The term "non-fungible token" (NFT) refers to a type of cryptocurrency that is tied to a specific piece of digital content, such as an original piece of art.
Users can buy and sell NFTs on several NFT marketplaces.
Despite the fact that NFTs had been for some time, it wasn't until 2021 that the general public became aware of their existence.
With record-breaking sales like Beeple's $69 million auction at Christie's igniting interest in the NFT market, the cryptographic tokens imply a title of ownership over digital property such as art, music, or films.
Since then, NFT crazes like CryptoPunks, Bored Apes, and Loot have been embraced by devotees, who have spent hundreds (and in some cases millions) of dollars.
But where are these NFTs being purchased, you may wonder? Digital art and collectibles are available at every price point on a flourishing virtual high street of NFT marketplaces. Here's a look at some of the most popular social media NFT platforms.
OpenSea is the original and largest peer-to-peer NFT marketplace and is the market leader in NFT sales. In-game items and collectibles, artwork, music, GIFs, and more are all available as non-fungible tokens(NFTs) on the platform, which has a total trading volume of over $6.5 billion (according to analytics company DappRadar).
Signing up for OpenSea and browsing its huge collection of digital assets is completely free, and you may access the platform from any computer or device. One simple way to sign up is to connect your MetaMask wallet. Other options include connecting your wallets from CoinBase Wallet to Bitski, Formatic, and many more.
Purchasing an NFT is straightforward once you've established a connection. Simply peruse the various collections or do a search for something that arouses your interest, and then submit an offer to see whether your offer is accepted. If you're selling something on OpenSea, you have the option of selling it for a fixed price, a falling price listing, or an auction listing.
Creating and uploading your own NFT is also a piece of cake for new users. Once you've connected your wallet as a creator, you can upload your NFT, fill up the description, and wait for the millions to roll in.
More than $2.1 billion has been traded on the second-largest NFT marketplace hosted by Axie Infinity – one of blockchain-based video games, according to Dappradar. Players can purchase and sell adorable digital pets called Axies on the Axie Marketplace.
You can also breed new Axies and sell them on the Marketplace in the game's built-in breeding mechanics. Axie Infinity's NFTs are different from typical NFTs in that they may be used to fight monsters and other players in the game, earning tokens that can be used to breed more creatures. There are several people in the Philippines and Indonesia that are making a fortune breeding and trading Axie Infinity's NFTs.
Even for experienced players, getting started with Axie Infinity can be a bit of a challenge. It's one of the most difficult NFT platforms to use for newcomers.
Set up a Ronin wallet, deposit ETH to Ronin and buy at least three Axies from the Axie market in addition to an Ethereum wallet such as MetaMask (which will set you back several hundred dollars). However, if you're a seasoned crypto user, you'll be able to handle it.