# NFT Marketplace

## **What are NFTs?**

Non-fungible tokens (NFTs) have been in the news since late last year for surprising reasons. Grimes is selling digital art worth up to $6 million, Jack is selling his first tweet, and Beeple NFT is selling it for around $6.6 million. The market is hot. Their total market cap is up over 1198% over last year, and more celebrities are auctioning off their flagship NFTs to fans. Despite the high expectations associated with the space, it is important to understand the potential shortcomings of full implementation. This article outlines NFTs, traditional NFT marketplaces, and their downsides, and explains why AINFTs (the marketplaces of the future) are perfect.

## **Why are NFTs Important?**

NFTs' cap potential to confer area of expertise to som**e**thing withinside the maximum stable manner makes it a golden extension of the author economy, taking it up with the aid of using more than one notches. With NFTs, virtual works of art now have actual value, all verifiable on a blockchain.

It doesn’t take a leap of faith to see where the NFT space is headed considering how much mainstream adoption that blockchain — the underpinning — tech is getting.

## **The NFT Marketplace for SuiHubs aims to be a comprehensive and user-friendly platform for buying and selling NFTs. Here are some key features of the platform:**

Home Page:

* The home page will feature a collection of NFTs with art pieces from various artists.
* Each NFT will have an owner tag and the price in BNB (and its USD equivalent).

Search Function:

* The search feature will allow users to search for artworks by name and sort by price if they have specifics in mind.

Profile:

* User profiles will display their account name and available asset balance.

Create Function:

* The create function will allow users to make their NFT with ease.
* Users can upload their files in GIF, PNG, or JPEG formats with a maximum size of 10MB. All files must be original.
* Users can fill in the name and description boxes.
* Users can set the price with an inbuilt price calculator that tells them what they will receive (in BNB and the USD equivalent).
* Users can click on Create to complete the process.

Commission:

* The platform will charge 2.5% commission on NFT sales.

Future Plans:

* Release the MTM NFT token — the native utility token used to incentivize users, for airdrops, and with which holders will be able to suggest and vote on plans to move the project forward.
* Support digital creators with NFT launchpads.
* Build an Auction where users can bid between each other.
* Introduce royalties that enable creators to get a cut on secondary sales of their NFTs.
* Bridge the BSC network with Ethereum 2.0, making it a one-stop cross-chain hub for all collectibles.

## **On SuiHubs NFT Marketplaces**

NFT marketplaces are blockchain-primarily based totally markets wherein NFTs are bought, offered, or auctioned. As with some other assets, liquidity necessitates a market. This is why NFT marketplaces have sprung up nearly in the same proportions as the NFT boom. Below are the right characteristics to appear in marketplaces, a number of which might be absent withinside the present ones.&#x20;

* **Speed**: transactions on an excellent NFT market need to be fast. Activities taking mins or maybe hours to finish make for a disappointing revel in for users.&#x20;
* **Cost**: transaction prices need to be meager. User revel in: to fast-tune adoption, marketplaces need to be easy and clean to use.&#x20;
* **Community**: energetic groups boom liquidity; thus, NFT DApps and marketplaces have to have a big and energetic user base.&#x20;
* **Governance**: the right governance placing is a decentralized shape wherein all holders of a platform's local application token have a proper to vote and make decisions.
* &#x20;**Extras**: encompass bonuses, referrals, launchpads, etc.
