Try These NFT Marketplaces: The Best Options Around
What are the best NFT marketplaces to explore? Read ahead to learn about the best NBFT options available for you today.A non-fungible-token (NFT) is a type of virtual currency. An NFT represents something unique and rare, which is not capable or replacement or supplantation by another item. An NFT marketplace is a platform where NFTs are stored, placed on exhibit, traded, purchased and sold. Some NFT marketplaces even support the creation, or minting, of new NFTs.
Trading in NFTs allows you to obtain items of immense value. The value might be relative, as-in of personal value to you. The value might also be financial, especially in cases where extremely rate items are obtained or when items suddenly and significantly increase in value due to various turns of events. What are the best NFT marketplaces to explore? Read ahead to learn about the best NFT options available for you today.
NFTs 101
While some consumers view NFTs as a temporary phase, others realize this is not necessarily the case. More than ten billion dollars in NFT currency was traded during Q3 of 2021 alone. This emerging blockchain-based technology allows artists, creators, investors and fans to monetize digital content. As you are likely aware, digital content is both prominent and constantly increasing its value in modern times. For example, the crypto startup Origin Protocol joined forces with the musician 3LAU to create a specific platform where 3LAU’s new album was purchasable as an NFT. The album sold for over $11.5 million - in less than twenty-four hours. Essentially, the development of NFTs has the potential to revolutionize the way art and other collectible items are valued and sold. The visual artist Beeple also sold NFT digital artwork via Christie’s auction house for $69 million. NBAs Top Shot (a popular NFT marketplace) has seen more than $715 million dollars in NFT transactions of its propriety “collectible moments.”
NFTs are not simply another form of digital currency in an already-saturated market. NFTs are putting the power into the hands of some savvy artists and creators to earn without the chains of corporate restrictions. What does an NFT marketplace provide, however?
Understanding the NFT Marketplace
An NFT marketplace provides a forum for NFTs to be stored, placed on exhibit, traded, purchased and sold. Some sellers open their own marketplaces, as described above. Others partner with third-party platforms to reduce startup costs and general overhead. An NFT marketplace also has an outreach to existing customer bases, while simultaneously providing customer service, technical support and legal and marketing services.
Choosing the best NFT marketplace for your needs requires some research. Essentially, an NFT represents the possession (ownership) of a unique asset. Each NFT has its own marketing and blockchain-based needs. NFT marketplaces support this. You will need a few things to sign up with an NFT marketplace, however, including:
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User account.
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Crypto wallet.
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Tokens/coins in your crypto wallet.
Comparing the Top NFT Marketplaces Today
The top NFT marketplace pursuant to sales today is OpenSea. OpenSea supports over one hundred-fifty tokens and provides a multitude of digital assets through its platform. OpenSea is also highly supportive of creators and artists as well. Signing up with OpenSea is free to do. If you are interested in minting (creating your own NFT), OpenSea supports this endeavor as well. Ultimately, OpenSea has everything both beginners and experienced NFT traders need to succeed.
Rarible is an Ethereum blockchain-based NFT marketplace widely considered to be comparable to OpenSea, albeit with a few distinctions between the two. Rarible has its own marketplace token, referred to as CRYPTO:RARI. To make sales and purchases and Rarible, you are required to use this token as currency. The platform supports art, music, videos, collectibles and more. Rarible is also partnered with Adobe and Yum! Brands’ Taco Bell.
Axie Marketplace is an online shop founded on the Axie Infinity video game. Essentially, the Axie Marketplace is where Axie Infinity gamers go to purchase new game-based items such as Axies (mythical game creatures/characters) and virtual land. The platform is built on the Ethereum blockchain and uses Axie Shards (proprietary Axie Infinity tokens) as currency.
SuperRare is considered comparable to Rarible in that it is a digital creator-based NFT-based marketplace. 3D images, 3D images and art are all included on the SuperRare platform. Artwork is purchasable using Ethereum, however. SuperRare announced the creation of its own token recently, which is based on the Ethereum blockchain. SuperRare tokens are purposed to discover and develop new marketplace-specific talent but will also be available on OpenSea.
CryptoPunks NFT is a viral project created by Larva Labs. Once dispersed free-of-charge, CryptoPunks have since sold for multiple millions of dollars. CryptoPunks NFTs are currently sold-out. They are still available via third-party marketplaces, however. Larva Labs has several more intriguing Ethereum blockchain projects in the works as well, including Meebits and Autoglyphs.
The NBA Top Shot marketplace is an NFT world based on the National Basketball Association (NBA) and the Women's National Basketball Association (WNBA). Game highlights and video clips (referred to as “collectible moments”) are purchasable on this platform. Art pursuant to these two basketball leagues is also purchasable via the NBA Top Shot marketplace. NBA Top Shot is a closed marketplace, meaning buyers and sellers can only make transactions for available items through this platform. The platform is built on Flow blockchain (created by Dapper Labs), Signup is hassle-free and certain collectible moments are available for under five dollars.
Mintable is an open marketplace with aspirations comparable to OpenSea. Mintable is supported by (billionaire) Mark Cuban and requires Ethereum for purchases and sales. Mintable supports minting by various types of creators, including musicians, artists and photographers. To join with Mintable you must first purchase Ethereum from a third-party crypto exchange, then connect your wallet to Mintable to begin using the platform.
Theta Drop prioritizes the decentralized distribution of TV and video online. This blockchain-based NFT platform is new, having made its debut presenting World Poker Tour digital collectibles in 2021. In fact, ThetaTV was used in its early stages as a content-streaming platform by the World Poker Tour. This mutually beneficial partnerships has been beneficial for both organizations. To buy or sell on Theta Drop you must first purchase Theta Token NFTs (CRYPTO:THETA). Theta Drop is also supported by Binance and multiple other crypto exchanges. Three additional top NFT marketplaces today include:
