What are NFTs? Take a look at top 5 NFT marketplaces

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What are NFTs? Take a look at top 5 NFT marketplaces

NFTs
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Highlights

  • NFTs have taken the digital art world by storm.
  • Art lovers are increasingly investing in digital collectibles like paintings, music, in-game items, among others.
  • Some of the popular NFT marketplaces include OpenSea, Rarible, Decentraland, etc.

Of late, NFTs have seen an astronomical rise in their popularity. They have taken the digital art and collectibles world by storm. As a result, many digital artists are witnessing a sea change in their lives thanks to colossal sales to a new crypto audience.

Must Read: What are NFTs? Are these popular across NZ?

NFT, cryptocurrency

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What exactly are NFTs?

NFTs, also known as Non-Fungible Tokens, are unique digital tokens that represent real-world objects like art, videos, music, in-game items, collectibles, etc., and are generally held on the Ethereum blockchain.

These can be stand-alone or part of a collection, which can be sold and purchased online mostly by using cryptocurrency.

In simpler terms, NFTs are similar to physical collector’s items. Instead of getting an actual oil painting, an NFT buyer gets a digital file and artists can sign their artwork with their signature in an NFT’s metadata.

What is an NFT marketplace?

Similar to cryptocurrency trading platforms, most users buy NFTs on dedicated marketplaces. NFT marketplaces are platforms wherein these NFTs can be displayed, traded and even created.

Having said that, let us take a glance at five popular NFT marketplaces.

  • OpenSea

One of the leading marketplaces for NFT trading, OpenSea boasts numerous digital assets and also supports artists and has an easy-to-use process if one wants to create their unique NFT.

NFT lovers can sign up for free and browse through a wide range of offerings. Moreover, this platform supports 150-plus different payment tokens and around 14 other crypto wallets.

Interesting Read: What are CryptoPunk NFTs & which ones sold for the highest prices?

  • Rarible

Another famous name in the NFT marketplace is Rarible. The platform is well known for offering various digital arts, photography, music, games and also metaverse objects.

Here, users can trade in NFTs through a credit or debit card.

Further, Rarible supports wallets like Coinbase and MetaMask to safely store their assets after the purchase.

  • Axie Marketplace

Axie Marketplace is a popular marketplace for Axie Infinity, the famous video game. Here, players can buy Axies, which are mythical creatures and also entire lands as NFTs for using them in playing the said game.

Axie Shards, which are Axie Infinity tokens, can be purchased, sold and traded on other NFT marketplaces as well.

  • Decentraland

Decentraland, one of the most popular NFT marketplaces, is completely based on fantasy. Users on this platform can purchase assets, lands, etc., with cryptocurrency. Moreover, Decentraland integrates 3D technology and VR into its platform and is considered a pioneer in the NFT space.

  • NBA Top Shot

This is the National Basketball Association and the Women's National Basketball Association which have entered into the NFT marketplace.

Here, buyers can acquire video clips, art, etc., from the world’s most prominent basketball leagues.

The said marketplace boasts an easy sign-up process, where collectible moments can be bought for as little as a few dollars.

Bottom Line

Though NFTs are currently ruling the art world, investors must undertake a thorough study of these to venture into this new world of digital collectibles.

Do Read: Three major challenges the NFT market needs to address

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