Gotta collect 'em all: An overview of NFT marketplaces

On NFT marketplaces such as OpenSea, a multitude of projects are at work producing all sorts of creative and transferable NFT items.

Perkins mentioned that "Marketplaces serve an important role in the discovery and growth of NFTs," adding: "The ability to trade a digitally scarce, unique asset is one of the primary selling points of the technology, so naturally, marketplaces support that." With that said, below is a rundown of some popular NFT marketplaces.

According to Choi Sungwone, the platform's general manager of strategy, the company plans to deliver tools that "Allow game items in the RPG genre to be traded through NFT through PlayDapp MarketPLAce."

The token is used to pay for transactions on the NFT marketplace and also to pay for fees associated with the creation of NFTs by developers.

Jason Cassidy, CEO of Game Credits, told Cointelegraph that NFT exchanges are an essential part of the ecosystem: "NFT's represent the other half of crypto - the parts of our world that are unique and hold value to us for completely different reasons."

Apart from buying and selling virtual land, Decentraland's NFT marketplace also offers wearable avatars, among other NFT items built on the Ethereum blockchain.

The Enjin marketplace was one of the first NFT marketplaces to go online.

Enjin, a blockchain asset issuance platform, allows developers to use its Enjin Coin to develop NFTs. Enjin Coin is built on Ethereum with a refined NFT standard that includes the Enjin suite, allowing for the creation and monetization of digital games.

With reports indicating a growth of over 2.5 billion users, Cassidy believes that future growth is predicated on the usability of NFT exchanges: "Hot NFT sectors like art need these marketplaces to allow price discovery to take form as their value is purely subjective in nature. The exchanges offer this foundation for awareness of a new asset class as well as direct access for investment into it."

Because most of the NFTs are built on Ethereum, Cassidy added that "The more Ethereum struggles to scale the more challenges the NFT industry will have as the ERC-721 and ERC-1155 standards currently represent the bulk of all NFT's in existence today."