Ternoa is an innovative layer-1 blockchain that provides anyone with an easy way to create and interact with NFTs. Obviously, when it comes to NFTs, one of the first things you might think about are people flipping them for a quick gain or the staggering amounts that some of Beeple’s works have sold for.
However, many NFT transactions happen at lower values, giving anyone the means to become a digital art collector. The go-to place for collectors and artists alike are NFT marketplaces. They fulfil functions similar to auction houses and galleries in the traditional art market.
This blog post will introduce the general concept of NFT marketplaces, what one can do, and how marketplaces work on Ternoa. Lastly, we introduce Secret Stash, the platform offering the easiest way to explore the power of Ternoa NFTs for everybody.
What are NFT marketplaces?
In general, NFTs are just a container for what’s inside. They can be digital art in the form of images, videos, gifs, but also music. On smart contract platforms like Ethereum, NFTs are created through smart contracts, whereas Substrate, the framework behind Polkadot, offers a powerful way to use small pieces of code to achieve the same. Regardless of how NFTs are created, an NFT’s code isn’t something someone without developer experience could easily interact with.
That’s where wallets and marketplaces come in.
An NFT marketplace retrieves data from the NFT and displays it comprehensively. Marketplaces serve as an aggregator of NFTs from artists, giving collectors a place to discover new art. Marketplaces bring buyers and sellers together. They usually take a small percentage from each transaction facilitated through their website.
Using NFT marketplaces
Generally, using an NFT marketplace is pretty straightforward as long as you’re already set up with a cryptocurrency wallet and the native currency the marketplace supports. For a marketplace like OpenSea, where most of the volume happens on Ethereum, you will need ETH and can use Meta Mask or other ETH wallets to start. Similarly, for marketplaces using Substrate, you can rely on one of the many Substrate Wallets.
To use the marketplace, you simply connect your wallet and buy or sell your NFTs. Instead of just selling at a fixed price, some NFTs might also be auctioned in different formats, such as English or Dutch auctions.
Usually, marketplaces also support the creation of new NFTs, abstracting away technical complexities such as storage on IPFS or using smart contracts from artists.
To summarize on an NFT marketplace, you can:
- Buy an NFT
- Bid on an NFT
- Sell NFT
- Mint an NFT
There are often other nice-to-have features on a marketplace, such as curating a list of favorites or customizing your profile.
It’s worth noting that the most popular NFT marketplaces tend to be run by centralized entities. This offers the perk of having a support team in case things go wrong, but it might be disadvantageous, especially for artists in sanctioned countries.
Marketplaces Ternoa
Ternoa is dedicated to creating cutting-edge NFT utility and enabling use cases beyond just pure buying and selling. We heavily leverage the Substrate framework to build an interoperable ecosystem. One benefit of that is that anyone with a bit of courage to use PolkadotJS can create their own NFT marketplace with a pallet.
Pallet = small piece of code offering a specific functionality
This ease of creation means that artists wouldn’t necessarily have to go through a centralized entity but would have the option to spin up their marketplace quickly.
For developers reading this, outside of PolkadotJS, you could also use the Ternoa SDK to build a marketplace in just a few lines of code.
Royalties on Ternoa Marketplace
Unlike NFTs on other chains, Ternoa NFTs are natively part of the chain. While marketplaces on Ethereum and Solana often were the ones to enforce royalty payments, on Ternoa, anyone selling an NFT has to interact with a marketplace pallet — living on-chain. This gives artists and creators peace of mind that no one will circumvent payments while allowing collectors to transfer to different wallets without paying fees.
If you just want to start exploring the Ternoa NFT ecosystem, then Secret Stash is a perfect choice.
Secret Stash
Secret Stash is the first platform to access, explore and manage Ternoa NFTs. The team aims to deploy any new features that go live on the Ternoa mainnet as fast as possible, providing users with the most advanced Ternoa NFT experience.
A popular use case for Secret Stash is exploring NFTs, as it provides an easy interface to go through different collections and find what you like. All you need to get started is a Ternoa wallet and some $CAPS.
Secret Stash has implemented various exciting features such as Secret Stash NFT shares, NFTs that make holders eligible to receive a percentage of the Secret Stash revenue, and NFT slots.
With the most recent upgrade to Ternoa, Rental NFTs have become accessible. Unlike on other chains, you can rent your NFTs to others without giving up ownership. Secret Stash leverages this capability to rent a premium spot on its landing page, similar to purchasing advertising.
That means the slot itself is an NFT and, when rented, gives the renter access to promote their own collection straight from their profile settings.
For artists, Secret Stash offers an easy-to-use interface to create different NFT types and define their royalties. To start, connect with Secret Stash and use the Create function.
You can learn more about Secret Stash on their website and by following them on Twitter.
