What is the NFT market? How to enter the NFT market?

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What is the NFT marketplace?


To put it bluntly, the NFT marketplace is a market featuring various forms of digital art works and collectibles. NFT (that is, non-fungible tokens, non-fungible tokens, and non-homogeneous tokens) is a special Cryptographically generated tokens that use blockchain technology to link unique digital assets that cannot be duplicated.


Non-fungible tokens differ from popular cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC) and Monero (XMR), which are fungible; for example, you can exchange one Bitcoin for any other .


While the use of NFTs has spread across industries, they are synonymous with the gaming and digital collectible space, most commonly as a specific Ethereum token built on the ERC-721 standard. However, in 2021, their usage started to spread to other blockchains, such as Binance Smart Chain’s BEP-721 protocol. What is interchangeability?


Fungibility refers to the ability of an asset to be exchanged for similar assets without sacrificing its value. For example, a $10 bill is the same in value as another $10 bill. So when you borrow a $10 bill from someone else, you don't have to return the exact same bill because another bill of the same type has the same value.


In the world of cryptocurrencies, one BTC has the same value as any other BTC. However, the game changes when we step into non-fungible tokens.


An NFT encrypted token has a different value than any other similar token. Individual characteristics determine their uniqueness, and thus, they are irreplaceable, just like real-world assets such as rare gems, works of art, and luxury items for collectors.


How to enter the NFT market?


Now there are also NFT exchanges in the market, which provide professional and reliable trading platforms for investors. If you are a novice investor, you may not know which ones are there.


1. OpenSea


OpenSea is a P2P NFT comprehensive trading platform, similar to NFT Taobao, you can buy and sell various NFT commodities such as encrypted artwork, game props, virtual real estate, domain names, financial products, etc. on OpenSea, and it is currently the platform with the most abundant types of NFT commodities . The platform has a low barrier to entry for users, and creators can use OpenSea's NFT casting tool to create projects on the blockchain, making NFT Marketplace and collections free of charge without code. Currently OpenSea supports four sales methods: pricing, Dutch auction, English auction, and private transaction. At the same time, information on changes in ownership of commodities on the platform will be recorded. Representative products of this platform are CryptoPunk and CryptoKitties.


2. SuperRare


SuperRare is an NFT art trading platform where users can publish, collect, and trade NFT artworks on the platform. Only invited artists can create artworks on the SuperRare platform. Artists who want to join the platform must fill out an application, promising that all artworks created for SuperRare are original, independently created, digital, and cannot be published elsewhere on the Internet. Tokenize anywhere. On the page of the platform, you can directly see the dynamics of other people's purchases and creations of artworks. The artwork exhibition page will display the number of views, the number of times it has been liked, and the purchase button. The representative product of this platform is "The Living Doodle" by Mr Doodle


3. Rarible


Rarible is a comprehensive Ethereum-based NFT issuance and trading platform that creates and sells blockchain-secured digital collectibles. The platform is an open source, non-custodial platform for users to mint, sell and create collections.  Representative products of the platform are BoredApeYachtClub and ArtBlocks.


In general, the above content is what is the NFT market? Answers to these questions and how to enter the NFT market, the concept of NFT is too popular nowadays, both domestic and foreign investors want to participate, but if you want to buy NFT concept tokens, you must know what reliable exchanges are there However, the popular NFT exchanges in the market are basically foreign and do not support Chinese for the time being. Therefore, Chinese investors may encounter some language difficulties when purchasing, so they must understand clearly before investing.