What is the importance of the NFT Marketplace?

Tags: blockchain, digital, artwork, nft
Published: 2021-12-20 10:48:55

NFT stands for [Non-Fungible Token](https://nexonnft.medium.com/what-is-an-nft-non-fungible-tokens-explained-ea768219bf75) is a blockchain-based tool that enables anyone to monetize digital content. With a turnover exceeding $10 billion in the third quarter of 2021 alone, it has become clear that this emerging technology is evolving into a major industry.

When digital artist Beeple sold a tokenized digital artwork for $69 million through Christie's auction house, it started to get noticed. But there are a few more incidents that helped it to get all the hype. NBA's Top Shot, which is owned by crypto platform Dapper Labs and enables fans to buy and sell tokenized video clips of basketball game highlights, has generated more than $715 million in transaction volume. Another one on the list is musician 3LAU, who collaborated with crypto startup Origin Protocol in March this year to create an exclusive platform to sell his new album as an NFT, where it eventually sold for $11.6 million.

With the above few examples, it may look like NFT Marketplace is about generating huge money, which is right but it has more to offer and more to explore. In this article, we will be talking about NFT Marketplace and why they are important to the world.

 <h2>What is an NFT marketplace?</h2>

NFT Marketplaces are like eCommerce sites or any other physical marketplace, with the only difference being that it is only a market for digital goods or content. Anyone can buy or sell any digital asset or NFT token using NFT crypto on these marketplaces. These marketplaces are also used to store and display trading and to create NFT tokens or any digital asset. By using blockchain technology, these platforms also verify the origin of digital content.

NFTs are digital tokens or tokens of authenticity for digital content including artwork, images, memes, games, soundtracks, 3D models, or any artistic creation with information of their ownership and authenticity. These digital assets can be sold or bought on the NFT Marketplace using NFT crypto.

<h2>Why is the NFT Marketplace so important?</h2>

<b>Some of the essential aspects of NFT Marketplace are mentioned below:</b>

<h3>Unlimited Expansion</h3>

The NFT market is a huge digital pool consisting of large daily transactions that take place in this market. Everyone will have access to this marketplace and they can buy or sell whatever they want. It is considered the future of the digital market.

<h3>Non-traceable</h3>

Since NFT markets are virtual locations, it has no physical presence. This makes them practically non-detectable. Digital wallets and protection also make tracing hard.

<h3>Easily compatible</h3>

There are many digital platforms as well as crypto wallets. All you have to do is choose a crypto wallet compatible with the blockchain network system. In order to buy or sell any digital asset on an Ethereum based platform, one needs to use a crypto wallet that is compatible with it, such as MetaMask, and then they can easily access the NFT marketplace.

<h3>Amazing Usability</h3>

NFT Marketplace has unmatched usability, it is like a market where anyone can sell their digital art. It provides unmatched opportunities to everyone without any limitation.

<h3>Authenticity and authorization</h3>

Without making a profile, a person cannot buy or sell anything from these marketplaces. It is necessary to set up an account, which will also ensure authenticity and authority in the market.

<h3>Easy to use</h3>

NFT Marketplaces have simple working procedures. There are no time-wasting things in the process. Users will get the digital goods instantly after making the transaction.

However, even after all these positive things most of the NFT marketplaces are a total mess. Either these platforms have technical issues or management issues, which is worrying the crypto enthusiast. That’s where [NexonNFT](https://www.nexonnft.io/) fits in, NexonNFT is developing a futuristic NFT marketplace that will be easy to use, easy to understand, well-organized, and with lots of incredible features. So, bookmark our website to stay up-to-date, and invest in Nexon token to be a part of this NFT revolution.