Several business models use their non-fungible tokens to trade their digital assets in the NFT Marketplace using the blockchain technology concept. The ownership of the digital assets that are bought by the buyers are verified, so that no fraudulent activities can occur. Another advantage is that the NFTs are distinct and can’t be traded with tokens that have the same prices.The NFTs have been perceived to be the powerhouse of investment and way to monetize profits by crypto enthusiasts.The main reason for using non fungible tokens is due to its scarcity, controllability, interoperability, liquidity, tradability, standardization, uniqueness and transparency. This is the checklist which helps users to get started with the NFT.
Integrate your digital wallet with a platform
Load your digital assets for minting
Conversion of mint to NFT
Add technical description about your NFT
Listing the NFT on platforms
Trading Initiation
Selling NFT to the buyer and storing in the digital wallet
The various services offered by the NFT are dedicated to memes, sports, arts, music, real estates, online gaming. The most popular NFT marketplaces are OpenSea, Rarible, SuperRare, Decentraland, Nifty gateway, foundation, atomic hub, polkacity, etc.
Moving on to the budget, based on the blockchain platform, gas fee, DEX features, global location, human energy the price varies to build an NFT marketplace from scratch. A perfect example of NFTs apart from Beeple’s $69 million NFT involve Jack Dorsey’s animation ‘Nyan Cat.’ Based on a tech report, L’Atelier BNP Paribas and nonfungible.com in 2020, the NFT market was worth $250 million.
Adding on, the report also reviewed a 299% growth rate in 2020 in the NFT markets. CryptoSlam suggests that NFT marketplaces have been gaining momentum in raising more than $1 billion in terms of sales. All this makes us realise the future of NFT and an to be flourishing in bright colors substantially.