NFT – Non Fungible tokens, are tokens that are made accessible on the digital platform, on marketplaces like opensea.io or on rarely. These tokens usually are pieces of complex digital art, signed by cryptographic functions and stored on the blockchain. Often, unreleased music or unique tracks and albums can also come to reside on the blockchain.
These pieces of art have buyers and sellers and often trade at large valuations. On several marketplaces, unique pieces of art are sold for upward of 1 Million USD, and are collected by “Art Collectors”. This unique facilitation of authentication, non-piracy and validation by the Ethereum blockchain. These NFTs digital nonfungible cryptographic tokens are based off the ERC 721 standard, and provide a easy mechanism to store associate and connect different forms of digital art with the blockchain. The following are the NFT marketplaces
2) NBA topshot
6) Nifty gateway
Economics of the art Marketplace – Often with art marketplaces, problems of authenticity, storage, occasional maintenance and renovation of the art piece influence the prices. Art marketplaces, are often characterized by large and public auctions by brokers who are usually large auction houses such as Christie’s or Sotheby’s. Digital Marketplaces on the other hand are all pervasive, decentralized and convenient for both the artist, the art collector and the occasional buyer. anyone who can write an ehtereum contract and can handle WordPress hosting with possibly Woo-commerce or another e-commerce plugin will be able to create a unique NFT marketplace..
However, as per the principles of Pareto-efficiency – these digital marketplaces are often characterized by a 20% head that determines the actual sales on the marketplace. However the remaining 80% of the NFTs will possibly be never sold ever on the market. That being said, the top creators of NFTs such as the artist beeple are masters of their craft and can use marketplaces such as nifty-Gateway to make millions (https://www.postandcourier.com/charleston_scene/charleston-artist-beeple-changing-digital-landscape-made-3-5m-in-1-weekend/article_394dcd16-7533-11eb-83e5-33d121ba910b.html)
Not to mention that artists trained in creating original work have now found a large worldwide marketplace, without needing to host expensive broadway shows, or book painting events, or invite expensive museum clientele to buy their art. All they need to do now is to find a nice platform such as one of those mentioned above, and host their piece of art on the blockchain using some ethereum in their wallets.