The Best NFT Markets You Should Know About

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Non-Fungible Tokens (NFTs) monopolize attention while changing the way we view rare assets, investments, artworks, and collectibles. People can purchase these unique digital creations from dedicated NFT marketplaces.

Built on digital blockchain technology, NFTs are irreplaceable and immutable digital tokens in the form of images, audios, GIFs, 3D models, videos and more. Additionally, NFTs can also be burned into a metaverse, which is a self-contained digital universe that can house many characters and worlds.

NFT transactions are typically done in cryptocurrencies and have even snagged several A-list celebrities. While Eminem, Amitabh Bachchan and Justin Bieber have recently launched their NFTs, luxury fashion houses like Gucci, Balenciaga and Louis Vuitton have joined the hype around their digital art projects. Even auction houses like Christie’s in London and Sotheby’s in New York have sold NFT artworks from digital creators and artists like Beeple, who have made their fortunes from them.

That said, many NFTs are sold in virtual marketplaces. These are websites that enable trading as well as NFT minting and are primarily based on the Ethereum blockchain.

Explain the concept of NFT marketplaces, DappRadar says, “These websites facilitate a place where commerce takes place and often take a percentage of the transaction for their services. Each blockchain has its NFT market. Some specialize in a certain niche, others embrace all types of NFTs on the market. Interacting with an NFT market requires a Web3 wallet while buying (and sometimes listing) an NFT requires the base currency of the blockchain you are working on.

Read on to know some of the best NFT markets out there.

OpenSea

Image credit: OpenSea/ @opensea/ Twitter

OpenSea is one of the leading NFT marketplaces that provides a platform for creators to list their NFTs for sale and buyers or collectors to choose from its unfathomable collection.

Based on the Ethereum blockchain, OpenSea is an NFT platform that offers a simple and secure trading experience. So much so that its success made its co-founders, Devin Finzer and Alex Atallah, the first NFT billionaires in early January 2022. To date, the marketplace has more than 80 million NFTs.

Anyone who wants to create their own NFTs can do so as the market offers huge support by accepting over 150 different payment tokens, although Ethereum (ETH) remains the main one. Knocking out most of its competitors, OpenSea has a huge market advantage for its trading volume and collection. It alone has recorded mammoth $10 billion in deals since its launch in 2017. With huge funding, a celebrity following, and plenty of NFTs to choose from, a collector can feel like a lost child in a world. candy shop.

The official OpenSea website states, “A core part of our vision is that open protocols like Ethereum and interoperable standards like ERC-721 and ERC-1155 will enable dynamic new economies. We create tools that enable consumers to freely exchange their items, creators to launch new digital works, and developers to create rich, integrated marketplaces for their digital items.

Axie Infinity

NFT Marketplaces: Axie Infinity
Image credit: Axie Infinity/ @axieinfinity/ Instagram

Axie Infinity is another most sought after NFT market in gaming. Space dedicated to players of the video game of the same name, it allows players to create, buy and sell axies – game characters and other digital collectibles.

The market has created a foundation for the game world with its creative and user-friendly domain. One of the largest and most expensive NFT markets, its market capitalization is in the billions. Axie Infinity has attracted gaming and crypto enthusiasts for its futuristic assets.

Its large fan base and transactions are such that the Axie market also has a platform where players can interact, develop NFTs and compete with others to earn points and other collectibles, which can also be sold as NFTs.

Rare

NFT Marketplaces: Rare
Image credit: Rarible/ @rarible/Twitter

Rarible is one of the oldest NFT marketplaces and continues to influence the crypto space. Providing users with easy minting and trading opportunities, it offers a range of NFTs to buy and sell. Rarible is also known for its user-friendly interface, which is used to create NFT art.

Like OpenSea, it is also based on Ethereum blockchain technology, but the major difference between the two is that to transact here, one needs to use their own token called RARI token.

While focusing on creating a smooth and secure crypto investing and trading experience, Rarible has also partnered with a number of top brands that have launched their NFTs in this market. These include Taco Bell and cloud software giant Adobe, which has partnered with Rarible to protect the works of NFT artists and creators.

Recently, the market closed over $14 million in funding.

Clever Gateway

NFT marketplaces: Nifty Gateway
Image credit: Nifty Gateway/ @niftygateway/ Twitter

A market for the elite, most NFT transactions instantly catch the eye as they begin to grow in the crypto market. Built on the Ethereum blockchain, Nifty Gateway is an art curation platform that has been instrumental in selling NFT artwork by world-renowned artists like Beeple and Grimes.

Nifty Gateway is run by parent company and crypto exchange, Gemini, and is controlled by the Winklevoss Twins.

According to their official website, their mission is to “make NFT accessible to everyone”. One can buy and sell NFTs on the platform as well as list and organize NFT collections. Apart from that, NFTs purchased through this marketplace are also hosted here, which means they are stored in the user’s Nifty account instead of their digital wallet.

Nifty Gateway partners with global names like artist Michael Kagan and is a platform that enables USD fiat currency transactions.

Decentralized

What was initially criticized for being quite far-fetched and Metaverse-based can now safely be called the game-changer in the crypto world. The official website states: “Decentraland is a decentralized virtual reality platform.”

In Decentraland, a 3D traversable measurable universe called LAND, space and all of its contents are divided into parcels that are “identified by Cartesian coordinates (x,y)”. These packages are permanently owned by community members and transactions can take place using MANA, Decentraland’s crypto token.

The official Decentraland website further states, “It gives users full control over the environments and apps they create, which can range from anything like static 3D scenes to more interactive apps or games. “

Built on the Ethereum blockchain, Decentraland’s market offers a completely new experience compared to other NFT trading platforms, as it bridges the gap between the real and virtual worlds. Users can buy land, houses, and just about every other digital asset that one buys in real life.

With a market capitalization of 114,695,018 USD according to CoinMarketCap as of January 25, 2022, marketplace Decentraland is poised to become a big name in the metaverse and revolutionize digital assets.

super rare

NFT Marketplaces: SuperRare
Image credit: SuperRare/ @SuperRare/ Twitter

SuperRare owes its popularity to its simplistic approach and extremely user-friendly interface. The marketplace is a transparent platform – like an Instagram in the NFT world – where digital artists and consumers can interact directly.

Built on the Ethereum blockchain, all transactions are carried out via ETH, and the market charges a basic fee of 3% of the transaction.

The official website assures that the digital art displayed on SuperRare is “authentically created by a network artist and symbolized as a crypto-collectible digital item that you can own and trade.”

According to CoinMarketCapSuperRare has a market capital of $45,320,906 at the time of writing this article.

BakerySwap

NFT marketplaces: BakerySwap
Image credit: BakerySwap/ @bakery_swap/ Twitter

BakerySwap is a leading NFT marketplace, which is also the first Automated Market Maker (AMM) + NFT Exchange on the Binance Smart Chain (BSC). Transactions are made with its own cryptocurrency called Bakery token or BAKE which was launched in September 2020.

The BAKE token is a native BEP-20 governance token on the platform. According to a CoinMarketCap report, “Users have the opportunity to earn BAKE tokens by providing liquidity on BakerySwap, and BAKE holders can use their tokens to vote on governance and receive transaction fee dividends. BAKE rewards are offered in multiple liquidity pools, initially including BTC, ETH, DOT, LINK, BUSD, and BAKE vs. BNB.

BakerySwap has a high market cap of $114,169,466 according to CoinMarketCapto January 25, 2022.

Foundation

NFT Marketplaces: Foundation
Image credit: Foundation/ @WithFND/ Twitter

The Foundation’s official website states that it is a “platform that aims to build a new creative economy – a world where creators can use the Ethereum blockchain to value their work in entirely new ways and establish stronger ties with their supporters”.

It allows creators to list their artwork and auction it off to collectors who can bid on it in ETH. This allows the platform to enlist all sorts of NFTs supported by Ethereum.

A simple, open, and hassle-free NFT marketplace, Foundation has already sold NFTs worth 50,239 ETH, which translates to over $121,897,125.27 since its inception in February 2021, to January 25, 2022.

(Main and feature image credit: Andrey Metelev/Unsplash)

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