NFTs

NFTs on rise, but with whom should You Get Started?

In this segment: Diverse state of NFT marketplaces, and Minting, Trading & Auctions of Digital Assets NFT’s or Non-Fungible Tokens are unique,...

Written by Kaivan Doshi · 3 min read >
NFTs

In this segment: Diverse state of NFT marketplaces, and Minting, Trading & Auctions of Digital Assets

NFT’s or Non-Fungible Tokens are unique, irreplaceable tokens. It is majorly traded or minted against a Digital asset such as multimedia, digital art, virtual land, or even a tweet!

Being a non-fungible token, its data is stored on a blockchain, giving it a unique identity while binding it to the digital asset, and in the process, it becomes something that you cannot interchange.

There are different types of NFT standards, such as ERC-721 & ERC-1155 for the Ethereum blockchain, and Binance has its BEP-721 & BEP-1155? Here “1155” in both are different from its counterpart “721” as it can bunch and transact a pair of NFT at once.

Not all marketplaces support these, and thus the kind of NFT’s you get are diverse in different marketplaces. For starters, some are famous for selling only digital art, while others have multimedia, website domains, and a lot of other collectibles. Let’s have a look at some of the places renowned NFT marketplaces for minting, auctions, and trading of digital assets.

💡 NFTs are also used to keep ownership records for physical assets. NFT fact: Superchief Gallery Opened the World’s 1st Physical NFT Gallery Space.

1. OpenSea

OpenSea portrays itself as the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs), and it stays true to its words. You can find a diverse set of collectibles ranging from digital art, music, domain names, virtual worlds, trading cards, etc. It has items from over 700+ projects, including some of the famous ones such as crypto kitties, ENS (Ethereeum Name Service), Decentraland, Gods Unchained, Axie Infinity, music collections from 3Lau, and much more.

On OpenSea, you can trade ERC721 and ERC1155 assets. Here it would help if you connected metamask (or any other wallet of your choice from different options) as it is required to sign in. Later you can customize your profile as per your need.

If you happen to be a creator, you can mint your digital craft on OpenSea’s item minting tool. Further, you can list items to sell with fixed prices or do an auction of them. Do note that Gas fees are deducted from the wallet that you connect for minting and trading NFTs.

2. Mintable

Mintable’s focus is to allow its users to convert their digital craft into an item that lives on the blockchain. With this resolution in mind, they have a unique feature of Gasless Minting. Here you don’t have to give any gas fees for minting NFT like other platforms. It works on ERC-721 standard, and if you want to make your NFT show up in a wallet, you have to trade or transfer it.

Mintable hosts various digital assets such as collectibles, music, game items, art, domain names, templates, videos, etc. Here you can set auctions or sell items at a fixed price. You can also promote your digital craft by signing up for Mintable Pro.

💡 Did you know that you can Redeem the reputation gained by hunting and voting for Dapps on The Dapp List for a rare NFT?

3. Rarible

Rarible also hosts a huge collection of digital assets such as art, games, metaverses, music, domains, memes, and more. What striking here is that Rarible is a community-owned NFT marketplace. It has a RARI (ERC-20) as a governance token which can be with anyone who has sold or traded items on the platform.

They have an incentive program where 75K RARI tokens are distributed every Sunday. Here creators can mint new NFTs to sell or trade. Here users are allowed to resell the asset, and the original creator can set a royalty price which they can get when their NFT is resold. Going further, they also have an OpenSea integration where you can list items minted on Rarible to OpenSea marketplace.

4. SuperRare

SuperRare is a P2P marketplace for non-fungible tokens (ERC-721 NFTs) built on Ethereum. As the name suggests, SuperRare has a sharp focus on being the marketplace to collect and trade unique, single-edition digital artworks. Here all the art is authentically created by an artist in the network and tokenized as a crypto-collectible digital item that you can further trade or sell. They also have a created a kind of social network for crypto-art.

They have fixed artist gallery commissions in place where for primary sales, the creator receives 85%, and on secondary sales (royalty), they receive 10%. In comparison, the buyer has to pay a 3% transaction fee for all purchases. Currently, the platform hosts a small community of about 4000+ artists, and you want to sell here; and you can signup as a seller by submitting your artist profile and get a dashboard from where you can manage NFTs, and sell at a fixed price or auction it.

💡 Nyan Cat was sold for over $600,000 becoming the first privately owned NFT meme.

Summing Up:

NFTs are changing the virtual world. It is a boon for creative artists, and as a technology, it can work great in the gaming sector and at any place where unique items are dealt with. NFT marketplaces are making a bridge between artists and collectors or the general audience. It’s absolutely astronomical that you can now own great arts by legendary artists with a click of a button.

Written by Kaivan Doshi
Web3 Content Creator | Digital Growth Consultant Profile

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