NFT Marketplaces You Should Know About
NFTs (or non-fungible tokens) seem to be everywhere at the moment. According to Forbes, these digital goods sell like exotic 17th-century Dutch tulips, and sales generate millions of dollars on nft marketplaces.
As NFTs become more popular, the concept raises more and more questions. For example, how do you explain monkey pictures fetching seven dollar figures? How do you wrap your head around news from NFT marketplaces showing million dollar sales of hacks?
But the most frequently asked questions are probably “What exactly is an NFT?” and “Where can I buy or sell NFTs?” We are 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 replace physical things like artwork, media variables, etc. Nfts trade hands digitally and are built on the blockchain, which is the same underlying technology used for cryptocurrencies used to buy and sell NFTs.
The origins of NFTs date back to 2014/15. Currently, the most prominent use of NFTs is in the exchange of digital artwork.
What should you buy or sell in the NFT marketplace list?
Although NFTs can theoretically be used to sell anything digital, the most prominent use of NFTs today is in the exchange of digital artwork.
NFT marketplaces for you
The following are the main NFT exchange platforms available today.
Axie market
This platform is one of the largest NFT marketplaces around. The Axie Marketplace serves 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 can buy 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. On the Axie Marketplace, players can acquire NFTs in the form of brand new Axies, as well as entire territories and other items.
NBA Top Shot Marketplace
Top Shot is a limited marketplace created by the National Basketball Association (NBA) and the Women’s NBA, using Dapper Labs’ Flow blockchain. Top Shot’s online marketplace makes it easy to register and make purchases. Capturing a beautiful moment on Top Shot can cost as little as $9.
Larva Labs/CryptoPunks
The CryptoPunks NFT project by Larva Labs is widely regarded as Larva Labs’ crowning achievement. Some CryptoPunks have reportedly sold millions of dollars after being distributed for free in 2017.
Larva Labs’ CryptoPunks NFTs are primarily available to bid on from several third-party marketplaces. For example, you can bid on Meebits through Larva Labs’ internal market.
Larva Labs has several digital art projects underway, such as Autoglyphs. They are also brewing other Ethereum blockchain-based initiatives that are worth watching.
Open sea
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 objects.
If you are an artist or designer, you can take advantage of its useful features and easy setup to create your own NFT. The NFT creation process is known as “minting”.
There are over 150 different tokens for transactions on the site. OpenSea is a fantastic point to start or continue your NFT journey.
SuperRare
SuperRare is another NFT marketplace. It is centered on establishing a commercial center for digital artists. The site contains visual works such as paintings, films, photographs and 3D graphics.
Recently, SuperRare unveiled its own digital currency known as “SuperRare.” It is built on the Ethereum network.
Spend money on NFTs
When investing in digital assets, collectibles and art through these and other NFT marketplaces, remember that this is a relatively new venture. As such, any investment you make will be risky. There is no certainty that the value of an NFT will increase dramatically.
Several factors such as the status of the creator and the uniqueness of their art can affect the value of the digital collectibles. Therefore, consider your investment intentions, financial situation and time horizon before deciding what to buy.
