CryptoWallCity vs MEXC Exchange

6 steps to choose an effective NFTs exchange

The NFT market is expanding day by day creating opportunities for exchanges to race to attract investors to join with attractive “offers”. How to know which NFTs are safe and effective to participate in.

Follow along with the important and necessary information in this article!

About the NFTs market

NFT is an acronym for Non-Fungible Token. Considered as a Digital Content (Digital Content) built on the Blockchain system (block chain) equivalent to Ethereum or Bitcoin.

Accordingly, the cryptocurrencies that are NFT assets are fungible & exchangeable. However, exchanging one NFT for another means that you already own an asset with a completely different value from the original asset value. Because each NFT is unique.

The NFT itself is not a physical asset, we cannot hold it. Instead, it is seen as a type of encryption for storing and transacting on a digital world platform. In other words, NFT is a “data” where asset identification & verification information is stored on the blockchain.

In it, each “code” will represent an asset. Therefore, when you buy an NFT painting, it does not mean that you will have to bring the painting to hang in the room, but simply that you have “purchased” and are the owner with the right to own the work.

Applications of NFT

NFT is applied in a variety of fields
NFT is applied in a variety of fields

NFT is applied in a variety of fields: video games (game items, skins, …); art (videos, pictures, music, paintings, …) … and any product has the ability to exist in digital form.

Blockchain technology and NFT allow in-house creators to monetize their own products without going through any middlemen. Thanks to that, they are more “powerful” when holding their products and bring in more abundant profits.

Example: Gamers can play games, trade, craft items and sell them. Or you can own albums and songs without having to go through iTunes, Soundcloud, Spotify, …
At the same time, creators can also be paid royalties whenever their work is resold to a new owner.

As a buyer, NFT allows you to collect impressive and unique products according to the limits you desire. You are free to use and exploit, even resell.

NFT is applied in art and “empowers” artists

Unlike when you “buy” music on platforms, you can only enjoy it, not sell or transfer it to others.

NFT Market Situation

In January 2022, trading volume across all NFTs markets surpassed $862 million, an 85% increase from December 2021. According to Footprint Analytics statistics, the number of major markets has increased by 40.

Then LooksRare was born and sold LOOKs of dollars to traders with targets in excess of $240 in trading less than a month since its launch.

Given that NFTs are showing resilience and the market trend is expanding day by day, we can fully expect this market to continue to grow as digital collections become more popular. so it is no longer worth compared to the price of Bitcoin.

This is the golden time for investors to find the NFT market that suits their NFT needs.

Revealing 6 steps to pay attention to when choosing NFTs

To choose an NFT exchange that suits your needs, you need to rely on your own reality, experience as well as ensure the following factors are satisfied.

Single project versus multiple projects

Up to the present time, there are many NFT exchanges born and put into operation, but not all exchanges are committed to quality and prestige.

Four of the major markets that only support a single NFTs project are: Acid Infinity, NBA Top SHot, CryptoPunks, and Mobox.

If you are interested in NFT projects you can go directly to these markets to get lower fees.

In addition, if you are looking for markets that allow multiple projects, check out the detailed list below.

Note: In case you don’t have a big budget or are simply a beginner collector, it is advisable to avoid NFT markets on Ethereum as these are places with quite high gas fees. .

Information provided by NFT Marketplaces

An ideal NFT market should provide buyers with complete information about the project; the number of NFTs available for purchase; number of NFTs available; price per NFT plus more insights like buy & sell quantity, owner & transaction history.

If the NFT floor updates all the above information, you can completely trust and choose to stick with it for a long time.

Security mode

A healthy and sustainable NFTs market requires an absolutely safe environment to protect buyers and sellers.

For example: Integrating advanced encryption for user personal information, requiring identity verification or providing insurance for transactions to prevent fraud from occurring.

Priority should be given to choosing the NFT floor with the most advanced technology applied security mode.

Advanced search function

When buying an NFT one of the most important things is quick access to an accurate and reputable database. At the same time, the platform needs to provide more visual data for players to have a clear understanding of what is happening in the market and help determine which NFTs are worth investing in.

Accordingly, a qualified NFT floor needs to provide advanced search functions to meet the needs of buyers.

Convenience of Digital Wallet

Digital wallet allows users to make purchases more conveniently
Digital wallet allows users to make purchases more conveniently

NFT floor needs to integrate smart features, simplifying the use process no matter where users are and accessing on any device, they can easily connect and fulfill their desired needs. .

In addition, it will also provide support for multiple NFT wallets and payment options that will bring benefits to users. Suitable in cases where users want to buy NFT by e-wallet payment method or any other form.

Market Rating

Before making a decision to buy NFTs, you should better understand other people’s experiences from the reviews they share. From there to make an informed choice and the right path to achieve success.

NFTs are becoming more and more popular and 2020 could be the year that will mark a series of even more amazing NFT trading platforms. With a wide range of options available to creators and buyers, choosing the right market will help us find the right NFT and get the profits of our dreams.