The WAX blockchain has great support for the trading and holding of non-fungible tokens (NFTs). With the availability of tools like Bloks and the WAX Cloud Wallet, and marketplaces like Collectables or GPK Market, viewing and trading NFTs is easier than it has ever been. In this article, we will explain what NFTs are, and how you can purchase, view, and trade them.
Table of contents
- What are NFTs
- How to purchase, sell, view, and transfer NFTs
- How to purchase NFTs
- How to view NFTs (on Bloks, in the WAX Cloud Wallet, on Collectables)
- How to sell NFTs (and unlist/edit a listing)
- How to transfer NFTs
What are NFTs
In short, a non-fungible token is a token which represents a unique object. An NFT is unique, meaning there is no 100% similar NFT. They are the opposite of regular/fungible tokens, which are all similar and interchangeable. Another key difference between regular tokens and NFTs is divisibility. Regular tokens can be split up in smaller parts (1 WAX can be split up in 2*0.5 WAX for example), whereas NFTs can not be split up into smaller parts.
An NFT can represent a lot of different things, ranging from certificates to ownership of certain assets. But perhaps the most important property of NFTs, is that they enable the verification of digital scarcity without requiring a centralizing entity to confirm authenticity. This gives them both authenticity and liquidity.
How to purchase, sell, view, and transfer NFTs
As said earlier, WAX offers great support for buying and holding NFTs. To do this, you will need a WAX account. There are 3 different kinds of WAX accounts, which all function similarly, namely:
- Regular WAX account (guide available here)
- Ledger WAX account (guide available here)
- WAX Cloud Wallet account (guide available here)
Below, we will explain the complete process of viewing and transferring NFTs with a WAX Cloud Wallet account, since a WAX Cloud Wallet account is the easiest to create and use. You can, however, use all of these options for NFTs. If you do not have a WAX account yet, use one of the above guides to create one.
In addition, we will be explaining the buying and selling process using the Collectables marketplace, since it is the most popular NFT marketplace at the moment. There are however various other good NFT marketplaces available, such as:
How to purchase NFTs
Now you have created an account, it’s time to go to the WAX Cloud Wallet, and unlock it using the login option you used to create the account. After you have unlocked the WAX Cloud Wallet, navigate to the Collectables marketplace. The Collectables marketplace is the most active NFT marketplace on WAX and it allows users to buy and sell a wide variety of NFTs.
To log in on Collectables, click ‘Login’ on the top right. This will open the above window, in which you can verify all information and approve the login to your account. After clicking approve, you will be logged in on Collectables.
Now you are logged in on Collectables, you can start purchasing NFTs! To purchase an item, navigate to the ‘Shop’ page and use the filters to find an item you like. Most NFTs, such as GPK cards, will have some additional information, such as their rarity, type, category, and trade history.
If you see an item you would like to purchase, click on it, and click on the ‘Buy now’ button on the page of the item. This will open a new window where you can verify all information and view the breakdown of the price. In this window, click on ‘Confirm Purchase’ and approve the transaction in the new window (as can be seen in the image above). You have now purchased an NFT!
How to view your NFTs
Now you have bought an NFT, you likely want to view it. Viewing your NFTs can be done in multiple ways, namely on the Bloks block explorer, from inside the WAX Cloud Wallet, or in Collectables.
Viewing your NFTs on Bloks
Viewing your NFTs on Bloks is very quick and easy and does not require you to login to your WAX Cloud Wallet. It can be done by navigating to Bloks, and looking up your account (using your account name). On the page of your account, scroll down to the ‘Chain data’ tab, and select ‘NFTs’. This will show you all the NFTs on your account (as can be seen in the image above).
Viewing your NFTs inside the WAX Cloud Wallet
The second way to view your NFTs, is from inside the WAX Cloud Wallet. This is convenient when you have already unlocked the wallet or when you are planning on transferring an NFT. To view them, simply unlock your WAX Cloud Wallet. You can then view them under the NFTs tab in the wallet (as can be seen in the image above).
Viewing your NFTs on Collectables
The last way to view your NFTs, is from your inventory on Collectables. To view your NFTs on Collectables, make sure you are logged in, click the cube icon on the top left of the page (as can be seen on the image to the left) and use the filters on the left side of the page to view the NFTs in your inventory. This method is convenient for when you plan on selling your NFTs.
How to sell your NFTs
Now you know how to view your NFTs, it’s time to learn how you can sell them. NFTs can easily be sold from your inventory on Collectables.
To sell an NFT, make sure you are logged in on Collectables, and go to your inventory by clicking on the cube icon on the top left of the page. Use the filters on the left of the page to find the NFT you want to sell. Then, click on ‘Sell Now’ below the NFT you want to list on the marketplace and enter your price. You will then be able to see the final amount you will receive when somebody purchases your NFT. Once you have entered a price, click on ‘Confirm Listing’ and accept the transaction in the new window.
Keep in mind that some NFTs might be worth more than other similar NFTs on the market for various reasons (high mint value, different rarity, etc.), so make sure you do enough research before selling your item.
Unlist an NFT/Edit a listing
After listing an item, you might also decide to unlist an item or to change the listing. This can be done by clicking on ‘Shop’ and then clicking on ‘My Listings’. From there, you can view all your listings (and you can filter them using the filters on the left) and you can either edit the listing or unlist it.
How to transfer your NFTs
Lastly, you might want to transfer an NFT to somebody else. This is very easy and can be done within seconds directly from the WAX Cloud Wallet. To transfer an NFT, unlock the WAX Cloud Wallet, and click on the ‘Transfer’ button below the NFT you would like to transfer.
This will bring you to the next page, where you have to specify the recipient of the NFT. Fill in the account name of the recipient and click on the ‘Transfer’ button. This will open a new window where you can approve the transaction. Once that is done, the NFT has been successfully transferred.
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