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Concept of non fungible token
Concept of non fungible token
Do you keep hearing about people buying digital cats, NBA moments and virtual artwork of Donald Trump, but have no idea where they’re getting these NFTs from? Don’t worry, we’ve got you covered.
Non-fungible tokens (NFTs) have quickly become one of the most explosive crypto trends since the “DeFi summer” of 2020, with increasingly more cryptocurrency holders and traditional investors seeking to own and speculate on these unique blockchain-based assets.
NFTs are virtual tokens that represent ownership of something inherently distinct and scarce, whether it be a physical or digital item, such as artwork, a soundtrack, a collectible, an in-game item or real estate. Unlike regular cryptocurrencies like bitcoin or fiat money like the U.S dollar, these special types of digital assets cannot be mutually exchanged for one another because each token has a specific value based on its unique traits and attributes.
Also unlike regular cryptocurrencies, NFTs cannot be purchased on centralized or decentralized crypto exchanges. Instead, they are listed and traded on online marketplaces that are specially built for NFTs.
NFT marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted (created). These marketplaces are to NFTs what Amazon or eBay are to goods.
In order to access and use these types of marketplaces, you will need to have the following:
It’s worth noting that, for the most part, listing and creating NFTs on a marketplace platform incurs a blockchain network fee. The fee varies depending on which blockchain-based system you decide to use. For example, Ethereum boasts the largest ecosystem of NFT dapps (decentralized applications). But it has the most expensive fees.
Ethereum is by far the most popular system for buying, selling and creating unique, digital items. There is, however, a growing list of competitors that have also entered the market, including the following:
Some of these blockchain systems are interoperable. For example, you can buy Ethereum-based non-fungible tokens with Ethereum-based tokens (called ERC-20 tokens, which include USDT, USDC, BNB, DAI, etc). Others, such as Flow, are closed systems. For instance, you can’t buy NBA Topshot NFTs (that are based on Flow) with ether or BNB.
Signing up to an NFT marketplace can differ slightly from site to site, but the main steps to follow involve creating an account or connecting a supported digital wallet, or doing both. The button for this is typically located in the top right-hand corner of the NFT marketplace homepage. When connecting your wallet, you will be asked to enter your wallet password to complete the process.
NFTs are usually purchased directly for a fixed price or through an auction. In some cases, prospective buyers can submit offers to the owner and attempt to negotiate a better price.
Selling unique digital assets can be a more technically complicated process than buying them, particularly if the user is attempting to sell something they have created themselves (artwork, a soundtrack, a tweet, etc.).
If you want to create an NFT, you may consider starting with Ethereum, because it’s the largest system for these types of assets. You will need to have an Ethereum wallet that supports ERC-721 (Ethereum’s token standard for NFTs), such as MetaMask, Trust Wallet or Coinbase Wallet. Also, you will have to top up your wallet with about $50-$100 worth of ether to cover transaction fees (depending on how congested the network is).
Once you have completed those steps, you will be able to access and use platforms such as OpenSea, Rarible or Mintable. Most platforms have a “Create” button in the top right corner that will take you to the page where you can begin minting your NFTs.
While there are many types of marketplaces, universal and art-oriented platforms are the most popular ones. There are also niche NFT marketplaces that list specific kinds of non-fungible assets such as in-game items, digital collectible cards and virtual real estate.
Here are the five most popular universal and digital art-oriented NFT marketplaces currently available:
OpenSea NFT marketplace
Rarible NFT marketplace
SuperRare NFT marketplace
Nifty Gateway NFT marketplace
Foundation NFT marketplace
For niche digital items like virtual world avatars or digital fantasy football cards, while there is an ever-increasing number of platforms emerging in this corner of the market, there are five main platforms where a majority of NFT sales are made:
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Anatol Antonovici

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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