Top NFT Marketplace and What They Sell

top NFT Marketplace

The NFT Marketplace plays a very crucial role in the adoption of non-fungal token (NFT), because they serve as a meeting point between buyers and selling and provide liquidity to a thriving ecosystem.

Cryptocurrency and blockchain technology has proved the technology enhancement and sophistication fact true. Since 2009, we have witnessed continuous development, growth and innovations on the blockchain system. In recent times we have seen developments of new technologies and practices that are quite beautiful to see “NFTS”. This technology is a recent technology that is taking cryptocurrencies, gaming as well as other activities to the next levels.

First of all, you might want to know the full meaning of the NFT acronym and what. It stands for. It simply means “Non-Fungible Tokens”. It therefore becomes necessary to know in detail all that NFT entails.

What Is Nft

NFTs are digitally minted tangible or intangible items such as GIFs, Arts, Collectibles, Videos and sport highlights, video game skins and virtual avatars that exist on a blockchain. Note that Blockchains are distributed public ledgers that play the record keeping role of all transactions on the platform.

Basically, NFTs are stored on the ethereum blockchain although they are also supported on different blockchains. This technology is so unique that everything counts, including tweets. Jack Dorsey who is the twitter co-founder leveraged this opportunity when he sold his first tweet as an NFT for over $2.9 million.

Nfts are digitally unique in the sense that when you purchase a collectible like a painting, you don’t get it as a material asset that can be hung on the wall, rather you get the digital files equivalent. One unique thing about this recent technology is its scarcity that emanates from the fact that it doesn’t have unlimited supply.

These digital assets also have a single owner at a time, this is otherwise referred to as exclusive ownership. With its unique data, it becomes possible to transfer tokens between owners as well as verify ownership. Owners can also store a variety of data inside them by including the codes in the meta data. It is done the same way artists sign their signatures in any artwork by including it in the NFT meta data.

All NFTs are different since each has its own digital signature that prevents it from getting exchanged at equal rates, one to another. One crypto punks non-fungible token will not even be equal to another for that matter.

As much as this technology existed since 2014, it only began gaining value because of its wide adoption for selling artworks. In total, over $174 million has been pumped into NFTs since 2017.

Arguments are canvasses on whether NFTs are worth the hype since most of the artworks being sold can be found on the internet and downloaded. A practical example is the popular digital artist Mike Winklemann, otherwise called “Beeple” who created about 5,000 daily drawings “EVERYDAYS” that sold for a record-breaking $69.3 million at Christie’s.

These images can be viewed by anyone on the internet. It can also be downloaded or stored as a screen shot so why waste that much purchasing it.

One unique quality that has distinguished this technology is the attribute that permits buyers to own the original item. This is made possible through the built-in authentication that functions as proof of ownership. Collectors value these rights as they refer to it as “bragging rights”. Most times these rights are valued more than the collected item.

Where to Buy Nfts

Mostly, the best place to purchase NFTs is on the listing website because you get to read about the assets before purchase. Nevertheless, there is an alternative to this where you can purchase on the various marketplaces that are available. Some of these existing market places include opensea, Rarible, foundation, poap, and on some exchanges such as binance.

How to Buy Nfts

Buying NFTs can be quite easy; nevertheless there are basic items that need to be in your possession before you can purchase your NFTs collection.

First of all you will need a wallet that supports NFT holdings. This wallet isn’t your normal wallet. They are digital wallets that can be downloaded on the play store or over the internet. Examples of such wallets will be the latest version of trust wallet, Binance, Meta Musk, etc.

Secondly, you have to be in possession of some cryptocurrencies to go about this process successfully. You can also purchase some of these on various exchanges like Binance, Kucoin, CoinBase, Kraken, Coin Tiger, etc. On these platforms, you can either buy using the p2p method or through your credit card depending on what suits you best.

It’s necessary you make room for transaction fees because some exchanges charge little percentages for each transaction you perform on the platform.

The next step will be connecting to a market place where you can buy or sell these collections. When you get on these platforms such as the openSea, you will be required to connect your wallet. It is necessary to connect a wallet that accepts the storage of these collections as well as the wallet that has your purchased cryptocurrency assets.

After which, you can then flip these assets according to how much worth of these assets you can afford.

Nft MarketPlace

There are several platforms where you can buy and sell Nfts. These platforms are mostly referred to as marketplaces. As much as this is a market where buying and selling is done, it is not like our traditional markets since it’s digitally based.

On these platforms, buyers meet sellers to flip their various collections and this is carried out with cryptocurrencies, mostly ethereum.

Some of these marketplaces include;

OpenSea.Io NFT Marketplace

The OpenSea.io platform is a peer-to-peer NFT marketplace that breeds infinite collectibles and digital items. Getting started on this platform entails creating an account to enable you access to the various collections available. You can also filter your search for new listings and new artists as well as sort pieces by sales volume.

OpenSea prouds itself as the largest and most popular marketplace for transactions of this kind. It happens to be the first marketplace to support this merchandise; this is probably why it’s the most adopted platform for NFT transactions.

Rarible NFT Marketplace

This NFT marketplace shares close similarities to Open Sea only that it is a more democratic platform. Here, creators, artists and owners can both issue and sell their various collections at wish. The platform has a native token called “RARI”, this allows holders to drift easily on community rules and fees that come with transactions.

Foundation NFT Marketplace

This is another Nft marketplace that is quite different from other existing market places. On this platform, artists are required to receive “upvotes” just like reddit. An alternative to upvotes is receiving an invitation from fellow creators to share their arts and creations.

Another significant difference on the platform is the cost of entry as well as the compulsory purchase of gas to mint NFTs – as such higher caliber of artworks are provided since everyone can’t afford the cost. This has increased the interest of investors to sell on the platform such as the creator of “Nyan Cat” – Chris Torres who sold his collections on the foundation platform. Selling at higher prices is an encouraging factor for all those who wish to capitalize on this niche if the demand remains stable or increases with time.

It is very important to note that careful research and study of any collection is important because although the platform houses thousands of creators and collectors, impersonation has been noticed among users of the platform. These fraudsters most times list and sell the artworks of original users without permission.

Additionally, there are diverse verification processes for listing the various NFTs in the marketplace, that is to say there are inconsistencies across platforms. While some are strict with this exercise, others remain lenient. For instance, owner verification for NFT listings on Rarible and OpenSea is not required. This however reduces the protection of the buyers, therefore it is important to beware of what exactly you wish to get. The age long adage “caveat emptor-let the buyer be aware” best features at this point.

we believe more NFT marketplace will emerge that will solve some of the challenges faced by the current marketplace.

Read also; Beginners Guide to Cardano NFT

One Comment on “Top NFT Marketplace and What They Sell”

Leave a Reply

Your email address will not be published.