The following discussion will help you understand why you need NFT Marketplace and the list of top NFT Marketplaces.
Many years have passed in apprehensions and concerns regarding the promising use cases for driving mainstream blockchain adoption. The year 2021 might spell a new chapter for the applications of blockchain technology with the rising popularity of NFTs. The sale of an NFT art collection by digital artist Beeple for $69 million set a completely new benchmark for NFTs.
Therefore, many artists, musicians, and creators including Sophia, the AI robot, have dived into the creation and trading of NFTs. However, an NFT marketplace is quite important for listing your NFT and ensuring that it is easily accessible for trading. So, what is the significance of the marketplace in the NFT ecosystem, and how could you find the best alternative? The following discussion aims to help you know all about NFT marketplaces alongside a comprehensive NFT marketplace list.
What are NFTs?
Before diving into the list of NFT marketplaces, it is important to reflect on the basic definition of NFT. Non-fungible token or NFT is actually a collectible digital asset. It holds value in the form of cryptocurrency as well as in the form of representatives for art or culture. Just like art is a promising investment with considerable value, NFTs also enjoy the benefit of value.
In order to understand ‘what is an NFT marketplace?’ you must know what an NFT actually is. It is a digital token and can be considered a variant of cryptocurrency. On the other hand, it is different in the fact that it is unique and does not allow like-for-like exchanges. For example, you cannot exchange NFTs like paper-based currency. If you trade your NFT for another NFT, then you have a completely different digital asset in your possession.
Working of NFTs
Now, we know about the definition of NFT along with some of the prominent examples and the demand for NFTs. So, let us find out more about how they work, which is essential to choose the top NFT marketplace. NFT is the digital representation of an asset on a blockchain, a distributed public ledger, documenting all transactions. Blockchain is primarily known for its various applications in the domain of finance.
Ethereum is the popular blockchain platform for holding NFTs alongside the role of other blockchains in supporting transactions on Ethereum. The process of “minting” or creating an NFT generally involves digital objects representing tangible as well as intangible items. The items could include art, GIFs, designer sneakers, collectibles, music, videos, and sports highlights, and virtual avatars alongside video game skins. Rare items such as tweets have also found recognition in the world of NFTs.
Therefore, it is easier to consider NFTs as physical collector’s items only in the digital space. Rather than obtaining an actual painting, the buyer can get a digital file with exclusive ownership rights. This is also another important detail in any discussion on finding the best NFT marketplace. NFTs could have only one owner at a particular point in time.
In addition, the unique data of NFTs ensure easier verification of ownership and transfer of tokens among owners. It is also important to note that the owner or creator of an NFT could store specific information in it. The example of artists signing their artwork through the inclusion of signature in the metadata of an NFT shows the assurance of integrity in ownership data.
Must Read: NFTs And Their Use Cases: A Complete Guide
Growth of NFT Marketplace
Non-fungible tokens traded on an NFT marketplace are different from fungible entities that are similar to each other. The majority of NFTs in the present times are digital, and creators could get new ways to offer something unique and rare to their supporters with new revenue streams.
Some popular examples of NFTs other than Beeple’s $69 million NFT include Jack Dorsey’s first tweet or the animation ‘Nyan Cat.’ According to a report by renowned tech-tracking company L’Atelier BNP Paribas and nonfungible.com in 2020, the NFT market was worth $250 million.
Furthermore, the report also reflected on a 299% growth rate in 2020 in the NFT markets. In addition, CryptoSlam suggests that NFT marketplaces have been successful in garnering more than $1 billion in terms of sales. Therefore, you can clearly notice the reasons for reflecting on the significance of NFT and an NFT marketplace.
Non-fungible tokens have caught the attention of many people in the world with their unique advantages. Check out our guide on why 2021 is the year of Non-Fungible Tokens to know more!
Why do You Need an NFT Marketplace?
It is quite clear that blockchain technology and NFTs can offer the perfect opportunity for artists and content creators to obtain financial remuneration for their works. Now, artists don’t have to depend anymore on auction houses or galleries for selling their artwork. On the contrary, an artist could just sell their work to a buyer in the form of NFT. This also helps the artists in getting a better share of the profits.
Interestingly, NFTs also involve the scope for royalties that entitle the original creator to a certain percentage of subsequent sales of the artwork. Many people interested in finding out the top NFT marketplace would become eager to find out how they can start an NFT collection. Interested buyers might be looking for ways to buy NFTs. So, let us take a look into the things that go into making NFTs available for selling and buying –
- You need a digital wallet for storing NFTs and cryptocurrency to pay for transactions on your selected blockchain platform.
- Purchase cryptocurrency, possibly Ether, or the currency supported on your selected NFT provider.
- It is possible to buy crypto through credit cards on different platforms such as PayPal, Coinbase Wallet, eToro, and Kraken.
- Users could move cryptocurrency from exchanges to their preferred wallets.
Read More: How To Buy And Sell NFTs
What is an NFT Marketplace?
After you are done with all the steps mentioned above, you can look out for an NFT marketplace for selling or shopping for NFTs. NFT marketplaces play a crucial role in bridging the gap between buyers and sellers. In some cases, NFT marketplaces could also offer additional tools for creating NFTs within few minutes.
The specialized marketplaces allow artists to put up their NFT artworks for sale. Buyers could browse the marketplace for NFTs and purchase the item of their choice through bidding. Therefore, any NFT developer or enthusiast must go through the NFT marketplace list to ensure profitable deals on the artwork, collectibles, and other digital assets.
List of Top NFT Marketplaces
You can notice that NFT marketplaces are an integral part of the exciting new trend of NFTs. NFT marketplaces have ensured easier and flexible access to NFTs while also resolving conventional issues in revenue streams for creators. However, all the discussion around NFT marketplaces ultimately rounds up to one specific question. NFT creators and buyers would obviously look for answers to “what is the best NFT marketplace?’ for achieving maximum value.
Most important of all, the profound growth in a number of NFT marketplaces is also a notable topic of concern. In this scenario, a clear outline of some of the renowned NFT marketplaces with a clear description can help considerably. Here is a list of some of the renowned NFT marketplaces that could help you explore new grounds in the NFT landscape.
Probably the best NFT marketplace according to present industry standards, OpenSea is also the largest among NFT marketplaces. It provides various non-fungible token varieties such as art, virtual worlds, sports, censorship-resistant domain names, collectibles, and trading cards. The interesting highlight of OpenSea is the fact that it includes ERC1155 and ERC721 assets.
It allows you to purchase, sell and explore exclusive digital assets such as Decentraland, Axies, CryptoKitties, ENS names, and others. OpenSea features more than 700 projects of different varieties such as digital art projects, trading card games, name systems such as Ethereum Name Service or ENS, and collectible games.
The item mining tool on OpenSea is also one of its top highlights as an NFT marketplace. The minting tool allows creators to develop their items and create their own NFT collection. OpenSea is the perfect marketplace for creators developing their own smart contracts for games or digital collectibles.
Enroll in our Ethereum development fundamentals course to learn more about ERC Standards!
2. Nifty Gateway
The next probable answer to ‘What is the best NFT marketplace?’ comes in the form of Nifty Gateway. It is easily one of the trusted high-end NFT marketplaces for trading in crypto art. The partnership of Nifty Gateway with top creators, brands, athletes, and artists works in its favor. As a matter of fact, the partnership brings exclusively unique works to interested collectors of crypto art.
However, it is quite difficult to get accepted on Nifty Gateway when it comes to crypto art marketplaces. Therefore, top artists, brands, and celebrity creators are able to access this platform. The platform follows three different auction styles such as silent auctions, “Buy It Now,” and timed auctions.
Nifty Gateway also allows for royalties as artists can select the percentage they want from secondary sales. As a top NFT marketplace, it supports payments in credit cards, debit cards, and Ether (ETH).
SuperRare is also another promising NFT marketplace that comes to mind among the best alternatives. The platform focuses profoundly on serving as a marketplace where people could trade in unique, single-edition works of digital art. An artist in the SuperRare network creates authentic artwork.
Then the platform tokenizes the artwork in the form of a crypto asset or collectible, which is subject to ownership and trading. Many industry experts praise SuperRare for providing a new approach of interaction with art, culture, and collecting on internet. The striking highlight of SuperRare points out the development of a social network over the marketplace.
Since digital collectibles are associated with a transparent record of ownership, they can be suitable for a social environment. SuperRare is suitable for beginner artists with a knack for innovation and creativity. It supports Ether, the native cryptocurrency in the Ethereum network.
Curious to know the difference between fungible and non-fungible tokens? Check out our guide on fungible vs. non-fungible tokens now!
Any discussion about the top NFT marketplace would be incomplete without the name Rarible. It is a very simple and easy-to-use NFT platform with limited obstacles for being accepted as an artist. Therefore, people who are just setting their foot in the domain of NFT could make the most of Rarible.
However, it presents a slight setback in terms of the user experience, which bears the influence of a confusing layout. The interesting fact about Rarible is RARI, its own token. RARI is helpful in rewarding active platform users.
Running on the Ethereum blockchain, it requires fees of 2.5% on every sale and supports cryptocurrencies such as WETH, ATRI, and DAI, apart from RARI and ETH. Furthermore, Rarible is also a reliable NFT marketplace for royalties as artists could select the share of profits they want from secondary sales.
One of the most notable entries among NFT marketplaces that have made news in recent times is Foundation. It has become the best NFT marketplace for many crypto art creators. The distinct feature of Foundation refers to the facility of community-curated collections. With a collaborative approach, creators, as well as collectors, encourage new artists to join Foundation.
Therefore, creators can easily access the “Creator Invites” feature after selling their first NFT. Any artist with the talent to make a mark and stand out as a unique creator can choose Foundation. It supports payments in Ether and also plans on introducing a completely new feature guaranteeing 10% royalty for secondary sales.
Many good competitors go unnoticed amidst the formidable players you can find as the best choice for an NFT marketplace. Cargo is one such entry in this list which is a rightful choice for any beginner in the NFT space. It supports payments in Ether and allows any individual to apply.
The most prominent detail about Cargo is that it does not feature any auctions for NFTs. Artists have the sole discretion over pricing decisions. It also facilitates the feature of ‘Split Royalties’ with flexibility of adding around 15 unique Ethereum wallet addresses.
The answer to ‘what is the best NFT marketplace?’ could also bring you to Cargo on the basis of ease of use. It can provide reliable and cost-effective approaches for creators to start NFT mining and trading. The feature of ‘Magic Minting’ on Cargo also helps in avoiding gas fees, thereby proving its cost-efficiency.
Read More: List Of 10 Most Expensive NFTs Ever Sold
7. Myth Market
Although there is not much to say about Myth Market, it is basically not a single NFT marketplace. Actually, Myth Market includes a series of flexible and easy-to-access online marketplaces which support different brands of digital trading cards. Presently, Myth Market features some notable highlights, such as GPK.Market, Heroes.Market, Shatner.Market, GoPepe.Market and KOGS.Market.
Each of the featured markets is unique for each brand of collectibles. For example, the GPK.Market allows trading of Garbage Pail Kids cards. Therefore, you can clearly notice that Myth Market presents a viable impression of the future scope of NFT marketplaces.
The NFT marketplace list for 2021 would be incomplete without Mintable. It serves as a comprehensive NFT marketplace that supports trading almost anything, including art, music, game items, and collectibles. The gasless minting option in Mintable also serves as one of its promising highlights.
Based on the Ethereum blockchain, it supports Ether payments only and features three distinct types of auction. The types of the auction include a timed auction, Buy It Now, and traditional auction. Creators could utilize the option of royalties to avail the percentage of 5% for all secondary sales. Mintable is easily the recommended platform for any individual interested in NFTs, especially beginners.
9. Enjin Marketplace
The name of Enjin Marketplace as the best NFT marketplace is also popular across various circles. It can allow exploring and trading in blockchain assets. More specifically, Enjin Marketplace is the ideal choice for Enjin-based NFTs. As of date, it has registered almost $43.8 million worth of Enjin coin expenditures on digital assets. Reportedly, the total number of NFTs responsible for such massive expenditure is around 2.1 billion.
The Enjin Wallet can help in listing and purchasing gaming collectibles and items easily. Creators can find a ‘Projects’ page with Enjin-based blockchain projects. The projects could include game item collections, community-backed collectibles, and gamified reward programs. As a result, you can also find ideal prospects with Enjin Marketplace as your preferred NFT marketplace.
The final entry in this list of NFT marketplaces, KnownOrigin, is a specialized crypto art platform. It features medium to high difficulties for creators to get accepted on the platform. On the contrary, KnownOrigin does not require creators to have a large following or recognition as established artists for being accepted.
The ‘Trending’ feature in KnownOrigin is a promising tool that helps in promoting creators. The feature helps in showcasing the identity and work of creators in the KnownOrigin landscape. KnownOrigin is undoubtedly a top NFT marketplace for beginners, although with a preference for artists with a unique and credible work portfolio. It allows royalties for artists in the amount of 12.5% of secondary sales.
On a final note, it is quite difficult to find out the best NFT marketplace from the top alternatives here. Each entry in the list has the capability to fit the requirements of different target audiences. New creators and well-established artists have different preferences when it comes to converting their work into NFTs. At the same time, the concerns of royalties and costs associated with NFT transactions on the marketplaces are different.
With a clear idea about the definition of NFT marketplaces and guidance on their working, you could find the ideal marketplace. Take your pick from the best NFT marketplaces and find out your choice right now!
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research and make sure you read our full Disclaimer.
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Author: Gwyneth Iredale