The cryptocurrency market has, over the years, taken a massive turn with more and more people investing. Some use it as a form of payment to avoid huge transaction costs they could get from regular banks, others to remain anonymous, while others hope that their investments will multiply.
Inside the crypto market, there are other forms of exchange, including the NFTs.
What are NFTs?
NFT stands for Non-fungible token. This type of cryptocurrency or collectible digital asset is part of the Ethereum blockchain (although other blockchains support their use).
Non-fungible tokens can be bought and sold online. More than 174 million dollars have been spent on these tokens since their founding in 2014. NFTs can’t be exchanged because they are unique; hence, their data allows for verification of ownership. The buyer gets an exclusive license of the NFT, and one buyer can own each token at a time. Once purchased, the buyer receives a jpg file.
Nuts are minted from digital objects representing items such as art, collectibles, videos, sports, tweets, music, and so much more.
The Pudgy Penguins
The Pudgy Penguins is an example of a non-fungible token that has taken the crypto market by Storm. First launched in July, the pudgy PenguinPenguin sold out in less than 20 minutes.
There are a total of 8888 available penguins, each with unique features. Some have hats, scarves, glasses, and so much more.
Pudgy Penguins Statistics
The pudgy penguins are so far the top-selling NFT collections as recorded in the past few days. More than 1 265 trades have been made for a whopping 9.7 million dollars. When they sold out, the pudgy penguins were minted for 00.03 Ether each.
Currently, however, they are selling on the Opensea platform for not less than 1.5 Ether.
The most recent purchase was made by user Penguin Lover, who bought the only left facing PenguinPenguin for 150 Ether. Penguin lover has currently priced the token for 1000 Ether. Two other penguins have exchanged hands with owners, including a tracksuit and PenguinPenguin for 69 Ether.
The pudgy Penguins’ success can be attributed to the many news platforms covering them.
How To Buy Pudgy Penguins or NFTs in General
First of all, you need to realize that to participate in an NFT market, you must buy a cryptocurrency like Ether. Once this is sorted and you have a funded wallet, shops are endless.
The following are some of the largest Non-Fungible token marketplaces.
• OpenSea.io
Opensea is the largest peer-to-peer marketing platform for cryptocurrency goods(collectibles, gaming items, and other virtual goods backed by a blockchain).
• Foundation
Termed as the artist’s playground, Foundation hosts live auctions for NTF’s where bids are made and the tokens stored in wallets and later resold on other platforms such as OpenSea.io.
• Rarible
Founded in early 2020, Rarible makes it easy for users to tokenize or mint their work.
Rarible can certify their users work officially to keep away fraudsters. The founders, Alexei Falin and Alexander Salnikov, opted for community governance and ownership.
Conclusion
With the world changing fast, it is good to understand the digital market as it might soon take over. We hope this article was helpful. Leave us a comment and let us know.