So in this post we will talk about NFTs and how the marketplaces work. This is a very key feature on WAX as NFTs and trading is what WAX claims to be best at.
From my experience it is a very good system and is quite easy to get into it and is set up with a system where you dont pay any fee until a sale occurs. (note that this is the marketplace, transfers are free on WAX)
First off there are a few marketplaces in operation:
Now these 3 marketplaces operate on the WAX blockchain and all 3 do have their own tools to help you with what you want to do.
let's take a real life example and use the cooks apprentice pack I got a couple days back from playing wombat dungeon master. I'm using Nefty Blocks for this example but remember they are all on the WAX blockchain so all marketplaces see all listed items.
Here is the NFT. This was minted by the game and transferred to my wax wallet, now I can either open it or sell it and im going to sell it. Note that in the future once it is sold and eventually opened the link will always link to wherever that NFT is right now and its history can be traced.
I checked the past sales graph and saw a high that this NFT went to, around 35 to 45wax(about $2) and I happen to know from playing the game that cook's items are valuable since they increase your contribution - which gives you a higher score and in turn more wombat tokens. Also with WAX going up from $0.03 to $0.059 over the last 3 weeks it's affecting buying price
First off, to make sale offers you need to have RAM. What RAM is, is like having your own storage space on the WAX network, if you want to store some data on the blockchain you need enough RAM to be able to hold that data. The good thing about it is that when you buy RAM then use it, you get the RAM back and then you can sell it again.
To make a sale offer it does not use much RAM, I've not checked actually but it must be less than 0.2 WAX is enough to list an item on a marketplace, even less than 0.1 probably. I generally just buy 10 or 20 WAX worth at a time so don't pay too much attention to it.
My favourite place to buy RAM and CPU is on wax.Bloks.io connect your wallet and you can stake wax or buy RAM here. I remember it wasn't until I got to around 800wax in CPU that I stopped hitting limits on CPU usage, but it also depends on how much you are doing. You also get voting rewards for your staked WAX if you vote on bloks.io, I get a few wax a week now from just voting
Anyway, so once you have RAM, to list an item for sale you click list item, obvious but I had to say it.
Now the window that comes up says how much you want to list for and at the bottom lists some fees which I will go through now.
I checked the past sales graph and saw a high that this NFT went to, around 35 to 45wax(about $2) and I happen to know from playing the game that cook's items are valuable since they increase your contribution - which gives you a higher score and in turn more wombat tokens. Also with WAX going up from $0.03 to $0.059 over the last 3 weeks it's affecting buying prices so I'm expecting it to recover.
Now on the fees, first is the collection fee. The collection in this case is dungeonitems, the collection for Dungeon Wombat Master. And they have set a collection fee of 6%. This means on any marketplace sale 6% of the value will go back to the collection owner.
Second is marketplace fee at 2% - Nefty blocks
Third is ecosystem fee of 1% - the WAX blockchain.
So in total this is 9%.
So if I sell my NFT for 35 wax, I will recieve 31.85wax into my wallet. If no sale happens there is no transfer of funds at all.
And this is the simplicity of selling on the WAX marketplace, in this case I'd likely end up waiting weeks for it to sell, if I chose around 20-22wax I could get it sold today or tomorrow and there is an offer for 15wax that would be instant (15wax - 9%). I'm in no rush so I go for the high, wait until some whale wants to win at the game and get cook's items to upgrade his gear.
You can also make offers on specific NFTs or make offers on a template - a template is a type of item, NFTs can have unique attributes but all the NFTs inherit the templates attributes in this case all the NFTs are the same just with a different mint number. In the above example the template is "Apprentice Cook's pack" my NFT is mint #9346.
It's a very diverse market on WAX and you can find all sorts of collections out there, artists, games, collectables.
Here is a current snapshot from atomichub on 24 hour activity, to give an idea.
As you can see the top collections are pretty active, don't expect easy liquidity on many of the backwater projects, you could end up with it for years - anyone can create collections and NFTs so stick to the badged ones with a lot of users while you get used to it or just dont spend much.
I will explain making a collection as well in some future post.
Hope you enjoy reading let me know on any questions
