The Biggest NFT Marketplace To Buy, Sell Or Exchange NFTs (Non-Fungible Tokens)
With NFTs paving the way to the digital future and creating a new era in content creation, artists are able to reclaim ownership of their artwork and finances. Along with the constant increase in popularity, the NFT market has climbed up to more than $40 BILLION in value, resulting in more and more marketplaces opening up for NFT arts. However, the biggest question is always which are the biggest NFT platforms, and which ones are the best NFT marketplaces? Regardless of whether you want to buy or sell an NFT, an NFT marketplace is like Amazon for the digital realm. And nothing is more important than picking the right platform to browse, buy, sell or exchange your NFTs.
So let’s take a look at which are the top 10 NFT marketplaces. For those who may not know, here’s a little background on what NFTs are and why they are so important for the future.
What is an NFT marketplace? What Role Does It Play?
Put simply, it is the marketplace where Non Fungible Tokens (known as NFTs) are bought and sold. As with any normal shop it enables people to stock, buy and sell their product in exchange for payment, whether that be in cash or cryptocurrencies. Some marketplaces also offer the facility of being able to mint their NFTs straight from the website, the marketplace acts as a broker and as such charges a fee for this service. Each one dictates its own rules and the fees, payments methods and types of NFTs available can vary.
As with many normal stores, some NFT marketplaces are specialists, dealing in only one sort of NFT; these are known as exclusive-type NFT marketplaces. Others deal with a wide range of products and these are known as open-type NFT marketplaces. It can be a daunting task, choosing from the wide variety of NFT marketplaces available; however, most users typically choose the broader range of choices and so we have provided information about the leading open-type NFT marketplace for the year 2022 in this article.
Disclaimer: As always please make sure to DYOR (do your own research) on each of the platforms before jumping on in.
What Are The Top 10 NFT Marketplaces & Which Are The Biggest Platforms To Buy, Sell Or Exchange Non-Fungible Tokens?
1. OpenSea – An Ethereum, Solana & Polygon NFT Marketplace
VOLUME GENERATED SO FAR: $31.29 Billion
A good way to gauge an NFT market’s global position is to look at its trade volume, and by this measure, OpenSea comes out on top. Amongst the wide variety of NFTs it offers its users to mint, buy and sell, are trading cards, collectables, digital art and virtual worlds, to name but a few. Although currently on the Ethereum Network, it is working with the Polygon network to reduce gas costs.
When it comes to numbers, OpenSea’s statistics are impressive. With over 700 NFT projects, the platform currently has in excess of an incredible 80 million NFTs on offer. This is achieved, in part, by its unique framework which enables users to mint and fix their seller profiles. This approach allows a low transaction charge, set at 2.5%, a figure which is set to entice over 600,000 users by the end of 2022. All this adds up to Opensea being one of the best NFT marketplaces in the industry.
2. LookRare – An Ethereum NFT marketplace
VOLUME GENERATED SO FAR: $1.56 Billion
The LooksRare platform has quickly become the largest NFT marketplace measured by trade volume, this is largely due to sellers purchasing their own tokens in order to earn rewards.
They are the first to instigate this form of reward scheme based on the participation of their users, empowering traders, collectors and creators as part of this community-first NFT marketplace.
The intention of their launch in January was to be able to offer an alternative to the then market leader OpenSea as the market excitement surrounding NFTs was at its height. The initiatives they planned in order to entice a bigger market share revolved around the reward for participation, offering tokens for the active use of their platform.
3. MagicEden – A Solana NFT Marketplace
VOLUME GENERATED SO FAR: $1.53 Billion
The leading NFT marketplace on Solana is Magic Eden accounting for more than 90% of its traffic. They are home to the next generation of digital creators and house the best and latest NFT collections on Solana. Their recent marketplace volume and daily transactions are rivaling those of OpenSea, sometimes even surpassing them.
The community is important to them, and they offer their creators high liquidity rates with an impressive 90% share of the market for secondary trading on certain Blockchains, with a majority share on others.They have an exclusive minting platform called Launchpad; they accept 3% of all Launchpad applications in order to feature only the best projects, they also provide a whitelabeling solution.
4. Solanart – A Solana NFT Marketplace
VOLUME GENERATED SO FAR: $656.51 Million
One of the best NFT marketplaces that recently entered the online market is Solanart. The Solana blockchain is used to construct this NFT marketplace. Users can mint, sell, and purchase NFTs created on the Solana blockchain using this portal. Despite being relatively new to the digital market, the overall trade volume has reached an astounding $500 million at this moment.
5. X2Y2 – An Ethereum NFT Marketplace
VOLUME GENERATED SO FAR: $653.02 Million
X2Y2 is an Ethereum NFT marketplace whose volume to date stands at $639.31 million. Launched in February 2022, they are looking to build a transparent and honest platform with features such as bulk-listing, rarity tacking and real-time notifications, and look set to rival OpenSea, who are currently the largest NFT marketplace. Their innovations have helped shape NFT trading for the future.
X2Y2 is in the process of building the decentralized market place we have all been waiting for, taking the best features from others such as LooksRare and OpenSea and creating an open and honest market place just for us.
6. Rarible – An Ethereum & Tezos NFT Marketplace
VOLUME GENERATED SO FAR: $298.20 Million
A community-based NFT marketplace called Rarible gives users access to a variety of NFTs for buying and selling. Users may easily mint and exchange NFTs thanks to the platform’s user-friendly design. Three different blockchain networks are supported by Rarible, including Tezos, Flow, and Ethereum. With the help of this multi-chain capability, users can create, acquire, and trade non-fungible tokens on any of these powerful blockchain platforms in the Rare NFT market.
7. SuperRare – An Ethereum NFT Marketplace
VOLUME GENERATED SO FAR: $234.95. Million
The Ethereum blockchain serves as the foundation for the NFT market SuperRare. Only a few NFT artists are represented in this private NFT marketplace. With the intention of preserving them in the name of art collection culture, this marketplace is the originator of the rare NFT artworks. One of the top NFT markets in the online world is the SuperRare platform.
Before the digital art could be placed for sale, it had to pass a highly specific vetting and approval process on this marketplace platform.
The authors’ ingenuity is what propels SuperRare, which guarantees that collectors will get the most out of their NFT collection. This market is not comparable to OpenSea because it is an exclusive platform and charges a transaction fee of roughly 15% on initial purchases.
8. Foundation – An Ethereum NFT Marketplace
VOLUME GENERATED SO FAR: $168.62. Million
Foundation, an Ethereum-based marketplace, was launched back in 2021. The ethos behind it was to furnish artists and creators with a decentralized, non-fungible vehicle with which they could create artwork and offer it directly to collectors within the platform.
This concept gave artists an exclusive opportunity to be self-sufficient within the platform, allowing them access to connect directly with targeted collectors and enabling them a higher degree of creative freedom with which to sell their digital art.
9. Nifty Gateway – An Ethereum NFT Marketplace
One of the top NFT marketplaces in the online world is Nifty Gateway. Gemini, a top-tier cryptocurrency exchange run by the Winklevoss twins, is in charge of running this NFT market. Users can manufacture, trade, and purchase NFTs that fall within the category of exclusive artworks on this Ethereum-based marketplace. A solid policy framework that places the utmost priority on originality and creativity is the foundation of Nifty Gateway. As a result, it is renowned for having one of the best verification process systems in the entire globe.
10. Binance Smart Chain Network Marketplace – A BNB NFT Marketplace
On the Binance Smart Chain network, this NFT marketplace is being developed. Users can purchase, sell, and trade all varieties of NFT collectibles and works of art on this NFT marketplace. Because it was developed by the premier cryptocurrency exchange platform Binance, the platform’s strength is its capacity to draw in a diverse user base. In order to trade and generate NFTs, artists, creators, crypto enthusiasts, and ardent art collectors join the site.
Tips for choosing an NFT marketplace
When choosing a marketplace, it is important to remember that an NFT (Non-Fungible Token) is just an indicator of ownership. Your first decision should be to concentrate your search on a specific type of NFT, this makes the whole process a lot less daunting given that just about anything digital, whether it be the written word, art, videos etc., can be tokenized on a blockchain such as Ethereum (CRYPTO:ETH), the most popular blockchain network NFTs are based on.
Researching any previous security issues a specific market may have had is also imperative before you start, in addition to ascertaining which type of tokens are supported within that marketplace and which cryptocurrencies are accepted by it. This should be done before creating an account in order to solve any compatibility issues before they happen. Once all this is in place, you can create an account and you will be asked to link your blockchain wallet to it.