Xoxno is the largest NFT marketplace and aggregator on MultiversX that provides a secure marketplace for the growing community of NFT enthusiasts and collectors. It offers a user-friendly platform to easily purchase and sell NFTs using various types of wallets, like web wallets and Ledger hardware wallets.
The platform also offers features such as bulk buying and listing, as well as the ability to purchase NFTs directly with a credit card.
In this article, we provide a comprehensive guide on how to navigate the NFT market by buying and selling nfts, particularly on the Xoxno marketplace.
What is an NFT?
Before diving into the steps on how to buy NFTs, let's make a quick recap on what an NFT actually is:
- An NFT(non-fungible token), is a unique digital asset that can be collected, stored or sold. This type of token is not interchangeable with any other token, making it a one of a kind item.
- NFTs have various use cases and are being used in industries such as gaming, music, real estate and art. By establishing proof of ownership for digital art, NFTs provide a new opportunity for artists to showcase and sell their work.
- NFTs can also work as an access pass. David Guetta recently had a private party in Amsterdam only for the holders of his collection. Same, NF-Tim gives access to its holders to Creative Tim premium products through their nfts, like access passes.
ℹ️ For more information, check out our comprehensive article regarding what is an NFT.
What kind of wallet can I use on Xoxno?
Owning a crypto wallet is the most important thing you will need to buy an NFT. A wallet is an essential tool in the world of Web3 and NFTs. It is the equivalent of a bank account, but instead of relying on a financial institution, you are in charge of managing, storing, and tracking your funds. This means you have full control over your assets, but it also requires a higher level of responsibility to ensure the safety of your funds.
On Xoxno marketplace you can use the following types of wallets:
Web Wallet - A simple and beautiful crypto wallet where you can securely transfer, receive and store your MultiversX tokens, while interacting with MultiversX dApps. You can create a wallet here.
X Portal (ex Maiar App) – The home of your avatar. Everything finance. A debit card. Friends, chat and social. Accessible to anyone, anywhere. You can create a wallet here.
Ledger – a hardware wallet that provides the highest level of security for crypto assets. You can order one here.
Check out our comprehensive research on the top blockchains for 2023!
How can I buy an NFT?
The process is super straightforward:
Step 1: Enter https://xoxno.com/.
Step 2: Connect with your wallet (green button from the burger menu on the homepage).
Step 3: Choose the collection you like.
Step 4: Click “Buy” on the NFT you want to get.
Step 5: Sign the transaction.
And you’re done!
You can directly use the Buy button, you can place individual offers for the NFTs you would like to buy or you can also place an offer on the Liquid Sell field.
If you want to buy 2 or more NFTs from a collection, you can add all of them in a Bulk Buy.
See the images below!
You can use EGLD or other tokens to purchase the NFTs. Xoxno, recently, added the option to buy them directly with the credit card, too.
How can I sell an NFT?
Similar to buying an NFT, firstly, you have to:
Step 1: Enter https://xoxno.com/.
Step 2: Connect with your wallet (green button from the burger menu in the homepage).
Step 3: Go to “My profile”(from the burger menu) and choose "My NFTs".
Step 4: Choose the NFT you want to sell and click "Sell" button.
Step 5: Set the price.
Step 6: Click "List NFT" button and sign the transaction.
When listing your NFT on Xoxno, you can set the price and wait for offers to come in. If someone is interested in purchasing your NFT, they will send you an offer. You can choose to accept, reject, or counter the offer. To sell your NFT, there needs to be demand for it. To check the demand for a particular NFT collection, you can observe the transaction activity and see if the NFTs are being purchased regularly.
If you want to list 2 or more NFTs, you can use the Bulk Listing. Add as many NFTs as you want and list them with only one click.
It's important to keep in mind that NFTs are an illiquid asset and may take time to sell. You should also be aware of the prices at which similar NFTs are being sold and set your price accordingly. Overpricing your NFT may reduce the chances of it being sold quickly.
Another selling option is to use the Auction mode. You set the starting price and a deadline. If there are any bets for your NFT, it will be sold at the higher price when the deadline finishes.
You can also use the Liquid Sell and receive a Global offer. Usually you get a price under the Floor Price, but your have the chance to sell faster.
See the images below!
What is the Floor Price?
The floor price is an important indicator of the value and demand for an NFT collection. It represents the minimum price at which NFTs from the collection are currently being sold in the market.
By tracking the floor price you can understand how the NFT holders are valuing the collection and if there is a high demand for the NFTs. A higher floor price often suggests a higher valuation of the NFTs, which means they may be in high demand. This information can be useful when making a decision on whether to buy or sell an NFT.
Congrats! Now that you have your first NFTs, what can you do?
You could bring your skills and experience to the table and help the projects grow. Whether it’s designing, coding, marketing, learning the project and helping the community, every little action helps. And who knows, you may find your new passion!
Don’t be afraid to reach out to the NFT project’s team and offer your help. Collaborating with the team and community can lead to opportunities you never thought possible.
Remember, the NFT space is still new and there is still so much room for growth and innovation. Be a part of shaping the future of NFTs!
Interested in NFTs? Check out NF-Tim by Creative Tim, the first NFT project for Developers, Designers, Creators, and NFTs Fans based on MultiversX (former Elrond). Our collection gives access to Premium Products for developers, designers, and Web 3.0 Dapps.