NFT Marketplaces

NFT marketplaces enable users to store, display, trade, and mint non-fungible tokens (NFTs).

While there are various NFT marketplaces in operation today, each is a platform that leverages blockchain technology to determine the provenance of digital content. In other words, each determines whether an item is authentic or a replica. Some other platforms will also use blockchain to facilitate royalty payments where the original NFT creator earns a share of the revenue from all subsequent sales.

In general, NFT marketplaces operate on a scale of streamlined to augmented. Streamlined marketplaces accommodate a more diverse range of NFTs with services that are comparable to generic auction sites such as eBay or Etsy. Conversely, augmented marketplaces tend to be more specialized and provide numerous add-on services such as curation, pricing recommendations, NFT minting, and NFT-based games.

Popular NFT marketplaces

Following is a look at five of the more popular NFT marketplaces.

OpenSea

OpenSea is one of the oldest and most popular NFT marketplaces, supporting a diverse range of digital assets and more than 150 different cryptocurrencies. For this reason, many consider it to be the Amazon of NFT sales which typically involve photography, sports collectibles, and art. 

OpenSea was the first NFT marketplace to provide cross-blockchain support. For buyers on the Polygon blockchain, this means no gas fees.

Rarible

Rarible bills itself as an NFT marketplace where all are welcome and anything is possible. The marketplace, which is integrated with Ethereum, Flow, and Tezos, has seen 405,000 NFTs created and over 1.6 million users.

Some of the NFTs traded on Rarible include art, digital collectibles, music and video NFTs, metaverse items, and domain names.

SuperRare

SuperRare is where users buy and sell NFTs from the world’s top digital artists. This platform describes itself as a cross between Instagram and British auction house Christie’s where users can interact with art, culture, and collecting online.

SuperRare differentiates itself from other marketplaces by prioritizing artistic talent and credibility. The platform does not sell meme-art and reportedly accepts only 1% of all artist applications.

NBA Top Shot 

NBA Top Shop is a National Basketball Association-owned NFT marketplace where fans can trade NFTs based on video clips and game highlights. 

NBA Top Shop is a closed marketplace. In other words, its licensed NFTs can only be bought and sold in one place. New collectors can purchase a Starter Pack that comprises epic moments from the previous season, with some packs also containing Rare or Legendary moments.

Nifty Gateway

The mission of Nifty Gateway is to make NFTs accessible for everyone with a goal to help at least 1 billion people start collecting digital items.

Unlike some of the other marketplaces in this list, Nifty Gateway is a custodial platform where NFTs are stored in a secured wallet. Ultimately, this means collectors trade NFTs without the hassle or expense of gas fees. It also means the company can help users retrieve lost or forgotten login credentials. 

Key takeaways:

  • NFT marketplaces enable users to store, display, trade, and mint non-fungible tokens While there are various NFT marketplaces in operation today, each is a platform that leverages blockchain technology to determine the provenance of digital content.
  • OpenSea is one of the oldest and most popular NFT marketplaces, supporting a diverse range of digital assets and more than 150 different cryptocurrencies. Rarible is another NFT marketplace that trades domain names, metaverse items, and music or video NFTs.
  • NBA Top Shop is a closed marketplace owned and operated by the National Basketball Association where fans can trade NFTs based on game moments and highlights. SuperRare is an exclusive marketplace that focuses on talented digital artists and does not accept meme-art. 

Read Next: Non-fungible Tokens, How to make money with NFTs, NFT Games: What Are NFT Games And How Do They Work?, How Does OpenSea Make Money?, How Does Axie Infinity Work And Make Money?

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