When crypto first came to fruition the only coin we had was Bitcoin, this revolutionized the entire blockchain and cryptocurrency industry. Soon after others such as Ethereum and Ripple followed along becoming the pioneers of crypto.
As we’ve evolved in the crypto ecosystem over the years, we’ve seen heaps of different types of tokens appear and even ICOs (Initial Coin Offerings). There is no doubt that cryptocurrency has evolved to a mammoth larger than anyone has ever imagined.
One of the latest hypes and crazes of the crypto industry are NFTs (Non-fungible tokens).
A non-fungible token basically means that it is unique and one of a kind. Where Bitcoin is different is that you can buy, sell, and exchange Bitcoin and there are many in circulation. An NFT is only one of a kind, you can trade it for another NFT, but the fact remains that there will be only one copy and that once it’s gone from your hands, it is gone.
NFTs can be basically anything. It could be drawings, character sprites, music, etc. It provides value because it is unique, and could become the pioneer of digital art moving forward.
So, what’s the point of NFTs?
There are two parts to the point. One is that you might be an investor or a collector looking at taking a risk in emerging technology and trend. Think about baseball cards back in the early 90s. They weren’t worth much but given a few years of growth they can sell for upwards of $200,000.
This is the risk that some investors are willing to take by buying NFTs, especially those ones available in early adoption.
As a seller, artist, or content creator, your value is in creating NFTs that you can eventually sell for a profit. It basically becomes another marketplace, but the good part about this marketplace is that you can’t sell fakes if you do your research.
What are the best marketplaces for NFTs?
Now that you know the basics about NFTs and how they work, along with their use case scenarios you may be interested in finding out the best places to buy these NFTs. There are currently quite a few popular platforms that are used as marketplaces to buy or sell NFTs.
1. Crypto.com NFT Marketplace
Crypto.com has been revolutionizing the way we buy and sell cryptocurrencies through an easy-to-use and intuitive interface. They’ve pioneered using visas via crypto alongside creating a unique and simple mobile app to do everything related.
Crypto.com really simplifies the process as you can create an account in minutes and do everything related to the NFTs on their platform simply and easily. With over 10 million users on the platform and many categories for NFTs, they are definitely the biggest player in the space at the moment.
2. Binance NFT Marketplace
Binance is the biggest exchange when it comes to sheer trading volume and prides itself on offering affordable fees and a quick, easy and secure platform to use for all your needs. If you are already a Binance user then you can use your same account to access the NFT marketplace and buy NFTs for 1% fees.
3. OpenSea NFT Marketplace
One of the pioneers and most trusted NFT marketplaces by users is the OpenSea marketplace. OpenSea allows you to buy NFTs with crypto and has a wide range of categories and collections being the first to bring an NFT marketplace to the audience.
Whilst there are many more NFT marketplaces that you can quickly find with a Google search, the above are the most prominent players in the space that provide you with a decent amount of security and reliability as they’re big names and pioneers in the space.
Make sure that you always do your research when you’re searching for other NFT marketplaces as with anything in the cryptocurrency game it is easy to fall victim to mischievous websites and/or people if you aren’t careful.
Wrapping Up
Whether NFTs will love up to the hype in the next few years or decades is anyone’s guess. Much the same as where Bitcoin is going, all we can do is make predictions but no one has the answer to this, and becomes another investment strategy you must take at your own risk.
Whilst Cryptolume’s platform doesn’t have data related to NFTs in our crypto scanner, there might be a suggestion you have for us to bring to the platform that may help users with NFTs. If you have any ideas, please reach out to us.