Non Fungible Tokens or NFTs have already gotten the attention of a large audience from all over the world- from both the crypto and the non-crypto spaces. A market report from Verified Market Research showed the global NFT market was already valued at $11.3 billion in 2021. Furthermore, it suggested the value of the NFT market could swell up to as much as $231 billion by 2030.
If you are new to NFTs, you may be wondering what is the best NFT marketplace to start investing. To help you out, in this post we have rounded up a top NFT marketplace list for you! But first, let’s see what a NFT marketplace is.
What is an NFT Marketplace?
A NFT marketplace is where all the purchases, trading, and other activities related to NFTs can occur. They help NFT creators store their NFTs and are built on a blockchain server. NFT marketplaces offer non fungible tokens through auctions, or you can directly purchase them.
How do NFT Marketplaces Work?
NFT marketplaces function like an e-commerce platform where the asset owners post their works for sale. Some NFTs go up for auction, while others are put up for a specific price. A crypto wallet is required to start trading in NFTs.
Blockchains are the basic support for an NFT marketplace; they facilitate smooth operations and provide support for private, encrypted transactions.
List of the Biggest NFT Marketplaces in 2022
Here are the top NFT marketplaces you can trade on at the moment:
Having been launched in 2017, OpenSea has a completely user-oriented interface that allows account creation within minutes. It has one of the largest collections of NFTs, including digital artwork, music, photography, trading cards, and more. The platform charges 2.5% of any transaction as a fee, and if the transaction occurs through Ethereum, then a gas fee is also charged for the miners.
One of the top NFT marketplaces right now, this one acts like an online shop for the game Axie Infinity where people can purchase ‘Axies’: mythical creatures in the game. Users can train these Axies and use them to fight against other players’ creatures to earn rewards. These rewards can then be used at the Axie Marketplace to buy land and other game-related items.
Larva Labs has been a successful marketplace for CryptoPunks since 2017. Currently, Larva Labs has a large marketplace for NFT projects where the majority of these NFTs are based on the Ethereum blockchain. Autoglyphs and Meebits are among the top sought-after NFT projects on this platform.
The National Basketball Association’s marketplace for collectible moments in the NFT form has also gained attention. It is a closed marketplace, which means the buying and selling of NFT projects is limited to this platform. It makes use of the Flow blockchain and is easy to use as well. The NBA Top Shot Marketplace is great for beginners as you can purchase collectible moments for just a few dollars, and get good returns later.
Making the top NFT marketplace list is also Rarible. Being built on the Ethereum blockchain, Rarible is similar to OpenSea. It is a great marketplace for beginners, and the major difference with OpenSea is that Rarible only allows the use of the Rarible token- RARI. Along with providing a large marketplace for music, art, and other collectibles, Rarible has also partnered up with tech companies like Adobe to secure NFT projects.
SuperRare is an NFT marketplace that is expanding itself for digital creators. Different 3D artworks, music recordings, videos, and other artwork can be purchased using ETH on here. SuperRare has also announced its token very recently, which can be used in the marketplace to purchase and trade NFT projects. NFTs purchased on this platform can also be sold on the OpenSea platform.
Being launched in early 2021, Foundation has turned out to be a piece of great news for NFT investors and traders. The amount of NFTs sold on the platform has already touched $100M since its initiation. This marketplace provides a hassle-free platform to bid on digital artwork; it is an easy-to-use platform with quick purchase features using Ethereum.
Another of the biggest NFT marketplaces today, this one allows the use of fiat currency for the purchase and sale of NFTs. NFT projects from celebrity sources like Grimes have been sold through this marketplace. The NFTs bought on this marketplace are stored here for the users and can be used at other marketplaces.
Mintable provides a great platform for aspiring digital creators as it aims to be a versatile and large NFT marketplace like OpenSea. It is backed by the billionaire Mark Cuban and is an open platform for selling and purchasing all sorts of NFTs.
10. Theta Drop
With its in-house cryptocurrency, Theta Drop is an NFT marketplace built to provide decentralized distribution of TV and videos on the internet. The platform sold World Poker Tour’s collectibles as its first NFT project. In order to take part in the bidding or sale of NFTs on this platform, users are required to have the Theta Token.
Tips for Choosing the Top NFT Marketplaces for Yourself
Here are a few things to keep in mind when picking among the biggest NFT marketplaces:
- Firstly, always consider which crypto token is used in the marketplace and its availability.
- Price discovery feature for sellers and buyers is a green flag.
- NFT marketplaces that offer token fractionalization can make for a perfect choice.
- User incentives and wallet compatibility on the NFT marketplace are among integral factors you should check.
Additional NFT Resources
As a beginner, it is important to understand NFTs thoroughly before you invest. Learning to buy, sell, and trade NFTs comes next, and you will need to be knowledgeable regarding the right time to purchase a project, when to sell it, and how to do so.
For instance, current trends in the NFT markets suggest that gaming projects are giving great returns, and therefore have a huge demand at the moment.
Finally, it is also important to know that NFTs may have a serious environmental impact- NFT creation can be highly energy intensive at times. This is because most NFTs are minted using Proof of Work. However, there are still some NFTs that are created with more energy efficient methods, and you can try consciously investing in these projects.
Best Cryptocurrency Apps
In the search for top NFT marketplaces, it is also important to look for cryptocurrency apps that can support the easy trading of NFTs on different platforms. Cryptocurrency apps come in handy when you want to purchase NFTs.
While there are quite a lot of cryptocurrency apps available in the market at the moment that facilitate the trading of NFTs, you need to conduct your own research on them before picking one.
If you are thinking of starting to invest in NFTs, make sure you are aware of the risk factors. NFTs, like cryptocurrencies and stocks, can prove to be volatile, and therefore they classify as a high-risk asset class. As a beginner, the safest option is to start out with one of the top NFT marketplaces today, so your investment has the maximum possible security.
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