NFTs or Non-Fungible Tokens live up to their name and each one is one-of-a-kind and non-interchangeable, with distinguishing features that set them apart from their counterparts.
An NFT gives you proof of ownership over unique collectibles, such as extraordinary digital art or even top NBA moments. They have art enthusiasts and collectors scrambling to get front row seats to the digital action that is taking the world by storm.
NFTs can be used to represent pretty much anything, and has quickly evolved into a multi-million dollar revenue marketplace.
NFTs are built on a blockchain system, which makes them accessible to the public and thus helps in maintaining transparency. It also takes tremendous amounts of energy to create NFTs, which is what makes them scarce and hence adds more value and evokes desirability in NFT enthusiasts.
An NFT Marketplace is a digital space to facilitate the exchange or trade of NFT collectables, such as unique digital art, memes, and more, using different types of currencies.
Think of it as a regular marketplace, except the goods purchased are intangible and cannot be reproduced again.