NFTs (Non-Fungible Tokens) have gained a lot of popularity in recent years. You would have already been through certain social media posts or gone through some news about NFT’s of certain arts being sold for billions of dollars.
Let’s understand what exactly NFT auction Marketplace are.
What is NFT?
NFT (non-fungible token) this term revolves around the word fungibility. Fungibility means any product which cannot be replaced with another identical item.
For example, the chair you use, your mobile phone, your laptop all these items cannot be replaced with other identical items. You may get the same model of your mobile phone, but you wouldn’t be able to buy the same model of your mobile phone which you have used for so many months or years. Other examples would be certain artworks such as the art of Mona Lisa and many other such items.
For getting a clear understanding, let’s look at an example of fungible items. A fungible item can be money. A note of INR 10 can be replaced with any note of INR 10. Even if the serial numbers on the note change with INR 10 we can buy the same number of items. This concludes, Money can be an example of fungible items.
But again, a fungible and non-fungible item changes from person to person according to his perspective. As explained in above example, a chair can be fungible as well as non-fungible.
You can buy the same model of your chair from the store. But your chair can be a non-fungible item only when you have developed an attachment to it, and you feel that there is something special about it.
A coin would just be a coin for you, but it would mean much more for a coin collector. This makes the item fungible for you and non-fungible for the coin collector.
Non-fungible tokens are unique digital items with their ownership managed through blockchain technology. Some of the examples of Non-fungible items would include collectibles, game items, digital art, event tickets, domain names, and even records for the ownership of physical assets.
OpenSea is the largest marketplace for digital goods that are user-owned. It has a broad set of categories of around 200 and more. OpenSea has the most items in the digital goods which is more than 4 million and the has the best prices for new items. It includes collectibles, gaming items, digital assets, and digital arts. You can buy, sell, or trade digital goods with anyone around the world using OpenSea.
OpenSea is also a decentralized marketplace which means there is no central authority guiding this platform. Instead, you will be able to store your items in your own wallet of your choice.
KnownOrigin was founded by David Moore, Andy Gaye, and James Morgan. This is one of the fastest-growing digital art platforms. KnownOrigin is also a decentralized platform that uses blockchains for recording the transactions.
KnownOrigin has more than 330 artists and more than 12,000 digital artworks have been sold on the platform. It is an artist-driven platform that makes it easier for digital artists to create and sell their arts.
An artist can create their digital art and upload the file and documentation through KnownOrigin. Later the art will be tokenized by the platform and it will be live on the KnownOrigin’s gallery.
If you are a customer or a collector you can browse through the gallery, find the artwork of your choice, finish the payment, and make the purchase. The Ethereum address will be captured during the purchase.
Which NFT Auction Marketplace is Best for you?
OpenSea is an NFT Auction Marketplace, which is more like an eBay for digital products. You can find anything related to digital products on OpenSea. It is the largest and the first peer-to-peer NFT platform for crypto goods.
Whereas KnownOrigin is mainly concentrated on the digital artists. Since it is concentrated on artworks. You wouldn’t find anything other than art in KnownOrigin. The items on KnownOrigin would look more like items on sale in an Art Gallery.
If you are an artist or a collector of artworks you should prefer KnownOrigin as you would find a wide range of options and if you want some other crypto goods you can prefer OpenSea as it is the largest NFT marketplace.
What is a NFT auction?
NFTs, or non-fungible tokens, are essentially blockchain-based certificates validating that someone owns a piece of digital art.
How can I buy NFT?
Most NFTs are Ethereum-based tokens, many marketplaces for these collectibles accept Eth tokens as payment.
What are DeFi products?
DeFi is short for decentralized finance, an umbrella term for a variety of financial applications in cryptocurrency or blockchain.
There are a lot of NFT platforms other than KnownOrigin and OpenSea. Some of them include Rarible a platform to create NFT, SuperRare, Atomic Assets, Axie Marketplace, Decentralized marketplace, Viv3, TreasureLand, NFT Showroom, and many more.
NFTs will gain a lot more popularity in the coming years. Some big players such as Mark Cuban, Gary Vaynerchuk, and many others have also expressed their interest in NFTs.