NFTs (or non-fungible tokens) appear to be everywhere at the moment. According to Forbes, these digital goods are selling like 17th-century exotic Dutch tulips and sales generate millions of dollars in nft marketplaces.
As NFTs get more popular, the concept raises more and more questions. For example, how do you explain monkey photos fetching seven figures in dollars? How do you wrap your head around news from NFT marketplaces showing million-dollar hacks sales?
But the most asked questions are probably “What exactly is an NFT?” and “Where can I buy or sell NFTs?” We’re here to answer these two questions for you.
What is an NFT?
The term “NFT” stands for Non-Fungible Token. Non-fungible tokens are digital assets that substitute for physical things like works of art, media variables, etc. Nfts trade hands digitally and are built on the blockchain, which is the same underlying technology used for cryptocurrencies which are used to buy and sell NFTs.
The origin of NFTs dates back to 2014/15. Currently, the most prominent use of NFTs is in exchanging digital works of art.
What should you buy or sell in the NFT marketplace list
Although NFTs may theoretically be used to sell anything digital, the most prominent use of NFTs today is in exchanging digital works of art.
NFT marketplaces for you
The following are major NFT exchange platforms available today.
The Axie Market
This platform is one of the biggest NFT marketplaces you’ll find around. Axie Marketplace functions as the storefront for the Axie Infinity game.
Tokens for Axie Infinity are known as Axie Shards, and they are developed on the Ethereum network. You may purchase and sell them on several different NFT markets and cryptocurrency exchange platforms.
Players can earn prizes by purchasing ’legendary animals’ called Axies. You can train your Axie to compete against other players’ Axies. At the Axie Marketplace, players may acquire NFTs in the form of brand new Axies, as well as entire territories and other commodities.
NBA Top Shot Marketplace
Top Shot is a limited marketplace created by the National Basketball Association (NBA) and the Womens NBA, using Dapper Labs’ Flow blockchain. Top Shot’s online marketplace makes it simple to register and make purchases. To acquire a beautiful moment on Top Shot may cost as little as $9.
The CryptoPunks NFT project by Larva Labs is widely regarded as the Larva Labs’ crowning achievement. Some CryptoPunks have reportedly sold millions of dollars after being initially distributed for free in 2017.
Larva Labs’ CryptoPunks NFTs are primarily available to bid on from several third-party markets. For example, you may bid on Meebits through Larva Labs’ internal market.
Larva Labs has additional digital art projects underway, such as Autoglyphs. They’re also brewing other Ethereum blockchain-based initiatives that are worth looking out for.
OpenSea is in a league of its own when it comes to NFT trading. OpenSea is a digital asset exchange platform that allows users to freely register and explore various digital artefacts.
If you’re an artist or designer, you can take advantage of its helpful features and simple setup to make your own NFT. The NFT creation process is known as “minting.”
There are over 150 different tokens for transactions on the website. OpenSea is a fantastic point to start or continue your NFT journey.
SuperRare is another NFT marketplace. It’s centred on establishing a commercial centre for digital artists. The site features visual works such as paintings, movies, photographs, and 3D graphics.
Recently, SuperRare unveiled its own digital currency known as “SuperRare.” It’s built on the Ethereum network.
Spending money on NFTs
As you invest in digital assets, collectables, and art through these and other NFT marketplaces, bear in mind that this is a relatively new venture. As such, any investments you make will be risky. There’s no certainty that the value of any one NFT will increase dramatically.
Several factors like the creator’s status and the uniqueness of their art may influence the value of the digital collectables. Therefore, evaluate your investment intentions, financial situation, and time horizon before deciding what to buy.