Non-fungible tokens (NFTs) may look like a bubble poised to pop, but in response to its massive growth in the third quarter of 2021, it is nothing short of a new chapter spelled for the application of this blockchain-based technology tool. With the rising popularity of NFTs, it is becoming clear that this emerging technology that allows anyone to monetize digital content is gradually growing into a prominent industry.
The most explosive crypto trends have been about people trading digital artworks, NBA moments, soundtrack, a collectible, an in-game item and the like. Both individual creators and firms from different walks of life have currently begun exploring ways to actively engage with NFTs domain as many artists, creators, and musicians are already into creating, buying and selling of NFTs.
In 2021 alone, a completely new benchmark for NFTs have been set, several crypto phenomena have hit the major headlines and people who thought NFT is nothing but a passing craze are beginning to reassess their assertion. The sale of a tokenized digital art collection for $69 million by visual artist Beeple. An NFT album by musician 3LAU who collaborated with crypto to create a specialized platform was ultimately sold for $11.6 million and the NBA’s Top Shot owned by crypto platform Dapper Labs have paved the way for fans to trade tokenize video clips of memorable NBA moments, over $715 million has been generated from this transaction.
What is NFT Marketplace; Understanding NFT marketplace
Do you want to participate in the buying and selling of digital assets? An NFT marketplace is your pathway, think of it as an Amazon or eBay of the digital world.
NFT marketplaces are platforms designed for digital collectors, a meeting point where NFTs can be traded, stored, displayed and even created. It serves as an interface where digital collectors can sell, buy and mint their own tokens, granting them the ownership of tangible and intangible assets. Get the stz token soon, public sale loading
These platforms are built on the fact that digital content can be owned, traded and limited in quantity just like any other physical content. In order to verify the provenance of any digital item, the platform uses blockchain-based technology. This is a similitude of the traditional auction house that prove that a particular piece of art is not a replica but the original. Also, the technology allows the original creator of digital content to have a share of a percentage of revenue whenever the item changes hands.
Basically, there are dozens of NFT marketplaces out there, and a significant number of them have a specified niche. While these marketplaces allow artists to display their items for sale, buyers can browse the marketplace for purchase through bidding. However, understanding the landscape of these platforms to avoid mistakes cannot be overemphasized. As an NFT enthusiast or developer, you must be abreast of the most profitable deals of digital assets that are currently available and determine the best fit for your NFT proposal. Another thing is to be aware of the type of tokens supported on the marketplace of your choice. While some utilize a particular proprietary token, others may support a diverse tokens. To be part of the site’s activity, the right crypto is required, therefore ensure to fund your blockchain wallet with the right token when opening an NFT marketplace account.
Top NFTs Marketplace List
NFT marketplace has ultimately become a subject of discussion as non-fungible tokens have caught the attention of many people. And with the rise in NFTs marketplace, most buyers and creators want answers on most favorable NFT marketplace where maximum value can be achieved. Here is a list of some of the top promising NFT marketplace that you could explore.
Speaking of the most established and the largest of the universal NFT marketplace, OpenSea takes the lead. All sorts of digital assets are available on its platform; art, collectibles, trading cards, censorship-resistant domain names, sports and visual worlds. It’s a great place for newbies as they can freely signup and browse the vast offers on the platform.
OpenSea gets even more interesting with the inclusion of ERC1155 and ERC721 assets. It supports more than 150 distinct payment tokens and features more than 700 projects including; collectible games, digital art projects, trading card games, ENS and many more.
One of the major highlights of OpenSea is the item mining tool that supports artists and creators in developing items and creating their collection of NFT.
Nifty Gateway is one of the best art curated platforms when it comes to NFT marketplace. It’s a promising and trusted high-end platform for the purchase and selling of digital artworks. The sale of some of the prominent digital artists like Beeple and musician Grimes were facilitated by Nifty Gateway.
Nifty is powered by the crypto exchange Gemini and the non-fungible tokens which are referred to as Nifties are built on Ethereum. However, acceptance can be difficult, but celebrity creators, artists and brands can easily get on the platform. Its partnership with top brands, creators and artists bring unique works to collectors who are enthusiastic about crypto art.
As a top NFT marketplace, it follows three unique auction styles: “Timed auctions”, “But it Now auctions” and “Silent auctions”. Sales and purchases on Nifty can be made in fiat currency, debit cards, credit cards and Ether (ETH).
Rarible NFTs marketplace is similar to OpenSea. People who are new to NFT world could make the most of Rarible, it’s a platform for everyone. All kinds of digital items can be created, sold and bought on the platform. Purchase and sale cannot be made on the marketplace without using the platform’s token “RARI”.
Rarible is built on Ethereum blockchain and a fee of 2.5% on every sale is required. Aside from RARI and ETH, it supports cryptocurrencies like ATRI, WETH and DAI. Although the confusing layout seems to pose a slight drawback in terms of the user’s experience, still it is a reliable NFT marketplace where a preferable share of profits from secondary sales can be selected by artists.
NBA Top Shot
The National Basketball Association and Women’s National Basketball Association’s is a major NFT marketplace where fans can freely trade tokenized video clips and play highlights of remarkable moments. Arts from the world’s premier basketball leagues can also be purchased on the marketplace.
Fans can easily sign up and buy digital items directly on this NFT marketplace (Top Shot website). The platform runs on Flow blockchain built by Dapper Labs and collectibles can be bought for as cheap as a few dollars
Foundation was launched into NFT marketplace in February 2021 and ever since has become one of the best NFT marketplace for many crypto art creators. Sales of digital arts are made using Ethereum, over $100 million of NFTs have been sold out since it was launched. The platform proposes to include a feature that guarantees 10% royalty for secondary sales in the near future.
One of the unique features of Foundation NFT marketplace is the ” Creator Invites”. Creators have access to this facility of community-curated collections after selling their first NFT. The platform is for any talented artist who plans to make history and stand out as an extraordinary creator.
NFT marketplaces can be a great way to kick start your investment in digital assets. Considering the numerous options available, ensure you go for the one that best meets your buying and storage requirements. No doubt, the industry is new and of course, highly speculative but be aware also that there is no guarantee for that.