NFTs are unique items that you can’t replace with something else. For example, a one-of-a-kind trading card is an NFT – you can’t just swap it for any other card. If you trade your card for some other cards, then the result is not equal to what it originally was and thus they aren’t fungible. These differ from fungible items such as bills or coins which all equal out when compared to each others’ value because they’re uniform and cannot be replaced by anything else but themselves. On the contrary, if we compare nonfungibles like collectible virtual game assets; there exists no parallel version or replacement of said asset, unlike regular collectibles.
NFTs are nonfungibles tokens; these types of assets cannot simply be swapped out with anything different without representing change or loss in their original market value/worth. For example, a one-of-a-kind trading card is an NFT – you can’t just replace it with any other card. If you trade your card for some other card, then what do you have? These differ from fungible items whose value return to where they started when traded like bitcoin or if swapping near worthless mass-produced late 80’s baseball cards for 1909 American Tobacco Company T206 Honus Wagner Card (valuable).
NFTs are digital assets that can be uniquely identified and owned by one user. Unlike cryptocurrencies, which have fungibility (can be replaced with any other unit), each NFT is unique. It’s also different from crypto cins like Bitcon, in terms of divisibility; a single bitcoin contains 100 million units while all tokens on Ethereum contain 18 decimal places or more to make it possible for them to represent ownership over extremely small fractions of anything they want including physical items such as artworks, music albums, etc., giving the creator complete control over its creation.
Nowadays, digital forms of NFTs are more common. These provide an opportunity for creators to give something rare and unique back to their supporters. Digital artworks make good examples because people collect these just like they have collected physical paintings in the past. Some even go for extraordinary prices…Such is the case with one artwork by Beeple which sold at Christie’s auction house last year for USD 69 million!
The newest form of cryptocurrency. They are an Ethereum blockchain game where users can buy, sell and breed digital “cats.” Every “cat” holds its unique attributes (similar to your real-life pet).
NFTs are unique and special types of cryptocurrencies. In some ways,
NFTs are similar to Bitcoins and other cryptocurrencies except that they aren’t fungible or divisible. The first non-fungible tokens were created on the Ethereum blockchain which stores extra information about each token’s uniqueness as a way of distinguishing them from one another. Nowadays, there are different blockchains for these specific coins too with different marketplaces buying/selling particular assets based on whether it supports an NFC standard such as ethereum has released two standards now: ERC721 (created in 2017) & ERC841 (released March 2018).
Following are our top 5 picks of NFT marketplaces where you can buy and sell NFT art.
OpenSea
OpenSea describes itself as one of the largest NFT marketplaces, offering a wide range of non-fungible tokens (NFTs) – including art, censorship-resistant domain names, and virtual worlds. They feature over 700 different projects on their site from trading card games to digital artwork with unique attributes or characteristics that can’t be reproduced in another instance.
OpenSea is the largest decentralized marketplace for digital assets like non-fungible tokens (NFTs). They support both ERC721 and ERC1155 types of NFTs. Users can buy, sell, or discover hard-to-find virtual items they’re looking for such as Axies from AO3: CryptoKitties on Decentraland. OpenSea features over 700 different projects which include trading card games with their own unique sets of cards/items; collectible games where users play against each other using a deck that starts empty but becomes filled with more powerful combinations after every battle; there are also art projects – everything ranging from individual pieces up to large collection museums created by generative artists who want.
OpenSea offers three types of pricing structure i.e. Fixed Price, Declining price listing, and the traditional auction listing.
NiftyGateWay
NiftyGateway is a premier marketplace for NFTs. Founded to make them accessible, the platform teams up with top artists and brands to offer limited edition works that take place every three weeks in drops. Limited editions are available only until they sell out or close their drop; all other products from those collections will be purchasable on the market after this period has passed. Celebrated names such as Steve Aoki, deadmau5 Grimes Kenny Scharft Beeple are just some examples of who you can expect your next purchase from!
The Nifty Gateway is a blockchain platform that was created so anyone can create and own their digital assets. All you need to do is purchase tokens from the site, list them under your profile, withdraw them into your wallet or an external account if needed. When ready for trading purposes on secondary markets (exchanges), users can import nifties directly onto this website instead of using another third-party application such as MyEtherWallet.
Anyone who wants to be involved in creating with the platform may apply by purchasing tokens through our page here which will then appear under [your] user profile. You can withdraw said nifties either back into wallets like MyEtherWallet, where they’ll stay safe until traded out at other exchanges.
SuperRare
SuperRare describes itself as “Instagram meets Christies.” Still in early access, the platform onboards only a small number of hand-picked artists. However, through their form on their website, you can submit your artist profile to get onto the radar for a full launch next year. The token is valued based on how much it costs and what demand there was by users during that time so when selling artworks (NFTs), you will receive 85% with 15% amount charged as commission fee from buyers who purchase tokens using ether which powers its network called Ethereum blockchain technology.
Rarible
Rarible is a community-owned NFT marketplace, with its “owners” holding the ERC-20 RARI token. The platform places a particular focus on art assets and distributes 75,000 RARI every week to active users who buy or sell on the NFT marketplace. Creators can even show sneak peeks of their creations before selling them to everybody that comes onto this platform!
This shows how artists can use Raribles as an innovative way of marketing themselves by limiting access to certain buyers while still giving full previews for those interested in purchasing their work.
You can find NFTs in categories like art, photography, games, metaverses, music, domains, memes, and more at Rarible.
Foundation
Foundation, an innovative platform that allows artists to mint unique NFTs and curators/collectors to buy them through auctions or browsing a curated gallery. Foundation was launched in February 2021 with great success – selling the viral internet meme Nyan Cat for $590,000 and more recently Pak’s Finite now worth $809,789. They take a creator-first approach by having artists select other invited members on their site who can then make artworks available as well as approve new member applications themselves: “the whole idea is we want it so anyone has access immediately if they are selected from the community,” says founder Alex Chen of this process.
They recently announced that they will be accepting applications from artists who want to experiment with crypto. They are calling it an open call for creators of all kinds including programmers, musicians, game developers, etc. In their blog post in 2020 August on Medium they stated “we encourage everyone — regardless of how much or little you know about blockchain technology—to participate.”
When someone buys a cryptokitty using Foundation’s token (FND) then 10% is paid out as royalty fees directly into the creator’s wallet, unlike other platforms where there can sometimes just be one central point-of-sale which would go against the decentralization principle.
