NFT marketplaces are an emerging way for users to buy and sell digital items on the Blockchain.
Digital assets are not only limited to video games; they can be of any digital asset ranging from online art, music, collectables etc.
The most popular NFT marketplace is OpenSea which has over 200 categories of digital assets and over 4 million NFTs on its website. OpenSea is the original peer-to-peer NFT marketplace, and far and away the largest.
OpenSea is a popular marketplace for non-fungible tokens. You may use your Ethereum wallet to purchase and trade a range of NFTs, such as domain names, digital art and collectibles. On the secondary market, you may buy and sell NFTs, as well as build your own original NFT collections to sell on the primary market. The exchange charges lower fees than most of its competitors, making it an appealing site for NFT collectors.
How does it work
There’s no need to make an account with OpenSea –– all you need to do is connect your crypto wallet.
Because the platform employs smart contracts for transactions, the website does not need to have custody of your valuables. Instead, you maintain total control over your collectibles in your Ethereum wallet linked to OpenSea’s site.
Users can discover all of the items for sale on the site. They may sort by type, rarity, or price to locate exactly what they’re looking for.
The seller offers OpenSea information about their product, including its worth and any limits, such as only being willing to trade it for another game asset.
You can buy these NFTs with Ethereum tokens like DAI and Ether. DAI is a Stablecoin pegged to the price of $1, so buying and selling NFTs is less volatile.
If a buyer and seller accept an offer, the smart contracts on Ethereum’s blockchain will execute the transaction.
OpenSea allows you to construct your own NFT collections without spending a dime. OpenSea’s commissions for transactions are 2.5 percent, which is not bad when compared with rival marketplaces. The minimum charge on the popular competitor Nifty Gateway is 5%.
Due to the prohibitive expense of transacting on Ethereum’s blockchain, your NFT collection will only be minted as a real non-fungible token on Ethereum’s blockchain if a bid for your NFT is accepted. The cost to create an NFT varies with supply and demand, but it costs around $100 to mint one.
Here are some other popular NFT marketplaces:
The NFT marketplace is taking off fast but it’s really just starting and we expect this industry to transform in unimaginable ways. Musicians, athletes and celebrities are now releasing NFT’s of digital content which are sold on NFT marketplaces. Now might be the best time ever to participate in NFT marketplaces and investing in NFT’s.