With the exponential growth of cryptocurrency, NFT has pervaded through spheres as diverse as sports, art, entertainment, and commerce. The result is its omnipresence on social media and social gatherings alike.
It is worth noting that the record-breaking sales of NFTs like Beeple created a much-needed spur for NFT Marketplace, the Mecca for digital tokens! All thanks to growing interest in crypto art, MarketPlace has boomed on Ethereum.These flourishing MarketPlaces have pulled in capitalists so much so that even traditional auction houses are weighing in. No, wonder crypto enthusiasts are flocking to the market for trading, selling, or buying crypto assets.
So, let’s dive in to understand what constitutes the term “NFT MarketPlace.
What is an NFT MarketPlace:
Whenever one mint (creates) an NFT, the first thing they would like to do is to sell them. That’s where NFT MarketPlace comes into the picture. An NFT MarketPlace is basically where you can create, store and buy or sell it. It’s like an eCommerce website
An NFT MarketPlace brings blockchain technology to artists, musicians and has made it easier for them to create their art and sell it. Blockchain technology is a new concept to many but Marketplaces have made it easier for others to understand it.
How can you use MarketPlace?
Firstly, you need an account on the platform of your choice.
You can use MarketPlace if you have a crypto wallet. That crypto wallet should be compatible with blockchain networks that support the NFTs that you are planning to buy. For example, for the Solana network, you need to use sollet. For the Ethereum Blockchain network, you need a Metamask wallet.
You must have some funds ready in your wallet.
The largest Marketplace:
OpenSea is a New York-based non-fungible token (NFT) marketplace founded in 2017 by Devin Finzer and Alex Atallah.OpenSea stands as one of the most established and the largest marketplaces. One can trade or create artwork, virtual worlds, sports collectibles, trading cards, and censorship-resistant domain names. A recent report suggests that in the month of August, OpenSea saw transactions worth $2billion.According to OpenSea’s website, they have 113,000 users, 15.5 million NFTs, and a $354 million in trade volume.