UnicusOne: Comprehensive Guide On the NFT Marketplace

UnicusOne: Comprehensive Guide On the NFT Marketplace

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UnicusOne: Comprehensive Guide On the NFT Marketplace The NFT frenzy dominated the entire crypto market in 2021, and this is evident in the trading volumes recorded across various marketplaces.

From July to September 2021, NFT trading volumes across marketplaces surged by a whopping 704%, translating to about $10B, according to DappRadar. The growth of NFTs correlated with cryptocurrencies, as major assets, such as Ethereum and Solana benefited from the craze.

The jaw dropping figures generated doesn’t really summarize what NFTs stand for.

Some people still have a negative notion of what NFTs represent. To some, NFTs are a fad and one of the 21st century ways to make quick bucks from ignorant buyers.

NFTs In a Nutshell An NFT is the acronym of Nonfungible tokens. By nonfungible, these tokens can neither be replaced nor replicated. Touted as the future of art, NFTs can’t be interchanged for another of its kind. They are unlike fiat currencies that can be replaced with another currency of the same value.

For example, when Beeple’s EVERYDAYS artwork was auctioned for an unbelievable $69 million, it was sold as an NFT to a buyer. Now, the buyer can’t replicate it because the transaction process has been recorded as data on the blockchain. But, he/she can resell it. They can’t also exchange it for another NFT. Their inability to be duplicated makes NFTs unique and authentic.

However, NFTs are more than a mere GIF, funny memes, or picture. It has given us a new perceptiveness about arts and rekindled the feeling of joy and satisfaction that we once lost.

NFTs give art its true meaning.

According to Cuy Sheffield of Visa, NFTs could be more than digital assets. They could represent the ingenuity of artists (their artworks). They emerged to solve the underlying problem of copyright infringement that has hampered creativity and prevented the original creators from earning potentially. It’s no surprise that several entertainers, musicians, sportsmen, business moguls and designers are coming onboard.

What’s happening today in the sector is just a tip of the iceberg. The world is going digital and Web3 as a Service, NFTs are leading the way in digital asset adoption excitedly and in a fun manner.

NFT Marketplaces: A Core Feature of The Ecosystem NFT marketplaces are where you can mint, trade, buy/sell, and exhibit NFTs. They connect digital content creators with buyers/investors. In the marketplace, creators are given all the tools they need to design and upload their content.

Unlike virtual currencies, NFTs can’t be acquired on DEX (decentralized exchanges) or CEX (centralized exchanges).

Instead, they are listed on marketplaces, such as UnicusOne designed specifically for them.

Some NFT marketplaces, such as UnicusOne, go beyond buying/selling. These ones have other use cases, such as allowing the minting of the items. NFT marketplaces play a pivotal role in the ecosystem and would be impossible for the sector to thrive without them.

For one to access and make purchases on a marketplace, you need; A Cryptocurrency Wallet A cryptocurrency wallet holds your virtual currencies. You must choose a wallet that’s compatible with the chain hosting the NFT you intend to buy/sell. Chains like Ethereum use wallets, such as MetaMask, while Solana prefers Sollet. You must set up your wallet, and that includes filling in all the required details.

The Cryptocurrency Itself After setting up your wallet, you must pre-fund it before you can purchase or list your NFT. Once again, you need to investigate the crypto being used by the marketplace before forging ahead. In UnicusOne, the asset used is the UnicusOne token, which you have to purchase directly from the site.

A User Profile Now, you’ll need to create an account on the marketplace you intend to make your purchases. Signing up on a marketplace differs from one website to another, but the initial processes are all the same – setting up an account and connecting your virtual wallet.

Once completed, you can proceed to purchase the item.

Most marketplaces allow the creators to fix the price of their items and then put them on auction. Prospective buyers can haggle with the dealer and thereafter, reach an agreement with the seller.

As for the selling part, it’s a little more complicated than purchasing. However, UnicusOne marketplace tends to make things straightforward, so that even the less tech-savvy creators can access the site.

How UnicusOne Works UnicusOne is a one-stop marketplace that connects buyers and sellers to facilitate trading. Aside from connecting buyers and sellers, it allows content creators to mint NFTs and add the necessary information to achieve the desired goal.

Since UnicusOne is interoperable, users can transfer their tokens from the parent blockchain to other chains effectively. With its categorization of NFTs, sellers can group their items under the right category, while buyers can find it less daunting to explore items.

As a digital artist, the first step to selling an NFT is minting it.

UnicusOne is one of the few marketplaces that facilitate the minting of NFTs. To mint an NFT on UnicusOne, follow the steps below;

1. Sign-up with UnicusOne. 2. Connect your wallet to UnicusOne. If you haven’t got a wallet yet, create one with Coinbase or MetaMask.

3. Add your digital work. Give it a title and an engaging description.

4. Create a listing. You can auction it or use the fixedprice listing option on the platform.

Before minting an NFT, digital artists are required to pay gas/transaction fees. Moving your token to another chain also requires payment of fees.

UnicusOne also charges a fee for secondary sales, although the fee is slashed by the smart contract. The fee is paid in the marketplace’s native token U1.

How to Buy UnicusOne Token (U1) U1 is the native token of UnicusOne deployed on the Binance Smart Chain. The token can be purchased on supportive exchanges or on the marketplace. The total supply is 250 million tokens.

Aside from purchasing NFTs and transaction fees, U1 has other use cases, such as providing liquidity, staking, and DAO governance. Providing liquidity and staking are unique ways of maximizing the earning potential of users and growing the ecosystem. By providing liquidity to UnicusOne, you earn some U1 tokens.

DAO governance is another unique use case of U1 token. It empowers users to participate in the running of the marketplace. Users can vote and implement changes that will lead to the development of the platform.

Conclusion NFTs are changing human’s perspective of art and providing ways to monetize digital artworks. However, the ecosystem faces roadblocks in terms of minting NFTs, borrowing collateralized funds, and transferring tokens across chains. These bottlenecks have been addressed comprehensively by UnicusOne. UnicusOne is a one-stop shop for trading and minting NFTs, staking, and providing liquidity.

With its advanced tools, users can transfer their tokens comfortably across chains, borrow funds against their NFTs, automate trading, fractionalize ownership, and do much more.

WEBSITE: www.unicus.one CONTACT NO.: +971504807978 EMAIL: info@unicus.one