Blockchain adoption is undergoing evolution every day and 2021 has been the year where there have been a lot of breakthroughs with technology. One of the main innovations of the technology are NFTs. In the first quarter of 2021, there has been an explosion in the demand for NFTs, increasing the market cap by 1785%.
NFTs have created a big marketplace for artists. There is a high demand for NFTs and marketplaces for the NFT creations. The NFT marketplace is no longer a place for buying and selling NFT’s – it also serves many more functions.
NFTs are normally built on the Ethereum blockchain. NFTs can act as a digital representation of both tangible and intangible items. The items may include art, collectibles, music, designs, etc.
NFTs act as a digital representation of a tangible item. For instance, an artist can use a digital file to represent an actual painting. An NFT can only have one owner at a time.
Do you Need an NFT Marketplace?
The marketplace is a platform for artists to earn an income from digital creations.
Gone are the days where artists had to depend on galleries or auction houses to sell their artwork.
Apart from getting an income from their creations, artists can also get royalties. As being the original creators, they can get a percentage of any later sales from their creation.
To take part in an NFT marketplace, you need a digital wallet to store your NFTs. You need a cryptocurrency or a token to use in the transaction. Unfortunately, it’s not possible to buy an NFT using fiat currency. Luckily, on platforms such as Coinbase and Binance, you can buy crypto using credit cards. Which makes them perfect for buying crypto and your first NFT.
How Does a Crypto Marketplace Work?
Apart from the obvious trading, an NFT marketplace can help you discover NF T collections. You can also get extra tools that can help you create an NFT in a matter of minutes. Participants in the NFT marketplace can also bid to buy NFTs.
Top NFT Marketplaces
As mentioned earlier, NFT marketplaces are on the rise, so there are many new ones in the market. Below is a list of the best current NFT marketplaces.
This is the biggest and the most popular marketplace. It has a variety of non-fungible tokens such as art, sports, domain names, etc. Contrary to expectation, Open Sea uses both ERC 1155 and ERC 721 assets. Open Sea has more than 700 listed projects, and all have a base on the Ethereum blockchain.
On the platform, there is a maintenance tool that can help creators create an NFT collection. It also offers a marketplace for creators to develop their smart contracts for art.
Rarible is a simple and easy to use NFT platform that many artists have embraced. Rarible also has its token called RARI. Loyal users of Rarible get Rari tokens as a reward. Like Open Sea, it runs on the Ethereum blockchain and charges 2.5% for every transaction. Suppose you want to escape the transaction fees; you have to use RARI or ETH.
The platform also provides royalties for artists. Artists can decide on the percentage share of the profit they would want from any after-sales.
Nifty Getaway is one of the best adaptation marketplaces. Nifty has partnered with top creators and brands to help artists trade in crypto arts. Their niche is top artists or brands.
The platform uses three different auction styles to conduct sales. The platform also helps creators get royalties. They can get earnings from any secondary sales. It supports a variety of payments such as credit cards, crypto, etc.
This is a great marketplace if you want to trade in a unique single edition work of art. It gives artists a platform to create authentic work. The platform will turn the artwork into a token, which can then be for trading on the platform. The platform offers a different approach to interacting with users.