NFTs are a new asset class that has come to the fore recently, with tokens from various industry sectors such as gaming, sports and many others. The cryptocurrency exchanges that use these NFTs are gaining popularity due to their ease of operation and value appreciation. Let’s discuss other top platforms for trading NFTs. Would you like to begin trading NFTs? If so, here are things to know before venturing into NFT trading.
The Ethereum token enables users to see, manage & transfer ownership of assets on the Ethereum Blockchain (such as digital artworks or assets created using a smart contract). Furthermore, it provides a way for those assets to be unlocked, purchased or transferred between players without needing any third-party intermediary (e.g., a database company selling premium access).
The company created the token to allow users on the Ethereum network to store, send and receive tokens. The ERC20 standard provides a library containing all the necessary functions for creating and managing custom tokens, which can be used as extensions of Ethereum. Most projects build custom tokens through the ERC-20 standard but can still use assets created with the standard library. Let’s explore the best NFT platforms facilitating trades of NFTs genuinely and securely.
1. Open Sea:
Open Sea is an online market platform for buying and selling non-fungible tokens. Each token represents a digital asset such as a collectable, video game item or cryptocurrency, which users in the Open Sea marketplace can sell. In addition, the platform offers features to search for users based on their portfolio, discover NFTs, view your digital assets in one place and get the latest news about decentralized applications (DAPPs).
Open Sea DEX is an open source decentralized exchange built on top of 0x protocol and Ethereum Blockchain by Open Sea. It aims to serve as a bridge for trading between ERC-20 tokens and NFTs, allowing users to enjoy fast, secure peer-to-peer trading without KYC or intrusive order book manipulation.
2. RareBits:
Rare Bit is a platform that connects buyers and sellers of unique digital assets. The platform’s primary product is a decentralized registry of unique assets called the Rarebits Registry, which includes non-fungible items like CryptoKitties and EOS tokens. Users can buy or sell digital goods that represent ownership of non-fungible tokens on the Ethereum blockchain in a peer-to-peer manner.
Users’ reviews comprise the reputation system that lists and curates the marketplace. DappRadar is another website similar to Rarebits for exploring decentralized applications and tokens on the ethereum blockchain. The site displays popular dAPPs and ranks them by user activity (number of users). In addition, provides details of the latest transactions to dAPPs, along with a list of the top 100 dAPPs by transaction count.
3. Super Rare:
Super Rare is a decentralized platform for NFTs where any item or collectable that is recorded on the blockchain and has a verifiable existence can be brought to the platform and made available for trading. In addition, users can sell off their items in the marketplace, which is governed by smart contracts and ensures secure transactions.
However, users have to pay a fee for using the marketplace and drive up the price of their items. Super Rare is similar to Open Sea’s function – it’s built on Ethereum-based smart contracts and uses non-fungible tokens (NFTs). The main advantage of Super Rare’s model is that it uses real-world physical assets as its base (e.g., cool hats and rare sneakers).
4. Foundation:
The Foundation wants to help artists, writers, musicians and filmmakers find a new way to make money and connect directly with fans. The platform uses crypto-tokens built on the ethereum blockchain to incentivize engagement in creative communities. Foundation lets creators sell their digital goods and receive donations. It also lets them trade those goods on an open market, where users can buy items that look interesting but don’t necessarily want to own them forever.
Some prominent examples of NFTs:
CryptoKitties is a game centred on breedable, collectable cartoon cats. Each cat has a unique 256-bit genome; its appearance is expressed as one or more numeric attributes (so-called cat tributes). Sellers can set the price of their kitties, and users are encouraged to bid or buy kitties by placing a bid/buy order. A unique Kittie has at least one of its attributes exceeding the current highest bid. In addition, the Crypto Kitten must have at least one mate to reproduce, thus being similar to a biological cat.
Token-as-a-right (TRY) is a utility token designed for governance and property rights management within the Triumvirate network (TKN), which facilitates the issuance of digital tokens as a property right for commerce and communication on the TKN platform. You can purchase these NFTs on all the above-listed platforms.
