GhostMarket has been active since 2020 and is an NFT Marketplace where you can buy collectibles based on the Phantasma and the NEO-blockchains. The logo of Phantasma is a ghost, which is presumably the reason for the marketplace calling itself GhostMarket.
The marketplace was created by a community called Ghostdevs, consisting of open-source developers in the ecosystem of Phantasma.
In order to connect to the platform and use all of its features, you need a NEO or a Phantasma-wallet (there's a wide variety of supported NEO and Phantasma-wallets). You don't need a wallet if you just want to browse NFT-events however, like minting, transfer history, sale prices and date of token listings.
On the date of first writing this review (29 March 2021), GhostMarket stated on their website that they had 979 users, had performed 9,700 transactions in total and listed an aggregate of 273,780 NFTs during its existence.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
The key focus of GhostMarket is that it is the first cross-chain NFT marketplace that has support for both NEO and Phantasma.
Artists can create a marketplace for their NFTs here without paying any listing fees or marketplace fees. In many ways, this is comparable to the status Uniswap has among crypto exchanges. Uniswap allows anyone to list cryptocurrencies on their platform, without a meticulous and time consuming listing procedure. The same goes for GhostMarket, but with respect to NFTs.
Layout of GhostMarket
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. At GhostMarket, you can decide to sell your NFTs in two different ways: through the "Buy Now"-function or through an auction procedure.
The following picture is a print screen from GhostMarket's browse section:
If you move in to one of the specific NFTs, in this case the NFT called Summer Heat, created by yoslehz, the page layout is as follows. As can be seen from the picture below, the layout includes information on the current bid, what you need to bid to be the new highest bidder, when the NFT was minted, how many there are (1 out of 1) etc.
When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.
At GhostMarket, you will have to pay 2.00% to the marketplace when you have sold your NFT, but there are no listing fees involved. The original creator of the NFT can also choose to take a fee on the final sale amount as well, but is under no obligation to do so.
Accordingly, if you purchase an NFT worth USD 98.00 at GhostMarket, you will have to pay USD 100 in total (provided that the creator of the NFT has chosen not to charge a fee for himself/herself).
GhostMarket - unlike 90% of all other NFT Marketplaces - has a referral program. This means that if you refer a friend to GhostMarket, and this friend buys an NFT on the marketplace, you will receive a reward from GhostMarket for referring your friend to the platform. The reward is 25% of all fees charged by GhostMarket for sales where your friend is the buyer. This means that if you refer a friend who purchases an NFT for USD 1,000, you will be rewarded with 5 USD in referral commission (USD 1,000 x 2% x 25% = USD 5). USD 5 is better than nothing, but this referral program really fades in comparison with the referral program offered by OpenSea. OpenSea's referral deal would give you USD 25, i.e. five times more, in the same situation, as they offer 2.50% of the sale amount in rewards.
GhostMarket Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.
GhostMarket doesn’t allow withdrawals or deposits through credit/debit cards or PayPal. Accordingly, you need to have a previous holding of the cryptos supported by GhostMarket in order to be able to interact on this particular marketplace.
If you have cryptos, and you want to explore the NFTs available at GhostMarket, you can do so here.