What is NFT? Top 5 Leading NFT Collections in the Market
What is NFT?
💡 NFT stands for Non-Fungible Token, a type of token that is unique and cannot be replaced by other tokens. These can represent virtual assets or cryptographic versions of assets in the real world.
Since each NFT is unique and cannot be exchanged for another, they can act as proof of authenticity and ownership in the digital realm.
For example, while owning Fungible Tokens allows for trading or exchanging with others because their values are equivalent, Non-Fungible Tokens represent items or collectibles with varying values. This is why NFTs are extensively used by artists, creators, and game developers to tokenize their creations and make them unique.
Characteristics of NFTs
As NFTs store files on blockchains, they possess the basic characteristics of blockchain tokens in general and specific traits of NFTs:
- Uniqueness: Each token is unique, even if others create identical files.
- Permanence: These tokens exist permanently, along with the information they contain such as messages, images, sounds, or data.
- Programmability: NFTs are code lines on the blockchain, always verifiable for authorship, regardless of how many times they change hands.
- No permission required: Depending on the type of NFT and the blockchain network it's created on, they inherit the network's characteristic of being freely accessible.
- Ownership: NFT owners have full rights over their NFT, deciding how to use or transfer it.
How to Buy NFTs?
Binance NFT and OpenSea are currently the two largest NFT markets.
However, this article focuses on guiding readers on buying NFTs on the Binance NFT platform. Currently, the platform offers a program giving new users who create accounts and trade NFTs a $100 USDT voucher.
Additionally, Binance NFT provides the best user experience in the market with features like "1 click altcoins to NFT," simplifying the purchase process without complex trading operations.
Experience Buying and Selling NFTs on Binance
For detailed instructions on creating a Binance NFT exchange account and how to buy and sell NFTs, check out my comprehensive guide here.
Where Can You Store NFTs?
To store NFTs, from borrowing money through decentralized finance (DeFi) protocols to buying and exchanging tokens on blockchain platforms, the first thing you need is a crypto-wallet. MetaMask is the most popular option.
Although various crypto wallets exist, MetaMask stands out with 21 million users. You can install this free hot wallet on browsers like Chrome, Firefox, Brave, and download it on IOS and Android operating systems.
If you're unsure how to create a MetaMask wallet for storing NFTs and tokens, you can follow the guide in this article.
It's important to note that NFTs cannot be copied or converted without the owner's permission, even by the NFT issuer.
Top NFT Collections
- Bored Ape Yacht Club (BAYC)
Bored Ape Yacht Club (BAYC) is a collection of 10,000 apes created by Yuga Labs. BAYC humorously depicts apes who became wealthy in the crypto market and then grew bored.
- CryptoPunks
CryptoPunks, consisting of 10,000 8-bit style pixel art characters, is one of the earliest and most influential NFT projects globally.
- Mutant Ape Yacht Club (MAYC)
Mutant Ape Yacht Club (MAYC), a branch of Bored Ape Yacht Club, features 20,000 unique mutant ape NFTs with various human expressions.
- Clone X
CloneX, launched by RTFKT and renowned artist Takashi Murakami, features 20,000 unique 3D avatar NFTs. The project gained popularity with its integration announcement with Nike.
- Reddit Collectible Avatars
Reddit Collectible Avatars are designed and created by artists within the Reddit community, built on the Polygon blockchain. These avatars offer exclusive rights to their owners within the Reddit platform.
For more information on these collections and their success stories, visit the Reddit Collectible Avatars collection.
