Non-fungible tokens (NFT's) are the hottest buzz in the crypto world now. The fear of missing out (FOMO) surrounding it has rekt most newbies in the market.
To better understand NFTs, you should be familiar with the following terms:
Fungible: These are items that are perfectly changeable with another item of the same asset class. For example, USD, casino chips, bitcoin, and ETH.
Non-fungible: These are assets that can't be substituted and are unique, verifiable, provable, scarce, and indivisible. Examples are basketball cards, Pokémon cards, and cryptokitties.
Token: A token is a digital certificate stored on a secured distributed database called the blockchain.
Simply put, NFT's are digital assets publicly verifiable intellectual property authenticated on the blockchain. Whereas the original NFT's can be replicated, and the token can't. Physical collectibles are priced according to three features which are its rarity, provenance, and quality or utility. These properties were introduced to the digital collectible world with the help of the blockchain network.
Rarity: smart contracts (i.e., unique code deployed on the blockchain network) ensure a specific supply of the NFT. For example, ten copies of a particular original NFT can exist.
Provenance: proven and verified by the blockchain; anyone can see the transaction of that particular NFT.
Quality/Utility: the gaming world has adopted NFT's some examples are Axie infinity.
TOP 5 marketplace for NFT's These marketplaces are global and allow users to browse different niches of collectibles.
TOP 5 NFT Projects Non-fungible tokens in various shapes and sizes have entered the market, utilizing blockchain technology to maintain uniqueness and ownership. With all of the excitement around NFTs, it's reasonable to wonder: what are the most widely known projects, the most highly prized NFTs? According to Opensea.io, these are the top five sellers of NFT's and their trading volume as of October 5.
CryptoPunks
CryptoPunk #3100 valued at 35000ETH($120.75M)
The CryptoPunks are 10,000 characters created at random and only 3.1k owners. The current trading volume is 542,188.77ETH ($1,876,148,721).
2. Art Blocks Curated
Fidenza #313 by dmitichemiak valued at 1000ETH ($3,499,548)
Art Blocks is the first platform of its type, focusing on truly programmable on-demand generative NFT that is stored immutably on the Ethereum blockchain. Its current trading volume is 214,349.87ETH ($748,222,869).
3. Bored Ape Yacht club
#2087 valued at 769ETH ($2,688,691)
The Bored Ape Yacht Club is an Ethereum blockchain-based collection of 10,000 one-of-a-kind digital collectibles. The current trading volume is 178,762.14 ETH ($625,386,051)
4. Rarible
Music by D15305 valued at 187.87 ($661,983)
Thousands of artists and collectors use Rarible to create and exchange immutable art without the need for coding.
5. Mutant Ape Yacht Club
#4849 created by 9056D1 valued at 350ETH ($1,230,326)
The MUTANT APE YACHT CLUB is a collection of up to 20,000 Mutant Apes generated by introducing an existing Bored Ape to a vial of MUTANT SERUM.