Best NFT Marketplace

So you’ve heard of NFTs, but what are they exactly? 

We’re going to tell you that and more. Like how to buy NFTs, where to buy NFTs, what NFT marketplaces are, and the best NFT marketplace.

This article contains valuable information you don’t want to miss. Let’s get started!

What is a Non-Fungible Token (NFT)?

An NFT embeds data in digital works (like crypto art). It’s similar to a physical property deed, but it’s blockchain technology.

Benefits of NFTs

Unlike currency coins or notes, NFTs are one-of-a-kind and not interchangeable like dollar bills. Here are other benefits of NFTs.

Ownership

Obtaining digital works as NFTs should give you ownership of the work. That’s part of the beauty of NFTs—they are transforming how asset ownership is currently verified and managed, and it’s much easier to transfer ownership over a digital ledger.

Authenticity

An NFT ensures the authenticity of any digital work through unique data stored on the blockchain.

Transferability

NFTs are a cinch to transfer digitally compared to physical property. What’s required is a smart contract to ensure specific conditions get met between seller and buyer.

Economic Opportunities

NFTs may lead to new economic growth through a “creator economy.” For example, an artist receives royalties each time an NFT gets sold because they remain the creator in the embedded NFT metadata.

Creator and Buyer Control

NFT creators get actual value for their work through direct interaction with buyers. Additionally, buyers have more liquidity options with different NFT assets like virtual land, video games, or music.

How to Buy NFTs

As we just mentioned, there are different types of NFTs, and it’s a good idea to know what kind of NFT you want before buying one. A great place to start is knowing what interests you!

Where to Buy NFTs

NFTs are sold virtually through marketplaces, either through a fixed-price listing or what’s called a Dutch auction system. 

To buy NFTs, you need a blockchain wallet (WalletConnect or Coinbase are examples) and cryptocurrency tokens. You’ll also need an NFT account that can link to each NFT marketplace you want to use.

Know Your Tokens

It’s also important to understand what kind of tokens you’ll use in an NFT marketplace—some “closed” marketplaces only allow the use of proprietary tokens.

NFT Marketplaces

Let’s look at fourteen NFT marketplaces to see what they offer buyers and sellers. We’ve included what tokens each marketplace uses. For example, Ethereum/Ether tokens are (ETH).