The first NFT that was created in 2014, known as “Quantum” is a video clip made by Kevin McCoy’s wife Jennifer. And in 2021, Quantum was sold for $1.4 million in a Sotheby’s auction.
As the popularity of NFT began to rise in 2017, it also started the growth of the NFT Marketplace like OpenSea which accounted for 56% of the transactions volume, in the NFT space. With such high sales volume, there is no doubt that there are traders out there looking to trade NFTs to make some profits.
Why do we need an NFT Marketplace?
As technology improved over the years, it is quite clear that NFTs can offer artists and creators what crypto has offered in the space of sending funds.
In the past, artists have to depend on auction houses like Sotheby’s and Christie’s or art galleries to sell their art pieces. But now, artists can sell their artworks directly to the buyer without a middleman in the form of an NFT.
As an artist, you can choose how much royalties to receive every time the NFT exchanges hands. This can be done via the NFT marketplace, a blockchain platform, or during the minting process when the collection is released.
Helping artist release an NFT collection
Since artists might not be great at coding, some NFT marketplace like Magic Eden allows an artist to mint a collection seamlessly through their launchpad, allowing them to put their art pieces up for sale.
What is an NFT Marketplace?
An NFT Marketplace is similar to a cryptocurrency exchange where you are able to buy and sell digital assets. However, depending on the NFT Marketplace that you are using, you will only be able to buy or sell NFT with cryptocurrencies like Ethereum (ETH), Solana (SOL), or Polygon (MATIC).
Some NFT Marketplace does offer features like a launchpad where an artist or creators can launch their own NFT collections, while some NFT marketplaces offer staking rewards for trading NFTs.
We have done a comparison of the different NFT marketplaces which lists the price, features, and some benefits you can receive as a user.
With the NFT market looking to go beyond $35 billion by the end of 2022 and looking at about $80 billion by 2025, this might spur more NFT marketplaces to pop up in the next couple of years. And the same time, identifying great NFT projects will also become a challenge as more and more artists, creators, and project start coming on board.
As with any kind of investment, investing in NFT does carry its own risks and it’s recommended to do your own research before investing any money into any type of investment.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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