Have you heard of NFTs? They have recently come into the light following endorsements or inclusion from major gaming houses such as Nintendo. The buzz and spread of these NFTs can be attributed to providing players with ownership over their digital assets. What’s more? Analysts tell us that they have the potential to disrupt the gaming industry as we know it today. Read on to learn more about these NFTs.
What are NFTs?
NFTs are a new form of digital assets that are not limited to a single platform. They can be traded on different exchanges and used in different games.
How do NFTs Work?
NFTs have been around for some time now, but they have only recently become popular with the introduction of blockchain technology. Blockchain is the underlying technology behind cryptocurrencies like Bitcoin and Ethereum, which has made it possible for NFTs to exist without any centralized authority or company controlling them.
5 Reasons: Why People Sell NFTs on Reputable Marketplaces
NFTs are usually sold on reputable marketplaces like OpenSea. These marketplaces have strict rules and regulations in place to ensure that the NFTs sold on them are legitimate and not fraudulent. Here are the top reasons people sell NFTs on reputable marketplaces.
- You Enjoy Favorable Fees
While they are not physical assets, they can be sold and traded like any other assets. NFTs can be sold on reputable marketplaces such as OpenSea and Binance for a minimal fee. It is often lower than the fees charged by traditional auction houses or platforms. As such, you get to save a good chunk of money massively. You only have to check the available marketplaces and determine what works for you.
- You Can Sell In Custom and Fiat Currencies
These digital assets can be easily traded on the blockchain, and they are not limited to a single game or a platform. It means that they can be sold in custom and fiat currencies on all reputable marketplaces.
When you choose to sell them, your first step is to create an account on a reputable marketplace. Once your account is ready, you need to upload your NFTs for sale and set the price in USD or EURO. You can also set the price in ETH if you want to sell your NFTs for cryptocurrency instead of fiat currency. It is always easy when you can choose the currencies to use for your transactions.
- You Will Enjoy Gas-Free Transactions for the Highest Bid Auctions
Commonly known as NFTs, non-fungible tokens are unique and unreplaceable by other tokens. They can be used to represent a variety of assets, such as in-game items, real estate, and stocks.
Some of the most popular marketplaces for NFTs are OpenSea and Binance. In these marketplaces, you will sell your NFTs for the highest bid auctions without paying any gas fees. This is because they use a smart contract that handles all the transactions on the ETH blockchain for you.
- NFT Holders Get Easy Deposits from Most ETH and BSC
NFTs are digital assets and can easily be traded on different blockchains. But what makes them valuable and unique? They are scarce and can be traded on most blockchains. Even better, you will have a digital certificate of authenticity.
These NFTs can be sold on reputable marketplaces for ETH or BSC deposits. This enables NFT holders to get easy deposits from most ETH and BSC blockchains. Whatever you want to trade, you can always do so on these platforms.
- You Will Get Simple Token Conversions
Do you want to convert your tokens? The problem with NFTs is that they are not always easy to trade and convert into other tokens. There is no centralized marketplace for them, which means that they cannot be traded for other cryptocurrencies like Bitcoin or Ethereum.
Selling NFTs on reputable marketplaces will enable holders to get simple token conversions by selling their NFTs for the cryptocurrency of their choices, such as Bitcoin or Ethereum.
NFTs have many cases, and they will continue to grow as more games adopt them. They have been around since 2017 but have only become popular with the release of CryptoKitties in the same year. While the future is still unclear about their use outside games, we hope to see more in future.