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How to mint and trade NFTs on OKX NFT Marketplace
A beginner-friendly guide to minting and trading art, collectibles, GameFi assets and more on OKX NFT Marketplace
As one of the planet’s leading cryptocurrency ecosystems, OKX strives to stay ahead of emerging market trends. Consistent with this mission, we launched the OKX NFT Marketplace — a comprehensive and multichain platform to mint, buy, sell and admire your nonfungible tokens.
This introductory guide to the OKX NFT Marketplace provides all the information you need to start using the product. We first explain what NFT Marketplace is and introduce its various functions. Then, we detail exactly how to perform each action with step-by-step guidance.
What is OKX NFT Marketplace?
OKX NFT Marketplace is a one-stop shop for all your nonfungible token needs. It currently supports NFTs on the OKC, Ethereum, BSC and Polygon networks.
The assets available on the NFT Marketplace include but are not limited to:
- GameFi and metaverse assets
- Digital artwork
- Digital collectibles
OKX NFT Marketplace is among the cryptocurrency industry’s lowest-cost NFT trading platforms. OKX charges no platform fees for secondary market sales — users only pay network fees when they buy or sell NFTs there. Assets minted using OKC 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. Anyone can mint and sell assets on OKX NFT Marketplace. They are also free to set the rate at which future royalties are charged.
OKX NFT Marketplace is divided into four sections, each of which is explained below. You can access each section using the menu at the top of the screen.
When accessing the OKX NFT Marketplace, you’ll arrive first at the “Featured” section, which is the product’s central hub. Here, you can discover new, top and trending NFT collections.
At the top of the page, you’ll see links to explore the secondary marketplace and to create your own NFT. Further down, there are links to the top collections as per global volume and the “Recent Rockets” section details collections seeing significant growth recently. Below that, you’ll see examples of popular NFTs, according to the number of times they have been transferred between wallets.
Underneath these hot NFT projects, you can browse the entire NFT Marketplace via categories. Examples include art, sports, music, domain names and collectibles. You’ll also find more general information about the marketplace and its functionality.
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 OKX NFT Marketplace’s secondary market is its fee structure. It’s among the industry’s cheapest, with OKX taking zero commission on sales in the “Marketplace” section.
Users only need to pay the network transaction fee required to transfer NFT ownership to a new address. Additionally, creators can benefit from every future secondary market sale — since they can set their own royalty fee when minting new NFTs.
The “Primary/IGO” section features notable NFT collections and creators, curated by the OKX 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/IGO market fees are much lower than those typically found in traditionally curated collection sales. Physical auction houses often charge both buyers and sellers between 15% and 20% of the eventual sale price — on top of extra fees for marketing, shipping and storage, most of which do not apply to NFTs.
There’s also a link to apply to be a creator and have your collection launched in the NFT Marketplace’s primary market.
The “Stats” section is where you can browse collections and check out key performance metrics at a glance. It features global NFT rankings that are sorted by volume, volume change, floor price, floor price change, number of transactions, liquidity, owners and number of items in a collection.
How to use NFT Marketplace
The following guides will walk you through using OKX NFT Marketplace. We assume users have already set up a Web3 wallet browser extension. Check this guide if you’re unfamiliar with Web3 wallets and need some assistance. We also assume that your wallet is funded. You can learn how to fund a Web3 wallet in this tutorial.
Each of the following guides requires you to first connect to the OKX Web3 ecosystem using a Web3 wallet. As a decentralized product, you do not need an OKX exchange account to use the NFT Marketplace.
To connect your wallet, first head to the Web3 wallet hub. You’ll find the option to toggle between the “Exchange” and “Wallet” next to the OKX logo in the top-left corner of the homepage. Clicking Wallet will take you to the Web3 ecosystem.
Click Connect wallet at the homepage and select the wallet you want to connect. OKX Wallet currently supports the OKX Web3 browser extension and mobile app, MetaMask and those wallets compatible with WalletConnect. We’ll be using the OKX Web3 browser extension for this demonstration, but the steps will be similar for each option.
Open your Web3 browser extension wallet and select the account you want to use. Then, click Next.
On the following screen, check the permissions granted to the site and click Connect.
Now, click NFT Marketplace on the Wallet navigation bar.
How to mint NFTs
After connecting your Web3 wallet, choose the network on which you want to mint your NFT from within the browser extension. Click the menu at the top of the wallet window to reveal the available networks. OKX NFT Marketplace currently supports OKC, Ethereum, BSC and Polygon networks.
Then, click Create NFT from the homepage.
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 amount between 0% and 100%. Check the details and click Mint.
You will need to verify the request to mint in your Web3 wallet. Whichever network you initially connected to OKX Web3 with will be the network on which your NFT is minted — in our example, OKC.
Click Confirm to submit the transaction. Minting will require a gas payment paid in the network’s native crypto asset. For example, you will pay gas fees in OKT if you’re minting on OKC.
When you have submitted the transaction in your wallet, wait until the network confirms it. When confirmed, you can view your NFT under the “NFT” tab on the Dashboard.
How to buy NFTs
You can buy NFTs in both the “Primary/IGO” and “Marketplace” sections. Those available in the “Primary/IGO” section are exclusively created by curated artists and projects — handpicked by the OKX NFT team.
Meanwhile, the “Marketplace” section is where anyone can buy and sell NFTs from collections previously sold in the “Primary/IGO” 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 purchasing an NFT from the “Marketplace.”
Having connected your Web3 wallet via the steps above and navigated to NFT Marketplace, click Marketplace on the navigation bar.
Browse the NFTs available. You can browse via selling status, collections, host chains, NFT categories and price. For each NFT, you’ll see the price, title and creator displayed.
For more information about an NFT, click the image. You’ll see the item’s sales history, token ID, contract address, royalty percentage and the blockchain on which the data is stored on the next screen.
When you have decided which NFT to buy, make sure your wallet is connected to the correct blockchain network. The NFT above is on OKC. Therefore, we need to connect to OKC to buy it.
Click the Buy button to make your purchase via your Web3 wallet. After you click Confirm and the transaction is confirmed on-chain, your NFT will appear in the “NFTs” section of the dashboard.
Alternatively, click Make offer to propose a trade to the NFT’s current owner. Enter the price you want to pay for the NFT and how long you want the bid to remain active, and select the payment currency. Then, click Make offer. Finally, sign the transaction in your wallet.
If the current owner is happy with the price offered, they will accept your offer, and you’ll receive your NFT when the relevant blockchain has confirmed the ownership transfer.
How to sell NFTs
If you’d like to put an NFT up for sale in the “Marketplace” section, head to the “Dashboard” section with your Web3 wallet connected.
You will be able to list NFTs you have bought for sale immediately. However, you will need to submit the NFTs you have created for review. This is to prevent the sale of potentially harmful NFTs containing pornographic, violent or copyright-infringing material.
Choose which NFT you want to sell and click it to reveal additional options. It’s essential to ensure your Web3 is connected to the network on which the NFT is hosted.
If you are not connected to the correct network, open your Web3 wallet and change the connected network. You’ll find the available networks in the dropdown menu toward the top of the window.
With your wallet connected to the same network as the NFT you want to sell, click the Sell button. If the NFT being sold is one you created, you will need to submit the NFT for review. On the pop-up, read the OKX NFT team’s review process information and click Confirm. Reviews typically take between one and three working days.
You can list your item for sale if your created NFT passes review or you are selling a previously approved NFT you have bought.
After clicking Sell, you will be prompted to enter the sale details. These include the price, sale currency and listing expiration.
Enter the details and click Confirm. Finally, sign the transaction in your wallet to list your NFT for sale.
After confirmation, your NFT should appear as listed within the “Markets” section. If someone buys it, you needn’t take any further action to complete the sale. The process is automatic.
Head over to NFT Marketplace and start exploring the world of digital collectibles.
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