NFT Marketplaces: A look into the wonderland of NFT
NFT Marketplaces and the Mystery Behind
Lately, the meaning of buying unique assets has evolved into the majestics of NFTs and NFT Marketplaces, integrated through blockchain-embedded digital files that represent the pinnacle of secured data sharing. But access to these unique assets was somewhat too derivative to seem feasible.
Hence, came NFT Marketplaces.
We know, the concept of NFTs in itself is so mystifful and when you throw in the term NFT Marketplace, it can be overwhelming to disseminate its use-cases.
Before a plethora of questions run into your brain, let us get straight to the anatomy of NFTs.
Steep Into The Era of Digital Artefacts
Would you have believed if someone had told you, that one day you will be able to buy Digital Arts, Music, Gold & Diamond artefacts right from the comfort of your smartphones, with a digital currency based on a technology that makes counterfeiting & copyright issues obsolete?
Well Yes, that’s NFT for you.. If you are an artist who likes to capitalize your art or a buyer who likes owning uniqueness, NFT is the answer!
We wonder… Is there anything our generation hasn’t seen? Can’t even imagine what all is left for a human brain to develop.
NFTs In A Nutshell
NFT as an acronym stands for a non-fungible token. These digital tokens are unique assets that prove the identity and are tokenized versions of physical assets. Supported by the underlying technology of blockchain, these NFT’s are based on smart contracts that embed pieces of digital data into a coded structure.
To give you a brief difference, A fungible token can be readily interchanged for another of the same kind. On the contrary, a non-fungible token is unique and not interchangeable.
NFT art can be created with any digital art(such as digital drawings, music, or your brain downloaded and turned into an AI), and even real-life unique assets such as gold and diamond.
Numbers Tell The Story of NFT Adoption
A recent report by nonfungible.com states that more than $2 billion was spent on NFTs during the first three months of 2021—marking a 2,100% increase from the fourth quarter of 2020.
The cute digital arts, the immense possibility of trading and tokenized assets made NFT’s gain their popularity.
Especially amidst these covid times, Work from home culture has increased the acceptability of technology which can be seen in every area. The same happened with NFTs and the latest figures from 2021 prove the authenticity of the assumption. The whole phenomenon of the Crypto craze has led to NFTs being immediately used across genres of unique asset sharing.
Origin and Journey of NFT Marketplaces
The first NFT was part of the Ethereum blockchain. Its blockchain supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. But now several other blockchains have started to develop their own NFT’s. Just like Tron which has recently launched NFT’s on its own blockchain. But because of the differing blockchain technology behind particular NFTs, not all NFT marketplaces buy and sell all types of NFT.
NFT marketplaces are platforms where NFTs can be stored, displayed, exchanged and minted (created). These marketplaces are to NFTs what Amazon or Flipkart are to electronics and other goods.
So how can you relate to NFT’s if you are from India? How does a market like a blockchain affect you? According to recent research by NASSCOM, the Indian public sector has supported and driven blockchain-based projects involving more than half of the country’s states. The investors in India have shown the most interest in digital arts. With the rising demand in NFT’s in the country, the need for an organised and digitally secured ecosystem has come up.
To offer a lucrative entry into the world of NFTs, especially to the Indian subcontinent users, Bitxmi is instigating a NFT Marketplace which will feature artefacts such as Gold and Diamond, that holds great sentimental value in this market and is of great essence as they are considered the most viable investment assets in the global market. Though the concept of NFT is relatively new to the investors in India, Indian marketplaces are growing at a 10x rate. While the top exchange like Wazir-X has launched its own Wazir-X marketplace, the gap between user and marketplace still remains vast. Solving the problem, Bitxmi is based on a secured blockchain network, and possesses an uber-easy interface to Buy, Sell and Trade NFTs of various kinds ranging from Music, Digital Art to some highly-rated and documented Gold and Diamond Bonds and Pieces. Built into a tamper-proof nature, the NFTs available at Bitxmi carry industrious market value. The NFTs at Bitxmi can be bought with Bitxmi’s native token BXMI which can be purchased directly from Bitxmi exchange application.
Will NFTs be a new .com?
The significant growth in NFT’s is proving the expert opinion wrong. While anything that relates to trading involves risk, a successful business investment enables the investor to reap unimaginable revenues. The craze for NFTs makes it such a lucrative business model. So what should you do? Approaching the best NFT marketplace is the perfect start to your crypto-perineurial life.
Interested to know more about NFTs?
Read our blog to know more:
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.