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On NFT marketplaces users can sell, buy, and create digital content in the form of non-fungible tokens. Leveraging blockchain technology, the platforms allow verifying records of ownership. They can be built on the Ethereum blockchain, Polygon, Binance Chain, or other networks.
There are different types of NFT marketplaces; some platforms support a wide range of digital assets and there are others, focused on certain types of NFTs like in-game assets, virtual real estate, or sports cards. Among the most popular NFT marketplaces at present are OpenSea, Nifty Gateway, Rarible, NBA Top Shot, and others.
NFT marketplaces are similar to e-commerce platforms like eBay and Amazon as they enable listing, selling, and buying assets. However, both are significantly different in the underlying technology and showcased items. NFT platforms are decentralized, Web 3 applications that work according to smart contracts. Therefore, one of the main features of NFT marketplaces is that people connect to them by using a crypto wallet.
Other features include allowing content creators to mint NFTs, choose a fixed price model, or sell through auctions, while the platform displays the digital assets by categories. Payments methods are different for NFT platforms. In addition to crypto, many of them allow purchases in a fiat currency. Also, NFT marketplaces can have their native crypto. One of such platforms is Rarible, which has its own token RARI.
Blockchain technology and NFT platforms allow everyone to monetize their digital content and unlock revenue opportunities. The most common way to make money with NFTs is to create art, animation, music, and other types of digital files, turn them into crypto collectibles running on blockchain and sell NFTs on an open marketplace. At the first sight minting an NFT may seem a complex process, but it's easy in practice as well-developed NFT platforms provide users with the necessary tools. A platform calculates gas fees at the time of listing according to the blockchain network it runs on.
After selecting the marketplace, users need to connect crypto wallets, upload the files and track the sales process. Creators can choose one-off sales or earning royalties. In the second case, they receive a percentage of revenue from the further sales of the asset. Other ways to make a profit from NFTs are staking, trading, renting, or using the assets in NFT-based games to earn crypto.
NFTs have grown into a large industry, which plays an important role in decentralization. In 2021, the market for NFTs hit $41 billion.
The word NFT stands for 'non-fungible token", which means that they are unique digital assets. NFTs are powered by blockchain tech and smart contracts. They can be in form of digital art, sports cards, music, physical items, etc.