NFT Creation/Minting/Listing

Definition and Market Size

NFT” is an acronym for “Non-Fungible Tokens”. “Fungible” refers to something that is replaceable with an identical object of similar properties. On the other hand, non-fungible items are unique and hence, cannot be simply replaced.

NFTs are stored on a blockchain network for authentication and validation. While sharing similarities to cryptocurrencies, NFTs can be any digital assets such as wearable avatar clothes, art, collectibles, music, gifs, game items, and texts. Moreover, NFTs cannot be divided into smaller units like a cryptocurrency. An NFT Marketplace is a marketplace for NFTs.

Market capitalization for global transactions of NFTs was $40.96 million in 2018, and over $40 billion in 2021 An NFT called "Everydays: The First 5,000 Days" by Beeple was auctioned off for about $69 million to Metakovan.

Main Issues Creators Facing on NFT

Unable to create NFTs

Lack of understanding of cryptocurrencies

Unable to sell NFTs

Mint and successfully sell NFTs

Exposure to wider audiences

A reliable platform for NFT sales

Myax NFT Marketplace

After the avatar creation, wearable fashion NFTs are critical for customization. In the Myax Platform, both creators (fashion designers, illustrators, etc.) and influencers will find a great means of trade. Creator easily creates, mint, and publishes his/her NFT through the Myax platform. Given the standards of the avatars provide a clear path for the creators.

During the minting process, gas fees will be calculated according to the related blockchain ecosystem (Polygon). Myax platform won't charge any commission during the minting procedure. Creators can decide their royalty fees between 0 to 20 percent. After the creation of NFT, an owner can easily place his/her NFT on Myax NFT Store for the end-users, digital influencers, collectors, etc. Myax platform gets a 2.5% commission from every buy/sell transaction on the store. That will partially use in ecosystem support.

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