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The rising tide of cryptocurrencies has been phenomenal since its inception. The former has not only changed the economic aspect of the world, but has been a vital step in the renaissance of the broader industry. Besides dealing with digital currencies, blockchain technology has been the reason behind the launch of NFTs.
An NFT or a Non-Fungible Token is a unique digital identifier that cannot be plagiarised, substituted, or bifurcated. Simply put, it’s a record on a blockchain linked with specific physical or digital assets, certifying authenticity and ownership. The popularity of NFTs is very well reflected in statistics, with the market having climbed to more than $40 billion in value (According to the 2021 NFT Market Report released by Chainalysis).
Further down, we have listed some interesting and innovative NFT marketplaces for you to buy and sell these digital assets –
Launched in 2017, OpenSea is the oldest NFT marketplace. As one of the industry’s most-popular marketplaces, it hosts every kind of NFT, including art, photography, trading cards, music, and virtual worlds. Ethereum, Solana, and USDC are the core cryptocurrencies used on this platform, along with other 150 crypto-tokens featuring various payment options.
Keeping in mind the knowledge spectrum of different people in the crypto-space, OpenSea is seamless for amateurs, as well as coherent for experts. With a few clicks, users can set up their accounts for free and start browsing as well as creating NFTs on the platform.
As far as gas fees are concerned, OpenSea charges 2.5% of every transaction, along with a gas fee for completing their NFT transactions with Ethereum. However, if users are looking to escape from the hustle of gas fees, they can buy and sell NFTs with Polygon, keeping in mind that the Polygon logo is displayed on the respective item.
Thus, to sum up, OpenSea is an appreciable platform for users getting started with NFT trading and looking for multiple NFT options.
The search to buy and sell art, without worrying about authenticity and ownership, ended the day SuperRare came into existence. The latter is an exclusive NFT art marketplace that puts credibility and artistic intent above ‘meme-style’ NFTs. The reviewing process of the platform, before putting items for sale, makes investors more confident in the quality of the product.
SuperRare is known for its unique services, and thus to fund its services, it charges 15% when an NFT is sold for the first time on the primary market. In addition, there is a charge of a flat 3% on every transaction, which the buyer pays. The platform is filled with celebrity NFTs and is thus sometimes known as an elite NFT marketplace.
In short, SuperRare is a place where users can get their hands on highly curated, original NFTs with no editions.
Binance is one of the largest cryptocurrency exchanges, and Binance NFT is working tirelessly to become one of the finest NFT marketplaces. Like other NFT marketplaces, Binance NFT also offers typical digital assets like artwork, gaming items, and collectibles. What’s unique about Binance NFT is that it offers users minimal charging fees i.e 1% trading fees.
As Binance runs on its blockchain, it provides an additional advantage to its users. With similar technologies and layouts that have paved the way for Binance to be one of the top exchanges, Binance NFT is developing to be the same. Delivering exclusive partnerships and events to its users and being a user-friendly marketplace, Binance NFT comes in the top tier of NFT marketplaces.
Nifty Gateway is the marketplace offering some eye-catching, expensive NFT sales. The top 2 and the most expensive NFTs sold on Nifty Gateway were Beeple’s “Crossroad” and Pak’s “The Merge” which sold for $91.8 million in December 2021. Thus, the former is known for focusing on artwork from celebrities and top artists.
The ‘open editions’ system, where an unlimited number of editions are created for a limited time, is sold at a base price and hence, boosts its demand. The limited period creates scarcity and a strong market in secondary sales. Additionally, the platform also enables collectors to buy NFTs using fiat currencies, which means buyers can make purchases using credit cards and not cryptocurrencies.
These features make Nifty Gateway more user-friendly for novices who are unaware of crypto-wallets. That makes it more seamless for new buyers who aren’t used to crypto-wallets. Therefore, Nifty Gateway is the one-stop solution for users who are looking for the largest investments in NFTs and accessing higher-end options.
The demand for an NFT marketplace which takes into account both single pieces of art and collections is now fulfilled with the launch of Rarible. The latter enables users to trade NFT using Ethereum, Flow, and Tezos. Charging a 2.5% fee on every transaction with minimal gas fees, Rarible supports transactions using credit cards and fiat currencies.
With numerous token options, users get to choose their preferred gas fees and carbon footprint and enter the marketplace. Additionally, Rarible also created its native token RARI, enabling token holders to vote on company decisions and take part in policy amendments.
Partnering with Adobe, the platform now has an edge to make verification and protection of metadata for digital content, including NFTs. Flowing with a decentralized mindset, Rarible is a perfect solution for users wanting to access a large network with solid connections.
There was doomsday in the NFT space when people witnessed a huge NFT Crash. This has led to a gradual reduction in the trading and minting of NFTs using Ethereum, especially due to its high gas fees. To address overhyped gas fees of Ethereum, Solana came into the limelight.
Taking the opportunity further, Magic Eden, a Solana-based NFT marketplace was launched. Magic Eden, as a community-driven platform, works hard to be close to the ground, responsive, and in service to the best interests of its collections. Solana NFT requires Phantom as its specific wallet for trading and there could be no better place than Magic Eden offering the same.
The platform has pushed out some known NFT collections such as Trippin’ Ape Tribe. Users can be a part of this amazing NFT marketplace by applying for a listing and getting a chance to launch a collection or NFT.
Launched in Q2 of 2022, Coinbase NFT is a newborn baby in the NFT marketplace. The Coinbase trading app and the Coinbase platform have themselves been at the heart of the crypto-boom. Its easy-to-use and highly secure technology have made Coinbase a known platform in the crypto-space.
Introduced in and around the NFT crash period, Coinbase NFT is on the verge of becoming a big hit. The former can be easily connected to the Coinbase crypto-wallet and the Coinbase trading app making it easier for its users. The simplicity of the platform results in Coinbase NFT being a platform known for its robust user experiences in the space.
Additionally, the platform has witnessed some exclusive NFT project launches, one of them being the “Bored Ape Yacht Club film trilogy.” It also offers its users 0% transaction fees which are for a limited time period. Thus, to sum up – Coinbase NFT, though a newbie, has gained a lot of traction among many users in the industry.
Unlike other NFT marketplaces, BakerySwap is a small marketplace that is curated for crypto-fans. The former is designed to encourage and reward its community with gamification rewards. This makes BakerySwap stand out from the rest. The USP of the platform lies in the fact that it’s an Automated Market Maker (AMM) and Decentralized Exchange (DEX) on Binance Smart Chain (BSC).
The platform utilizes a native token (BAKE), enabling users to earn bonus BAKE tokens via ‘combo meals.’ Besides hosting regular memes and art competitions, BakerySwap allows users to buy NFT games with its native token. Additionally, the platform supports broader metaverse content and motivates amateurs to buy and sell NFTs with its easy-to-use technology.
In simple words, BakerySwap, though a small and new NFT marketplace, is known to promote and attract users from a unique perspective. Hence, it finds its name in the top-tier NFT marketplaces.
NFT marketplaces, though popular, are also complemented with various jargon making the former controversial in the broader industry. However, the controversy does not overpower the benefits that NFT marketplaces offer.
Since NFTs use blockchain technology like cryptocurrencies, the benefits are also similar for both of them. NFTs’ indivisible nature, complete transparency, top-notch security, high liquidity, authenticity, and unique ownership makes NFTs the hottest topic in the crypto-space.
The aforementioned names are not only a part of the top-tier NFT marketplace, but also the USP of different platforms. This makes it easier for users to choose between various platforms, according to their tastes and preferences.