Non-fungible tokens (NFTs) serve as a secure record of ownership for an item or collection of an item or collection of items, stored on select blockchain ledgers such as Ethereum and Solana. As a reminder, it is not possible to copy non-fungible tokens. NFTs are especially suited for tracking ownership of property that can’t be replicated, like the rights to an image.
Hopefully, almost anything can be minted as an NFT. But digital art, sports collectibles, and video games are especially popular among investors. Most people are buying NFTs with ether (ETH), the native cryptocurrency of the Ethereum network.
Bitcoin functions mainly as a payment network and cryptocurrency. Unlike, the world’s largest cryptocurrency blockchain networks such as Ethereum and Solana let users build apps that can store personal data and set rules for complex financial transactions.
Non-fungible tokens offer a new market where artists can sell their work. Furthermore, investors who are bullish about the technology see NFTs as a way to financially support artists, etc.
This market is growing really fast. One good example is the online marketplace OpenSea. It saw a 100-fold sales increase over the previous six months. Unfortunately, there is no lack of various illegal activities such as theft and fraud. Also, people should not forget that fees and commissions vary widely. There are other issues as well. It is no secret that the electricity needed to run the Ethereum network is a source of massive carbon emissions.
People who would like to enter the market should do so with their eyes wide open, understanding that it’s important to assess marketplaces, including occasionally inconspicuous FAQs and service terms.
Non-fungible tokens and Several marketplaces
There are many interesting marketplaces, so it is hard to choose the best one, let’s start with SuperRare. It is a peer-to-peer marketplace for buying and selling single-edition digital network. SuperRare is home to a curated selection of artists as well as brands. This site offers features like an active social feed. It also offers a calendar of upcoming exhibitions and a high-touch editorial page with profiles and artist statements.
Now, let’s move to Foundation. It hosted NFT sales of the viral internet meme Nyan Cat, Pak’s Finite record. Interestingly, creators’ work is arranged in a grid of cards, with trending auctions at the top of the page followed by featured artists. Customers must set up a MetaMask wallet with ether before they can create an artist profile and mint an NFT or purchase artwork from the site.
When it comes to the best marketplaces it is hard not to mention Mintable. It is a two-sided marketplace for buying and selling non-fungible that resembles eBay. Importantly, creators have options to mint free “gasless” non-fungible tokens, short-run printable series or traditional transaction-based items. Buyers have the opportunity to purchase listed items or bid on auctions, with winners notified by email.
OpenSea, NBA Top Shot, and Axie Infinity
OpenSea is one most famous marketplaces and its history dates back to 2017. Notably, it claims on its website to be “the first and largest marketplace for user-owned digital goods”. OpenSea has 113,000 users and 15.5 million non-fungible tokens as well as a trading volume of $354 million. This marketplace raised $23 million in its latest round of venture capital funding led by the Silicon Valley venture capital firm Andreessen Horowitz.
Customers can find everything from virtual real estate to sound loops from The Weeknd. Clients with wallets loaded with ether, and more than 150 other payment tokens, can buy fixed-price NFTs directly from sellers. They can also bid on NFTs in auctions, with an offer record stored in the user’s profile.
In early 2020, DapperLabs launched NBA Top Shot. Thanks to this NBA-licensed game fans can collect and trade digital “moments” from the NBA. Interestingly, “moments” feature video highlights, player stats, as well as box scores. Customers can display curated collections, follow their favorite teams, and trade assets secured on the company’s own blockchain.
A startup from Vietnam designed a Pokemon-inspired video game. Players can build farming kingdoms, etc. The video game designed by Sky Mavis has more than 10,000 monthly active users as of 2020. Axie Infinity is also the most popular game in the Ethereum network. As a reminder, characters and land plots are encrypted as non-fungible tokens. Gamers and collectors can buy them on an online marketplace.
Sorare, Venly, Nifty Gateway, and Zora
A lot of people love football, let’s have a look at Sorare. It is a cryptocurrency-based fantasy football league where users can collect player cards as non-fungible tokens. Users can use them in online competitions. This site has 140 licensed clubs, including the teams of the Major Soccer League. Customers can participate in the fantasy league by purchasing low-cost digital players. Nevertheless, exclusive NFT collectibles outcompete others through scoring multipliers.
Venly’s peer-to-peer NFT marketplace allows logged-in users to buy as well as sell game characters. They can also buy and sell weapons, collectibles without needing to worry about getting cryptocurrency first. Customers can link their accounts to digital wallets to buy and sell assets from blockchain games such as The Sandbox.
Nifty Gateway works with artists and brands in order to create Nifties- a branded term for NFTs. This site operates at high volume and includes a discovery page, a detailed stats dashboard showing sales and appreciation figures, and a log of sitewide activity.
Last but not least, is Zora a decentralized auction house with an overtly activist manifesto. Potential buyers can find music, video, images, GIFs, and text non-fungible tokens for sale through linked Ethereum wallets. Zora is much more than a simple marketplace. It is an open-source protocol, built on the most common standard for NFTs, called ERC-721. Importantly, creators can buy and resell NFTs anywhere that integrates with the protocol and specify royalty percentages for secondary sales.
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