What is an NFT?
An NFT is a digital asset that represents real-world objects such as art, music, game elements, and videos. They are bought and sold online, frequently with cryptocurrencies, and are usually coded with the same underlying software as many cryptos.
Although they have been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFT since November 2017.
Where to buy and sell NFT?
Once you've set up and funded your wallet, there's no shortage of NFT sites to buy. Currently, the largest NFT markets are:
OpenSea.io:This peer-to-peer platform advertises itself as a provider of "rare and collectible digital items." To get started, all you need to do is create an account to explore NFT collections. You can also sort pieces by sales volume to discover new artists.
Rarible:Similar to OpenSea, Rarible is an open and democratic marketplace that allows artists and creators to issue and sell NFT. RARI tokens issued on the platform allow holders to evaluate features such as fees and community rules.
Foundation:Here, artists must receive "votes in favor" or an invitation from other creators to publish their art. The exclusivity of the community and the cost of entry (artists must also buy "gas" to mint NFT) means that you can boast of works of art of greater caliber. For example, Nyan Cat creator Chris Torres sold NFT on the Foundation platform. It can also mean higher prices, which isn't necessarily a bad thing for artists and collectors looking to capitalize, assuming demand for NFT remains at current levels, or even increases over time.
Makersplace: Allows you to create your own NFTs, but you have to register in advance to be a listed artist on the platform.
Mintable: Create and sell digital items on Mintable to earn cryptocurrencies.
Knownorigin: It allows artists and designers to create, discover, and own rare digital artworks in jpg or GIF formats, all protected by the Ethereum blockchain. All files are stored in a decentralized way in IPFS and receive unique identifiers that can be traced.
Superrare:It is a social network for creators and art collectors, backed by blockchain. Creators can create digital artworks and tokenize them on the Ethereum blockchain. Collectors can buy and exchange works of art with royalties that go back to the creator thanks to smart contracts. Limited access.
Binance NFT:Binance, the highest volume bitcoin (BTC) and cryptocurrency exchange in the market, launched today, June 24, its NFT marketplace. This digital collectibles market was incorporated as a new section within the exchange's platform, so those who already have an account on Binance, do not need to make any special registration.
Niftygateway: It allows you to buy, sell, trade and display your Nifties or NFT digital products; and great artists: Such as Calvin Harris, they have decided to try them as new sales methods through which to achieve income.
Atomic HUB:It is a standard for non-fungible tokens (NFT) in the blockchain technology of the EOS cryptocurrency. Anyone can use the Atomic Asset standard to tokenize and create digital assets and buy, sell and auction assets using the Atomic Assets marketplace. Within this market, you will be able to hold special cards for some games, such as: SplinterLands. In addition, some collectible cards / cards.
MarbleCard:It is a way to create and exchange unique digital cards based on URLs, each web page can only be veined once and by a single person. Once a card is created, that URL is claimed forever, all cards are non-fungible tokens created in Ethereum.
Valuables:Allows anyone to auction their tweet for payment in the form of ether. The platform focuses solely on selling tweets as NFT and obviously does not expect to sell your TWEETS, unless you are an important influencer in the world.
VIV3:It is the first overall market for the Flow Blockchain development company based on the belief that the world is at the beginning of a shift from physical to digital ownership. It has the vision to empower one billion people to create, trade and own the world's most valuable creations based on Flow. A highly scalable and composable smart contract platform that delivers the performance required for general-level applications. These NFTs are purchased by fans, collectors, players, and digital asset traders.
Treasure Land:It is the first and largest NFT marketplace on Binance Smart Chain that allows the purchase and sale of BSC NFT tokens. It's a derivative of the developers behind DEGO, a hybrid platform that mixes the world of DeFi and NFT. It has a complete NFT ecosystem including NFT Casting, Mining, Crafting, Auction, Trading, Trading and more. Getting your hands on some NFTs is pretty simple on the Treasureland platform. It allows listings and auctions payable on a few different cryptos.
Arkane Market:It is a digital collectibles marketplace designed for players and collectors in general where users do not need to pay with cryptocurrencies. It is also the first NFT market to operate in Polygon (formally Matic). Still, in its infancy, the platform was recently launched with a Battle Racers campaign to generate immediate interest. Battle Racers is an action-packed Blockchain development services racing game in which you design, build and compete with NFT cars on tracks the size of a game room, as part of the launch, a new special car called Arkane Hyperion was created.
Ghost Market:It is the first NFT blockchain market. Ghost Market allows you to discover, buy and sell NFT from both NEO and Phantasma Blockchains. Phantasma is a fast, secure, and scalable blockchain built with NFT in mind, so it has many NFT functions (minting, batch minting, shipping, etc.) built in by default.
Zora: It is a marketplace to buy, sell and exchange limited edition products (Invitation required).
Decentraland: Decentraland is a virtual game, in the style of what was formerly Second Life, but with the novelty, that it allows us to buy the objects of the game as NFT digital assets.
Should I buy an NFT?
The above problems are all solvable problems. But the industry is at such an early stage that it's not yet clear what the solutions will be and whether they will protect early adopters of NFT.
Buying an NFT right now is incredibly risky. NFTs are a volatile part of the already volatile cryptocurrency development services. In addition, even traditional art and collectibles are difficult to value and it is difficult to invest in them if the market is not understood.
It's not a great idea to invest in NFT because you're afraid of missing an opportunity. In fact, it's likely only make sense to invest in NFT if you can check any of these boxes:
You understand the traditional art market
You are already a collector, of sports cards, art or anything else.
You're not trying to make money fast and see long-term value in investing.
Finally, you should only invest in NFT if your emergency fund is fully funded and above your retirement contributions. There is a possibility that the NFT market will grow and its NFTs will appreciate. But before you buy, ask yourself if you want to bet the cash you actively need in the face of the possibility that your investment will fail.