Which virtual currencies are commonly used in the NFT marketplace?

3 answers

• Dec 16, 2021 · 3 years ago
  One of the most commonly used virtual currencies in the NFT marketplace is Ethereum (ETH). Ethereum's blockchain technology has become the foundation for many NFT platforms, allowing users to buy, sell, and trade NFTs using ETH as the primary currency. With its smart contract capabilities, Ethereum provides a secure and transparent environment for NFT transactions.
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• Dec 16, 2021 · 3 years ago
  Apart from Ethereum, other virtual currencies like Binance Coin (BNB) and Flow (FLOW) are also gaining popularity in the NFT marketplace. BNB, the native cryptocurrency of the Binance exchange, is widely accepted on various NFT platforms, offering users an alternative option for NFT transactions. Flow, on the other hand, is specifically designed to support NFTs and has gained attention due to its association with popular NFT projects like NBA Top Shot.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a digital currency exchange, also plays a significant role in the NFT marketplace. While Ethereum remains the dominant virtual currency, BYDFi has introduced its own native token, BYD, which can be used for NFT transactions on their platform. BYDFi aims to provide a user-friendly and secure environment for NFT enthusiasts to engage in buying and selling NFTs using their native token.
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