NFT (Non-Fungible Token): The 5 Best NFT Tokens To Buy
What is NFT, and how does it work? What are the best NFT tokens to buy? NFT stands for (Non-Fungible Token). They are the hottest topic at the moment in the digital world and crypto-assets. Yes, we are talking about NFTs (non-fungible tokens), which are currently causing such a stir with million-dollar sales of digital art, criticized for the energy consumption and the danger of becoming the new speculative bubble. However, the rage is how to find the best NFT tokens to buy? So here we explain what NFTs are, how they work, and why they seem to be on everyone’s lips.
How do NFTs work?
NFTs are based, as we said, on blockchain technology, which allows their traceability and means that they cannot be (in theory) falsified or hacked. Since the blockchain is decentralized and maintained by hundreds of computers (users) throughout the world, that same technology is what allows its creation, purchase, and sale.
They are based on two standards, the original ERC-721 of Ethereum, where NFTs began to move, and the more current ERC-1155 (also within Ethereum), which allows working with several tokens at the same time through a single, smart contract, unlike the original, which requires a smart contract for each token.
Best NFT tokens to buy? Here are the 5 best NFT markets to buy all kinds of digital assets
Do you want to buy digital land? Or how about a clip of your favorite basketball player? NFT sites have it all.
Anything can be for sale in a capitalist society, and non-fungible tokens (NFTs) exemplify this. Backed by blockchain technology, NFTs are revolutionizing the world of digital art and rapidly gaining popularity in other domains.
What Are NFT Markets? What is the rage about them?
NFTs, or non-fungible tokens, are taking the cryptocurrency industry by storm. To meet the growing demand for different NFTs, blockchain companies are rapidly establishing NFT marketplaces on the internet. As its name suggests, an NFT marketplace is an online platform where buyers and sellers meet to sell and buy NFTs.
But what do you own if you buy an NFT?
In the virtual space, owning a digital certificate can mean a lot of different things – here is a list of the best NFT marketplaces to buy specific types of digital assets.
- FOR BASKETBALL: NBA TOP SHOT
There is a market for one of the most popular sports in the US. The platform is a joint venture between the NBA and Dapper Labs, a highly successful blockchain company that brought us the infamous CryptoKitties.
NBA Top Shot opened its virtual doors to the public in October 2020. It was touted as “a revolutionary new experience where amazing plays and unforgettable highlights become collectibles you can keep forever.” Today, NBA Top Shot is valued at around $7 billion, illustrating the attractive potential of generating money from NFTs.
The platform essentially sells digitized trading cards of your favorite NBA players, except thanks to the blockchain, they are non-fungible. Each virtual card sold also contains a “Moments” snippet, including a player’s stats and replays of a game’s highlights.
- FOR FOOTBALL: SO RARE
Developed by Nicolas Julia and Adrien Montfort, Sorare is the fantasy game of the soccer world but on the Ethereum Blockchain. So rare is essentially based on fantasy trading in soccer, where users collect player cards and create their teams to compete against each other in weekly matches. At So rare, instead of buying the cards of their favorite soccer players with traditional cash, users buy with Ethereum.
In 2018, the grand NFT marketplace came into succession. We still are in awe of how it served a whopping 2.5 billion football fans worldwide. Today, up to 140 soccer clubs from the US, Europe, and Asia have licensed their player information to Sorare and new clubs join the platform every week.
Factors highlighting each player’s stats and card rarity march to effect a card’s price. How high can the price of a business card go up? A unique Cristiano Ronaldo card sold for $102,000 in February 2021.
- FOR VIRTUAL REAL ESTATE: Decentraland’s
Do you want to own a property? Here we go! Decentraland’s online community is gaining much influence, especially in the art world. Digital artists have boarded Decentraland to buy real estate and build art galleries to showcase their work. Even Sotheby’s, one of the world’s most famous auction houses, is now in Decentraland with a virtual gallery.
- FOR VIDEO GAMES
We already know that professional gamers can earn a considerable amount of money playing video games. In February 2021, the market delivered the most expensive digital land sale on the blockchain, amounting to around $1.5 million.
- FOR TWEETS: VALUABLE
A Malaysian businessman’s purchase of Twitter CEO Jack Dorsey’s first tweet for $2.9 million brought the world of NFTs into the mainstream.
NFT Markets Prove Everything Can Be Sold
The rise of NFT markets shows that gaming assets, albeit digital, are valuable. While still niche and somewhat absurd to those not involved in the scene, the world of NFTs is nonetheless a booming market that captures investors’ attention.
Why not try hands-on NFTs to binge all the hype?
