How Does A Community Centric NFT Marketplace Work?

How Does A Community Centric NFT Marketplace Work?
2 min read
25 November 2022

A community-centric NFT marketplace is nothing more than an NFT trading platform where users can issue, list, buy and sell non-fungible tokens. Yes, its functionality is very similar to that of a typical NFT marketplace. So what are the distinguishing factors? The Community-Centric name itself indicates that the platform is community-centric. In short, a community-centric NFT marketplace offers participation in decision-making to users who hold governance tokens. In addition, they allow  users to contact each other. Additionally, the platform offers the great advantage of eliminating duplicate NFTs.

A Step-by-Step Workflow for a Community-Centric NFT Marketplace

Let's take a quick step-by-step look at the features of our community-centric NFT Marketplace.

  • To get started, individuals must create an account on the platform with the required details and then link their digital wallet. 
  • Users can then purchase native or governance tokens for the platform. For example, Rarible's governance token is RARI.
  • Registered users can search for their favorite NFTs and choose to buy them at fixed prices or auctions listed on the community-focused NFT marketplace.
  • You will then have the opportunity to resell the purchased NFTs by listing them on the platform and enabling the user to buy NFTs with fiat or virtual currency. 
  • NFTs stored in the seller's wallet are transferred to the buyer's wallet immediately after the payment is processed.
  • Fees are charged by the owner, who owns his community-centric NFT marketplace.

Community centric NFT marketplace is the new fad in the NFT industry. It is evident that community centric NFT markteplaces are a big hit through the popularity of Soare and NBA Top Shot. They both are sports based community centric marketplace that has huge trade volume in a day to day basis. You can also launch a thriving community centric NFT marketplace and reap huge benefits form it. Get in touch with a Community Centric Marketplace Development company and commence your development process. 

In case you have found a mistake in the text, please send a message to the author by selecting the mistake and pressing Ctrl-Enter.
Camilla Burns 0
NFT | NFT Marketing | NFT Creator | NFT Trading
Comments (0)

    No comments yet

You must be logged in to comment.

Sign In / Sign Up