NFT Marketplace is your online digital gallery to display, sell or buy Non-Fungible Tokens, image, video, or audio as NFTs. Here is a list of the top marketplaces.
NFT Marketplace explained
When you think about NFT marketplaces, just have a picture of Facebook Marketplace or Amazon but in this instance, for the sale of digital assets.
A digital platform for buying and selling NFTs is known as an NFT marketplace.
These platforms enable users to store and display their NFTs, as well as sell them to others in exchange for cryptocurrency or cash.
Some NFT marketplaces allow users to mint their NFTs directly on the platform.
The NFT marketplace will typically handle the transfer of an NFT from one party to the other for a fee.
Each NFT marketplace operates on its own system. Which one you use will determine the types of NFTs available, fees, payment options, permitted blockchains, and other rules.
Top 10 NFT Marketplace List
Almost every month, new NFT Marketplaces on different blockchain get created and make it to the front page of the web.
Therefore, what are the top NFT marketplaces and what you should know about them are highlighted below.
OpenSea clearly has the largest NFT collection, sales and market domination.
There are quite a lot of varieties on OpenSea which you can view.
OpenSea offers a platform for artists to showcase their designs and creators get to create amazing digital assets.
OpenSea marketplace supports over 149 different payment tokens and allows collectors to buy and sell their collectables.
Rarible takes our number two pick as another large marketplace for all NFTs just like OpenSea.
You can sell and buy various NFT collectables like music, art, videos, and collectibles.
The platform has its own RARI token for in-house purchases and payments.
Solana NFT Marketplace, Solsea.io has been making the rounds as the first open NFT marketplace on Solana with integrated minting.
SolSea introduces NFTs with embedded licenses for creators.
SuperRare NFT marketplace is a unique platform for single-edition digital artworks.
Only verified artists can create an artwork which must be Super rare.
Super Rare charges 3 percent transaction fee for every single purchases on the platform.
To also list an NFT, users are required to pay a gas fee. There is a 15 per cent commission charged by the platform and creators receive 85 per cent.
You will need to take note of the above charges to use this platform.
Axie Infinity can be said to be one of the fastest growing games on the Metaverse.
Axie marketplace is an online shop design specifically for the Axie Infinity video game.
Axies are creatures that you purchase and train with the sole purpose of battling other players.
On Axie marketplace, you can buy lands and other items, and use as NFTs within the game.
Axie Infinity tokens was built on the Ethereum blockchain.
Binance have changed its platform to accommodate the ever growing needs of the NFT community.
Binance NFT marketplace sees an array of NFT creators where you can buy and sell your NFTs.
Binance also have a high trading volume for major crypto currencies approved on the platform.
Pancakeswap NFT Marketplace
PancakeSwap is a decentralized crypto exchange developed to facilitate the swapping of BEP-20 tokens.
Pancakeswap also has an array of in-house NFT collections for any NFT collector to purchase.
CoinBase NFT Marketplace
Coinbase is one of the leading online platform for buying, selling, transferring, and even storing of cryptocurrency.
Recently, Coinbase announced it’s Beta NFT Marketplace to accommodate the sales and storing of NFFs with features like favourites, price range, listings, etc.
For a limited time, there will also be no transaction fees on NFTs on CoinBase marketplace.
Tech Crunch uncovers that over time, the fee will increase, but will be a “low single-digit fee,” according to Sanchan Saxena, vice president of product at Coinbase.
Users can either use a Coinbase wallet or any self-custody wallet to trade NFTs on the platform.
The Future of NFT Marketplaces
In the nearest possible future, we all will love a scenario whereby you can move your NFTs across the above listed platforms and either sell or store.
There is a whole lot of possibilities on NFT Marketplace that creators, collectors and business minded individuals can leverage.
An NFT is a digital asset authentication or ownership certificate, such as images, music, videos, artwork, or tickets.
Though frequently compared to cryptocurrencies that also use blockchain technology, NFTs are distinct and cannot be traded as equivalents – as cryptocurrencies are.
NFTs are stored on a public blockchain and contain the following information:
- When and who created the asset
- Who and when purchased the asset?
- At what cost was the asset purchased?
- Who currently owns the asset.
NFT Marketplace Features
- App – A marketplace app is a web application that allows users to sell and buy NFTs. It typically consists of client and server sides.
- Wallet – A digital wallet is an online service that allows you to store digital funds.
- Metadata – NFT metadata is a description of a digital asset sold as an NFT, including the name, creation date, attributes, owner, and so on.
- IPFS – Interplanetary File System is a distributed network data storage system (blockchains). IPFSs are used to avoid the energy-intensive storage of digital assets with metadata on the blockchain.
- Smart Contract – Each NFT is assigned a unique identifier by smart contracts. NFT marketplace smart contracts use the ERC-721 standard to generate non-fungible tokens, which distinguishes NFTs from fungible crypto tokens.
- Blockchain – A unique or decentralized database that stores data about NFT transactions.
All these are the functions of a great NFT Marketplace.