What is Ghost Market and how to use it

What is Ghost Market and how to use it

What is Ghost Market and how to use it

If you’re looking for an alternative to OpenSea, Ghost Market is an up-and-coming NFT marketplace that launched in 2020. Ghost Market’s main benefit is that it supports NFTs from multiple blockchains, including Ethereum, BSC, Avalanche and Polygon. To date, Ghost Market has facilitated $2.5 million worth of transactions and currently has more than 5 million NFTs listed on its platform.

In this article we’ll explain how Ghost Protocol works, all of its best features and how you can use it with the Exodus web3 wallet.

    What is Ghost Market?

    Ghost Market is unique because it supports NFT sales from six different blockchains. Investors can buy NFTs from Ethereum, Avalanche and even NEO and Phantasma. In addition to buying NFTs, artists can use Ghost Market to mint their own NFT collections.

    To mint an NFT go to Ghost Market’s website and choose which blockchain you want to launch it on. Or you can check out this fully illustrated guide.

    Create a new NFT on Ghost Market - IMG Source

    For investors, one of Ghost Market’s most useful features is its verified artists collection. Fraud can be a problem in the NFT community, when someone duplicates a popular NFT and tries to sell the copy to unsuspecting buyers. One way to avoid this problem is to purchase NFTs from Ghost Market’s verified artists section. These NFTs are guaranteed to be originals.

    When you buy a Ghost Market NFT there are three different auction types. The owner of the NFT can decide which auction style to use.

    1. The dutch auction - The NFT is listed at a high price. The price gradually decreases until someone buys the NFT
    2. The classic auction - Like selling on eBay, an NFT is listed for a set duration and whoever submits the highest bid wins
    3. The reverse auction - The seller establishes a starting price. Once someone submits a bid that’s above the starting price, the auction begins. Whoever submits the highest bid by the end of the auction wins

    What about fees? Ghost Market doesn’t charge a fee to list an NFT for sale, but there is a 2% fee when the NFT sells.

    The GM token

    Ghost Market uses the GM token. Like other protocol tokens, GM has several uses. Traders and NFT artists can receive GM rewards for using the platform. The Ghost Market team is also developing the protocol so GM holders can vote on governance decisions.

    Moving the GM token between various blockchains is possible using the Ghost Market bridge. A full guide to using the bridge is available here. Be aware that bridges are amongst the most commonly exploited parts of the crypto industry.

    GM token price
    Use the Ghost Market bridge to move GM tokens between blockchains - IMG Source

    What is the best NFT market?

    The best marketplace depends on which NFTs you want to buy, and on which blockchain. OpenSea is the most popular NFT marketplace. According to Earth Web, OpenSea has more than 1 million users and more than $2 billion in cumulative trading volume.

    However, Ghost Market supports blockchains like NEO and Phantasma, which OpenSea does not support.  

    Does Ethereum use a Ghost Market?

    Yes. Ghost Market supports ETH and Ethereum-based NFTs with the ERC721 non-fungible token standard. However, most of the assets on Ghost Market are based on non-Ethereum blockchains. If you’re primarily interested in Ethereum NFTs you might want to use OpenSea instead.

    How to use Ghost Market

    You can use the Exodus web3 wallet to buy a Ghost Market NFT. Here’s how.

    Step 1 - Open Ghost Market

    Open the Ghost Market app, scroll down, and click on “Log in” next to the Exodus wallet icon.

    Step 2 - Connect the Exodus wallet to Ghost Market

    When the prompt appears in the Exodus window, click “Connect”. The wallet will automatically connect. After that, you can click on “Explore” at the top of the website to view all of the Ghost Market NFTs for sale

    Step 3 - Buy a NFT on Ghost Market

    Once you’ve found a NFT that you like, click on the “Buy now” button. This will take you to the Ghost Market shopping cart. Click on “Buy” at the bottom of the page.

    Step 4 - Approve the transaction

    The Exodus wallet will prompt you to approve the transaction. Click on “Approve.” After that the transaction will process and, depending on network congestion, the Ghost Market NFT should appear in your wallet in a minute or less.

    The Ghost Market advantage

    Ghost Market is a good choice if you want to buy NFTs on multiple blockchains, and is especially useful if you want to buy NFTs on Phantasma or NEO.

    If you’re interested in reading even more guides on how to use Ghost Market, or you want to access developer materials, you can check out this page.

    How to browse Web3

    Ready to explore Web3 and DeFi? Connect to Web3 apps with the Exodus Web3 Wallet:

    • Browse without limits across both Ethereum and Solana, with other chains to be added soon
    • Enjoy a curated experience with recommended Web3 apps and the ability to customize your dashboard with your faves
    • Swap tokens at the best rates, thanks to a built-in decentralized exchange that connects to Ethereum and Solana
    • Access your funds on mobile, desktop, and even Trezor!
      Available now for Chrome and Brave.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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