NFTs are non-fungible tokens. They are unique items that you can’t replace with something else. For example, a one-of-a-kind trading card is an NFT – you can’t just replace it with any other card. If you trade your card for some other card, you have something different. These differ from fungible items, which are often the same as each other. If you trade one bitcoin for another, you end up in the same position as where you started, for instance. On the other hand, if you swap a near-worthless mass-produced late 80s baseball card for a 1909 American Tobacco Company T206 Honus Wagner card (valued at over $1 million), you’ve done very well for yourself.
Nowadays, most NFTs tend to be digital. This makes it particularly easy for creators to give their supporters something rare and unique. Some NFTs, for example, are digital artworks, and people are now collecting these digital artworks, just like collectors have collected physical paintings for years. And some of these NFTs have gone for extraordinary prices. One NFT artwork by a digital artist called Beeple sold for $69 million at Christie’s.
A more down-to-earth version of a modern digital NFT is CryptoKitties. They are an Ethereum blockchain game where users can buy, sell and breed digital “cats.” Every “cat” is unique (just like your real-life pet).
In some ways, NFTs are similar to Bitcoins and other cryptocurrencies, except, of course, they are non-fungible and non-divisible. The first NFTs were part of the Ethereum blockchain, which stores extra electronic information to distinguish their uniqueness. Other blockchains now also facilitate NTFs. Because of the differing blockchain technology behind particular NFTs, not all NFT marketplaces buy and sell all types of NFT. Creators will often select an NFT marketplace based on whether that marketplace supports a specific NFC token standard. Ethereum has released two standards now: ERC-721 and ERC-1155. Competitor, Binance, has since released standards BEP-721 and BEP-1155. The two “1155” standards differ from the original “721” standards because they allow multiple NFTs to be bunched and transacted together.
Most NFT platforms require buyers to have a digital wallet and use cryptocurrencies to pay for their purchases.
Top NFT Marketplaces for Creators:
Top 16 NFT Marketplaces
Marketplace Type of NFTs Blockchain Types Solana NFTs Ethereum Art Solana Collectibles Polygon Music Klaytn Domain Names Photography PFP Ethereum Art Flow Metaverse Tezos Photography Polygon BETA Music Art Ethereum Collectibles Photography Art Ethereum Collectibles Video 3D AtomicMarket WAX BakerySwap Art BAKE Art Ethereum Photographs GIFs Videos Gaming Enjin Art EFI Collectibles Music Sports Digital Art Ethereum Digital Fashion PRT Generative Art Meme Photography Art Ethereum Music Blueprints Art Ethereum Collectibles Land Ethereum Estates Polygon Avatar wearables Collectibles Art Ethereum Collectibles Art Ethereum Music Videos Collectibles Sports Collectibles Ethereum Digital Fashion Generative Genesis NFTism Pixel Uncategorized Utility Virtual Worlds Solana NFTs Phantom Digital collectibles Slope Game assets Solflare Solana