Due to the rise in popularity for NFT‘s (NON-Fungible tokens) during the past year, it’s only natural that the amount of marketplaces has also risen. Last year, we saw NFT sales reach $250 million, while during the first quarter of 2021, NFTs have sold for a total of $2 billion. The market for non-fungible tokens (NFTs) surged to new highs in the second quarter, with $2.5bn in sales so far this year, marketplace data showed.
Popular NFT projects such as CryptoKitties or CryptoPunks have become popular among crypto enthusiasts, with each of them selling for several Ethereum at a piece. Total sales for a project such as CryptoPunks have exceeded the lifetime value of 1.35 billion, showcasing the amount of interest that the market has even when compared to physical art.
Therefore, in this article, let’s dive deeper into the digital world of NFTs and their marketplaces and see what the NFT hype is all about.
What is NFT marketplace cryptocurrency?
NFT marketplaces allow you to buy and sell non-fungible tokens, digital creations stored on the blockchain, such as the Ethereum network. These online marketplaces facilitate the trade of digital collectibles items as well as digital artworks.
A Digital artist sells digital art in the form of either fixed-price or timed auctions, with the transaction fees for the use of a smart contract paid by the buyer. Once purchased, the artwork is stored in your online marketplace digital wallet. Marketplace-owned exclusive digital assets can later be sold by the owner, creating a creative economy of digital items.
Essentially, blockchain technology has allowed artists to sell and buy digital art assets efficiently and transparently. Artist decides when to sell, the specific marketplace where to sell, and how the non-fungibles will be sold. NFTs are stored in digital wallets (though it is worth noting that the wallet does specifically have to be NFT-compatible).
Opeansea – the top non fungible token online marketplace right now?
Currently, the largest NFT marketplace is OpenSea, with a trading volume exceeding $6.5 billion. They offer a wide variety of digital collectible selections, with the ability for anyone to sell their own NFTs. Anyone can see the artist profile, and you can trace the purchase history of any crypto collectibles to discover exclusive digital assets and rare digital artwork.
Since anyone can create assets, top marketplaces are full of offers. It can take a lot of time to browse existing listings, indicating the effect decentralized finance has created in the digital art space.
Where can I buy NFT tokens?
There are several marketplaces you can start with. As mentioned, OpenSea is one of the oldest and largest marketplaces to buy and sell any virtual item. Some of them, such as Axie infinity market place offer NFTs only for a specific digital game. In contrast, others, such as Binance NFT marketplace, offer limited edition digital artworks by invited creators.
The number of marketplaces continues to grow. Therefore we have created a selection of top NFT market destinations to help you get started:
Considered the original central NFT marketplace, which operates as many other auction houses do, OpenSea has grown to over $6.5 billion worth of sales volume and offers several NFT types. Sign-up is done with your Metamask or another digital wallet, with purchases done through them. You can even sell your own NFTs on the platform by using their “Create” tab. Multiple blockchains are used to facilitate transactions.
Axie Marketplace is the place where to trade your Axies for the popular game Axie Infinity. It’s currently the second-largest marketplace due to the game’s popularity that the NFTs are based on. New Axies can also be created by using the game’s breeding mechanism and later selling or playing the game.
The creators of a massively popular collection of NFTs – CryptoPunks, Larva Labs is the home for professional and experimental projects, with over $300 million in monthly sales volumes and $1.35 billion in total sales volume estimates for Crypto Punks alone. Therefore, it has hosted some of the most significant NFT sales. However, for beginners in the NFT ecosystem, this is probably not the best place to start as each Crypto Punk currently costs more than 100 Ethereum, raising debates about an NFT bubble.
Based on the Ethereum blockchain, Rarible is a community-owned platform that offers a wide selection of underlying work just like OpenSea. Both buying and selling of new artworks are supported, and all you need is to use WalletConnect.
For those who like to spend a bit more and acquire more unique pieces, SuperRare is the place for you. As frequently in the art world, they offer a curated NFT collection that costs a lot more. They have their native coin- RARE, which governs the DAO by allowing you to control marketplace parameters and curate, with RARE given to early adopters.
KnownOrigin is a newcomer who aims to offer a gallery-like experience and a wide variety of unique digital goods. The club’s creator’s concept is similar to SuperRare, with the individual artworks often sold at much lower prices.
Backed by the popular crypto exchange – Gemini, Nifty is one of the first marketplaces to become famous and has launched many successful collections this year. They curate NFTs sold on their system to offer only the top collections.
Binance NFT marketplace
Owned and run by the popular cryptocurrency exchange – Binance, Binance NFT Marketplace offers collections that result from exclusive partnerships with artists around the world. To use the platform, you need to have a Binance exchange account. Transactions are done on their own Binance Smart chain using either Binance COIN (BNB) or BUSD.
What does NFT stand for?
NFT stands for Non-fungible token, a digital asset stored on the blockchain in digital wallets. Due to this, each NFT can be verified to be unique. NFTs can be in the form of photos, videos, audio, and other media and can be considered programmable art. Therefore, master image creators can sell their creations on the market, and many other forms of digital art are supported.
The largest marketplace to buy and sell NFT art is currently OpenSea marketplace. At the same time, most transactions are done on Ethereum blockchain, with others, such as Binance smart chain, as a faster alternative.
What is the most popular NFT marketplace?
Currently, the top digital artwork platform is OpenSea. They offer both auction and fixed price sales of non-fungible tokens. If you want to start, the one market to see is Opensea, where you will meet other NFT enthusiasts.
The platform offers most NFTs and has a social environment to the platform. When a new project becomes popular, OpenSea sells NFTs from this creator due to its popularity.
What is the best app for NFT?
To use the top marketplaces, you need to connect your wallets such as MetaMask or Coinbase Wallet to the exchange blockchain network such as the Ethereum blockchain. Therefore, these are the best apps to get started.
Additionally, many marketplaces offer their mobile app, which you can use to check and buy or sell NFTs.
Where can I buy digital art NFT?
There is a wide variety of digital marketplaces to discover exclusive digital assets from various virtual worlds. Many crypto projects sell NFTs to gain more popularity in the crypto ecosystem. Therefore, there is no shortage of new marketplace coming up.
Opensea is by far the most popular secondary market for NFT transactions. It offers several crypto-asset categories such as Art, Music, Domain names, Virtual Worlds, Trading Cards, Collectibles, and Utility. The most common chains used to facilitate transactions are Ethereum, Polygon, as well as Klaytn.
Several popular collections that have gained social network popularity, such as CryptoPunks or CryptoKitties, are available.
Digital collectibles are gaining ground
However, less known ones such as nifty gateway, larvalabs, and Rarible are gaining ground. Places like Myth Market specialize in trading cards and offer sub-markets for them, such as the famous PEPE meme-based GoPepe.market. The rise in popularity in these assets has created many crypto natives that would prefer to own these blockchain-based collectibles rather than stocks or bonds.
Larvalabs is the NFT space that first launched the famous collection Cryptopunks. The value of these NFTs has increased exponentially over the months, with the total value of sales exceeding $1.35 billion.
Create digital assets by playing a game
On Axieinfinity marketplace, you can purchase in-game usable pets that act as individual components to your fighting team. Collect 3, and you are ready to play the game, with potential rewards up to grabs. Their stats are not only for informational purposes – they offer real, in-game benefits that can help you win games in the Axie Infinity universe.
Creating an NFT Marketplace
Amazing but true. With the collectors going gaga wanting to dive into the lucrative trade, what else is left for you to do as you watch the prices balloon?
To create your artwork token on a marketplace like BakerySwap it’s a simple and straightforward process, which in effect, makes the NFT marketplace a lucrative business idea. The first step is to choose a blockchain that will power your NFT and a wallet that will receive the money that you get for your NFT. Let’s choose BakerySwap as an example to prove how simple it is to work with a blockchain like Binance Smart Chain (BSC).
- Fill your wallet with some crypto coins as low as $11 to get started.
- Find a section that explicitly mentions “Mint artwork.“
- Upload your digital art or video or music by clicking on the +.
- Agree to the terms and conditions to have the transaction approved.
- Upload multiple pieces of art and creations, and view them all.
- Set a price after your artwork is approved.
- If a collector finds your art appealing, then bingo – you’re in business.
Create your own NFT Marketplace to attract users and NFT developers. NFT trading is going to hit the ceiling soon due to enthusiastic users after launching a few months. As we have seen, NFTs can take various forms like music albums, art and games; NFT marketplaces make space for trade, buy and sell different types of unique digital assets. So, here’s the beauty of blockchain technology being used by almost anyone with a treasure trove and people who want to be part of them.
At the present time, the Polygon(Matic) blockchain has become a suitable fit for NFT marketplaces. Its impressive features have elevated the marketplaces to a top-tier level. These intrinsic supports and beneficial features are allowing crypto enthusiasts to start their own crypto business and provide Polygon NFT marketplace development to business sectors and help them to succeed in the field of non-fungible tokens.
NFT boom has created a new use case in the smart contract ecosystem. The ability to sell and buy a digital item on an easy-to-use and transparent platform has created tremendous interest for investors and collectors worldwide. Due to the need to sell NFTs, several platform options have been created over the past year, with Opensea being the largest NFT marketplace right now.
On an NFT marketplace platform, you can buy and sell digital assets for a fixed price or in an auction by using a blockchain network that ensures the uniqueness of your item. Therefore, we expect more growth for NFTs in the upcoming years, which should naturally lead to a wide variety of NFT platform creation.
Can we tokenize photographs as NFTs?
Tokenizing your photographs or minting follows a straightforward process. An added benefit of photographers going into NFTs is if they have a huge following with a keen liking for their works.