Don’t miss the next wave of innovation in the crypto space
Let’s take a look at the top 7 NFT marketplaces.
NFT marketplaces are quickly rising to prominence in 2021 and NFTs are becoming the new asset class to care about in the crypto space. NFT marketplaces, simply put, provide a marketplace for the buying, selling, and trading of NFT tokens.
What are NFTs? To explain in detail is best left to this article. In essence, an NFT is a completely unique class of tokens. Bitcoin and Ethereum are ERC-20 tokens, they are not unique as many people hold them.
By comparison, an NFT or ERC-721 token is a one-off and carries unique identifiers. In this instance it’s what gives the NFT its value, like Bitcoin, it’s scarcity. Dapps such as CrypotKitties and Cryptopunks pioneered the NFT collectibles hype back in 2017 and continue to lead the space today.
Due to the fact that an NFT ERC-721 token is completely unique, some of the first iterations to enter the market have utilized art and digital items. It’s quite simple to understand why art came to the fore so quickly.
After all, if Leonardo da Vinci had made 100 copies of the Mona Lisa then the original would never have been so valuable we presume.
The top NFT marketplaces service the growing sector of NFT collectors, enthusiasts, and prospectors looking at one of the most exciting asset classes to arise in recent times. Some marketplaces are specific to certain dapps, and these are included at the bottom of the list.
Let’s explore the top 7 NFT marketplaces:
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.
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 rarer. 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.
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.
Myth Market is a series of online marketplaces supporting various brands from Topps to Blockchain Heroes and William Shatner on the WAX Blockchain. The WAX blockchain staked its claim in the growing NFT space almost from its inception in December 2019 and is home to some of the most successful NFT sales on the blockchain.
Known Origin empowers artists & designers to create, discover and own rare digital artwork all secured by the Ethereum blockchain. Artists can submit digital artwork as a jpg or Gif to the KnownOrigin gallery. All files are held decentrally on IPFS. All assets are given unique identifiers that can be tracked.
Known Origin focuses on digital art so there is no point going here to look for Cryptopunks or Avastars for example. Think of the items on sale here as you would those at an art gallery.
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.
Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain. Within the Decentraland world, users can create, experience, and monetize what they build and what they own.
In the shared virtual world users can buy land, known as “parcels” that are recorded on a blockchain backed ledger. The land itself, as well as the virtual properties built on top of it, is a type of a non-fungible digital asset or utility token called LAND, which is stored in an Ethereum smart contract.
LAND owners control the content published on their land, which is coded into a smart contract. This content could be anything from scenes and images to games and applications. Users can explore, travel, and visit venues in a similar way to in the real world. The platform is also a peer-to-peer network for users to interact.