NFTs and cryptocurrencies are very different from each other. While both are built on Blockchain, that is where the similarity ends.
Cryptocurrency is a currency and is fungible, meaning that it is interchangeable. For instance, if you hold one crypto token, say one Ethereum, the next Ethereum that you hold will also be of the same value. But NFTs are non-fungible, that means the value of one NFT is not equal to another. Every art is different from other, making it non fungible, and unique.
Who can buy NFTs?
Anyone who holds a cryptocurrency wallet can buy an NFT. That is the only prerequisite to purchase an NFT. You don’t need any KYC documents to purchase an art. All you need is a cryptocurrency wallet powered by Metamask, and an NFT marketplace where you can buy and sell NFTs.
Some of the largest NFT marketplaces are:
OpenSea.io: Touted as the largest NFT marketplace, you can find digital art, there are collectibles including game items, domain names, even digital representations of physical assets at OpenSea. Essentially, the platform is like an eBay for NFTs with millions of digital assets organised into hundreds of categories.
Rarible: Quite similar to OpenSea, Rarible is also one of the largest NFT marketplace that enables artists and creators to issue and sell NFTs.
Foundation: This is a unique NFT marketplace where artists must receive “upvotes” from fellow creators to post their art. Artists list NFTs for auction at a reserve price, and once the first bid is placed, a 24-hour auction countdown begins. If a bid is placed within the last 15 minutes, the auction extends for another 15 minutes.
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