What's So Special About NFT Marketplaces?
The world of Web3 opened up infinite portals to unimaginable opportunities. For most, it gave them independence and freedom to pursue their passions without relying on anyone but themselves. Just like how revolutionary changes to technology opened opportunities for the masses in the past, blockchain technology and Web3 are doing the same for us now. The wheel showed early humans the power of craft and innovation. The industrial revolution brought mass production. Let's have a look at what Web3 and blockchain brought for us.
For starters, it opened a space where ideas didn't need initial funds to get on their feet. All one needs now are skills, passion, and an idea. In the beginning, coding and software development skills were a necessity to enter the space. But, thanks to these initial builders who recognized the potential of the power of Web3, the doorway to a greater world has been made accessible for all. Now, all one needs is a device and the Internet! The Web3 space is designed to assist every user who comes exploring. Now anyone can bring and gain value with their talents, skills, and ideas.
This is one of the biggest reasons for the popularity of NFTs. NFTs are Non-Fungible Tokens. They can not be replaced or replicated, which guarantees true ownership and originality. This is a huge win for artists in particular. Before NFT art, it was a challenge to prove the originality of the piece. Back then, art could be stolen and originality could be faked. By going digital and by creating art on a blockchain, artists now have complete ownership of their work. Also, without any intermediaries to rely on to reach a wider audience, artists gain full value for their work, and can even remain anonymous if they wish.
The first NFTs to be minted were simple. Most were static images, basic art with no added benefits. But as the idea of owning these unique digital assets grew, creators began to think outside the box. Soon, NFTs came with layers and audio clips. Eventually, NFTs came in the form of video clips and gifs. Now, NFTs are more than just art pieces. As every sector began to seep into the NFT market, NFT traders and collectors have an abundance of NFTs to choose from. Most sport NFTs go for a nostalgic factor.
Meanwhile, some organisations are using NFTs to provide unique use cases. For example, some NFTs act as club membership access keys showing Proof-of-Authority. Similarly, wine companies are using NFTs to show the product journey of their bottled wine. This guarantees authenticity and the pristine quality of their goods to their buyers. In the long run, NFTs can be used as legal digital documents to show ownership of land and property. As more and more unique NFTs began to pop up, the demand for NFTs shot up higher than any of us imagined.
So, there came a clear and undeniable need for a place to display and showcase artwork in order to find them their new homes. The answer for this space was simple, where do merchants go to show off their wares? A marketplace, precisely! Marketplaces are no new concepts to us. Since the dawn of time humanity has been partaking in trading between civilizations, even across oceans. Much like these live marketplaces, NFTs too needed one of its own. Thus, a digital marketplace secured by blockchain power came to be.
Since Ethereum was the first blockchain to allow NFT minting, it is home to many NFT marketplaces. Eventually, as other blockchains made their debut, more NFT marketplaces began to emerge. Depending on which blockchain NFTs were minted on, they could only be sold on compatible NFT marketplaces. This is still the case for many as blockchain technology is in the stage of enabling multi-chain compatibility. Within the next few years, NFT marketplaces will expand to include trading between different NFT mints.
Presently, NFT marketplaces have become the go-to place for collectors and investors looking to invest in digital assets. These marketplaces offer a wide range of NFTs, from unique art pieces to limited-edition digital collectibles. NFTs have become so popular that even mainstream artists, musicians, and celebrities have started to create and sell their own NFTs! This rising popularity further fueled the growth of NFT marketplaces. Pop will soon debut its NFT Marketplace on the Pop app.
Pop is built to encourage creators to leverage creator and ownership economy. On the Pop NFT Marketplace, creators can turn their unique content by turning them into unique NFTs right there on the Pop ecosystem. Pop will offer a new way for creators to monetize their work, by trading creator NFTs as one-of-a-kind digital assets on the Pop ecosystem. Once Pop enables multi-chain functionality, the Pop NFT Marketplace will enable trades across multiple blockchain spaces.
More Pop-specific details are coming your way Poppers! Make sure to come back to our blog page so you won't miss out on any surprises. Our closed beta testers already have access to the Pop ecosystem via the Pop app and are exploring its many features. Check out our official social media and community channels to see how you can start your beta tester journey today! We'll be back next week to discuss the many popular existing NFT marketplaces. See you then!