Yes, you read that correct, NFTs are the latest internet sensation, and artists, buyers, and sellers are going berserk with the amount that people are ready to pay to own digital art. What started as an effort to grant ownership rights to artists have developed into the latest plaything for ultra-rich parties. This article is all about what is NFTs, how do they work, where can you buy and sell them, the biggest NFT marketplace, and which would be the best NFT marketplace for you to create and sell your NFTs.
What are NFTs and How Do They Work?
NFTs are digital items that are created on Ethereum blockchain technology. The full form of NFT is the non-fungible token. As the name suggests, NFTs are indivisible and non-fungible, that is they cannot be divided into smaller units nor they can be replaced by similar appearing assets. NFTs have an in-built digital code which makes each NFT unique and in-exchangeable. NFTs can include digital versions of tangible assets like paintings, art, and sneakers and intangible like GIFs, tweets, sports highlights, and video games.
This must-have got you wondering what makes NFTs worth the millions of dollars when you can just save the image at the right click of the mouse.
So, the digital art or any collectible that is made into a Non fungible token will contain extra information and that is what makes the original piece of art unique. So, even if you save the digital art by taking a screenshot, you will not have access to the stored information. Thus, the digital art you saved does not hold the same value as the owner of the original NFT.
Before going deeper into the NFT marketplace list, let us know what is NFT marketplace.
What is an NFT Marketplace?
NFT marketplace is a digital platform where NFTs are created and traded. Basically, Non-Fungible Tokens marketplace is similar to that of an e-commerce site you visit to buy your clothes and other items using digital wallets. There are a variety of NFT marketplaces where you can create, buy and sell your NFTs at whopping prices. But before that, you might want to research which marketplace is the best suited for you and where will your digital assets will mint maximum dollars.
How to Choose the Top Non Fungible Token Marketplace?
Choosing a specific marketplace for your NFT entirely depends on what kind of NFT you seek to buy or sell. For instance, if it is about baseball cards then one should visit a site called Digital Trading Cards as they deal in those kinds of NFTs. Secondly, one must possess a digital wallet that is specific to that particular non-fungible token marketplace and cryptocurrencies for the transaction. Most of the NFT marketplaces work well with Metamask wallet.
Which are the Best NFT Marketplaces to Buy and Sell NFTs?
Now that you know that what is an NFT, the significance of an NFT marketplace, and now, it makes sense that we delve into the list of the best NFT marketplaces for 2021. This NFT marketplaces list contains the top 15 non-fungible token marketplaces for 2021. Considering the ever-growing digital fad around NFT, the list might witness some changes in the times to come. However, the 15 marketplaces stated here are the most popular ones among the current lot.
Launched – 2018
NFTs are categorized into hundreds of subgroups according to their features and representations. OpenSea came into being in 2018 and since then it has stormed into the digital market with more than 17000 subscribers. OpenSea is an online platform where digital assets are created, bought, and sold. Many celebrities including Mark Cuban, Logan Paul, and Chamath Palihapitiya have expressed their interest in the platform and trading their NFTs. Gaining such high-profile customers, it has established itself as one of the best NFT marketplaces.
Launched – 2020
Rarible was launched in 2020 by Alex Salnikov and Alexei Falin. An added advantage that comes with rarible is that besides a marketplace, it works as a distributed network where trade is facilitated without the presence of a middle man. It allows artists to specify their share as royalty for secondary transactions. Rarible uses its own cryptocurrency RARI. The platform seeks to evolve into a Decentralized Autonomous Organization, where all decisions will be taken by the platform customers. The tokens created on Rarible can also be managed on OpenSea.
Launched – 2017
SuperRare is a platform for trading NFTs, which is built on Etherum blockchain that allows users to trace the complete history of the art. This is the platform where artists can display their exclusive works without any fear of forgery. Artists can use virtual reality and other interactive features to customize their profiles and showcase their NFTs to buyers. This platform allows creators to share a snippet of their art rather than the complete piece.
In addition to this, creators have the advantage of earning a particular share on each resale using a unique code called a smart contract. This way the artist is entitled to earn a guaranteed amount even after relieving its possession rights.
Launched – 2020
Foundation is a digital marketplace that facilitates the trading of NFTs. It is a community-led platform set up to help artists mint their art, showcase it and earn money. The team at Foundation works towards bringing the marginalized voices to the center. Also, the team decides which artwork is going to be displayed on which web page of the platform. For instance, whether a particular art is going to be on the homepage or the newsletter. The team at Foundation also hosts live auctions and facilitates online bidding for digital artworks.
Launched – 2021
Atomic Market is relatively new as it was launched in early 2021. This platform is an integral part of the Atomic Assets hub. It offers users an advantage that as soon as the users list their assets, they can decide when they have to upload them. In other words, users are not expected to upload assets to the marketplace immediately. After listing the asset for sale, a trade offer is issued to the marketplace. Once a buyer purchases the asset, the offer is accepted.
Launched – 2018
NiftGateway was launched in 2018. It offers users to invest in crypto assets, famously called ‘nifties’. The transactions on NiftGateway are facilitated through a credit card. It is as easy as buying your clothes or other items on your credit card. After buying nifties, users can decide where to keep them, either in their Metamask wallet or Nifty Gateway account.
NiftyGateway is popular for purchases in crypto games such as crypto-kitties and Gods Unchained. NiftyGateway is also famous for having exquisite art by famous artists like Kenny Scharf, Jon Burgerman, Trevor Jones, and Cey Adams.
NBA Top Shots
Launched – 2020
NBA Top Shots is a marketplace owned by the NBA. On this platform, users can buy their special NBA highlights and can own them as a digital collectible for the rest of their lives. The NFT grants a certification that gives the buyer authenticity and ownership rights of that exclusive moment. Since its inception in 2021, the sales of special moments have drastically increased. Owing to a trend on Twitter, moments were traded for millions of dollars, the video of drunk LeBron bought for a whopping amount of $208,000.
Launched – 2020
Axie Infinity is a digital game that allows online users to raise, fight battles and collect animated creatures named Axies. Gamers can digitally own their farms and kingdoms and strengthen their power to collect Axies. The collected Axies and the owned lands can be sold whenever gamers deem it fit.
Although the game is in its initial version, it has already become the #1 Ethereum game and manages to attract more than 15,000 monthly active users. Till now the costliest Axie has been sold for 300 ETH. The immense popularity of Axie Infinity among online gamers is credited for managing to be on the top NFT marketplaces list of 2021.
Launched – 2020
Aavegotchis is an online marketplace built on NFT technology. It works on a unique blend of NFTs and decentralized finance (DeFi) allowing users to acquire greater returns and long-term profits. This platform seeks to bring drastic changes in the blockchain gaming sector using DeFi models such as smart contracts, dynamic rarity, rarity farming, and collateral stakes.
Aavegotchis drive itself on rarity, meaning the unique the Aavegotchi token is, the higher its cost in the market would be. Aavegotchis share a certain amount of revenue with the rarity farmers to maintain a customer base. Thus, it has its in-built marketplace and allows users to invest in NFTs and other NFT values of the platform.
Launched – 2020
Decentraland is a digital platform that seeks to provide full rights to the artists and the creator of NFTs. Their goal is to increase users’ say on policy updates, land auctions, and NFT contracts on Builder and Marketplace. Decentraland provides users with a wide array of digital collectibles such as parcels, wearables, names, and estates. Users can own digital lands and customize them with their creations including buildings or any other set of architecture. All assets owned by users will be stored within a smart contract which is based on Ethereum. Thus, Decentraland is considered the most secure and credible NFT art marketplace.
Launched – 2019
MakerPlace is an online platform where creators can protect and sell their art. This platform is advantageous as it seeks to eliminate any inequality that exists when trading digital creations. So, for that, the team has come up with a different strategy. The platform claims 15% share whenever the art is sold, out of it offers 10% to the creators each time their art is resold. In this way, they keep crediting their artists whenever their creations are resold. At the same time, artists can set a limited number of their authentic creations. This will ensure scarcity of that particular creation and increase the uniqueness leading to high prices.
Myth Market is a digital platform that offers a series of marketplaces dealing with digital trading card brands. Markets featured on their network are GPK. Market, Heroes.Market, GoPepe.Market, Shatner.Market and KOGS.Market. GPK.Market offers a variety of digital Garbage Pail Kids Cards. Heroes.Market is for blockchain Heroes trading cards and GoPepe.Market is a platform for GoPepe Trading cards. Shatner.Market and KOGS.Market offers William Shatner memorabilia and KOGS trading cards. Due to its immense popularity among the GenZ, Myth Market is set to become one of the top NFT marketplaces in the coming months.
Launched – 2017
Crypto Punks are digital miniatures built using Ethereum blockchain technology. All possess unique features and have been sold for millions of dollars making them one of the most expensive NFTs in the crypto market. Crypto Punks were first created by Matt Hall and John Watkinson at Larva Labs in New York. After an exponential rise in its value, Larva Labs came up with its marketplace. Users can find it on their website where they can buy, sell and make bids. For facilitating any transactions, users are required to create a wallet with MetaMask. The immense value being accorded with crypto punks has made the platform one of the non fungible tokens marketplaces.
Launched – 2020
Bakery Swap is a digital platform that specializes in decentralized finances and trading NFTs. It is the pivotal automated market maker built on the Binance Smart chain. Bakery Swap offers a simpler process of creating and selling one’s digital creation to its users. All transactions facilitated on this platform use BAKE tokens. Bakery Swap’s digital marketplace hosts a series of competitions, digital exhibitions, and online games. Digital assets uploaded on BakerySwap can be used in ‘combo’ meals to earn extra BAKE tokens. Users can stake their BAKE token to earn additional BAKES. This can be achieved using the ‘Bread’ pool feature on Bakery Swap.
- Known Origin
Known Origin is like other online marketplaces that allow users to trade and protect digital art using Ethereum blockchain technology. This platform ensures complete authenticity and full ownership rights on buying the digital asset. Before joining Known Origin, artists are required to create their profile including the profile picture and bio. Following the creation of the profile, the artist’s credibility is reviewed by the communications team through their social media at Known Origin. In this way, the additions of Artists to the platform are monitored and the authenticity of the art pieces is maintained. Known Origin allows creators to submit their artwork in .jpeg or .gif format in the Known Origin gallery.
Now that we have seen the 15 best NFT marketplaces of 2021, I believe it has definitely got you thinking about NFTs and whether you should invest in them now or sometime later. One thing that would like to advise you all is to conduct thorough research on NFTs before making bids. NFTs are a really good investment and can help you own a luxurious villa; however, they use an enormous amount of energy and contributes to environmental degradation. This has ensued debates among the users. Professionals are working on ways in which the creation of crypto products does not require much of gases. Let us see what the future holds for NFTs and their impact on the environment. Having said that, one this sure NFTs will not go out of fashion for some time now.