Non-Fungible Tokens (NFTs) have revealed themselves to be far more than a simple digital asset that can be purchased and exchanged for varying values. Instead, they have an incredibly diverse range of applications that are still yet to be entirely understood and explored.
At present, digital collectibles in the form of trading cards, virtual property, as well as rare and exclusive artworks are some of the most popular NFT use cases, and they’re generating millions of dollars in revenue.
There’s a great deal of variety in the NFT space, and so below are a few hand-picked projects and you’ll see exactly why this new digital asset class is making headlines around the world!
OpenSea
OpenSea is considered to be one of the largest Ethereum-based NFT marketplaces, listing some of the most popular NFT projects. Furthermore, it is one of the few places where anyone can create an NFT for free, without the need to write a single line of code.
Axie Infinity, CryptoKitties, Decentraland, and Sorare are just some of the near 700 different projects that populate the OpenSea market. Major video game companies, such as Atari, have entered into exclusive partnerships, auctioning off limited edition NFTs of their classic game titles, which at the time of writing has a top bid of almost $700.
In addition to the astonishing number of NFTs available on OpenSea, the platform allows users to connect a number of cryptocurrency wallets such as the CoinBurp NFT Wallet, MetaMask, Dapper, Fortmatic and more. It’s also not absolutely necessary to have cryptocurrency ready to spend, as many of these wallet extensions, much like at CoinBurp, allow you to purchase cryptocurrency directly with a credit/debit card, making it all the easier to make your first NFT purchase.
OpenSea is incredibly accessible, has a very large number of NFTs for immediate purchase and auction, as well as an easy out-of-the-box NFT creation system. With that in mind, it’s easy to see why OpenSea is one of the best NFT marketplaces currently available and is likely to be the trendsetter for some years to come.
Rarible
Community-driven NFT marketplace, Rarible, is one of the more fascinating projects in the digital asset space. The platform has a particular focus on art assets — this can be anything from a book to a never-before-seen movie.
The ‘community-owned’ facet of the platform is driven by holders of the platform’s Ethereum-based native token, RARI. According to the platform, RARI tokens are awarded to active users on the platform, for example those who buy or sell on the NFT marketplace, with 75,000 RARI tokens distributed every week.
Creators are able to mint new NFTs, which can be books, music albums, digital art, and so on. As you can see from the image above, there are even rare unpublished works from Andy Warhol available, giving you a good idea of just how popular these marketplaces are.
Rarible also allows users to connect to a multitude of wallets, with some having the ability to make direct purchases with credit/debit cards.
In terms of sheer variety, accessibility, community focus, and NFT creation, Rarible is another marketplace to keep your eyes on for years to come.
Atomic Assets & Atomic Market
Built on the EOSIO open-source blockchain, Atomic Assets is positioning itself as the standard for NFTs built on EOS technology, one of the larger blockchain/crypto projects to rival the likes of Ethereum.
The platform features NFTs from many recognisable brands and franchises such as Street Fighter, as well as having plenty of room for independent releases and creators.
You can buy, sell, trade and create NFTs on the platform. However, a slight downside is that it has limited wallet connection options, but it is likely more will be added over time; this is also not to say that the platform is harder to access than the others, it just uses a different blockchain to Ethereum.
AtomicMarket is a “shared liquidity NFT market smart contract” from the creators of Atomic Assets. In simple terms, any NFT listed on supported markets will appear on all other markets.
The platform seems to put the rights of its creators first; on many other marketplaces, once a creator issues an asset to the marketplace, they no longer retain ownership. Instead, when an asset is listed, a “trade offer” is sent to the marketplace contract, and that offer is accepted only when the asset is purchased. The marketplace is an integral part of the AtomicAssets hub, a place where anyone and everyone can list assets for sale or auction.
For creators, this means that assets listed for sale or auction can still be used in other decentralised applications (dApps) or used for other trade offers. As well as being able to purchase NFTs using on-chain tokens like WAX, users can list and purchase assets using USD.
Time to NFT
As the NFT ecosystem continues to grow and evolve at such a rapid pace, it can be assumed that AtomicMarket will become one of the central hubs for NFT creators and buyers alike. Though nascent and relatively early in its development, the project has potential similar to that of other crypto-related aggregators like Uniswap.
The full version of the DeFi and NFT wallet will include a full integration of NFT purchases with FIAT in a secure and insured manner, while taking advantage of a DAO model and rewarding users with the $BURP** token in a truly decentralized fashion. To find out more, click below:
** The above tokens are issued by Cede Fields LTD (a company incorporated in the British Virgin Islands) and distributed by Kucoin and Gate.io.
Important Information
Cryptocurrencies are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.
