NFTs have seen an immense surge in the marketplace with their unparalleled features and abilities. NFT evolves day by day with a new avatar of tokenization. Tokenization of unique collectibles introduced the idea of different tokenization possibilities whatever people find anything unique. NFT encompasses art, game assets, virtual lands, sports collectible, fantasy sports, trading cards and keeps growing with the trend.
NFT marketplace is a platform that allows users to create, buy, sell and trade NFT tokens. Marketplace gains huge visibility from a wide range of audiences like investors, developers, and crypto enthusiasts. The marketplace offers the opportunity to raise the value of your unique collectibles by tokenizing them to NFTs.
OpenSea is one of the popular marketplaces that comprises multiple features that favors the creators, buyers, and sellers of the NFTs. NFT marketplace like OpenSea offers phenomenal business opportunities to multiple industries like Art, games, real estate, fashion, sports, etc.
What is an NFT?
Non-fungible tokens (NFTs) are cryptographic tokens that can be used as digital assets. These tokens possess different characteristics than other existing tokens which are interchangeable between different blockchains.
All fungible tokens are interchangeable and transferable between addresses, each carrying the equivalent value information as the other native tokens on the blockchain. Additionally, many fungible tokens are divisible into smaller units. Thes Non-fungible tokens are unique and they are non-divisible. Each token has a different value and characteristics that cannot be swapped for the exchange of other NFTs.
NFTs represent a unique piece of data that is transparent on the blockchain and scarce. NFTs can represent any object or experience that remains unique. NFTs have the ability to put the NFT market front and centre for financial institutions. These non-fungible tokens (NFTs) can be used as collectibles and virtual gaming assets. Virtual assets are the most popular types of NFTs that bring a new paradigm of reality to gamers. Players are now able to own and have rights to certain characters and utilities that offer an exclusive gaming experience.
Pitches of NFT:
NFTs can apply to any digital memorabilia. Jack Dorsey, one of the founders of Twitter, listed his 15-year-old tweet “Just setting up my twttr” for sale as an NFT on marketplace Valuables. The highest bid received at the time of going to press was US$294,444.
A work by Mike Winkelmann, a net artist who goes by the name Beeple, sold for $6.6 million at Nifty Gateway, an online cryptocurrency marketplace for digital art. According to Nifty Gateway, that makes the Beeple piece the most expensive digital work ever auctioned.
Hashmasks were traded 2,724 times on OpenSea at an average price of $3,300. NFT owners gained .$8.9MM in profits that make a gain of $223,486 for the OpenSea Marketplace.
NFT’s Characteristics :
Uniqueness:
NFTs are unique because no two NFTs possess the same value and also they’re not interchangeable. The metadata of each NFT is an unalterable record that gives it the certificate of authenticity.
Ownership:
The creators of the NFT control the private key of that account where the NFT lives, and they’re free to transfer that NFT to any account. This facilitates the user to have complete control over your tokenized asset.
Scarcity:
NFTs scarcity and demand are the key factors that drive its value in the marketplace. The development of tokens into multiple NFTs is under certain limitations to maintain the scarcity.
Transparency:
The records of token issuance, transfer, and activity can be publicly verified, buyers can trust and verify the authenticity of a specific NFT. Governance tokens can be issued to the community to maintain the standards of NFTs.
Interoperability:
NFTs can be traded, purchased, or sold across various marketplaces using a decentralized bridge or centralized custodial service.
Indivisibility:
NFTs features and characteristics make the token unique which cannot be divided into partitions like other tokens.
Incoming NFT standards:
- Fractional NFTs
Nowadays, NFTs are perceived as proprietary and exclusive, meaning the buyer of an NFT is the sole owner. This current state of NFT is the opposite of the decentralization idea of distributed ledger technology. These limitations result in the introduction of a new NFT called fractional non-fungible tokens. The concept is to enable everyone to own a fraction of NFT. These F-NFTs are practical and easier to implement use cases with virtual goods.
- Semi-fungible tokens( ERC 1155):
Enjin launched this protocol to offer fungibility for NFTs in a single deployed smart-contract. This a new type of token that could be a “$50 dollar Walmart coupon” or something related to it. In the case of a Walmart coupon, each token is fungible until the token is redeemed or used in-store. Once a coupon is redeemed, it no longer holds value and cannot be traded as normal tokens. The token is fungible until its redeemed, hence the name semi-fungible token.
- NFT exchange:
Few exchange platforms took NFT to manipulate DeFi services. As NFT being a valuable unique asset, it can be accepted as collateral for lending and borrowing fiat currencies or other cryptocurrencies. This provides the ownership of NFT to the creator and also provides immediate liquidity.
NFT markets growing tremendously in its raging speed and also unlocks the potentials of blockchain by its significant characteristics. NFT marketplaces like OpenSea have cherished its market growth and visibility. Investors and entrepreneurs find NFT as a golden goose of crypto fortunes. It’s considerably a better investment opportunity to build a huge revenue flow with this ever-growing multi-functional platform.
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