Web 3.0 is providing a vast new set of tools and concepts that are not always easy to understand. Most people today have heard blockchain or crypto currency. Some have begun to understand NFTs (Non Fungible Token) and have formulated an early idea of what that means. But where do you go to see what is available for purchase? How do you buy a digital product? What if I want to list one for sale, which one should I use?
Not all these questions will be fully answered in this post, but a few areas to consider should be the following:
What is the fee to list digital products for sale?
What blockchains can be used to purchase and list NFTs?
What currency is expected to be used, does it matter?
What types of digital products or NFTS can be listed?
Is security an issue, how do I know my products and my customers purchases will be safe?
Gas Fees
The ability to accurately predict the added cost to creating and selling an NFT is not cut and dry. Each blockchain has a fee for the work required to ensure the contract is accurate and that the item is properly owned, transferred and validated. This requires computing power, people and companies to be involved and all that costs money. Depending on the volume of users, e.g. network traffic, and the type of validations that are occurring will all dictate the added cost that will need to be applied. As of writing this post Ethereum costs the most to use. It is advised, if at all possible, to use a blockchain that is less expensive but has market credibility. Polygon, Binance Smart Chain (BSC) and Solana are good choices to consider.
Further discussion on these and other aspects of the marketplace will be discussed in future posts to help better understand how NFTs are created, where they should be sold and what additional points should be considered when planning a digital product launch. For now use this to help ensure you ask the right questions and do the research so there are no surprises.
Additional details can be found at https://www.creativebloq.com/features/nft-marketplaces, Ian Dean put together a focused discussion for those intent on creating artwork and listing for sale.
Gas fees are an element of the digital marketplace that requires a fee for the service to mint, exchange and host digital products on a blockchain. Those fees are set by the blockchain and can be hard to predict and navigate. Here is a list of information around how fees are established, https://thecointimes.net/latest-nft-marketplaces-with-low-gas-fees/
About the author:
Curtis Lupton is a curious entrepreneur who has successfully developed improved customer experiences for private and public organizations. If you would like to learn more about ValueProve and how they can help you in your re-imagined CX/BX journey please visit www.value-prove.com
Comments