NFTs are non-fungible tokens, meaning they are unique in nature, cannot be traded 1:1 with any other token, and don’t have the same attributes as the other tokens. The inception of NFTs paved the way for many opportunities for artists, collectors and traders in web3 as it opened the gates for art — digital or traditional — in the web 3.0 ecosystem.
NFT marketplace is a platform that let users mint, hold, and trade their NFTs in a secure and user-friendly way. From a brand's perspective, the NFT marketplace is a place where NFT projects showcase their NFTs.
And NFT royalties. ie where the creator of the NFT gets a percentage of the trade fees.
OpenSea is the first and the biggest NFT marketplace. Over time, OpenSea extended its services to multiple chains since its original launch on Ethereum. Other blockchains soon realised the potential of NFTs and launched their own protocols and NFT marketplaces to support various formats of digital art.
One chain, in particular, that is getting much traction in the NFT community, from both web3 enthusiasts and brands, with top-tier companies such as Nike, Adidas, Meta, Bentley, Burger King etc partnering up with it to offer and operate their digital-collectables wing is Polygon, previously known as Matic.
With all these brands adopting NFTs and internally starting dedicated digital collectables branches and teams, one thing is certain, NFTs could turn out to be the ever-needed catalyst for the mass adoption of web3.
Sounds interesting and want to buidl a marketplace on Polygon?
At Cryption Studios, we are excited to provide various blockchain services to projects needing assistance to launch and navigate their ways to success in the web3 ecosystem.
If you are interested to launch and operate your own NFT marketplace or just want to explore the potential use of NFTs and probably an NFT marketplace in your business, get in touch with the Cryption team here or book a 30-minute meeting here.