NFT marketplace, our practical guide
The concept of the NFT marketplace is experiencing tremendous growth, as NFT attracts both large investors and consumers hungry for cryptocurrency.
An NFT marketplace allows you to buy, sell, trade, and mint NFTs. Find out why the NFT markets have such a great future, from a development, consumer and investment perspective.
What is an NFT?
NFT stands for Non-fungible Token. It represents digital assets that are different from each other with identifying codes.
A more precise definition of NFT is that it is a unit of data stored in a Blockchain. This Blockchain certifies that a digital asset is inimitable or unique and that it is not interchangeable and this is called a non-fungible token (NFT). Artists use these tokens to represent works of art such as photos, videos, audio, and a variety of digital assets. The most expensive NFT ever sold cost $ 69 million, according to a survey.
Controlled by a Blockchain, NFTs offer a certificate of authenticity of the particular digital asset.
What is an NFT marketplace?
The platforms on which NFTs can be stored, displayed, traded and issued are defined as NFT marketplace. This NFT market is the best intermediary between buyers and sellers. This offers the advantage of creating NFTs in minutes. Enabling people to list their digital assets for sale, these NFT markets help customers buy them through auctions. To ensure profitable art offerings, the NFT enthusiast should visit the NFT marketplace where digital assets and collectibles are listed.
While a few NFT marketplaces guarantee profitable issuance by avoiding commission fees, others accept particular cryptocurrencies.
Solving conventional income stream problems, this type of token-based NFT marketplace provides easier and more flexible access to NFTs. For example, Binance has an NFT marketplace that is very rich in terms of artwork and price diversity.
Why are investments in the NFT marketplace increasing?
For the past decade, crypto enthusiasts have been creating and distributing their digital assets over the internet, but how to own and collect them remains to be defined. The development of the NFT marketplace helps them create financial value for their work and own a museum for their works.
Creating opportunities for new business models, these token-based platforms allow people to attach stipulations to NFTs that guarantee profits every time the digital asset is sold. With the ability to create ownership of digital assets, NFTs are growing in popularity around the world, transforming the way we buy, sell and relate to art.
Pros and cons of NFT marketplace
Currently, the NFT marketplace is around $ 7 billion. However, there are many obstacles hindering its adoption. At first, many financial experts consider the NFT to be just a valve to justify the gigantic amount of money supply in the flyer. Money that gets stuck in financial markets and does not flow into the real economy. Additionally, NFT’s concept of art is decried by many artists as an outrageous financialization of art.
But the golden calf, in real or in NFT, cannot be stopped and it looks like we are on course for an explosion in the NFT marketplace in the near future. Supporters of the NFT consider these criticisms to be unfounded. It is precisely the stagnation of the art market, the difficulty of accessing new artists with a phagocytage between billionaires and a few handpicked artists that art has shattered along with the real economy.
The most expensive NFTs to date
Above is a collage of the 9 most expensive NFTs in history and below the name of 10 most expensive NFTs in history and their respective prices:
- Everydays: the First 5000 Days – $69.3m
- CryptoPunk #7523 – $11.75m
- CryptoPunk #3100 – $7.67m
- CryptoPunk #7804 – $7.6m
- Beeple’s Crossroad – $6.6m
- Beeple’s Ocean Front – $6m
- CryptoPunk #5217 – $5.59m
- Edward Snowden’s Stay Free – $5.4m
- Save Thousands of Lives – $5.23m
- CryptoPunk #2338 – $4.37m