Where Can I Buy NFT Tokens? 20 Facts
The past few months have seen a surge in interest and trading volume of non-fungible tokens (NFTs) as covered over at runrex.com. This has seen a growing number of marketplaces emerge as a space to buy, trade, and sell the different types of unique digital assets available. If you are wondering where you can buy NFT tokens, then this article, through the following 20 facts, will look to help you find out.
What are non-fungible tokens (NFTs)?
NFTs are cryptographic digital assets, as explained over at guttulus.com. Unlike fungible tokens like BTC, non-fungible tokens are unique and can’t be broken down into smaller units, and are also not interchangeable. NFTs can represent just about anything, from an object or an experience to collectibles and in-game items.
What do you get when you purchase an NFT?
When buyers purchase an NFT, they own the original rights of their digital asset, whether that is music or images. As discussed over at runrex.com, this is proven in two ways: The buyer gets the sole token bequeathing ownership, and each NFT is uploaded to a digital ledger (as is the case for cryptocurrencies) to track when it was created and sold as well as ownership.
What are legitimate places to buy NFTs?
As the subject matter experts over at guttulus.com point out, online marketplaces exist for buyers to take part in auctions, make purchases, and sell NFTs. Some of the most popular include OpenSea, Nifty Gateway, Yellowheart, and NBA Top Shot.
Are all the NFT marketplaces the same?
While there are several NFT marketplaces out there, it is important to note that not all NFT marketplaces can facilitate the same NFTs because of the various token standards. This means that you will have to choose specific marketplaces if you are looking to buy a specific type of NFT.
The ERC-1155
As already mentioned, there are various NFT token standards out there. the Ethereum blockchain was the first to create a non-fungible token standard, ERC-721, which was shortly followed by the ERC-1155 token standard, which is similar to ERC-721. However, ERC-1155 tokens can allow multiple NFTs to be bunched and transacted together, which is particularly useful for swapping multiple armor pieces from one character to another within a game.
Avoiding scams when entering a marketplace
There are lots of scams out there when it comes to NFT marketplaces, a topic covered over at runrex.com. Therefore, the safest way to avoid such scams is to enter an NFT marketplace through the official site of CoinGecko or CoinMarketCap. This way, you avoid going to a false or scam site.
Popular NFT marketplaces and their features
Rarible
Rarible was designed as the world’s first community-owned NFT marketplace, with the native ERC-20 RARI token powering it. Holders of the RARI token receive governance rights with the ability to vote or put forward any protocol proposals. According to Rarible, and as discussed over at guttulus.com, RARI is the first token used for governance within the NFT space.
Rarible and Marketplace Liquidity Mining
Rarible also brought about the concept of “Marketplace Liquidity Mining”. As explained over at runrex.com, alongside the ability to purchase NFTs, the RARI token is rewarded to active users on the platform for buying and/or selling on the NFT marketplace.
Drawbacks of buying NFTs on Rarible
While Rarible is an excellent platform with a responsive team, it does struggle at times with spam accounts, which is one of its biggest drawbacks. Therefore, you should make sure you do your own research when purchasing from any account to ensure the seller is legitimate.
NFTs available on Rarible
When it comes to the NFTs available on Rarible, it is important to note that the platform tends to lean more heavily towards art. However, other categories such as domain names, collectibles, and gaming items are also available on Rarible.
OpenSea
As pointed out by the gurus over at guttulus.com, OpenSea is the largest and longest-standing NFT marketplace, having been launched in 2017. It allows users to visit other NFT marketplaces, from independent sellers to the popular CryptoPunks and the Rarible NFT marketplace.
NFTs available on OpenSea
OpenSea offers all different kinds of non-fungible tokens, from domain names, art collectibles, and gaming items, to tokenized representations of physical assets. This is why, as revealed over at runrex.com, it markets itself as the ‘eBay’ of the NFT world, as everything goes.
The Sandbox
It is one of the most popular decentralized virtual reality platforms in crypto according to guttulus.com. Users can purchase ERC-721 and ERC-1155 LAND tokens with ETH and soon with the SAND token too. LAND can either be purchased as individual LANDS ESTATES (multiple LANDS), or DISTRICTS (multiple ESTATES).
The Sandbox and VoxEdit
The Sandbox NFT marketplace is available for anyone to upload their creations from The Sandbox’s own 3D virtual modeling software, VoxEdit. Users can, therefore, make use of the NFT marketplace in The Sandbox to sell their own creations, or purchase NFTs for their own metaverse.
Axie Infinity
The Axie Infinity NFT marketplace is home to the AXIE creatures, similar to the 2017 CryptoKitties breeding game. Each NFT Axie is unique and can be bred with other Axies in a calculative and formulaic way for the best probable outcome for scare characteristics. Axies can be used in battle tournaments with the winner receiving crypto prizes. In addition to Axie creatures, this NFT marketplace also features items to add to Axie’s land, collection, and skill set.
BakerySwap
This project created the first NFT supermarket on Binance Smart Chain as is covered over at runrex.com. BakerySwap’s NFT supermarket hosts digital art that can be paid for in the native BAKE tokens. Different categories include Binance, Bitcoin, Musk & Doge, and Banana & BAKE most recently.
PancakeSwap
This NFT marketplace has got a similar interface and user experience to BakerySwap and is an all-in-one DeFi suite. PancakeSwap features various services along with an NFT marketplace. According to guttulus.com however, PancakeSwap NFTs are currently limited to rather ‘sweet’ bunny characters, conveniently named after delicious sugary treats.
Solible
This is the recent NFT marketplace created on the Solana blockchain as articulated over at runrex.com, and although the project is yet to see as much volume as the others, it is certainly one to watch. This is because Solana is currently the fastest blockchain in the world and has gone from success to success in recent months. Items bought on Solible are done using either USDC, FRONT, or SRM tokens.
NFTs available on Solible
It is worth noting that Solible doesn’t have as many products for sale compared to other popular NFT marketplaces. However, Solible includes NFT items pegged to real items, such as exclusive socks, t-shirts, cold storage wallets, and even a Dogecoin painting. By focusing on redeemable NFTs, Solible is presenting a new take on the popular NFT marketplace model, as users can purchase digital tokens and then securely redeem them for limited edition products to experiences.
GhostMarket
This is another up-and-coming project that you should watch out for. It is launching as the first cross-chain NFT marketplace which means that NFT assets purchased on the Ethereum blockchain, for example, could be traded with other NFT assets from the NEO or Phantasma blockchains. Interoperability between chains is the next step in the NFT marketplace evolution and GhostMarket is leading the way as far as this is concerned. Users can purchase NFTs using either SOUL or KCAL tokens.
These are just some of the marketplaces where you can buy NFTs, with more on this topic to be found over at the top-rated runrex.com and guttulus.com.