❔What is an NFT Marketplace?

NFT Art Gallery

Non-fungible tokens (NFTs) have quickly become one of the most explosive crypto trends since 2020, with increasingly more cryptocurrency holders and traditional investors seeking to own and speculate on these unique blockchain-based assets. NFTs are virtual tokens that represent ownership of something inherently distinct whether it be a physical or digital item, such as artwork, a soundtrack, a collectible, an in-game item or real estate. Unlike regular cryptocurrencies like Bitcoin (BTC) or fiat money like the U.S dollar (US$), these digital assets cannot be mutually exchanged for one another because each token has a specific value based on its unique traits and attributes.

NFT marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted (created). These marketplaces are to NFTs what Amazon or eBay are to goods. In order to access and use these types of marketplaces, a crypto wallet is needed (MetaMask, Token Pocket, Wallet Connect) and users are prompt to connect their wallet by extension or DApps.