible token (NFTs).

You still have a chance to delve into the NFT space while the prices are still relatively low. Complaining about the prices now, watch how it triples within the next few years. Now I have your attention. Below are some places to can get NFTs.

Examples of NFT Marketplaces

Some popular examples of NFT marketplaces are;

Marketplace	Commission	Payment Method
OpenSea	2.50%	Crypto Wallet
Rarible	2.50%	Crypto Wallet
Enjin Marketplace	2.50%	Crypto Wallet
Cryptokitties	3.75%	Crypto Wallet
SuperRare	15.0%	Crypto Wallet

However, you need to have a crypto wallet to use any of the NFT marketplaces mentioned above.

Okay, I hear you. You just can’t wait to click the buy button but you don’t have a crypto wallet. Well, in a previous homework, I wrote on how to create a MetaMask wallet. You can check it out here.

Oh, you don’t have the patience to go through the process of creating a crypto wallet. You are in luck because during my research I found some NFT marketplaces where you can buy NFTs without having a crypto wallet.

Examples of NFT Marketplaces That Accept Other Payment Method

Below are marketplaces where you can buy NFTs with a credit card.

Marketplace	Commission	Payment Method
MakersPlace	15.0%	PayPal, Credit Card
Arkane Market	4.0%	Credit Card
Nifty Gateway	15.0%	Credit Card
Terra Virtua	6.0%	Credit Card
NBA Top Shot	5.0%	Credit Card

In this post, I will focus on MakersPlace.

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MakersPlace

Makersplace is home to some of the most beautiful artworks in the Blockchain world. It has a remarkable range of NFTs, NFTs creators, and prices. You can find cheap NFTs from unknown creators as well as expensive ones from famous artists on the platform. The site was launched in 2018 and has been active ever since.

User Interface

The layout of Makersplace is decent. It is comfortable to the eyes and I find it easy to search for specific NFTs. This is only my opinion though, because what is pleasant to one person may not be pleasant to another.

With that being said, to see the price of an NFT on the platform simply put a cursor on it if you are using a PC. On Smartphone, you don’t have to do anything. The prices are provided below the NFT.

There are two ways to buy NFT on the platform; this depends on how the creator listed it. You can either make offers similar to the art gallery auction style or make instant purchase using your credit card.

NFT Page Layout

An example of a single NFT page is shown in the screenshot above. The name of the NFT I selected is Zōē. The layout shows the price of the art, the number of persons that have viewed the art, the name of the creator, the number copies minted, description, file size, and additional information.

Why I Chose MakersPlace

The fact that you don't need to have a crypto wallet to make purchases, sets this NFT marketplace ahead of the rest in the industry. In addition, the site is very easy to use. I like this a lot.

Another reason why I chose MakersPlace is because no one else is talking about it. It isn't as popular as the other NFT marketplaces. I only found it during my research for the homework given by the professor. MakersPlace haven't spent much money on promotions and yet they have a clean platform with impressive artworks. I find that intriguing.

Also, one feature that caught my attention while using the platform is that once you click on the Purchase button to input your credit card details, no one else will be able to the purchase the art within the first one minute of your click. The funny thing is, this isn't what attracted to the site in the first place but I find myself liking it.

You can use different filters to find specific NFTs on the platform. There are filters for minimum and maximum prices, how recent the NFT is, and the category it belongs. There are various categories one can use to find art works on the platform which can come in handy when searching for a particular NFT.

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How to Buy NFTs on MakersPlace

Here is a simple guide on how to make a purchase on Makersplace;

• Go to https://makersplace.com

• Choose [Discover] from the menu.

• Select the NFT you like.

• Tap on the [Purchase] button.

• Type in your credit card details in the fields provided.

• Now, click on the [Purchase] to complete the transaction.

Congrats! You have successfully purchased an NFT on Makersplace.

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How to Sell NFTs on MakersPlace

To sell NFTs on this site, you need to sign up as a creator.

• Click on [Sign Up] on the top right corner.

• Then, tap on [Sign up as a Creator]

• Type in your name, email, password, and invite code.

• If you don't have an invite code you need to click on the link in the highlighted area below.

• Fill in the application form, click [Submit] and wait to receive an approval through your email.

• Upon filling the MakersPlace Invitation Request, you may receive an invitation code via email to indicate that your request has been approved.

• If you get the invite code you can use it to complete the registration process and begin minting NFTs and selling them. (I would have provided a screenshot but as at the time of writing this post, I haven't received an invite code).

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Advantages of MakersPlace

MakersPlace has numerous advantages. They include:

• Usability: Anyone can buy non-fungible tokens on MakersPlace, even if the person has little or no knowledge about crypto. It is designed to be easily accessible;

• Ease of Purchase: You don’t need a crypto wallet to buy NFTs on Makersplace. This is a very unique feature that MakersPlace offers;

• Payment Options: Makerplace is among the few NFT marketplace that has implemented PayPal, Stripe and credit card payment method. I find this implementation particularly useful because not all collector have a crypto wallet. In addition, some persons may just prefer using the traditional means of payment that they are used to already. Besides, PayPal may someday add the feature of storing cryptos in your PayPal;

• Relatively Inexpensive: Despite the high service fee on this marketplace, I found some beautiful artworks for a relatively low price;

• User Interface: It has a clean user interface. An the user experience is decent. The buttons are responsive and functional;

• Functionality: There are various filters one can use to find an NFT of choice. These filters makes it easy to navigate through the available NFTs on the site.

Disadvantages

of MakersPlace

The four major limitations of MakersPlace are;

• Limited Number of NFTs: Since it is not a very popular, the number of NFTs on the platform is not as much as the popular ones.

• High Commission Fees: The commission fee is among the highest in the industry with 15% commission for each trade. This means that if you pay $500 for an NFT, $75 of that amount is charged as service fee and $425 is the actual amount. However, if it is a secondary sale (that is if you're buying from a collector), there is a 12.5% fee. 2.5% of the payment goes to Makersplace, while 10% goes to the creator of the NFT as royalties.

• Difficulty in Signing Up as a Creator: You need an invitation code to create an account. If you don't have one, you will need to send an application to Makersplace and wait for approval before you can sell on the platform. It is called MakersPlace, and yet they make it difficult for Makers to sign up on the platform. I do understand they are trying to minimise spammers on the platform.

• Security: Using your credit card on any platform on the internet is a risk. A risk we take each day we use them online. However, it shouldn't cause any need for alarm because there no report of credit card attack on the platform. To put your mind at ease, the site does not store your credit card details. That said, it is still worth a mention.

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Final Words

The existence of Non-fungible tokens (NFTs) has revolutionised our perception of digital assets.

Although NFTs (also known as ERC-721 tokens) are very much like cryptos, they differ in so many ways. These digital assets can be anything from concert tickets, artworks, video clip, bill cards, gaming assets and other items. Once these items are tokenized or minted, they are stored in the Blockchain network and the history of owners can be seen. This makes it easy to validate the authenticity of an asset.

Unlike cryptocurrencies, NFTs cannot be divided. However, an artist can create several copies of the tokens which can be sold separately. Even so, the number of copies will always be known. Like we saw earlier.

By accepting traditional methods of payment, MakersPlace will hasten the adoption of NFTs. Hopefully, other NFT marketplaces may broaden the options for making payments in the near future.

We have also discussed the steps taken to buy and sell NFTs on MakersPlace. The biggest downside of MakersPlace is the high commission fee. Even then, it is still cheaper than the 20% to 30% commission fee that an art gallery often charge on auctions.

Professor @levycore has given an interesting and informative lecture. I found MakersPlace during my research for this week's task. It is so unpopular to the point that I couldn't find a detailed review about it anywhere on the internet. So I put so much effort to use the site and understand it. I learnt a lot during the course of doing this homework.

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Notes:
<sub>1. All images were made by me on PicsArt and PixelLab.
2. All screenshots were taken by me from MakersPlace.com.</sub>