The Rise of NFT Crypto Marketplaces
There is no doubt the NFTs (Non-Fungible Tokens) are the future of digital collectibles and ownership rights proof.
They can represent anything, and one of the primary reasons so many people in the world are paying millions for them is because they have scarcity. No two of these tokens are ever the same, or in other words, each one of them has features that distinguish it, some of which make it more desirable than others.
An NFT Crypto Marketplace is essentially a cryptocurrency exchange, or in other words, a digital marketplace where traders can buy and sell NFT tokens through the usage of different cryptocurrencies, or in some cases, even fiat (government-issued) currency. They are online platforms that act as intermediaries between buyers and sellers of assets, represented by NFTs.
Keep in mind that some cryptocurrencies can be represented and backed by entire classes of real-world commodities, which include valuable metals and real-estate shares. They typically strive to have diverse financial options in terms of depositing and withdrawals. NFT Crypto Marketplaces can even accept PayPal and Credit Card Payments or even bank write transfers. An NFT exchange also takes on a market maker's role.
What Are NFTs (Non-Fungible Tokens)?
Non-Fungible Tokens (NFT) are crypto assets that are indivisible as well as entirely unique. NFT tokens can be used to represent both tangible and intangible items. They initially launched through the Ethereum blockchain as an ERC-721 token standard, and throughout time, they became available on other blockchains. With their rapid growth in popularity, NFT tokens suddenly had access to a lot more use-cases, the most common ones being collectibles, artworks, and in-game assets.
They contain information recorded within their smart contracts, and this information is unique in each NFT token. Any other token cannot replace them as a result.
Fungibility is the currency's ability to be able and maintain a typical value and uniform acceptance. This means that a currency's history cannot affect its value, which means that each piece that is a part of that currency is equal in value to any other. My $1 bill is worth the same as your $1 bill.
Non-Fungible Tokens (NFT), on the other hand, are unique and blockchain-based tokens that can represent just about anything, and this can be the case for even physical assets. They have been growing in popularity, and this is due to their tokenization prowess. They essentially allow a way to transfer ownership of a digital asset to holders. Think of them as a certificate of authenticity. Furthermore, all of the data is stored on the blockchain through smart contracts, and this means that neither one of the tokens can be destroyed, removed, or replicated. The ownership record of the NFT token is immutable, and the items can be traced back to their original creator.
Users can also easily create their own NFTs as it is a straightforward process and does not require any prior cryptocurrency knowledge to get right.
Keep in mind that when a user decides to purchase an NFT token by using FIAT currency or even cryptocurrency, they are essentially buying both the unique token and the work of art connected with it. This transaction is registered on the blockchain, which, in turn, provides a record of the purchase and proof that the new user who purchased it has ownership over it.
What Can You Do with an NFT Software Platform?
Openware's OpenNFT crypto exchange software platform allows you to operate the next-generation online marketplace to facilitate the trading of any digital assets represented by NFT tokens.
- An NFT marketplace software platform allows you to send and receive existing cryptocurrencies for deposits and withdrawals to trade them through NFTs.
- You can issue and manage new NFTs to digitalize assets through minting and trade them for cryptocurrencies and fiat.
- Create trading pairs through different cryptocurrencies and fiat money.
- Plug-in external payment systems as well as options for deposits and withdrawals of NFTs with real money.
- Perform customer verification (KYC) if you want to run more centralized crypto business.
- Execute orders to buy and sell NFTs through created trading pairs.
- You'll also be able to analyze the market charts, monitor prices, and market activity of NFTs in question, powered by TradingView or any other trading chart API.
- You can also explore the transaction history and blocks on the chain through different interfaces.
- Customize the customer and administrative User Interfaces (UI) with React libraries to take any form and shape.
- Design and develop more tools and libraries to improve and enhance your OpenDAX-powered NFT crypto marketplace.
Since NFTs are essentially user-owned digital goods, including collectibles, gaming items, domain names, digital art, and other assets backed by the blockchain, Openware aims to make this accessible to the majority of traders.
NFTs are unique, scarce, liquid, and usable across many applications. You can do whatever you want with them, just as you would with physical assets. You can throw them out, gift them, or sell them on the market. However, they all have the programmability of digital assets. They follow Ethereum standards such as ERC721 and ERC1155, which enable vibrant economies where users can own their digital items.
Let's build your NFT (Non-Fungible Token) Crypto Marketplace together!
OpenNFT is the perfect engine, based on OpenDAX, to power up your decentralized NFT digital assets marketplace.
You can talk to Openware technical sales for a detailed platform architecture plan and a free NFT marketplace crypto exchange demo.
You can also have a more detailed read through Openware Blockchain Development SDK resources about platform components and modules.