NFTs which are also known as Non-Fungible Tokens are used to represent digital artwork, video game assets, and real estate. Each one of them is unique.
NFTs are important because they provide a way for people to own and trade digital assets. NFTs can be used to create diffused marketplaces and also economies. They also provide ways to monetize digital content which in turn proves to be beneficial for creators and artists.
NFT Market platform and how does it work?
An NFT marketplace is a zone where you can buy and sell NFTs. These platforms provide users a space to show their NFTs publicly and can also sell them to other purchasers for cryptocurrencies like Bitcoin, Ethereum, etc.
These platforms also let users create their own NFTs on these sites.
These marketplaces exist on various blockchain networks with the most famous ones among NFT marketplace owners being Polygon, Avalanche, Binance Smart Chain( BSC), and Ethereum.
How this platform works is simple. All NFTs markets have different operating systems. Like different NFTs have different rules and limitations. They allow what payment methods, fees, or blockchains can be used. In an NFT transfer from one user to another user, It is handled by the NFT marketplace and they take a fee for this service.
In an NFT marketplace, there is also an option to add a payment method. Some of these require you to connect a cryptocurrency wallet in order to pay. Some others let you pay through credit card or debit card. These marketplaces allow you to search through all of the items which are available for sale, once you sign in to your account.
Once a purchase is done, the transfer of ownership on the blockchain can be recognized. NFTs can be bought from certain sites directly but some of them require auctions to make a sale.
Famous and Authentic Platforms To Buy NFTs
According to research, the NFT market is already worth over $40Billion. You can get a hold of unique art, music, and films in the form of NFTs by using NFT marketplaces.
Some of the most prominent and authentic platforms to buy NFTs are as follows.
Binance NFT marketplace is a superb option for purchasing NFTs. This marketplace is operated by Binance. According to CoinMarketCap, this is the world’s biggest cryptocurrency exchange.
Binance has a user-friendly interface. Here you can find categories of NFTs here, like Collectibles or Sports Memorabilia.
Users can log in to the NFT marketplace by logging into their Binance account.
Users can also manufacture their own NFTs on the Binance marketplace for a little fee. The transaction costs on the Binance marketplace are low, nearing 1% which is very favorable for the consumers.
This is considered the largest NFT market space in the world regarding trading volume. Opensea since Its launch had reached over 1 Million users. This platform offers a lot of NFT types like art, in-game items, domains, and so on. It is built on an Ethereum blockchain. Opensea charges 2.5% as a transaction fee. This supports over 150 cryptocurrencies in regard to payment procedures. It easily allows Its users to link their digital wallets to the marketplace making the access easy.
This NFT marketplace is from the ones at the top, leading with around 10 Million users. They recently launched their NFT marketplace in 2021. They offer NFTs ranging from gaming to art, celebrities, music, crypto, and so on.
The most fascinating thing about purchasing on this platform is that there is no transaction fee to buy an NFT which is extremely different than the other platforms.
You can also explore some of the most expensive NFTs on Crypto.com. NFTs available here are through auction or fixed price. It is easy to explore for beginners as well as experts.
They collaborated with big celebrities like Snoop Dog, adding to the fame of this platform. They also allow mobiles for direct access to their marketplace for NFT trading.
This marketplace holds a big selection of NFTs in the form of art, photography, and games. They charge a 2.5% transaction fee for both buyers and sellers and are on the higher end of the fee range. Users can buy NFTs from here on their debit card or credit card as well. It also supports digital wallets like Metamask
Nifty Gateway focuses on ‘Premium NFT drops’ which in other words are NFT releases with a limited number of assets. This is inclined towards high-end investors because It features a wide variety of famous artists and celebrities. Because of this, their NFTs are high in demand. It charges every seller a 5% fee and offers a $0.30 transaction charge.
Another well-known NFT selling platforms are, GameStop which is an upcoming gaming platform for Blockchain gaming.
- DraftKings which is a popular NFT marketplace for Sports Collectibles
- Foundation which is a premium NFT marketplace for exclusive art
- Axie Infinity, Coin base, CryptoPunks, Larva Labs, NBA Topshot marketplace, and many others.
Essential Aspects of the NFT marketplace
NFT marketplaces hold their importance because of their growing demand and easy access. Some other aspects are
This consists of a massive digital pool consisting of huge transactions going on in the marketplace daily.
An NFT marketplace is virtual in existence, so It has no physical presence. This makes these untrackable. For purchases and trading in this market, a user must have digital money.
A person can easily understand the operational processes of the NFT marketplace. The working function of this marketplace is straightforward and easy containing only a simple series of steps.
Setting up an account in the NFT marketplace is extremely important. It ensures authenticity and authorization for the marketplace. Without a user account, a person cannot buy or sell NFTs.
NFT marketplace is the new age space for trading, buying, and selling digital assets. With the increasing value of cryptocurrency, this whole NFT marketplace will stay in demand in the longer run. That is why this is garnering more importance and investors from high profile people or the general public.