Definition of secondary
You purchase a secondary when either you missed the mint / ICO of a project, because mint or its gas fees were just too high for a particular project. The secondaries are all transactions you complete on a marketplace like OpenSea.
Every trade being done on a NFT after mint is a secondary. The secondary market is all of the buying and selling that goes on after the primary sale. Basically, this is everything you see, all of the trading, going on with the NFT series on OpenSea or other NFT marketplaces. CryptoPunks have done 700K ETH volume in secondary market activity. That is around $2.8 billion.
Secondary used in a sentence
‘’I patiently waited until after the mint, so I purchased a rare from the secondary market.’’
‘’I missed out on the mint due to too high gas fees, so I bought a secondary the next day.’’
‘’Thanks to a few lines of code, an artist’s rights to secondary-sale royalties is automatically assured with NFTs.’’
History/information/research of the term ‘’secondary’’
In traditional finance, transactions on the secondary market are extremely common and they have been appearing since the beginning of the stock markets during the early 1600’s in Amsterdam. When a stock is issued, it is being issued on the primary market. After that each stock trade on the major exchanges (NYSE, NASDAQ etc.), is per definition a secondary. In addition to that, other asset classes are being traded.
We wrote an article about research regarding NFTs including some basic information regarding what to look out for in an NFT: Article