Your entry into the world of NFT (Non fungible token)
In order to be able to explain what Non-Fungible Tokens are, we need to break down the words that compose it:
Fungible: This word represents a property, and gives something interchangeability. An example would be a 1-Dollar-bill, since you can exchange each 1-Dollar-bill with another 1-Dollar-bill without changing the value.
Token: Cryptocurrency tokens are cryptocurrency assets, that represent something other than a monetary value. An example would be loyalty points, ownership of something else…Think of it as a stock, but instead of having ownership in a company, it can be ownership in anything else.
NFTs are basically digital ownerships tokens, that run on blockchains that support smart-contracts, such as Ethereum. Their non-fungibility is similar to real-world contracts, where you can’t trade one contract to another, because the “actual content” differs from each other. Same things for NFTs, where you can interchange them as their underlying “contract” changes with each one, hence their non-fungible nature.
In today’s fast-moving cryptocurrency sphere, many concepts and applications are constantly evolving. Digital assets and their classifications are evolving right alongside cryptographic and blockchain technology.
For Non-Fungible Tokens, real-world applications of smart-contracts lie ahead. With cryptocurrencies such as Bitcoin being used to transfer monetary value, NFTs are used to transfer digital ownership. That’s why you can’t divide NFTs the same way you would do with Bitcoins, like for example sending 0.5 Bitcoins, as sending half a contract or half an entrance ticket wouldn’t make much sense.
In today’s fast-moving cryptocurrency sphere, many concepts and applications are constantly evolving. Digital assets and their classifications are evolving right alongside cryptographic and blockchain technology.
You might be asking, what’s the use of NFTs if those applications are already being used? Well, the keyword is “decentralized smart-contracts“. There’s something to that word that makes you feel….secure, no? Here is a list of real-life applications:
We have picked out the best market places for you!
OpenSea is probably the best-known NFT platform. You can create, buy, and sell NFTs on OpenSea. OpenSea has existed since 2017 and is considered the first NFT trading platform. There you will find a large number of different NFT collections. You can purchase the NFTs on OpenSea if you connect an Ethereum wallet to the platform. The browser extension of MetaMask is the simplest solution. With any purchase, a 2.5% commission goes to the artist. Take a look at our OpenSea guide to getting started! If you want to get started with Opensea, click here !
Rarible is another NFT exchange that primarily focuses on the creators of NFTs, i.e. the artists. However, there you can also select, buy and sell NFTs from collections. Rarible is much younger than OpenSea and didn’t start until early 2020. The marketplace is very clear and focuses heavily on the creation process of NFTs. With every sale, both the buyer and the seller pay a 2.5% fee. We have also created instructions for Rarible . If you want to buy NFTs on Rarible, click here !
Binance is the industry leader among crypto exchanges. The platform, founded in 2017, has become the absolute number 1 in crypto trading in recent years. Of course, it is then also possible to buy and sell NFTs on Binance. The NFTs are traded on the in-house Binance blockchain. The Binance Coin is available as a payment option. However, the platform also accepts Ether or US dollars. With Binance you have the crypto marketplace available to buy NFTs. To get to Binance, click here !
Crypto.com is probably the most hyped crypto platform in the last few weeks. The value of the Crypto.com Coin has risen massively recently and the platform stands out due to its extremely successful global branding. But behind the marketing, there is an excellent platform with which you can now also buy and sell NFTs. The platform carries numerous collections from NFTs, especially from prominent artists who cooperate with Crypto.com. You can pay with FIAT, with cryptocurrencies via an ERC-20 wallet such as MetaMask, or directly via the Crypto.com app. Crypto.com is a modern marketplace for cryptocurrencies that recently started offering NFTs. Click Here to get to the trading center!
We have picked out the best market places for you!
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