Recently, Seth Green lost his Bored Ape asset due to a phishing scam. Some feel that this event reaffirms the dangers of a decentralized ledger that dictates who owns what.
However, there are others that believe various NFT platforms can revive some of the previous goodwill in the NFT space. Some measures contradict the idea of a decentralized space, though.
Regardless, there are a plethora of NFT platform options for users to pick from. The problem is that many might get confused when picking one that works for them. If you’re interested in learning more about NFT platforms and how they work, consider reading ahead.
NFT Platforms: Getting Started
NFT platforms, at a basic level, are like any online marketplace. They host sales, transfers, and archives of NFTs. The way they do this can vary. Some simply read the contents of third-party wallets and display them on the platform, while others offer a wallet for users instead.
There are also NFT platforms that allow the creation and distribution of NFTs on various blockchains, including Ethereum, Polygon, and Solana. Whatever the case, the best place to browse, buy, sell, and start investing in NFT projects is on a platform.
NFT Platform Options
The NFT space has some uniqueness when it comes to its online marketplaces. Payment methods, sales, transfers, and holdings work so differently from those that almost exclusively use Fiat.
First, there’s the usually obligatory process of minting. It’s the process of transferring the metadata and content of an NFT to a blockchain. Without this step, an asset isn’t considered an NFT.
The most commonly traded asset is NFT art. Interestingly enough, in many cases, people aren’t purchasing the asset for its art. Rather, it’s more about the benefits that come with the NFT. This is often access to an exclusive and closed community, merchandise, or other digital content.
How is this connected to the various NFT options? Well, these are variables that can vary between the different platforms. When you’re picking a marketplace, it’s important that you check for all of these features and ensure that the ones you’re interested in are available.
Investing in NFT Assets
Using an NFT platform is the easiest way to invest in NFT assets. A majority of these sites make the process of creating an account and interacting with the market quite simple. And, while it’s possible to find independent sellers or buyers, a platform connects you with a large population of pre-existing users.
The NFT Market
The NFT market is still a bit disorganized, which follows the nature of the decentralization that the asset itself seeks. But, NFT platforms are making it easier for people to engage in trade. There are a ton of NFT platform options available, and they’re slowly building the infrastructure necessary to make browsing, selling, and buying all relatively simple processes.
It’s important to consider what you’re looking for in an NFT before picking a platform, though. Some marketplaces might limit what kind of value an NFT creator can add to an asset. Keep this in mind while choosing one.
Hopefully, this article provided you with some useful information on NFTs and the markets they exist on. If it did, consider taking a look at some of the other posts on the site!