An NFT marketplace is a digital platform for buying and selling NFTs. NFTs in the short form is a non-fungible token. It is built using similar programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. NFTs are not exchangeable for money or anything else. These platforms allow people to store and display their NFTs plus sell them to others for cryptocurrency or money. Some NFT marketplaces also allow users to mint their NFTs on the platform itself. If you are looking for nft marketplace malaysia, some popular ones are Pentas.io, NFT.my, and NFT Pangolin.
What are the Benefits of the NFT Marketplace?
The first benefit of the NFT marketplace is that it is a decentralized marketplace. The creators are able to make money directly from their work. NFT does not require the creators to have an agent to sell and market their products. This platform lets the artists interact and carry out the transactions directly with the customers. This model further benefits the creators by allowing them to earn a commission each time the NFT exchanges hands. The second benefit of the NFT Marketplace is that it is resellable. Most people will get involved with NFTs for the prospects of making money. There are a lot of people earning a living from reselling them. Investing in NFTs for their resale value can lead to huge profits. Some of these collectibles have been resold for more than 20,000 USD while only a few thousand dollars were invested by the original buyer. By reselling, they made over 15,000 USD in just a trade.
The third benefit slash advantage of NFT is that the creators are able to retain their full copyright. This is uncommon in most licensing agreements. However, this allows them to still generate revenue without giving up their copyrights. Fourth, the NFT technology gives its users the assurance that it is well secured. It proves that no matter what happens to the blockchain, there are always nodes running. Therefore, nothing can really happen to the data. Next, NFT is immutable. The metadata on the token can never be altered by anyone. To add on, it can neither get erased, misplaced nor be removed from the blockchain. Basically, they are meant to last forever as their data will always remain as is. This in itself, gives them collectability and high value. Last but not least, it has its own uniqueness. They are rare in that only one of them can exist and can’t be easily forged. In most cases, an artist or a seller will have a handful of NFTs, as opposed to thousands. It is, therefore, safe to assume that you will be one of the few individuals that would own these collectibles. Learn more here.