Since the introduction of the first crypto, online exchanges and marketplaces have been thriving. With the popularity of crypto, these have been mainly focusing on digital currencies, but non-fungible tokens created the need for a special kind of exchange — an NFT marketplace.
This type of platform serves for buying and selling your digitally-owned non-fungible assets. These marketplaces initially focused on digital art, still remaining their #1 focus. However, they also started introducing other kinds of non-fungible tokens, so let’s see what they are.
NFT and Metaverse
What makes the metaverse different from other in-game virtual worlds is that its members can own items, land, and characters in the metaverse. All of these things actually use the same technology as digital art, meaning you can literally save them in your NFT wallet and be their sole owner. In other words, all of these in-game things can be referred to as NFTs if they are indeed non-fungible and unique.
Chibi Clash is a popular example of a game that’s already basing most of its in-game items and characters on NFTs. You can earn, collect, and trade in-game items from this auto battler game and even make a profit from your activities.
Of course, many other interesting games follow a similar approach. Some soccer fans have already tried MonkeyLeague, a fast-paced and turn-based soccer game and arcade that can help active players generate income and obtain valuable NFTs.
Many creators saw an opportunity to focus on collectibles inside of a game, such as trading cards, and that’s precisely how Splinterlands came to be. It’s a decentralized mobile game built on blockchain technology that focuses on trading cards, similar to games like Magic: The Gathering. The only difference is that the cards don’t exist in the real world — they are all on the chain, and some of them are really rare.
How to Use NFT Marketplaces?
It all depends on whether you’re a creator or a trader. Most marketplaces have a reserved space for people who want to create their works of art into non-fungible tokens. This entire process has been streamlined and doesn’t take a lot of time.
Traders can also quickly learn how to use these marketplaces. In most cases, all you need to do is connect your cryptocurrency wallet, which is often a one-click process. Once you select which NFT you wish to buy, you can easily purchase it and even store it in your wallet after that — just like cryptocurrencies. Of course, with many NFT marketplaces out there, each is unique. That means the buying process might be somewhat different. Therefore, make sure to explore several marketplaces before selecting the one that meets your needs. It’s also a good idea to read reviews written by professionals and user-written reviews and opinions on forums.
Final Thoughts: Buying and Selling All Kinds of NFTs on Marketplaces
As you can see, people can trade digital art pieces as NFTs, but not only that. With the increasing number of people interested in blockchain-based games, there’s a growing need to trade non-fungible in-game items, such as in-game skins, characters, items, trading cards, and more.
Imagine wanting to buy an in-game character that another person legally owns. You can always contact them using an NFT marketplace and offer them to buy their character or exchange it for something else.