Question 11: What are the mainstream NFT trading platforms?

OpenSea is currently the world's largest NFT trading platform, founded in January 2018. It covers a wide range of NFT categories, integrates NFTs from various platforms, and sells them at more favorable prices. It is the most widely used trading platform among mainstream NFT players. In terms of trading volume, OpenSea ranks first.

Rarible was established in 2020 and released its governance token RARI on July 15, allowing the most active creators and collectors on Rarible to vote on platform upgrades and participate in management and moderation. The platform currently has 6,932 collectors and is considered a mainstream trading platform. In terms of the number of traders, Rarible maintains a leading position.

SuperRare focuses on trading super rare artworks. It is an NFT marketplace for unique digital artworks. The platform features advanced management, a user-friendly experience, flexible payment methods, social profiles, and a mobile app, enabling real-time auctions.

Question 12: What are the NFT standards?

Different blockchains have their own NFT standards. On Ethereum, common NFT standards include ERC-721, ERC-1155, and ERC-998 protocols. On the WAX blockchain, SimpleAssets and AtomicAssets are commonly used. Among these, the most common standard for non-fungible tokens is ERC-721. CryptoKitties, launched in 2017, was the first star project in the NFT space, and many people don’t know that the ERC-721 standard was created and released by the project’s CTO, Dieter Shirley. It can be said that Dieter Shirley is one of the founders of NFTs.

Question 13: What are NFT tokens?

Many NFT projects have launched their own native tokens. For example, MANA is the token of Decentraland, and Flow is the token of the NFT public chain platform launched by Dapper Labs.

In addition to holding tokens for potential price appreciation, some NFT tokens can also be used to purchase virtual land, goods, and services, or to pay platform fees. RARI, the token of the digital collectibles trading platform Rarible, can be used for governance, management, and voting on featured artworks.

Question 14: How is the price trend of NFT tokens?

In a recent major market downturn, Bitcoin dropped from $58,000 to below $45,000, affecting most tokens, such as SUSHI, UNI, and LINK. However, several NFT-related tokens experienced the smallest declines and the fastest rebounds. For example, MANA, which Sophia bought for $0.50 last year, has now increased by more than 10 times.

Question 15: How to create your own NFT?

Some NFT creation platforms aim to make it easy for anyone to create NFTs, regardless of their ability to deploy smart contracts. NFT marketplaces often provide tools or tutorials to guide users in creating their own NFTs. For example, platforms like OpenSea and MintBase offer their own creation tools.

For instance, tools developed by Mintbase and Mintable allow ordinary users to easily create their own NFTs. Mintbase creates NFTs based on ERC-721. The gas fees required to mint NFTs on different platforms range from $2 to $32.

OpenSea also supports NFT creation and is completely free. Users do not need to pay fees to deploy smart contracts. Click "Create" in the upper right corner of the website to start creating.

Now, OpenSea has released a gas-free NFT creator, allowing users to create and sell NFTs without paying any gas fees.

Question 16: How to evaluate NFT projects? Are there any reference standards?

(1) First, the quality of the project and the reliability of the project team. Since the barrier to issuing NFTs is extremely low and they are easily copied, the influence of the issuing team affects the judgment of the project’s future trading potential.

(2) The activity level of the community. NFTs rely more on market activity than DeFi, so diving into the community and observing the discussion热度 is an indirect way to evaluate whether NFT issuance and trading could be profitable. Simply comparing the number of community members is not enough, as these numbers can be easily faked. Pay attention to the level of discussion within the community.

(3) Historical transaction records. These data can be found on Nonfungible.com, as they are publicly visible. Notably, NFT projects are not evaluated based on assets listed for sale on platforms, as the scarcity and uniqueness of NFTs mean that market evaluation criteria for each asset are constantly changing.

(4) Unlike fungible tokens, NFTs also have aesthetic evaluation requirements. There are many poorly made NFT artworks online that require careful discernment.

(5) The scarcity of the NFT itself. For example, CryptoPunks have a fixed total supply of 10,000, unlike CryptoKitties, which can be generated indefinitely. As the NFT industry grows, the scarcity of CryptoPunks will make them more valuable. In the last quarter of 2020 and the first two months of 2021, sales around CryptoPunks reached tens of millions of dollars.

Question 17: What is the future of NFTs?

Non-fungible tokens quietly gained popularity in 2020. As people begin to see the potential value and utility of NFTs, the NFT market is expected to grow significantly in 2021. Nearly 30,000 respondents believe that NFTs will be the next hot topic after DeFi, and their integration with DeFi will lead a new wave of NFT热潮. Overall, NFTs have broad prospects. As Google search trends show, interest in NFTs has exploded.