The rise of non-fungible tokens (NFTs) has revolutionized the digital art and collectibles landscape, opening up new avenues for creators and collectors alike. Within this burgeoning market, the OBJKT Marketplace has emerged as a leading platform, harnessing the power of the Tezos blockchain to provide a dynamic ecosystem for buying, selling, and trading digital assets. But what exactly is the OBJKT Marketplace, and why is it essential in the NFT revolution?
This article delves into the world of the OBJKT Marketplace, exploring its features, benefits, and impact on artists, collectors, and the broader blockchain ecosystem. We will unravel the fundamental concepts of NFTs and blockchain technology to grasp the underlying principles that make the OBJKT Marketplace a game-changer in digital assets.
1 Understanding NFTs and Blockchain
2.1 Features of the OBJKT Marketplace
2.2 Mission and Vision
2.3 Fee structure
3 Getting started on OBJKT: A step-by-step guide
4 How to create your collection
5 Recent developments
Understanding NFTs and Blockchain
NFTs, short for non-fungible tokens, are unique digital assets representing ownership or proof of authenticity for a particular item or piece of content. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and hold distinct properties that set them apart.
NFTs are unique in their ability to encapsulate digital assets, including artwork, music, videos, virtual real estate, and even virtual goods within video games. Each NFT is assigned a specific token identifier, providing a verifiable and immutable record of its ownership and transaction history on the blockchain.
NFT formation, verification, and transaction all rely on blockchain technology. A blockchain is a decentralized, distributed ledger that keeps track of transactions across numerous computers or nodes and verifies them. The consensus-based operation ensures the security and integrity of the data recorded within the blockchain.
The Tezos blockchain, in particular, forms the backbone of the OBJKT Marketplace. Tezos is a smart contract platform that supports the execution of decentralized applications (dApps). It provides a robust infrastructure for the OBJKT Marketplace, enabling secure transactions, smart contracts, and the integration of custom tokens minted by creators.
Exploring the OBJKT Marketplace
The OBJKT Marketplace is a vibrant hub where digital artists, musicians, and creators from various domains can showcase, sell, and trade their unique digital assets. Built on the Tezos blockchain, this marketplace harnesses the power of decentralized technology to enable secure and transparent transactions within the NFT economy.
Features of the OBJKT Marketplace
Buying and Selling NFTs: The OBJKT Marketplace provides a user-friendly interface that allows buyers to explore and purchase NFTs listed by creators. Users can browse various categories and collections to discover unique digital assets that align with their interests. Once a buyer finds an NFT they desire, they can engage in a secure transaction to acquire the digital asset. Creators can list their NFTs for sale, set the price, and establish the transaction terms. The OBJKT Marketplace empowers creators by providing a platform to monetize their digital creations directly without intermediaries.
Auctioning Digital Assets: In addition to direct sales, the OBJKT Marketplace also enables the auctioning of digital assets. Creators can initiate an auction for their NFTs, allowing buyers to place bids and compete for ownership. Auctions provide an exciting and interactive way for collectors to acquire highly sought-after NFTs, fostering community engagement within the marketplace.
Support for Various Digital Goods: The OBJKT Marketplace recognizes the diverse forms of digital creativity and caters to a wide range of digital goods. Whether visual artwork, music compositions, virtual fashion items, or even in-game assets, creators can tokenize and offer their unique creations on the platform. This diversity fuels an ecosystem where artistic expression knows no bounds.
Mission and Vision
The OBJKT Marketplace is driven by a mission to build the largest Web3 creator platform on the Tezos blockchain. It aims to empower creators, collectors, and builders within a brand-new economy that embraces the potential of blockchain technology and NFTs. By providing a secure and accessible marketplace, OBJKT strives to create opportunities for creators to monetize their talent and engage with a global audience. The OBJKT Marketplace aims to revolutionize digital assets’ perception, value, and trade through its dedication to fostering a vibrant ecosystem. It aims to democratize access to the NFT economy, enabling creators from all walks of life to participate and thrive.
The platform charges a 2.5% fee on all sales made on the platform. When the transaction is completed, this fee is charged to the seller and is automatically deducted from the sale price.
The platform does not charge any fees for creating listings or offers. However, users must pay a small gas fee to complete transactions on the Tezos blockchain. Gas fees are paid in XTZ and are used to compensate validators for processing transactions on the network.
The platform offers a flexible royalty system that allows creators to set their royalty rates for each creation. Creators can set a royalty rate between 0% and 100%. When a creation is sold, the creator receives the percentage of the sale price they set as their royalty rate. The remaining balance is paid to the seller after the platform’s fee is deducted. This system allows creators to earn a fair share of the profits from their creations and incentivizes them to create high-quality content for the platform.
According to DappRadar, the top 3 highest OBJKT NFT sales are from the Tezzards collection. The three NFTs sold for $217.75k, $178.89k, and $166.24k respectively in 2021.The marketplace has a total transaction value of $63.47 million with 87,699 unique traders.
Getting started on OBJKT: A step-by-step guide
Here is a stepwise guide to help you navigate the platform and get started on your creative and collecting endeavors. By following these steps, you’ll be well on your way to immersing yourself in the vibrant ecosystem of digital art, music, collectibles, and more.
Create a Web3 Wallet: The first step to engage with the OBJKT Marketplace is to set up a Web3 wallet compatible with the Tezos blockchain. One popular choice is the Temple Wallet, which you can download and install on your device. This wallet lets you securely store and manage your Tezos (XTZ) tokens and interact with decentralized applications (dApps) like OBJKT.
Fund Your Wallet: After setting up your Web3 wallet, you must add funds to your wallet by acquiring Tezos (XTZ) tokens. You can purchase XTZ from various cryptocurrency exchanges or swap them for other cryptocurrencies you already own. Ensure your wallet has a sufficient balance to cover any transaction fees and potential purchases on the OBJKT Marketplace.
Connect Your Wallet to the OBJKT Marketplace: With your Web3 wallet set up and funded, the next step is to connect it to the OBJKT Marketplace. Visit the OBJKT website and locate the wallet connection option. You’ll be prompted to authorize the connection between your wallet and the marketplace. This integration allows for seamless interaction and secure transactions on the platform.
Explore the Marketplace: Once your wallet is connected, you can explore the vast array of NFTs available on the OBJKT Marketplace. Browse through different categories, collections, and featured artworks to discover the digital assets that resonate with your interests. Take your time to explore the diverse creations and immerse yourself in the vibrant world of digital art and collectibles.
Purchase or Auction NFTs: When you find an NFT that captivates your attention, you can purchase it directly or participate in an auction. If you choose to buy an NFT, ensure that you have enough funds in your wallet to complete the transaction. Simply follow the on-screen instructions to finalize the purchase securely. Alternatively, if the NFT is being auctioned, you can place bids and compete with other collectors for ownership. Participating in an auction adds an element of excitement and engagement to the process, so feel free to explore this avenue as well.
Engage with the Community: Beyond buying and selling, the OBJKT Marketplace fosters a vibrant community of creators and collectors. Engage with fellow enthusiasts by joining forums, participating in discussions, and following artists you admire. Connect with like-minded individuals who share your passion for digital art and NFTs, and collaborate on exciting projects within the ecosystem.
How to create your collection
A collection is a group of NFTs you can create and manage on your OBJKT profile. You can use collections to organize your NFTs by theme, artist, or other criteria. You can also share your collections with others or keep them private.
When you create a new collection, your smart contract will be deployed on the Tezos blockchain. Gas and storage fees will add 1-2 XTZ to this transaction. The fees are not sent to OBJKT.
1. Go to the ‘Collections’ tab on the left-hand side of the screen.
2. Click on the ‘Create Collection’ button.
3. Fill in the required fields such as ‘Collection Name,’ ‘Description,’ ‘Cover Image,’ and ‘Collection Type.’
Here is a description of each of the required fields:
- ‘Collection Name’: This is the name of your collection. It should be unique and descriptive.
- ‘Description’: This is a brief description of your collection. It should be informative and engaging.
- ‘’Cover Image’: This is the image that will be displayed as the cover of your collection. It should be visually appealing and relevant to your collection.
- ‘Collection Type’: This is the type of collection you want to create. There are three types of collections: Art, Collectibles, and Other tokens.
4. Click on the ‘Create Collection’ button.
That’s it! You have successfully created a collection.
The OBJKT marketplace has launched a new feature called Multi-Currency Support. This feature expands the platform’s horizons by making it easier for artists and collectors to transact using a variety of digital currencies. The platform now supports multiple FA1.2 and FA2 currencies, including oXTZ, uUSD, and USDtz.
Users can choose their desired currency from a convenient dropdown menu when creating an offer, listing, or auction. Proposals are now made in oXTZ by default, enabling non-custodial offers with a fixed amount of currency. Offers will now come with an expiration date. After this date, the offer becomes invalid, allowing for a more dynamic and efficient trading environment.
The existing wallet dropdown in the header has been enhanced to include all supported currencies and their respective balances. This timely update means you can easily track your funds on OBJKT, making your experience smoother.
The OBJKT Marketplace provides opportunity and creativity in NFTs and blockchain technology. By providing a robust platform built on the Tezos blockchain, OBJKT empowers creators, collectors, and enthusiasts to participate in the vibrant ecosystem of digital art, music, collectibles, and more.
The OBJKT Marketplace’s user-friendly interface facilitates the seamless buying and selling of NFTs. It allows creators to monetize their digital creations directly and collectors to acquire unique and coveted assets. Integrating features like auctions adds an element of excitement and engagement, creating a dynamic marketplace where the collective passion of the community determines value.
Whether you’re an artist looking to monetize your talent, a collector seeking unique and valuable digital assets, or an enthusiast eager to engage with a passionate community, the OBJKT Marketplace offers an immersive and inclusive space for all.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Can I use any Web3 wallet to connect with the OBJKT Marketplace?
The OBJKT Marketplace is specifically designed for the Tezos blockchain. While it supports various Web3 wallets, it is recommended to use wallets compatible with Tezos, such as Temple Wallet to ensure seamless integration.
Can I trade or sell NFTs from other platforms on the OBJKT Marketplace?
The OBJKT Marketplace primarily focuses on NFTs minted on the Tezos blockchain. While it supports tokens from other platforms through integration, reviewing the specific guidelines and compatibility for trading or selling NFTs from external platforms is essential.
How can I ensure the authenticity of an NFT on the OBJKT Marketplace?
The OBJKT Marketplace leverages blockchain technology to provide verifiable proof of ownership and authenticity for each NFT. By referencing the transaction history on the Tezos blockchain, you can trace the origin and ownership records of an NFT, ensuring its authenticity.
Can I resell NFTs purchased on the OBJKT Marketplace?
Once you own an NFT, you can resell it on the OBJKT Marketplace or other compatible platforms. The decentralized nature of blockchain allows for easy transferability and liquidity of NFTs.
What happens if I lose access to my Web3 wallet connected to the OBJKT Marketplace?
It is crucial to store and back up your wallet credentials securely. In the unfortunate event of losing access to your wallet, you may risk losing access to your NFTs. Therefore, it is recommended to follow best practices for wallet security and keep backups of your wallet information.
Can I participate in the OBJKT Marketplace from any country?
The OBJKT Marketplace is accessible to users from various countries. However, reviewing any legal restrictions or regulations that may apply to NFT transactions within your jurisdiction is essential.
Source: Crypto News