NFTs can be resold on secondary markets hosted by NFT marketplaces or by directly selling to a buyer by transferring between off-marketplace wallets.
All transactions are recorded on the blockchain and due to this being a distributed ledger each transaction is ‘witnessed’ by all ledger participants. In this way, there is a clear record of ownership.
Once the NFT has been minted, the creator can list it on an xBay NFT marketplace for auction trough a NFT request form. A marketing campaign will be launched to promote the auction and those interested in the NFT will join the marketplace when the auction is live and place bids using their XRPL wallets which may hold cryptocurrency (like XRP). The successful bidder will exchange their funds and the NFT can then be transferred to their off-marketplace wallet.
When individuals buy an NFT, the extent of ownership will depend on the smart contract of the NFT itself and/or the terms and conditions of the marketplace or creator. Creators thus have wide discretion.
At a minimum, buyers will be able to own the NFT itself on the blockchain and the corresponding digital asset, however this does not mean that they own the underlying copyright, or any other intellectual property rights. Consider how when an individual buys a painting, they do not automatically acquire the right to reproduce the painting and/or sell it as their own work, because the copyright is retained by the painter.
After successfully completing the submission form, and paying the processing fee to the xBay wallet.
No, the NFT needs to be minted, but not on active sale.
Users have a 2x (two) free strikes to not pay within 24h, after 2 strikes, user gets banned from the auction site.