Since the DeFi summer of 2020, non-fungible tokens (NFTs) have quickly grown in popularity, with an increasing number of cryptocurrency holders and traditional investors wishing to acquire and speculate on these unique blockchain-based assets.
NFTs are virtual tokens that signify ownership of anything fundamentally unique and scarce, such as artwork, music, collectible, in-game item, or real estate, whether it be a physical or digital asset. These NFTs can be traded for NFTs, for example NFT TRADER allows P2P Trading of NFT to NFT. Also many NFT tokens are redeemable for NFTs, acting just as cash would. Digital collectors can use NFT marketplaces to buy, sell, and generate their own tokens that reflect ownership of unique, tangible, and intangible goods.
In this regard, NFT marketplaces are online platforms where NFTs can be shown, exhibited, sold, and even minted (created). NFT Marketplaces acts as an interface that allows users to view the NFTs on a chain and users give wallet permissions to trade. Mostly, NFT marketplaces operate more like an interface, much like when you watch a show on TV, the TV allows you to view the broadcast signal, but the show isn’t inside the TV. Nearly all marketplaces are interfaces for blockchain tokens, not the same as the centralized exchange that holds user’s coins in a cold or hot wallet.
These marketplaces are to non-traditional retailers what Amazon and eBay are to traditional retailers. It’s worth mentioning that most marketplace platforms charge a blockchain network fee to list and create NFTs. The cost depends on which blockchain-based solution you use. The largest ecosystem of NFT dApps, for example, is Ethereum (decentralized applications). It does, however, charge the most.
One can compare an NFT marketplace to a bitcoin exchange to better comprehend it. Both NFTs and cryptocurrencies are tokens created using blockchain technology. However, although cryptocurrencies are fungible, meaning that one token may be exchanged for another like money, NFTs are one-of-a-kind digital assets that are supposed to be unique and can be transferable as ERC token can. An NFT marketplace facilitates the exchange of NFTs for crypto tokens that it supports for the purchase or sale of these unique digital assets, similar to how a cryptocurrency exchange manages open market trading of pairs of cryptocurrencies. An NFT marketplace connects NFT providers with interested buyers in the same way that a crypto exchange connects buyers and sellers of crypto tokens.
Each NFT marketplace platform has its own set of tools that help buyers and sellers conduct deals. The RFOX NFTs platform is one such NFT marketplace with Web 3.0 in focus. The platform allows artists, creators, and businesses to easily develop NFTs without having to worry about the technical aspects. The NFT marketplace for Web 3.0 is a one-stop-shop for creating, organizing, and selling NFTs. The platform is currently in beta and is only available to a restricted group of NFT community members.
How do coming-of-age NFT marketplaces fare compared to established players?
While there are many kinds of marketplaces, the most popular are global and art-focused platforms. There are also specialized NFT marketplaces that sell in-game products, digital collectible cards, and virtual real estate. Some of the most well-known players include OpenSea, one of the most well-known worldwide NFT markets. Rarible is another marketplace owned by the community members holding RARI tokens. It puts an emphasis on art, but one can find a wide range of other NFT items here, too. Nifty Gateway is one of the largest marketplaces for NFTs. Here you can buy artworks from well-known artists, including Beeple (who holds the record for the most expensive NFT sold for $69 million), Steve Aoki, and deadmau5.
However, a majority of these mainstream and mostly centralized marketplaces have faced exploits and scams of various kinds. This is where the new coming-of-age decentralized marketplaces like RFOX could play a key role. Clients can use the platform to create their own NFT projects, use smart contracts to create NFTs, import existing NFT collections, edit NFT sale widgets, and create custom-made NFT marketplaces. The NFTs platform, as part of the larger ecosystem, allows users to take advantage of other services, such as RFOX VALT in the metaverse, RFOX Games and its KOGs NFTs in online gaming, RFOX Finance in DeFi, RFOX Media in digital media, and more.
RFOX intends to make its impact in this space with its newest business, the NFT marketplace, which is a platform that allows artists, creators, and corporations to make NFTs without worrying about the technical components. The NFT marketplace makes empowers clients to make their own NFT projects, deploy smart contracts for NFT creation, import existing NFT collections, personalize NFT sale widgets, and create custom-made NFT markets as a white-label NFT solution. While the platform is still in closed beta, it has a track record of launching NFT projects in the past year, including the A$AP NAST x Reebok Zig Kinetica II Edge NFT collection, the Miss Universe Philippines NFT Collection, and virtual land NFTs.
To coincide with the beta launch of RFOX NFTs, the platform has invited creators from all over the world to apply for the RFOX VALT Grants Program, which will provide qualified creators with up to $10,000 to kickstart their own NFT initiatives. In addition to financial assistance, the RFOX VALT Grants Program will give creators technical assistance from the RFOX VALT team, including guidance on how to exhibit their artworks in the metaverse and worldwide promotion of their NFTs to RFOX’s booming community and the broader public.
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