Non-fungible tokens, or NFTs, have become a well-known term. While many have heard the abbreviation, few understand it, and even fewer are capitalizing on the abilities NFTs give us to create, buy, sell, and own an immense array of digital products.
To take a step back. What is an NFT? A non-fungible item is one that is unique and non-replicable, whereas a fungible item can be replicated because it has a standardized value. In other words, it's rare. A non-fungible physical item could be something like diamonds, where each one has a unique cut, shape and value. The most obvious fungible good is cash.
NFTs are essentially digital certificates that verify the authenticity of the digital item someone has purchased. This verification is authenticated through blockchain technology, which proves the transaction and ownership of the unique, non-fungible item.
If you’ve heard of NBA Top Shot that took the NFT world by storm or Beeple’s NFT sale to Christies for a whopping $69.3 million, then you’ve at least witnessed the power that NFTs can provide to brands.
While that power might be known, what’s less known is where to even begin creating or trading if you want to dip your toes in the NFT waters. Here, a list of the top 5 NFT marketplaces built for scalability and usability.
Opensea is as advertised: the first and the largest NFT marketplace. They’ve done a great job of simplifying NFTs, letting you discover, collect, and sell extraordinary NFTs on the world's first & largest NFT marketplace. You’ll eventually need to link an Ethereum wallet to buy ether, similar to other NFT marketplaces. Ether is commonly referred to as "gas" since it's needed to move tokens around the metaverse.
Off the bat, Rarible gamifies the look and feel of their NFT Marketplace. With a large, scrollable panel at the top and a leaderboard just below, with live auctions within view, one immediately gets the sense of wanting to jump in and check things out. Rarible makes entry as a creator seem a little less accessible, but they do a great job of getting you to explore artists, collections, and auctions.
In their words, “Foundation bridges crypto and culture to foster a network of mutual support between artists, creators, and collectors.” Foundation emphasizes the community creators and collectors are able to build together and puts the creative work on full display. It looks and feels almost like an NFT version of a shopping site. Perhaps that’s the point.
While Etherrnity is not limited to sports NFTs, the platform certainly emphasizes them. The BossLogic x Visual Lab Anderson Silva Collection is prominently placed all over the site’s homepage, and their press section just below it is full of headlines about athletes placing NFTs on its marketplace.
The Gemini-backed crypto platform Nifty Gateway describes itself as “the premier marketplace for Nifties, which are digital items you can truly own.” While it seems that the platform is trying to coin the “Nifty” term, it’s simply an NFT. The benefits of the platform include the backing of a well-established NY-based Gemini, owned by the Winklevoss Twins. Nifty offers easy entry points to collectors and creators who want to enter the NFT space.
While many other NFT marketplaces exist, this handful provides a great foundation to begin exploring where and how to buy, sell, or create non-fungible items. If you’re interested in more specific marketplaces, check out our list of the the top NFT marketplaces with public blockchains.
To learn how Troika/Mission helped The Dole Sunshine Company launch an NFT on the auction platform Rarible.com on May 6 to increase awareness of food insecurity and malnutrition worldwide, click here.