NFTs, sometimes referred to as Non-Fungible Tokens, are a type of digital asset that has adapted its distinctiveness from the blockchain ecosystem. It is one of the distinctive items that accompany the developing Web3. NFTs have gradually ingratiated themselves into various facets of life, contributing in a progressive way and providing us with a new angle on how numerous sectors might expand.
Due to the values linked to NFTs from various industries, such as supply chains, intellectual property, real estate, fashion, gambling, medical records, artwork monitoring, and many more, millions of dollars have been spent on their acquisition. Similarly, numerous millions have also been lost due to fictitious transactions and security breaches.
In this article, we will examine five excellent marketplaces where you can trade NFTs, and why they rank higher than the rest.
What are NFT Marketplaces?
NFT marketplaces are the medium for transacting NFTs. They are web-based platforms where intending buyers and sellers of NFTs can transact. The growth of NfT has facilitated the growth of their marketplaces as well. There are currently about 274 NFT marketplaces available online.
An NFT marketplace works by allowing an NFT seller to store and display his NFT on the site. Buyers navigate through the site and procure. The procurement process is straightforward; you would need to add a payment method or link to a crypto wallet (for payment in cryptocurrency). While some operated with fixed prices, others auctioned NFTs and settled for the best price. After a successful transaction, the marketplace records a change of ownership on its blockchain. The transaction is secured from one party to another through this site, and a fee is charged. Some marketplaces allow users to mint their NFTs on the site.
Top 5 NFT Marketplaces
Opensea is currently the most significant available NFT marketplace. It was established in 2017, with its headquarters in the United States. It was initially used to market crypto kitties but now has a variety of NFTs it deals in, including arts, gaming, music, sports assets and more. It enhances the transaction of NFTs through both fixed prices and auctions and permits the minting of NFTs on the platform. It recorded a daily trading volume of $2.7 billion earlier this year. It has a mobile application for both Android and iOS, which only permits users to navigate the platform and not buy NFTs.
Even though millions of dollars were stolen as a result of numerous hacks, it is still the biggest NFT marketplace right now. There are several payment options, however, they are all connected to cryptocurrencies. Despite being developed on the Ethereum blockchain, it also supports other blockchains. It verifies NFT ownership using ERC-721 AND ERC-1155, and it levies a 2.5% fee for each transaction that is successful.
Rarible is a community-owned NFT marketplace which has a native token called RARI. It was launched in early 2020 by Alex Salnikov, and Alexei Falin and has its headquarters in Moscow. It has plans to fully become a decentralized platform (as a DAO) while community members govern it through its native token. It is a highly-ranked marketplace where traders can mint, buy and sell digital assets. It was reported to face wash trading in August 2020, and measures were set to combat this.
Rarible differs from OpenSea in its flexibility of permitting users to mint NFTs before sale, while OpenSea only allows minting for sale. It equally facilitates the tracking of artwork due to the community size.
3. Super Rare
SuperRare is another NFT marketplace built on the Ethereum blockchain and founded in 2018 with its headquarters in the United States. It was founded by John Crain, Charles Crain and Jonathan Perkins. Its peculiarity is majorly in selling items available in a single edition.
It doubles as a decentralized social network alongside being a marketplace. The platform features an easy-to-navigate user interface. It aims to bring together artists and art investors.
4. NBA top shot
This is a completely different kind of NFT marketplace majorly for sports enthusiasts. It features basketball video clips as NFTs. It was developed in 2020 through a partnership between the NBA and Dapper labs. It has millions of users and runs on the Flow blockchain from Dapper lab. On this platform, videos are offered for auction as moments. Moments are different from game highlights since they have been legally licensed by the NBA and have been given unique serial numbers and data.
This gives the buyer a form of certificate of authenticity even if moments appear to be game highlights that can be easily watched. A LeBron dunk from a game in 2021 versus the Houston Rockets went for $387,600, while other LeBron dunks from games in 2019 are currently for sale for $1 million. It's an easy-to-use platform with protection against oversupply which protects the investment.
5. Nifty gateway
This marketplace was founded in 2018 by Duncan and Griffin cock foster and was later acquired by Winklevoss twins (From Gemini) The peculiarity of this platform lies in its investment tactics; it partnered with renowned artists for unique collections that are potentially investible. Artists whose pieces have been auctioned here include Kenny Scharf, Trevor Jones, and Cey Adams, among others. It especially differed from others through its use of cold storage to guard assets on the platform.
It has an option of processing transactions Through a master account. Hence, gas fees are not involved, and Nifty gateway can come in responsibly in securing or recovering lost accounts. It ensures verification of every artwork put up for sale and does not charge gas fees for minting. It can be used both on the web and on this mobile app. It features curated and verified drops as important assets on its platform.
Beyond the listed platforms, there are other great marketplaces that are ranked high where NFT enthusiasts can safely transact; these include Solanart, decentraland, makersplace, mintable, bakery swap and others. Even though NFTs are digital goods that earn value from demand, it's a profitable investment with a good yield if well positioned.
BIT is a full-featured cryptocurrency exchange that is designed for use by professionals. It provides services such as the execution of trading strategies, price discovery, and liquidity provision. BIT is always working to encourage the creation of innovative new financial products, improve the trading tools available to users, and offer a wide variety of tokens. Trade with confidence knowing that the platform is built with institutional-grade security and risk management measures in place. Sign up for BIT and switch on your future.
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