Finance

All You Need to Know About NFTs and Trading Them

All You Need to Know About NFTs and Trading Them

If recent events are anything to go by, NFTs have been receiving massive hype around the globe, and it is evident that they have taken the technological industry by storm. An NFT is a non-fungible token that lives in a blockchain. 

The blockchain guarantees the asset is an original copy and property of a specific individual. NFTs, in other words, are digital assets that represent real-world objects like art. They are traded online and, for the most part, are sold in cryptocurrency. Having mentioned that NFTs are non-fungible, we need to understand the definition of fungible and why we refer to NFTs as non-fungible.

Fungible means that you can trade an asset for an identical asset of equal value. It implies that assets are mutually interchangeable. A practical example is that if you exchange a $2 bill for a $2 bill, you will still have $2. Therefore, NFTs are referred to as non-fungible since each is different and cannot be traded for another. 

Now that you know what NFTs are, you should know that people trade NFTs in marketplaces. With this in mind, we have compiled a list of some of the platforms where you can trade NFTs and meet fellow enthusiasts. 

Four Hottest NFT Trading Marketplaces at the Moment

It is worth noting that with the hype surrounding NFTs, numerous applications claim to be marketplaces. This list contains the four most popular legitimate NFT marketplaces and all you need to know about them.

OpenSea

OpenSea is the eBay or Amazon of NFTs and the largest marketplace at the time of this writing. Founded in 2017 by software engineers Alex Atallah and Devin Finzer, the platform’s growth has been nothing short of impressive. As of 2021, OpenSea had a cumulative trading volume of $12.5 billion, which was nearly 88% of the total NFT trading volume at the time. 

OpenSea is a decentralized peer-to-peer marketplace that enables users to trade NFTs in a trustless technique. It uses smart contracts that ensure no central party has control over transactions. Finally, It is worth noting that the platform takes a cut of 2.5% out of every transaction.

VeVe

VeVe is an Android app that is still new to the spotlight, having been made public in 2018. The app, which was released by Ecomi, provides a marketplace for licensed digital collectibles. Also, VeVe is the first app to offer NFTs from brands such as Disney and Star Wars, among others.

While VeVe is definitely an app you should check out, it is sadly not available worldwide. So, what happens when you can’t access the app due to your location? This is where VeVe proxies come in, as they can swap your IP address with that of a region where the app is available.

NBA Top Shot

This NFT marketplace allows users to purchase, sell, and collect influential moments from the NBA. It is an excellent app for sports collectibles. Furthermore, NBA Top Shot is backed by the NBA itself, making it safer and more reliable. It is built on a blockchain known as Flow, which sidesteps the Ethereum chain.

The platform brings together basketball enthusiasts from all over the world in one place. It releases NFT moments every week, and you can access and purchase them. Accordingly, there are four different types of moments on the platform: Common, Fandom, Rare, and Legendary.

Autograph

Are you a fan of celebrities? If yes, then Autograph is worth checking out since it lets you collect celebrities’ autographs and showcases celebrities’ successes on the blockchain. Co-founded by Tom Brady, the app has a huge following and has a bright future ahead.

With Autograph, you can own a part of your favorite celebrity’s achievement by purchasing a piece of their success. Celebrities with NFTs on the platform include Tom Brady, Tony Hawk, and Derek Jeter.

Conclusion

By now, you should have a basic understanding of NFTs and where to go if you ever want to engage in the trade. Above are some of the NFT marketplaces that are legitimate and popular today. You can also opt to boost your security on such platforms using UDP proxies.

About the author

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Mike K. Watson

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