NFTs have already allowed thousands of artists and businesses to tokenize all sorts of computer-based assets like movies, pictures, etc. These blockchain-based tokens have already gained an unprecedented reputation. Thus, we have decided to shed light on the key pros of NFT-selling platforms for authors and collectors. Continue with the post to get familiar with the useful info.
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What are NFT marketplaces?
An NFT selling platform is an exclusive website that helps to trade NFTs. These are exceptional, inseparable tokens that confirm the possession of computerized assets like music, photos, and more via sophisticated blockchain technology. All NFTs possess individual characteristics and cannot be restored by any types of identical tokens.
For instance, an artist can create artwork and tokenize it as an NFT on Rarible or Axie Infinity. The NFT represents the sole possession of the specific artwork, making it a valuable asset. Collectors can then buy these NFTs using BTC, LTC, ETH, DOGE, etc. The possession rights and transaction record of each NFT are strongly documented on the blockchain, which guarantees genuineness. Overall, sites for buying NFTs allow people to monetize digital works and stay connected with the audience. Thus, these sites provide people with new revenue streams.
Key benefits of NFT marketplaces
In 2023, the NFT market size keeps on growing. All these platforms offer creators and collectors plenty of pros:
- Authenticity. NFTs offer a great way out to the issue of digital piracy. The matter is that each NFT contains exceptional ownership info and a provable confirmation of its transaction history. This provides purchasers with proof of genuineness and guarantees that they own an original piece of digital art.
- Monetization option. Trusted NFT trading platforms provide an innovative chance for individuals who wish to monetize their works. Using NFTs allows authors to sell their music, art, pictures, or online assets without using such traditional intermediaries as galleries or record labels.
- Profit streams. NFT marketplaces offer businesses great options to communicate with their audience differently. Consequently, various brands get the right to tokenize their digital capitals and begin limited edition NFT campaigns, which open doors to new income streams for gaming companies.
- Innovative content. NFT commerce platforms provide individuals with exclusive content that cannot be simulated or accessed elsewhere. Artists fabricate limited edition NFTs, which provide art fans with a sense of prestige for owning a unique asset. Hence, such NFTs are righteously thought to be smart investments for collectors.
- Royalty. NFTs provide artists with a good option of earning royalties from all subsequent sales of their computer-based assets. When a certain type of NFT is sold again, the author receives a percentage of the sale price. Consequently, it allows artists to benefit from the increasing value of their work in the future.
Future opportunities for NFT marketplaces
Experts state that the future of NFT marketplaces is promising. They have distinguished the key opportunities of marketplaces in the near future.
- Extended use. NFTs have above all been connected with digital art and collectibles. However, their possible use can be diverse. So, we can suppose NFT marketplaces to broaden into all types of industries soon.
- Tokenization of real assets. A variety of websites for buying NFTs have great options to tokenize such assets as luxury goods or rare physical collectibles. This tokenization will make high-value assets more accessible to a broader audience.
- Licensing. NFTs can play a vital role in decentralized identity and licensing. Creators can attach licensing terms and usage rights directly to their NFTs. It will provide proper attribution and protection of your rights as an author.
- Integration with DeFi. NFT marketplaces can be incorporated into decentralized finance protocols. It will help people control their NFT assets as collateral for loans or earn yield through staking.
The list of the best NFT marketplaces in 2023
Dozens of NFT marketplaces exist now. Let us itemize the most trustworthy ones:
- Larva Labs CryptoPunks
- NBA Top Shot
- Axie Infinity
- Nifty Gateway
The boost of all possible sorts of platforms for trading NFTs has significantly enlarged a new epoch of computer-based possession and creativity. They provide a huge number of benefits for creators, collectors, etc. NFT marketplaces have by now transformed the way people interact with various sorts of virtual capitals. Consequently, NFTs are likely to extend their reach into various industries besides art and entertainment.