The growing adoption of blockchain technology has made it clear that blockchain and its applications are here to stay. NFTs are one such technology that has the potential to change the world and has started to make a mark.
NFTs or Non Fungible tokens are pieces of data that can't be replicated. The concept of NFT is about ownership and credibility; it has various use cases in different sectors, including but not limited to fintech, digital art, and logistics.
The rapidly growing field of NFTs needs to have its own environment for sustaining its growth. NFT marketplace is one such factor in creating a scalable and robust ecosystem.
The NFT marketplace is a digital cloud with thousands of transactions daily. The NFT marketplace is still in its infancy; there are infinite future potential ways to diversify and improve the NFT market since there is a chance that NFT has the potential to be the future of digital art.
An escrow is a mediator between two parties during a transaction; escrows facilitate trust and seamlessness in the system, which OTCs deals fail to provide.
If you want to buy a specific type of NFT without a marketplace, there is no perfect way of finding all the ready-to-sell NFTs. NFT marketplace, since it is a pool of NFT, has its own search engine making it more accessible.
OpenSea is one of the biggest and most well-known NFT marketplaces right now; this is because of the exceptionally well-built ecosystem and liquidity it provides.
OpenSea accepts more than 150 cryptocurrencies and is deployed on multiple blockchains, including Polygon, Ethereum, and BinanceChain.OpenSea has the highest trading volume and a $13.3 billion valuation.
OpenSea also has a section for creators and artists to help them mint and deploy their NFTs. With OpenSea, creators can make NFTs without writing a single line of code for free.
As a novice artist trying to make it in the NFT marketplace, OpenSea can provide you with the right exposure to start in the industry.
Rarible is a decentralized community-owned NFT marketplace that brought the concept of DAO to NFT marketplaces. The members of Rarible DAO are those who hold a considerable amount of RARI tokens, its own native currency.
The Rarible platform's current focus is solely on art assets. Artists can use Rarible to mint their NFTs and put them in the marketplace for sale. Rarible also allows the creators only to give a sneak peek to potential buyers; the artwork could be anything from a book to a music album.
Primarily focused on digital art, Foundation is a forum that brings NFT enthusiasts, creators, and collectors. Built on the Ethereum blockchain, Foundation is gaining tremendous user and sales volumes even though it is relatively new. Foundation has been proved to be one of the best marketplaces for NFT collectors, but experts do not recommend using Foundation for newcomer artists.
SuperRare is a creator-centric NFT marketplace. Collectors can buy videos, art, and even 3D images with a wallet funded by Ethereum(ETH).super rare markets itself as when Instagram meets Christie's, this is because it is trying to introduce a new way to interact with the art and culture of the internet.
AtomicMarket is a shared liquidity smart contract that is used by multiple businesses. AtomicMarket is a marketplace of Atomic Assets, a standard for NFTs deployed on the EOS blockchain.
Atomic Asset standard makes it easy and accessible for users to tokenize and create their digital art pieces and then sell them in an auction using the Atomic Assets Marketplace. Atomic Assets enables users to sell their NFTs across multiple platforms.
Many NFT artists also get a verification checkmark from Atomic, making it easier to identify the real NFT, helping collectors not fall for a scam.
Binance is the biggest crypto exchange in the world in terms of market capitalization and volume; it has recently opened its own NFT marketplace, known as Binance NFT. Binance NFT is a robust ecosystem accessible from its website or app; it is handy for retailers since they can trade derivatives, spot, and NFT simultaneously.
One of the pioneers in the industry, Enjin has made its way in the NFT industry smoothly; it offers its own cryptocurrency (ENJ), NFT collection, and NFT marketplaces. To attract more users, Enjin has done multiple airdrops, and hence Enjin has recorded billions of transactions in NFT.
Backed by Billionaire and crypto enthusiast Mark Cuban, Mintable has recently launched an NFT marketplace. Mintable also lets its users create NFTs out of PDF documents and MP4 formats. Since it is deployed on the Ethereum blockchain, users need to use Ethereum as the currency to carry out their affairs on the platform.
Mintable's gasless NFT feature allows an artist to create NFTs for free and without the need to write a single bit of code is quite appealing. NFT creators can also use Mintable's education resources like mintable academy to learn more about NFTs and how to sell.
Decentraland is a GameFi-based virtual world that is a copy of the physical world. Users can buy or sell these lands using MANA, the platform's native currency. Decentraland is a VR platform powered by the Ethereum blockchain, which allows its users to monetize their NFTs as they see fit. Decentraland also has its own NFT marketplace, but users can sell their NFTs outside of the platform, too, like OpenSea.
A project of Gemini, Nifty is a popular NFT marketplace that lets users buy and sell NFTs. Celebrities like Grimes and Eminem have used the platform. Nifty has its own set of NFTs named Nifties and what is unique about the platform is users can buy NFTs with fiat currency without going through the hassle of buying cryptocurrencies first.
NFT marketplace is an essential factor for buyers and sellers to trade and invest in NFTs seamlessly.