GhostMarket has been active since 2020 and is an NFT Marketplace where you can buy collectables based on multiple blockchains. Initially, it started off with the Phantasma and the NEO blockchains and has since then expanded support to other blockchains like Binance Smart Chain, Polygon, Avalance and Ethereum being the latest.
The portal also launched a token sale to the public early in January 2022 on Flamingo Finance. The GhostMarket token sale was a huge success and was oversubscribed up to 20x times.
The marketplace was created by a community called Ghostdevs, consisting of open-source developers in the ecosystem of Phantasma. On the date of updating this review (16 May 2022), it had listed over 60+ collections and more are being added every week.
In order to connect to the platform and use all of its features, you need a wallet. Ghostmarket supports BSC, Neo N3, Phantasma, Polygon, or Avalanche compatible wallets. However, if you just want to browse NFT-events like minting, transfer history, sale prices and date of token listings you don't need a wallet.
By the end of April 2022, Ghostmarket released its roadmap for the financial year 2022. Here's a look at what you can expect in the days to come...
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 supports multiple blockchains like NEO, Phantasma, Polygon, Avalance and Binance Smart Chain. On May 13, 2022, this platform announced the integration of the Ethereum blockchain for NFT trading. The minting and auction of ETH based NFT is not currently available. However, it is a work in progress and would be launched in future.
Artists can create a marketplace for their NFTs here without paying any listing fees or marketplace fees and the minting fees are also competitive. 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.
There are three types of auctions on this platform; Classic Auction, Reserve Auction and Dutch Auction.
- Classic Auctions are similar to the conventional auction where the highest bidder during the auction period wins.
- Reserve Auction kicks off with a starting price and when a bid equal to or higher than the starting price is placed, a 24-hour countdown begins. The highest bid wins at the end of this 24-hour auction period.
- Dutch Auctions have a start date, end date, starting price and an ending price. The price keeps decreasing during the auction period and the first bid wins.
The following picture is a print screen from GhostMarket's browse section:
If you move into one of the specific NFTs, in this case, the NFT called "Magnificent", created by Frank Lusi, the page layout is as follows. As can be seen from the picture below, the layout includes information on the current price, listing time, attributes 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 as trading fees 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 reduced its minting fees to minimise the impact of rising prices on its users. Here's an image of the new minting fee schedule for all supported blockchains.
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 supports the purchase of cryptocurrencies using a credit card. Alternatively, you can use your previous cryptocurrencies (supported by GhostMarket) in order to be able to interact in this particular marketplace.
If you want to explore the NFTs available at GhostMarket, you can do so here.