NFTs are still causing quite the stir in the Crypto Industry as Bored Ape Yacht has decided to launch its own Token and its DAO. The NFT marketplace can make or break your art. No matter the cost of a piece, many NFT marketplaces use Ethereum and some even less gas-expensive alternatives to get buyers on board with their art. If you are a lover of statistics, you should know that NFT sales hit about $25 billion in 2021, and we expect a more significant surge in 2022. We love NFTs just as much as the next guy, and that is why we researched the Best NFT Marketplaces to buy and sell your NFTs.
Let’s get right to business, shall we?
What are NFTs?
We thought we’d do a quick brushup on what NFTs are before discussing the Best NFT Marketplaces.
NFTs are digital assets that represent real-world objects like art, music, and videos. They're bought and sold online with your crypto asset in what has become an increasingly popular way to purchase or trade goods digitally on platforms such as Opensea.
Best NFT Marketplaces that could change your life
Opensea: This is the biggest and most popular NFT Marketplace. OpenSea is a peer-to-peer platform that bills itself as "the rare digital item marketplace." You can sign up and browse through NFT collections or sort pieces by sale volume in order to find new artists. The OpenSea marketplace is a great place to start if you are a newbie looking into the world of NFTs. With over 150 different payment tokens available, there's something for everyone.
Axie Infinity Marketplace: Axie Marketplace is an online marketplace where players can buy new Axies as well as entire lands for use within the game. Axies are mythical creatures that have been trained and then pitted against one another to earn rewards from other players' battles outcomes; on this marketplace, those looking to purchase tokens will find all available varieties of these elusive fighters at their fingertips.
NBA Top Shot Marketplace: NBA Top Shot is a closed marketplace where you can buy and sell collectible moments from the world's premier basketball leagues. The NFT platform uses Dapper Labs' Flow blockchain, making it easy to sign up for an account on their website in just two steps.
Rarible: Rarible is another large marketplace for all sorts of NFTs, similar to OpenSea. All kinds of art and music can be bought/sold on the platform with CRYPTO: RARI tokens; you'll need them if you want to purchase anything from this site! The company has partnered up with some pretty big-name companies like Yum Brands' Taco Bell, which lists their goods here; Adobe also recently partnered with them.
SuperRare: Super Rare is building a digital marketplace for artwork, videos, and 3D images that can be bought using Ethereum. They recently announced their own token of the same name based on this blockchain technology, which will allow users to find new talent easily while also selling their purchased pieces online through OpenSea.
Nifty Gateway: Nifty Gateway is a marketplace that provides access to some of the most popular digital arts. Users can buy NFTs, also known as "Nifties," which are built on Ethereum through Gemini - controlled by Winklevoss twins. Nifty Gateway offers a curated marketplace where any NFTs purchased can be stored for you by the platform.
Mintable: Mintable is an open marketplace backed by Mark Cuban. To participate in buying and selling NFTs on Mintable, you’ll need Ethereum (ETH). The platform also supports the minting of new digital assets for creators who want to sell their work as a cryptocurrency/commodity pair; this means that those without access or funds might be able to make money off other artists through bidding.
LooksRare: This is a new NFT marketplace that was launched in January 2022. This is the first community-based NFT marketplace that rewards creators, buyers, stakers, and traders with LOOKS tokens for participating actively on the platform.
How to build an NFT Marketplace
We believe that you have already gotten acquainted with some of the best NFT marketplaces out there. You might decide to build your marketplace if there is a flaw in the system you want to correct.
Since you know how NFT marketplaces work, you must decide your features before developing your platform. It's also necessary to identify problems that will be solved through this project so as not only to create an efficient product but provide value in return by solving real-life needs with its solution!
These features include having a buy and bid section where users can buy and make bids for their favorite NFTs. You should also add a Wallet section where users can store their NFTs. You can integrate famous wallets such as coinbase and metamask for user-friendliness.
Once you have decided on the features that you want to integrate, you have to consider the technology stack you need to develop the NFT marketplace.
What you need to know is the best blockchain platform to use. Developers have a strong preference for using Ethereum-based platforms, but other blockchain platforms can also be used
You will need to consider the best storage platform. Examples are Filecoin and Pinata.
You must also consider NFT standards to use. Examples of such are ERC-721, ERC-1155FA2, dGoods, and TRC-721. The ERC-721 is the gold standard for minting NFTs; it was the first standardized interface for NFTs. It is the most widely used NFT standard. It is immutable, transparent in ownership and security, and it is a true NFT.
Recently, a new standard was developed, and we think it would eventually take over the ERC-721; this is the ERC-1155. It supports fungible and non-fungible tokens, and it is faster and more efficient to use in batch tokens.
Once you have gotten all these components together, you can hire a developer and build your NFT marketplace.
Read Also: Crypto Terminologies Every Noob and Pro Should Know
With the NFT space ever-evolving, we believe more marketplaces will spring up, and you might be confused about the best one to pick. Don’t get lost in the noise. Simply do your research, read reviews online, and choose the one that appeals to you.