30 March 2022
Non-fungible tokens have altered the way we perceive music, art, and sports. The trend hasn’t passed unnoticed, and investors are making their moves. Corporations like Adidas, Coca-Cola, Lamborghini, and Samsung are already maximizing on NFT technology. Even big names like Snoop Dogg, Mila Kunis, Messi, Justin Bieber, and John Legend have accepted the challenge. The fever spreading like wildfire is enough to urge people to buy some for themselves.
In the past few years, NFTs have come to the forefront of the crypto realm. The market almost exploded in 2021 when the trading volume reached $25 billion. With an ever-growing number of global brands rapidly jumping onto the NFT bandwagon, the momentum shows no signs of stopping. This article reveals the rationale behind cryptographically-unique tokens and how they spurred real-world demand for digital objects. It also explains how to find the best NFT buying platform and make every dollar count.
Non-fungible tokens are one-of-a-kind digital assets denoting artwork and collectibles. But they can also be audio recordings, tweets, or even documents. NFTs live on the blockchain and have become highly valued thanks to immutable ownership rights. Plus, there can only be one particular NFT with specific attributes and abilities.
Transactions between individuals are direct and can be anonymous. The chances of getting your digital assets stolen or tampered with are close to zero, and duplicates are impossible. The term caught steam with the Crypto Kitties project. Several similar launches followed, and today, NFTs have become a reliable revenue stream for many brands and investors. For fans and collectors, NFTs are tools to show loyalty to brands, teams, and athletes.
Even individuals can create non-fungible tokens, provided they own wallets stuffed with cryptocurrencies. However, you need to be aware of the related fees that might surpass the income from the sale. That’s why trading on the right NFT buying platform is of the utmost importance.
As a result of scarcity, some NFTs have sold for millions, with the record item capping at nearly $70 million. Let’s look at the best-selling non-fungible tokens across trading platforms.
The most expensive NFT in history sold for $69.3 million. Created by artist Beeple, this artwork is a collage of 5,000 pieces made in his earlier years. The item shows Beeple’s development throughout his career. The artwork went into the hands of entrepreneur Vignesh Sundaresan who took this step to show Indians can also be patrons. The investor believes crypto has the power to equalize the West and the East and help underprivileged nations rise.
The dynamic NFT Clock that reached $55 million is a work of artist Pak. It counts the days since Julian Assange (WikiLeaks founder) got into prison. All collected funds under the ‘Censored’ edition get donated to aid Assange’s legal defense. The sublime message of this money-raising campaign is to fight the oppression of getting muted on multiple fronts.
In late 2021, Beeple unveiled another masterpiece in the NFT world - HUMAN ONE. It is a dynamic digital/physical hybrid artwork showing an astronaut walking in an ever-changing environment. The digitally screened sculpture stands for Beeple’s evolution as an artist.
The HUMAN ONE NFT landed in the hands of Ryan Zurrer, who paid $28.9 for the exclusive rights. Thanks to blockchain technology, the first human born in the Metaverse gets regularly updated.
NFT markets are decentralised platforms for trading and storing non-fungible tokens. They play the role of desks for digital crypto art auctions. However, users get to sell and buy other non-fungible items, too.
The creation of NFT marketplaces happens on blockchains or based on collectibles. The system requires keen buyers and sellers to own crypto wallets to perform transactions. Sales usually go through auctions or by fixing a standard price.
Overall, a reliable NFT buying platform should guarantee immutability, ownership rights, and security. A convenient fee structure is another food for thought when making the ultimate investment decision.
There are multiple NFT platforms available, each with slightly different fees and features. The best-rated trading venues include crypto.com, Binance, OpenSea, and NextHash. Below, we review each NFT buying platform individually to help you gain a clearer understanding of the market.
Crypto.com is a global cryptocurrency exchange used by more than ten million people. Its NFT marketplace set sail in 2021, with categories ranging from art and music to gaming and sports. Interested buyers can acquire NFTs for a fixed price or via auctions using credit and debit cards. Cryptocurrencies are also acceptable as payment means.
The trading desk reduced its costs, and today, creators can enjoy a 1.99% fee on sales. Moreover, the NFT buying platform is easy to navigate and tailored to suit the needs of both beginners and seasoned investors. Crypto.com also takes pride in collaborations with high-profile names like Boy George.
Binance is another giant in the cryptocurrency trade. What members find particularly appealing is the low transaction fee of 1%. The interface is user-friendly and features NTF collections from sports, art, collectibles, and gaming. Assets include videos, music, real-world, and digital items.
For now, Binance facilitates NFT purchases in cryptocurrencies only. Operating on the Ethereum blockchain, this marketplace allows users to mint NFTs and pay in the platform’s native token BNB.
OpenSea is a marketplace with a tremendous trading volume. It was the first NFT buying platform to bring non-fungibles to the mainstream audience. Some of the items offered include music, photography, art, auctions, and open offers.
As for payment means, OpenSea supports over 150 cryptocurrencies. The platform charges sellers a 2.5% transaction fee, while buyers cover the standard network cost.
If you’re looking for an NFT buying platform that offers scarce non-fungible tokens, try NextHash. Thanks to the partnerships they forged, you can find rare NFTs exclusively on their Singularifty platform. Moreover, buyers get the chance to go behind the scenes with their favorite sports team or player.
NextHash’s fee structure is affordable, and the desk accepts various payment means, including crypto, fiat currencies, and bank cards. As a regulated exchange, NextHash can also assist in creating NFTs and developing your investment portfolio.