Secondary Market
A market where issued assets — NFTs, Telegram gifts, tokens — are resold between users. Opposite of the primary market (mint from the issuer). On TON it spans gift marketplaces (Portals, Tonnel, MRKT) and NFT venues like Getgems.
Aliases: resale market, aftermarket
A secondary market is where an asset trades after it has been issued — minted or sold for the first time. On the primary market the seller is the issuer; on the secondary, any holder.
Why secondary markets matter
- Liquidity. A buyer can see they can exit the position, which lowers perceived risk.
- Price signal. Floor and average trade clear price reflect demand better than the primary mint price.
- Royalty revenue. With TEP-66 royalties, the creator can collect a percentage on each resale — aligning long-term incentives.
Context on TON
Main secondary venues by asset class:
- Telegram gifts: Portals, Tonnel, MRKT, some Getgems.
- General NFTs, domains, usernames: Getgems.
- Jettons: DEX pools (STON.fi, DeDust) act as the secondary market.
Primary vs secondary
| Aspect | Primary | Secondary |
|---|---|---|
| Seller | Issuer / project | Any holder |
| Price | Fixed by mint | Floats with floor / demand |
| Creator royalty | N/A | Via TEP-66 (often 2–10%) |
| Volume profile | Short burst at launch | Long-tail activity |
Risks
- Wash trading can inflate visible volume.
- Thin-market slippage when buying size.
- Contract risk at the marketplace level — see escrow, audit.