Quick and simple introduction to the NFT markets

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We give you a brief, but detailed introduction to the NFT markets.We will answer several basic questions and tell you where you can trade these non-fungible tokens.There are several markets available and more and more investors are looking to own unique collectibles.Surely, by now, you have already heard on one occasion or another about non-fungible tokens; especially since the beginning of this year where its popularity exploded, helped in large part by the rise of DeFi. Every day more and more investors and creators of these unique collectibles are created. For this reason, we want to make a brief introduction to the markets from NFT that, soon, we will expand in detail.

What are NFTs?

Non-fungible tokens (NFT) are digital assets that are based on blockchains, which are capable of representing a tangible and intangible product. Each NFT represents a property of something that is inherently different and cannot be duplicated. We can find different things like: works of art, assets in games like Axie Infinity, etc. One of the big differences is that, fungible tokens can be traded on centralized and decentralized cryptocurrency exchanges, tokens cannot. NFTs can be traded on markets like OpenSea, Rarible, or Binance’s new NFT market.

What are the NFT Markets?

They are platforms where NFT vendors can present their collections of non-fungible tokens. In this way, interested parties can easily acquire them; These would be commerce websites (something similar to Amazon) in which a platform becomes an intermediary between the creator of the NFT and the person interested in acquiring it. Another detail to keep in mind is that many markets allow their creators to mint their creations and sell them.

Current NFT markets

At present we find three main and important markets for NFT.

OpenSea

Since 2017, it has a little more than 120,000 users. It is one of the largest NFT markets that we will find today. Users can do business with non-fungible tokens such as collectibles, game items, works of art. Basically with any NFT that was created under the ERC-721 standards, like CryptoKitty and ERC-1155.

Rare

It gives us the possibility that any user without the need for coding knowledge, can create their own NFTs and sell them. The platform has its governance tokens, called: RARI, which as many of us already know, allow users to vote on how the future of the platform will develop.

Binance NFT Marketplace

The creation of the Binance NFT Marketplace comes at a very opportune moment, the idea is to provide a space for artists, creators and even fans of cryptocurrencies. We can find several different sections for specific things on the Binance NFT Marketplace. Market: precisely where NFT can be created, acquired or sold; Events: where the highest level NFTs created by very famous artists around the world are presented; Mystery Box Playground is one of the most interesting and eye-catching things that Binance has to offer. It is a “mystery box” that has random NFT. Those who acquire this can obtain different types of NFT which are classified from common to super rare.

First steps to buy an NFT

We must bear in mind that we will have to meet certain requirements in order to acquire an NFT. The first thing would be to register on the platform we choose, obviously. In turn, it is necessary to have a cryptocurrency wallet which is compatible with the blockchain of the market where we want to buy or sell. Another small detail is the issue of transactions. For the Ethereum-based NFTs, you need to have a few ETH in your wallet to pay for transactions. Each blockchain has its native token; Binance Smart Chain has BNB; Polygon with MATIC and so on. Share it with your friends!

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