Top NFT Tokens by Market Cap
Quote collectible NFT tokens sorted by market cap, trading volume and change.
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What are NFTs?
NFTs are blockchain-based tokens used to represent ownership of an asset. NFT is an acronym that stands for “non-fungible token”.
To better understand the meaning of “non-fungible”, it is better to compare it with the term “fungible”. Most of the tokens you’ve probably traded in the cryptocurrency market are fungible – individual token units are exchangeable. Examples of exchangeable tokens are UNI, MKR and USDC. For example, all UNI tokens are identical and none of them have unique properties.
NFTs are not fungible, which means they are not exchangeable with each other. Each NFT has a unique identifier that distinguishes it from other tokens issued on the same blockchain.
How are NFTs used?
NFTs are used to represent the property of various elements. Most commonly, NFTs represent ownership of digital items such as photographs, drawings, videos, 3D animations, audio files, and video game items. However, NFTs can also be used to represent ownership of “real world” assets, such as physical works of art, real estate, and collectibles.
NFTs can be thought of as a digital certificate of ownership that can be easily transferred between different people through blockchain transactions. For example, an artist can create a 3D animation, upload it to the Internet, and issue an NFT associated with the animation. Someone who wants to support the artist would buy the NFT and then own the private keys associated with the token. Later, the holder can sell the NFT if someone offers to buy it. And while anyone could see the animation, only one person would hold the NFT connected at any given time.
NFT issuers can also create multiple NFTs referring to the same item. Let’s take an imaginary deck of cards as an example – you could create 1000 NFTs, each representing a common card, and create only 10 NFTs to represent an ultra rare card.
How to buy and sell NFT?
You can buy and sell NFTs on marketplaces that connect NFT owners with people interested in buying them. An example of a popular NFT marketplace is Nifty Gateway, which works with artists to issue collections of NFTs called “points”. NFTs sold through these outlets can be traded between Nifty Gateway users. OpenSea, another popular marketplace, allows users to list their NFTs for sale or even issue their own NFTs.
NFTs are gaining popularity very quickly and we can expect many new NFT platforms to hit the market soon.
Exchangeable cryptocurrencies like BTC or ETH can be sold relatively easily because there is a large amount of liquidity in the market. However, with NFTs, the situation is more complicated. Since each NFT is unique, you may not find a buyer for your NFT regardless of the price you paid. So keep this in mind if you are considering buying an NFT as an investment – there is no guarantee that anyone will be willing to buy it from you.
Which blockchains are used for NFTs?
NFTs were born on Ethereum, which is still one of the most popular blockchains for NFTs. Other blockchain platforms used for NFTs include Flow, WAX, TRON and Zilliqa. In general, NFTs can be issued on any blockchain platform that supports smart contracts.