“You should buy an NFT”. “Did you hear about the NFT Marketplace”? “I just earned this much from my NFT design.” Nowadays, all you hear people talk about is NFT this and NFT that! But, have you ever wondered what these Non Fungible Tokens actually are and how long they have been around? Well, I’m sure you have, and that is why I have broken down all the necessary information you need to know about them below. From its history to where you can find it and how you can purchase it, everything is mentioned below.
The NFT History
NFT, better known as Non Fungible Tokens, have been around for half a decade. However, it is only recently that the term exploded, and people got interested. The first NFT was created on May 3rd, 2014, by Kevin McCoy. He created an NFT that went by the name of quantum and minted it before the crypto market gained popularity.
“The term minted refers to the conversion of a digital file into a crypto collectible that can be later bought by using cryptocurrencies like Ethereum.”
To put all that’s mentioned above in laments terms, NFT is a digital collectible of a real-life asset that you purchase on certain marketplaces by using crypto currency.
What Is an NFT Marketplace?
An NFT marketplace is basically like Amazon of the Digital Realm. Within these marketplaces, you can sell anything from a meager emoji, music files to entire virtual worlds without any hassle. You can also purchase your favorite Non Fungible Tokens from these places and bid on cryptocurrency items. The only difference between these places and amazon is that currencies such as Dollars and Euros rule within the later one, while in an NFT Market Place, Crypto is the king. It doesn’t matter what kind of coin you have; as long as it’s crypto, you will be eligible for purchase.
How Can I Find NFT Market Places?
Finding NFT Market Places isn’t as complicated as one might think; they are available online in dozens. But, if you want to find the perfect one for yourself quicker and start your journey of buying and selling, here are five places you should definitely check.
If you’re a complete beginner, Open Sea is the place for you to check out. The website offers products of all niches on its domain and offers to buy and sell with more than 150 different tokens.
Aside from providing an open marketplace that all can visit, signup, and use for free, it also hosts a platform where you can create your very own NFT and sell it right on the spot! It’s truly the best website for any beginner to visit!
If you’re fond of video games, you must have heard the name of ‘Axie Infinity’ before. The game revolves around characters called Axies that fight against other players’ Axies. If you are fond of this game and have some amazing worlds or Axies in your store list, you might also want to make a quick buck with them.
The Axie Market Place is perfect for you to visit as on this platform, you can trade your characters and even entire worlds with other players for some cryptocurrency.
NBA Top Shot Marketplace
Being a fan of the NBA, everyone wants to capture the most crucial moments of certain games and keep them near their heart. Well, with the NBA Top Shot marketplace, anyone can do exactly that. Whether it’s a clip, a jersey, winning shot ball, or even a broken hoop, you can purchase it from the NBA Top Shot Marketplace and become the sole owner of that item with ease.
The Top Shot also offers you to sell your original merchandise on their platform. All you have to do before selling is prove the authenticity of your item.
Similar to Open Sea, Rarible is also an open marketplace for creators to buy and sell their items of different niches. The website has gained a lot of popularity and has become a great source to acquire products like unreleased music videos, soundtracks, art forms, written stanzas, and much more. Basically, anything that’s original and has value will be available on this website!
Being similar to Open Sea, the only difference they have is that Rarible now uses its own tokens as a form of currency that is used to buy and sell. Don’t worry! They are based on the Ethereum BlockChain Network, so they are secure, but you still have to convert your crypto into rarible to shop from their platform.
Now, this is only a rumor but, similar to Rarible, Super Rare is a marketplace being created to honor the artists and the designers. One can sell and purchase any form of art on Super Rare, and unlike the pesky token exchange that rarible forces upon, it wouldn’t be necessary when shopping at Super Rare.
A Short Tip Before You Start Investing
The NFT Market Places are a great way to earn money by procuring digital assets and selling them when their value increases. But, always be sure to visit a bunch of different marketplaces that already have similar items according to your niche. The above-mentioned five marketplaces do have a certain charm and appeal, but if you put them aside, there are plenty of others that might even be better. All you have to do is a little research before procuring or selling your item on these marketplaces.
Also, be aware that NFT has only recently started to boom in the industry, and though this might be a bit speculative, not all assets will perform the same as they were before you made a purchase. So, always keep that in mind before placing any investment in the world of NFT.