The most expensive NFT in the world was priced and sold for $69.3 million.
Yes, the unconventional non-fungible tokens (NFTs) can be that expensive, and they are the latest entries in the world of digital art.
NFTs have become popular, and now, everyone wants to sell NFTs to become rich.
How do you sell an NFT?
Well, thanks to NFT marketplaces, you can buy and sell crypto collectibles.
These marketplaces are web platforms built on a specific blockchain that allows seamless trading of NFTs. They usually take a percentage from the transaction as payment for their services. Some marketplaces specialise in certain NFTs, while some specialise in all types of NFTs available on the marketplace.
There are numerous existing NFT marketplaces, and new ones keep appearing thanks to the increasing demand. However, some marketplaces are dominating the NFT space.
Find out the top NFT marketplaces to buy and sell collectibles by clicking the link in our bio.
Non-fungible tokens (NFTs) are arguably the hottest digital assets in the crypto space. Since gaining popularity in 2021, the NFT space has continued to grow. We can attribute their popularity to the incredible prices some are sold for. In March 2021, a record was set in the NFT space with the sale of the most expensive NFT to date. It didn’t only create a record in the NFT space but also made the list of the most expensive sold artworks of all time. It was created by digital artist Mike Winkelmann and is titled ‘Everydays: The First 5000 Days’.
NFTs have undoubtedly marked the dawn of a new era in the world of art and have increased global interest in digital arts and blockchain technology. As popular as NFTs are, a lot of people don’t understand the concept.
What are Non-fungible tokens (NFTs)?
They are collectible digital assets and are restricted to pieces of digital art. NFTs refer to unique things that can be stored digitally, from music files to tweets, JPGs, and virtual worlds. NFTs are regarded as non-fungible because they are unique and can’t be directly replaced or traded like fiat money or cryptocurrency. Like physical assets, they can be copied and sold except that the copies are of lesser value.
The value of NFTs majorly comes from their scarce nature and proof of ownership. The historical ownership data of NFTs are usually stored on the technology (blockchain) they are built on. This allows easy verification of ownership.
NFTs are built on blockchain technology, and most are built using Ethereum blueprints in the form of token standards. These standards allow NFTs to be available in multiple ecosystems, including wallets, marketplaces, and virtual worlds like the metaverse. The standards also govern the control, ownership, and exchange of NFTs.
How are NFTs traded?
NFTs are traded in marketplaces, and there are numerous NFT marketplaces existing and emerging, all thanks to the buzz. Some of these marketplaces specialise in certain types of NFTs, while others are general marketplaces.
Most NFT marketplaces are not open-access, and they set fees for the listing and sale of collectibles, as well as deposit and withdrawal fees.
Some NFT marketplaces allow you to mint your assets and sell them as NFTs without requiring skills in developing or coding. However, most of these marketplaces charge a ‘gas’ fee to cover the energy cost of the transaction. Gas fees can be ridiculously high depending on the platform. However, you should know that not all NFT sellers make money.
If the NFT wave has hit you and you are interested in becoming an NFT collector or you want to sell NFTs, you should try the top NFT marketplaces. These marketplaces dominate the NFT space and have unique features that have given them the edge over other marketplaces.
Before choosing a marketplace, determine the kind of collectibles you want to buy, sell, or create and understand the blockchain network the NFTs are built on. You should also check for security issues and ensure that your wallet is funded in the right cryptocurrency or token needed for transactions in the marketplace.
Here are the top NFT marketplaces to buy and sell collectibles.
TOP NFT MARKETPLACES
- OpenSea: If you have done a little research on NFTs, you must have come across this marketplace. It is arguably the leader in NFT sales and has the numbers to prove it. It is a general marketplace and allows you to mint your NFTs without paying the gas fee. You can sign up on the OpenSea marketplace for free. It supports over 15o payment tokens and has made over $12 billion in sales.
- Larva Labs: This company is thepioneer of collectible digital graphics trading on the blockchain through the viral CryptoPunks NFT project. Although the CryptoPunks are sold out, you can bid for them on other platforms where some of them are auctioned. Another remarkable project they have developed is Meebits – a free marketplace with 20,000 generated unique 3D characters. Unlike OpenSea, this marketplace is not generalised.
- SuperRare: This is another top general NFT marketplace suitable for digital artists and art collectors looking to trade NFTs. It is also built on the Ethereum blockchain. This platform has an active social media presence but is not as mainstream as other marketplaces. Another downside is that only expertly curated high-quality artworks are listed on the marketplace.
Other top NFT marketplaces include:
- Nifty Gateway
- Foundation
- NBA Top Shot Marketplace
- Mintable
As a newbie in the NFT space, the above-listed NFT marketplaces are great starting points. In choosing your desired marketplace, remember to consider these criteria: the type of supported assets, security measures, supported currency, support systems, fees and commission types, size, and other important factors.