Non-fungible tokens are unique and non-interchangeable tokens so they don’t exactly work like cryptocurrencies. NFTs can be considered as digital collectible assets – similar to physical collectibles that go up in value over time. However, since these assets exist in the digital world, they are also bought and sold in digital marketplaces.
As of writing, the largest digital marketplace is Opensea – a decentralized marketplace for digital assets on the Ethereum blockchain with over 300 categories and over 1 million items on offer at any given day. They also hold auctions for rare digital goods and initial offers for collectibles and characters for various dApps. For instance, COBA – the first true Play-to-Earn (P2E) Gaming dApp – recently listed its newest NFT character, Diatogama Shogun. If you want to own a particular NFT of Diatogama Shogun on auction, all you need is to use your ETH to buy or bid on Opensea.
“At OpenSea, we’re excited about the emergence of this new class of digital assets. We believe that ‘true digital ownership’ means that assets will be traded across a diverse ecosystem of decentralized exchange platforms.,” the Opensea team says in its website. Opensea also allows users to create their NFTs and put them up for sale in the Opensea market as long as the user pays for gas.
