An NFT marketplace is your entry point to taking part in the buying and selling of these digital goods, which range from music to entire virtual worlds. NFT markets can be compared to the Amazon of the internet.
Numerous NFT markets exist, and many of them specialize on a particular market or specialty. What qualities should you consider before selecting one, and which are the best NFT marketplaces available? What you should know is as follows.
Choosing an NFT marketplace
First, keep in mind that an NFT (non-fungible token) just denotes asset ownership. You should first identify the type of digital asset you’re interested in purchasing, selling, or generating before selecting an NFT marketplace. Narrowing down your interests is a smart place to start because just about everything digital may be tokenized on a blockchain (like Ethereum (CRYPTO:ETH), the most popular blockchain network NFTs are based on). This includes written word, movies, video games, art, collectibles goods, etc.
The kind of tokens supported by a marketplace is another factor. Some enable a broad range of tokens. Others employ a particular proprietary token and are closed markets. Make sure to fill your blockchain wallet with the appropriate cryptocurrency or token before creating an NFT marketplace account so that you may engage in the site’s activities. Once you’ve created an account, you’ll be asked to link your wallet to the NFT marketplace. Additionally, find out what type of security is in place in the market and whether it has ever experienced any problems.
10 top NFT marketplaces
Here are some of the top NFT marketplaces right now.
1. OpenSea
The market leader in NFT sales is OpenSea. The platform of OpenSea offers a wide variety of digital materials, and registration and browsing are both free. If you wish to make your own NFT, it also features an easy-to-use approach and helps artists and producers (known as “minting”).
The platform’s name is apt given that the marketplace accepts more than 150 different payment tokens. OpenSea is a wonderful place to start if you’re looking for an introduction to the NFT universe.
2. Axie Marketplace
The online store for the video game Axie Infinity is called Axie Marketplace. Mythical creatures known as Axies can be purchased, trained, and competed against by other players’ Axies to obtain prizes. Players may purchase brand-new Axies, whole lands, and other things as NFTs for use in the game on the Axie Marketplace.
The Ethereum blockchain is the foundation for the Axie Infinity coins, also known as Axie Shards. As a result, they are available for purchase and sale on several different NFT markets as well as on a few cryptocurrency exchanges, such Coinbase Global (NASDAQ:COIN).
3. Larva Labs/CryptoPunks
The popular CryptoPunks NFT project made Larva Labs famous. Some CryptoPunks have now sold for millions of dollars even though they were initially distributed for free back in 2017. Other digital art initiatives by Larva Labs include Autoglyphs and other Ethereum blockchain-based app development initiatives.
Although the CryptoPunks NFTs from Larva Labs are sold out, they may still be bid on and purchased through a number of other markets. However, Larva Labs’ many initiatives are worth keeping an eye on, including the Meebits, which may be directly bid on through the firm’s integrated marketplace.
4. NBA Top Shot Marketplace
The National Basketball Association and Women’s National Basketball Association’s entry into the NFT market is called NBA Top Shot. The world’s top basketball leagues provide collectible moments (play highlights and video clips) and art for sale on their marketplace.
Using Dapper Labs’ Flow blockchain, the NBA created it as a closed market (you can only purchase and sell on Top Shot). Direct purchases on the Top Shot marketplace website are simple to make after signing up. Even a little cash can be used to buy a collectible moment.
5. Rarible
Similar to OpenSea, Rarible is a sizable marketplace for all kinds of NFTs. On the platform, any type of artwork, film, collectable, or musical work can be purchased, made, or sold. To purchase and sell in the marketplace, you must use Rarible (CRYPTO:RARI), which is Rarible’s own token, as opposed to OpenSea. Built on the Ethereum blockchain is Rarible (although artwork can be managed on OpenSea as well using Rarible tokens).
The business has alliances with various illustrious businesses.
The cloud software behemoth Adobe (NASDAQ:ADBE) recently joined with Rarible to help safeguard the works of NFT artists and creators. Taco Bell, a Yum! Brands (NYSE:YUM) subsidiary, has posted art on Rarible.
6. SuperRare
SuperRare is creating a market place for digital producers in a similar way to Rarible. The website sells artwork, movies, and 3D graphics, but art collectors may also use Ethereum to buy pieces.
Recently, Ethereum-based SuperRare introduced its own currency with the same name. To locate and choose fresh talent for the market, tokens will be employed. SuperRare NFTs may be purchased and traded on OpenSea just like Rarible NFTs.
7. Foundation
Foundation.app is a straightforward, no-frills platform for placing bids on digital art. Ethereum is used for sales. The marketplace has sold more than $100 million worth of NFTs since its introduction in early 2021.
The Foundation community extends invitations to artists to join the platform, and customers just require an Ethereum-funded cryptocurrency wallet to begin making purchases. Foundation is definitely not the greatest place to start if you’re looking for a quick and simple way to start making your own NFTs, but the market offers a ton of artwork that can be browsed in a straightforward manner.
8. Nifty Gateway
Some of the most well-known digital artists, such Beeple and the singer/songwriter Grimes, have been made available for purchase thanks to Nifty Gateway. Gemini, a cryptocurrency exchange owned by the Winklevoss twins, powers this platform for the curation of art. NFTs, sometimes referred to as Nifties, are based on Ethereum.
In addition to being a curated platform, Nifty Gateway also hosts any NFTs that are acquired, which means that NFTs aren’t kept in your own wallet but rather by Nifty Gateway and Gemini. Nifty purchases and sales may also be made in fiat money (for example, U.S. dollars) without first making a cryptocurrency purchase, however it might not work for NFT collectors who want greater freedom with their art investments.
9. Mintable
Mark Cuban, a multibillionaire, is backing Mintable, which promises to create an open market comparable to OpenSea. You’ll need Ethereum to engage in the purchasing and selling of NFTs on Mintable. For creators of all stripes (from musicians to photographers) who wish to sell their work as a digital asset, the platform also facilitates minting of NFTs.
An aspirant NFT producer or collector must first acquire Ethereum from a cryptocurrency exchange before connecting their wallet to Mintable to enable bidding and purchasing on the market.
10. Theta Drop
For the decentralized online distribution of video and TV, theta is a blockchain platform. The World Poker Tour’s digital collectibles debuted in 2021 on the NFT marketplace Theta Drop. The World Poker Tour started using ThetaTV early on and now streams material on the service.
Theta makes use of its own blockchain platform. You must acquire Theta Token in order to participate in Theta Drop NFT (CRYPTO:THETA). Theta is supported by a number of cryptocurrency exchanges, including Binance, and the tokens and NFTs acquired with their help can be saved in a cryptocurrency wallet or in Theta’s own cryptocurrency wallet application.
Investing in NFTs
You may start investing in digital assets, collectibles, and art through NFT markets, but there are many more possibilities available. Depending on the sort of NFT you want and the crypto you want to use for transactions, be careful to pick one that meets your buying and storing demands.
Additionally, keep in mind that this is a young and very speculative business. There’s no way to tell if any NFTs will skyrocket in value. Similar to real art and collectibles, the value of digital art and collectibles is based on a variety of criteria, including the item’s originality and the reputation of the artist who created it. Consider your entire investment plan, net worth, and investing time horizon before making any purchases, if any.