Updated: Mar 2
What and where exactly is the NFT Marketplace?
An NFT marketplace is a platform where NFTs are; Created - through minting, displayed, stored, and traded. In other words, a crypto space where creators can sell their art-based products to potential collectors who subsequently purchase a blockchain entry.
When buyers purchase an asset in these spaces, they are given a token, a unique identifier that stores proof of ownership, provenance, and authenticity (also leveraging Blockchain technology).
Furthermore, these marketplaces can be characterized on a spectrum from streamlined to augmented. Streamlined Marketplaces bolsters a more diverse offering of NFTs - a more generic exhibition such as the type Opensea.io offers. In contrast, Augmented marketplaces offer a more concise and specialized display like the SuperRare marketplace. In recent months, several new NFT marketplaces emerged amid its growing popularity.
I'll be highlighting the finest 12 NFT marketplaces where you can start purchasing and/or selling these popular NFTs from amongst the many choices.
Here are the Top 4:
Opensea was founded in January 2018 by Alex Atallah and Devin Finzer as the first-ever decentralized NFT marketplace to be created. With over 4 million products on its portal, this is the largest marketplace for user-owned digital assets, including collectibles, gaming items, domain names, digital art, and other assets. Opensea ensures that open protocols like Ethereum and interoperable standards like ERC721 and ERC1155 enable a user-friendly trading experience.
If you are an NFT newbie, Opensea might seem overwhelming, especially when you try to visit the webpage. As a beginner, you can start with a simple search for things like art, in-game assets, or maybe try some exploration, as that would help.
SuperRare is an example of an Augmented NFT marketplace. Founded in 2017 by John and Charles Crain with Jonathan Perkins and regarded as one of the most prominent NFT marketplaces.
In this platform, unique, single-edition digital artworks are collected and traded. Each digital artwork can be authentically created on this network and eventually tokenized.
Also built on the Ethereum Blockchain, this marketplace onboards only a limited number of concept creators, but over time would continue to vet and select more talents. Espousing the interoperability of SuperRare, their NFTs can also be bought and sold on Opensea.
To paint a relatable picture, you can think of SuperRare like Instagram meets Christie's. An up to the minute way of interacting with art, culture, and transacting on the internet!
Foundation was launched in February 2021 by Zak Krevitt and was designed as a no-frills, straightforward way to bid on NFTs. This marketplace relies on a community-led curation approach, which was instigated by selecting their first 50 artists, who they gifted two slots each to allocate to deserving creators. Since then, this platform has recorded impressive growth with a sale of over $100 million worth of NFTs!
Foundation stated that their goal is to create a new creative economy in which creators use the Ethereum blockchain to strengthen relationships with their supporters and add value to their work in completely new and innovative ways.
Rarible, another large marketplace founded in 2020 by Ilya Komolkin, possesses a lot of similarities to Opensea; here, only artists are required to submit their works for validation before being listed on the portal.
All kinds of art, videos, collectibles, and media files can be bought, sold, or minted on this platform, just as in Opensea. However, unlike Opensea, Rarible utilizes its cryptocurrency called RARI to buy and sell on the marketplace.
Other platforms include:
MakersPlace exhibits digital artwork on their "Discover" section, while the newest and well-known art pieces are found on the "Drops" section. This platform is excellent for digital collectors and investors, especially with T-Pain, Shakira, and Tom Morello signing up for the space.
NFT Showroom is built on the Hive blockchain - a fast and feeless blockchain that is globally accessible. The mission is to provide an easy-to-use and affordable platform to transact on.
Decentraland offers a wide range of digital assets from virtual lands, in-game wearables, parcels, and names. Using Ethereum, you can purchase virtual lands on this platform.
This platform hosts cartoon characters for Axie Infinity games, where players operate with digital pets called Axies. Axiemarketplace also operates on blockchain technology.
Aavegotchi is a rare but reliable crypto collectible. It is a crypto collectible game built on Ethereum blockchain-enabled functionality where participants purchase Aavegotchi and NFTs.
Hic et Nunc
Hic et Nunc is an experimental eco-friendly platform for creators operating on the Tezos Blockchain.
Institut is a premier art world NFT platform, leveraging its new Digi-art renaissance to broaden contemporary art audiences and empower NFT creators. This marketplace concentrates more on quality than quantity.
Opinions on Non-Fungible Tokens (NFTs) might be controversial now, but their ascent to global prominence isn't. These cryptographic tokens are burgeoning and starting to spark excitement and craze.
Do you want in on the NFT craze?
Suppose you want to experience this mania in all its entirety. In that case, an NFT marketplace is the easy gateway to earning rewards and royalties both as a creator and collector - a win-win situation. This space espouses symbiotic marketing experiences that make a worthwhile contribution to this snowballing niche contrary to a flip-model market that favors only the fortunate.
These marketplaces have recorded more investors' presence, and who knows, you too have probably or can make a fortune from them.
What do you think?