The rampant popularity of non-fungible tokens (NFTs) is not showing any signs of slowing. These new-age digital assets passed the $41 billion mark in 2021 and continue to grow in 2022 as new NFT projects constantly pop up in various marketplaces.
What exactly are NFTs? They are digital collectables that can take the form of pictures, gifs, songs and videos. They are stored in a blockchain, which provides them with security and transparency. These new-age digital assets have gained serious clout in the past few years, and some of the best NFT tokens are even being sold for millions these days.
Thanks to this rapid growth, several NFT marketplaces have cropped up in the past few months. And now, both creators and buyers have multiple options to mint/purchase NFTs. Here is a comprehensive list of the top NFT marketplaces you can choose from and enjoy the best NFT shopping/minting experience.
Opensea is an established name in the NFT space. It has one of the most diverse collections of NFTs, ranging from art pieces to sports memorabilia and everything in between. As of January 2022, the trading volume of Opensea touched the $5 billion milestone, cementing its position as the biggest NFT marketplace globally.
Opensea is built on the Ethereum blockchain and accepts payments in over 150 cryptocurrencies. Recently, Opensea activated cross-blockchain support and now fully supports the Polygon blockchain. Many consider Opensea as the best NFT marketplace, especially if you are new to the space.
NFT Launchpad might be the new kid in town, but it is making some big waves. Launched at the start of the year, it has already captured popular NFT projects like Great Ape Society, Space Apes, Lazy Goats Club, and Punk Dogs. NFT Launchpad also supports a variety of NFT formats, including MP4.
NFT Launchpad offers NFTs minted on Binance Smart Chain (BNC) and the Polygon blockchain, thereby providing users with a massive variety of NFTs to choose from. It also has a very easy to use interface for minting and buying NFTs. You can buy the best NFT tokens with just a few clicks on your browser.
Rarible is another legacy NFT marketplace, like Opensea. It is a community-owned marketplace, meaning no central authority has the power to control it. Instead, holders of ERC-20 RARI tokens control the marketplace as a whole. Rarible also allows created to preview a glimpse of their NFT project to users on the platform.
Rarible also has multi-chain support. It can support NFTs built on the Ethereum, Flow and Tezos blockchain. Users can buy NFTs built on Tezos, which have a very low transaction or gas fees. It is one of the best NFT marketplaces if you are looking to minimize your outgo towards transaction fees.
Nifty is another prominent NFT marketplace on the list. It is known for its limited number of assets, which features some of the most premium NFT projects. It has also attracted some of the biggest talents and names globally, like musicians Steve Aoki and Grimes. Therefore, if you want to increase your clout in the NFT community, Nifty Gateway is one of the best NFT marketplaces, with several premium NFTs to choose from.
However, the curation and storing of the NFTs, when bought, is done through the cryptocurrency exchange Gemini. This means that you do not store the NFTs you have purchased in your wallet. However, this might be a pro for some and a drawback for others. Nifty Gateway also has a feature that allows people based in the U.S to buy NFTs using the U.S dollar.
The world’s biggest cryptocurrency exchange also has a unique NFT marketplace. Being backed by a large organization like Binance ensures that the NFT marketplace will be adequately supported and have various exclusive partnerships and sale events.
Binance NFT offers NFTs built on its blockchain, the Binance Smart Chain, and the Ethereum blockchain as well. The platform charges 1% of the traded value as transaction fees and also offers a unique mystery box that users can purchase. The mystery box contains random NFTs, including some of the best NFT tokens on the platform.
If you are into gaming and like to own in-game assets, Axie Infinity is the best option for you. It acts as a blockchain-based play-to-earn game and an NFT marketplace. It hosts Axies (which are Pokémon-like monsters), virtual land and other NFT items available in the game. Players can mint, sell and trade these in-game items with ease, adding a revenue stream to the gaming experience. The Axie Infinity tokens are built on the Ethereum blockchain. So, they can be sold and bought on other marketplaces too.
SuperRare is similar to Rarible as it is a marketplace made for creators more than anything. It does not cater to celebrity NFTs. Instead, it focuses on showcasing a select number of NFT artists. It has a comprehensive vetting process for its artists and only accepts around 1 percent of the artists who apply.
All transactions on SuperRare are made with Ether as it is built on the Ethereum blockchain. It also has social media platform built on top of the platform, where artists can communicate with each other. While it may seem ostentatious, SuperRare is one of the top NFT platforms for the true artists.
NBA Top Shot
If you are into basketball memorabilia, no other marketplace can beat NBA top shot. The platform allows basketball fans to trade, sell, and buy NBA-related NFTs.
It is a closed marketplace that only allows NFTs to be hosted if they are built on the Flow blockchain. But what it lacks in features, it makes up for with a dedicated focus on a particular niche. It also has one of the lowest bars of entry, as anyone can get NFTs for as little as a few dollars or a few hundred rupees. It hosts the widest variety of NBA NFT tokens.
What are NFTs?
NFTs are like ownership certificates that provide unique ownership rights to digital files of music, art, and other real-world objects, among other things.
Why are they called non-fungible?
As the name suggests, each of these tokens is unique and cannot be replaced by anything else with a similar value.
Where can I buy an NFTs?
There are multiple NFT platforms, also called marketplaces, where these NFTs can be bought/sold. OpenSea and Rarible have been among the popular marketplaces, dealing in NFTs worth millions of dollars.
How do I buy NFTs?
To buy NFTs, you need to follow these few steps:
– set up a cryptocurrency wallet and add some crypto coins in it
– connect this crypto wallet to the online portal of any of these NFT platforms of your choice. – look for the NFT that you want to buy (many popular actors and artists now have NFTs on offer)
– place a bid for your chosen NFT
– make a crypto payment and the NFT is yours
Which are the most common blockchains and cryptos used to transact NFTs?
As of now, Ethereum and to an extent Solana are among the popular blockchains for NFTs. Ethereum’s native currency Ether (ETH) is also the most used crypto for NFT transactions.
What should I know before investing in NFTs?
Before investing in NFTs, you should know that they are speculative assets. This means that market trends and public demand drive their prices. There are no guarantees that the price of an NFT will appreciate in time. It can even drop if no one is willing to buy the asset.
There are also instances of fake NFTs being spotted on various platforms. Impersonation of popular artists is a common fallout of the faceless digital world. It is advisable to research well both on the marketplace as well as the particular NFT before making any investment decisions.