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The best Ethereum NFT marketplace dapps

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DappRadar

Turn art and digital items into a sustainable income.

Non-fungible tokens (NFTs) are looking to take the spotlight. Over the past few weeks, the hype has really started to grow and it feels like everyone is talking about them. Crypto art appears to be dominating the headlines, but the potential of NFTs may go far beyond that.

NFTs are now being used by yield farmers looking for new ways to leverage digital assets through available DeFi and exchange protocols.

In our September collectibles flash report we highlighted the headline figures:

  • NFT Marketplace trading volumes surged by 1127% surpassing $7 million in September.
  • Rarible.com is responsible for 81% or $5.5 million of the transaction volumes generated in September.
  • Rarible.com has launched the first governance token in the non-fungible token ecosystem.
Source: DappRadar

At the time of writing the 24-hour volume within the top 5 Ethereum marketplaces is just over $350k. Looking back to the 31st August 2020 we see a volume of just over $20k. As you can see, the hype is real.

NFTs are positioning to take the spotlight away from Decentralized Finance (DeFi) as the dominant driving force. And NFT marketplace dapps are reaping the rewards.

For creators and artists, NFT marketplace dapps provide a new revenue stream is becoming available. One where they are in control and also receive percentages on re-sales.

With that in mind, it is vital to understand the main players in the development of the sector. Here are the top 5 Ethereum Marketplaces ranked by volume currently leading the NFT drive.

Source: DappRadar

Rarible

Rarible is an NFT marketplace, similar to sites like OpenSea. It’s also a platform for creating NFTs. So users can go to Rarible with content they own such as a digital image or motion graphic and create an NFT.

Sellers can create multiple NFTs for one single image and sell it a multitude of times. Or, instead distribute just a single item which is then deemed more rare. Furthermore, artists can set a percentage to receive on lifetime re-sales.

Buyers can purchase NFTs and build a portfolio. Some are building personal portfolios of what they personally like, whilst others are building a collection of art they see future value in.

Rarible is one of the newest art marketplaces and made its reputation by employing one key technique from the DeFi boom. Anyone selling or buying art on Rarible also earns some of the 75,000 RARI tokens which are distributed weekly to encourage activity.

OpenSea

OpenSea is the first and biggest peer-to-peer NFT marketplace for crypto goods. You can think of it as eBay on the blockchain. Items available include collectibles, game items, and other virtual goods secured by a blockchain.

On OpenSea, you can buy, sell, and trade any of these items with anyone in the world. OpenSea is currently the largest general marketplace for user-owned digital goods, with the broadest set of categories and currently has over 4 million items.

Users store items in their wallet of choice – whether that’s a mobile wallet like Coinbase Wallet or Opera Touch or an in-browser chrome extension like MetaMask.

Axie Marketplace

Axie Infinity is a Pokemon-inspired digital pet universe where players use their cute characters called Axies in various games. The Axie Infinity Universe highlights the benefits of blockchain technology through a “Play to Earn” gameplay model and a player-owned economy.

In the marketplace, players can bring along their Axies and sell them in the form of an auction.

Over time, the price can go up or down from the start price to the end price, depends on the seller’s intention. Other players have to be well-calculated to take the chance to buy the desired Axies from sellers.

The Axie Infinity game is always within the top 20 blockchain games as tracked by DappRadar and has impressive user stats. There are countless articles describing how users can ‘Play-to-Earn’ and it has become popular in countries where a player can make $15/20 a day and feasibly live of that.

CryptoPunks

Launched in the summer of 2017, the concept was simple. 10,000 punky faces – each of which had a random number of attributes to make a 24×24 pixel image – were procedurally generated on the Ethereum blockchain and sold. 

Since then, a small but growing number of collectors – starting with tens but now over 50 daily active users – have sprung up, buying and selling these items. 

In total, these 10,000 CryptoPunks are now distributed between 850 unique wallets and the average price per punk has risen to well over 1 ETH. Of course, at the top end, the price of the most significant and rare CryptoPunks – such as the 88 zombies, the 24 apes, or 9 alien punks – is increasing very rapidly.

Arguably CryptoPunks has become the most popular NFT to own. The finite amount means that the value is set to infinitely rise and so savvy buyers are now starting to reap the rewards. Furthermore, the recent introduction of wrapped CryptoPunks has once again generated a surge in value.

SuperRare

SuperRare is a social platform that encourages the creation and collection of crypto art. Founded by John Crain, Chief Executive of Pixura, and Jonathan Perkins, Chief Product Officer of Pixura. SuperRare has worked with artists since its conception and makes a point of listening to the artist and collector’s needs.

It could be argued that SuperRare is the high end equivalent to Rarible. Entry barriers are higher and artists must submit their works for approval before they are listed. Whereas on rarible, anyone can get involved.

In many ways, SuperRare’s approach should lead to a more well-defined offer. Not littered with the cheap, badly made art we are starting to see elsewhere. Submitted by people looking to make a fast buck. The only issue currently lies around user numbers.

The NFT and collectibles space is exploding right now. Hot on the heels of Decentralized Finance as the main talking point for the remainder of 2020. Evolution is fascinating to observe and as always we will continue to track and monitor the space through the new DappRadar marketplace’s rankings page.

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