Top 10 NFT Marketplaces
Snoop Dogg, Grimes, Paris Hilton, Stephen Curry... What do these celebrities have in common? The above names are just a glimpse into the plethora of celebrities who have started to embrace NFT’s. Moreover. the NFT market has grown leaps and bounds in 2021 with no signs of stopping anytime soon.
Trading rare art masterpieces, purchasing digital cats, and memes all sound intriguing. But how do we trade an NFT?
The NFT marketplace is a digital platform for the creation and trading of NFTs. In essence, the Non-Fungible Tokens marketplace is similar to an e-commerce site where you can use digital wallets to buy clothes and other items. There are numerous NFT marketplaces where you can create, buy, and sell your NFTs for astronomical prices.
Open Sea
“The largest decentralized marketplace for NFTs.”
OpenSea describes itself as "The first and largest marketplace for user-owned digital products..". According to the company's website, it has 113,000 users, 15.5 million NFTs, and a trading volume of $354 million. They claim to have created the first (and largest) peer-to-peer marketplace for crypto assets (NFTs), such as collectibles, gaming items, and other blockchain-backed assets.
The platform powers the crypto asset integration for Coinbase Wallet and Opera, with over 1,000 apps using it. On OpenSea, Ether can be used to buy popular NFT items like CryptoPunks, CryptoKitties, and virtual real estate. DappRadar, a website that monitors and analyses decentralized applications, has dubbed OpenSea the eBay of the blockchain.
OpenSea is used by a number of marketplaces, including Decentraland, a popular virtual real-estate portal.
Recently, this platform was also embroiled in an insider trading scam which has hastened stricter policy applications across all NFT platforms.
Rarible
“Create and sell digital collectibles secured with blockchain”
Alex Salnikov and Alexei Falin founded the Moscow-based platform Rarible in early 2020. Rarible is fundamentally a digital NFT platform with an emphasis on art assets. Rarible, like OpenSea, features a marketplace where users can exchange various digital collectibles or NFTs.
Rarible can also be used to make– sometimes known as "minting" NFTs, or non-fungible tokens. This is significant for a variety of content creators. For example, artists might sell their works as NFTs, such as books, music CDs, or movies.
Additionally, the artist may choose to provide prospective purchasers with a sneak glimpse of the content – essentially a preview, trailer, or clip – but only reveal the entire content if a person acquires the required NFT.
RARI, Rarible's cryptocurrency, lies at the heart of the platform. Users who own RARI tokens can vote on platform proposals, moderate creators, and curate featured artwork.
Rarible emphasizes the development of an autonomous platform governed by a community governance model. Furthermore, Rarible is making significant progress toward becoming an actual Decentralized Autonomous Organization (DAO).
Rarible has a far more ambitious aim than simply establishing a blockchain-based platform for safeguarding art and digital assets. This is one of the reasons why investors are flocking to Rarible's ERC-20 governance token, RARI.
SuperRare
“The social NFT Marketplace for Digital Art”
Customers can buy and sell one-of-a-kind, limited-edition digital artworks on SuperRare's marketplace. For each work of art, network artists create a tokenized digital commodity that can be owned and traded like a crypto-collectible
Now, buyers and users of digital art can verify its authenticity using NFTs, which were designed for use in the market to authenticate and certify it.
SuperRare dates back to 2017 when three men working out of a Brooklyn coffee shop wanted to start an online art market.
The platform is built on the ERC-721 standard, the most widely used NFT token on Ethereum today. A 10 percent royalty is built into the artworks, ensuring that the creator is compensated for any secondary sales. There is a 3% transaction fee on all purchases made on SuperRare, and all transactions are conducted in Ether (ETH). SuperRare also charges a 15% commission on direct sales to creators.
The NFT market world has never been so social, thanks to the SuperRare platform. Like Instagram, users can keep up with their favorite creators and browse recommended content in a feed. In addition, there is an "activity" feed and a section on trending artists to keep users abreast of the most recent developments.
Nifty Gateway
“The online auction platform for digital art”
The Nifty Marketplace is a blockchain-based platform that allows users to access some of today's most sought-after fine art and collectibles, ranging from artists like Cey Adams, Kenny Scharf, Jon Burgerman, and Trevor Jones to popular crypto-game collectibles like CryptoKitties.
Collectors don't need to be specialists in blockchain technology or cryptocurrencies to buy NFTs on Nifty Gateway because it's a seamless and simple-to-use platform.
They accept both credit cards and ETH, and the artwork is priced in US dollars. While most other marketplaces require you to download, install, and configure an Ethereum blockchain wallet like MetaMask to buy and store NFTs, Nifty uses Gemini's trusted custody technology to manage and store your NFTs.
When Beeple sold CROSSROAD at Nifty Gateway for a then-record-breaking $6.6 million, it was a historic auction. This site now has the highest volume of sales, and many of the celebrity drops that you read about on Twitter happen here. Nifty works with open editions, which are limited-edition books produced for a certain period and sold at a set price.
Foundation
“Bringing Digital Creators,Crypto natives and collectors together to move culture forward”
Foundation. The app is a newer NFT marketplace gaining traction as a reliable and relatively curated alternative to Nifty Gateway and super rare. Well-known musicians such as Blake Kathryn have embraced Foundation as a viable alternative to the God-Tier Marketplaces. It's an intelligent contract-based decentralized platform for digital artworks that runs on the Ethereum blockchain.
Another artist must invite an artist to join Foundation as a content producer, and each artist is only allowed to share one invite. They must either mint an NFT or acquire artwork from the site before creating an artist profile. Users must first link their MetaMask wallet to their Ethereum address.
The artwork makers sell the digital asset through live auctions. Live bidding for various artworks, including the Edward Snowden NFT, is available on the platform (journalism).
It has been given the name "Foundation" which speaks volumes about the platform's vision and objective for NFT creators and collectors.
Atomic Market
“The EOSIO Smart contract for NFT marketplaces”
AtomicMarket is an NFT market smart contract with shared liquidity that is used by numerous websites. Everything posted on one market appears on all other exchanges, which is known as shared liquidity. AtomicMarket is used by a number of websites. Anyone can use the Atomic Asset standard to tokenize and build digital assets, as well as buy, trade, and market them.
It's a marketplace for Atomic Assets, a non-fungible token standard based on the Eosio network. The Atomic Asset standard can be used to tokenize and generate digital assets, as well as to purchase, trade, and auction assets on the Atomic Assets marketplace.
On the AtomicMarket, you can both put your own NFTs for sale and explore existing listings. NFTs from well-known collections are marked with a verification tick, making it easier to identify genuine NFTs. Collections that are malicious are placed on a blacklist.
Myth Market
“Your marketplace for digital trading cards”
Myth Market is a collection of user-friendly online marketplaces that cater to a variety of digital trading card brands. GPK.Market (where you can buy digital Garbage Pail Kids cards), GoPepe. Market (for GoPepe trading cards), and Heroes. For each collectibles brand, each of the featured markets is distinct. The GPK.Market, for example, allows you to trade Garbage Pail Kids cards. As a result, MythMarket gives a good sense of the future potential of NFT marketplaces.
The WAX Ecosystem is the foundation of Myth Market. Worldwide Asset eXchange, or WAX, bills itself as "the world's leading decentralized video game and entertainment network." They also claim to offer anyone, anywhere in the world, the "safest and most convenient way to manufacture, acquire, sell, and trade" NFTs.
A number of the NFT Marketplaces accept credit or debit card deposits and payments, and some even take PayPal deposits. However,
Myth Market exclusively supports the WAX cryptocurrency and does not support any of these "fiat money on ramps." WAX, on the other hand, is fairly easy to obtain, as it is listed on most major cryptocurrency exchanges, including Binance.
KnownOrigin
“The artist-driven NFT art marketplace”
KnownOrigin is an artist-driven platform that allows digital producers to easily authenticate, showcase, and sell their artwork and collectibles.
The co-founders of one of the are David Moore, Andy Gray, and James Morgan founded one fastest-growing Ethereum art platforms which work inside the decentralized Web 3.0. Trevor Jones, Spaced Painter, and CryptoSpectr are among the many creators whose NFTs have been sold on this platform.
Every piece of digital art on KnownOrigin is genuine and one-of-a-kind. Creators can utilize the site to show off their work and sell it to collectors that value authenticity.
Creators can upload digital artwork to the KnownOrigin gallery as a JPG or GIF file, with all files stored on IPFS.
BakerySwap
“The all-in-one De-Fi platform”
BakerySwap is a Binance Smart Chain-based automated market maker and non-fungible token (NFT) marketplace. It is powered by BakeryToken (BAKE), a cryptocurrency with a market cap of more than 300 million USD. BakerySwap follows in the footsteps of ApeSwap, BurgerSwap, SushiSwap, and PancakeSwap by incorporating gamification features.
BakerySwap, which began operations in September 2020, is primarily an automated market maker (AMM) and a decentralised exchange (DEX). An AMM, like market makers in the stock market, is essentially an algorithm that offers liquidity to markets. The basic function of a market maker is to quote asset ask and sell prices. This assures that if someone wants to purchase or sell an asset, there will always be a buyer or seller.
BakerySwap also runs the Bakery NFT Supermarket, which is the first marketplace for non-fungible tokens (NFTs) on the BSC. Users can bid on unique NFTs on the marketplace, and the seller will determine the winning bid. BakerySwap's NFT marketplace has a lower barrier to entry because most NFTs are sold via Ethereum, which has recently seen extremely high transaction costs.
In addition to individual NFTs, the site allows users to create "NFT Combos," which require the user to save a specific amount of BAKE. These Combos significantly increase the rewards that users may earn by staking BAKE and supplying liquidity to pools.
Mintable
“Turn any creation into an item on the Blockchain”
Mintable is an Ethereum-based platform that enables users to produce, sell, distribute, buy, and exchange digital things for cryptocurrency on NFT marketplaces. The platform stands out as a great way to get started in the NFT industry, and it is not only simple to use but also ideal for beginners.
A self-taught coder and cryptocurrency enthusiast, Zach Burks, was at an Ethereum coding event in Canada when four contestants in matching rainbow-colored shirts began handing out digital kittens to other attendees.
Most people fell in love with the kitties, the adorable digital stars of “CryptoKitties,” the first blockbuster NFT produced on the Ethereum blockchain. These cats popularised the concept of a digital asset being worth actual money. Burks, on the other hand, was obsessed with the coding underlying the cats.
Today, he has turned this interest into Mintable, a Singapore-based startup dedicated to allowing anyone to manufacture (or mint) and sell nonfungible tokens (NFTs). NFTs, a technology pioneered by “CryptoKitties,” is essentially a digital duplicate of a piece of art or collectible. They employ blockchains, which are electronic ledgers, to assure that each NFT is unique and has a direct owner. That distinguishing feature can provide real-world value to NFTs, as opposed to any GIF you see on Twitter.
Burks has worked out how to streamline the process of creating and selling NFTs. Mintable eliminates the “gas” fees charged by blockchain participants to connect tokens to their network. These fees vary but average $25. Instead, the website enables people to "convert any creation into an object on the blockchain," with no upfront fees for the vendor. And, while the NFT market might be tough to understand for non-crypto enthusiasts who lack technical expertise, Mintable is dedicated to making the process as simple as possible.
Conclusion
While there are many different types of NFT marketplaces, the most popular are universal or collectible-oriented marketplaces. That's because sports and collector NFTs are the most popular, accounting for more than 60% of overall sales.
Each NFT marketplace caters to a different audience depending on their needs and wants. Make sure you do your research into what works best for you !
