Many rang in the new year from their homes in a quiet, subdued manner due to the COVID-19 pandemic. However, blockchain technology has been growing by leaps and bounds, untouched by the physical world and its problems! The previous year allowed blockchain technology to find various use cases, the most rapidly growing among them being NFTs.
The use of NFTs in blockchain platforms has since evolved into a variety of unique technology applications that are set to grow a lot more in the upcoming year.
Keeping this potential for growth in mind is highly important to any NFT collector looking to capitalize on their proliferation into digital markets. These marketplaces act as hubs for trading NFTs and thus are an integral part of their supply chain! In this regard, choosing the right marketplace for trading NFTs becomes a critical part of being a collector or a creator.
The marketplace you choose to grow your NFT collection may well be a determining factor in how profitable your collection ultimately is! With that in mind, here are some essential pointers that can help you choose the ideal marketplace for you and some important marketplaces to look out for in 2022!
An important parameter to look out for in any NFT marketplace is the type of NFTs on offer. These NFTs can range from collectible artworks, memes, tweets, rare in-game items from popular games, trading cards, generative art, and other digital forms.
Choosing a marketplace that deals in NFTs of your interest is important in growing your collection! You get to engage with like-minded collectors and enthusiasts, as well as creators who are also interested in the same categories as you are. This can help you access NFTs that fit right into your collection with ease and also find buyers for any NFT that you wish to sell more efficiently.
The types of fees that marketplaces charge can also be important to you, either as a collector or a creator. It is also important to consider the types of currency that a platform accepts! Some platforms charge gas fees or minting fees for creating, buying, and selling NFTs, while others charge a percentage of sale prices as transaction fees.
Using existing cryptocurrency exchanges can also help you grow your collection. Additionally, it eliminates inflexibilities in payment methods based on your platform of choice and on different marketplaces.
If you are a creator, a marketplace that enables minting NFTs becomes an immediate priority, allowing you to create NFTs for your content and place it on the market for interested collectors.
With these basic parameters in mind, it is time to look at a few significant marketplaces for NFTs that are sure to make a splash in 2022!
OpenSea: OpenSea is one of the largest peer-to-peer marketplaces for trading NFTs! You will find NFTs from sports, domain names, art, music and many other different types on this marketplace. It supports all types of payment methods and is also compatible with not only Ethereum, but with Polygon and Klatyn as well! This makes it a versatile, flexible marketplace for potential collectors.
Nifty Gateway: This marketplace is unique as it acts not only as a place for the purchase and sale of NFTs, but as an auction house for them. This can be very useful for creators and collectors looking for rare NFTs that they can bid on, which in turn increases engagement with the technology and its platforms. It supports varied payment methods and works on Ethereum, offering buying, selling and minting services!
Binance: A versatile NFT marketplace that deals in various NFTs across genres such as collectibles in sports, art, gaming, and many others. The unique factor for this marketplace is that it is supported by the largest cryptocurrency exchange, which is its namesake, Binance! It supports a variety of payment options making it very flexible and popular in the community, and works on the Ethereum blockchain.
Foundation: Foundation acts as a digital auction house for artwork and related NFTs. It features a simple, easy to use interface and is mainly focused on digital art. It works on the Ethereum blockchain and supports a variety of payment methods. The marketplace is mainly geared towards artists and collectors of art.
Rarible: It is as diverse as Binance but supports only cryptocurrency as a payment method. Like Binance, it also works solely on the Ethereum blockchain and supports the RARI token. Rarible is the palace to go for digital art, and it is committed to assisting artists in getting fair compensation for their work. The platform also facilitates other art forms such as music, videos, and even memes!
NFTX: This is an excellent marketplace for miscellaneous collectibles, art, and Defi. It earns you interest on your NFTs while also allowing you to mint, buy and sell NFTs on the Ethereum blockchain. Like Rarible, NFTX also has only cryptocurrency as the only form of payment. Investing into a stake in this marketplace allows you to earn from your collection’s profits, making it a great place to monetize your NFT collection!
SuperRare: If you are a collector of rare digital art, SuperRare is definitely the place for you! This marketplace is focused on conceptual digital art, many of which are complex, abstract pieces unlike the usual pixelated collections on other marketplaces. However, the art is limited to images and the marketplace may not be the best option for other types of NFTs.
Decentraland: An ideal choice for gaming and metaverse-related NFTs, especially focused on the Decentraland metaverse. Transaction fees apply to both the purchase and sale of NFTs on this platform. However, Decentraland’s primary focus on gaming NFTs may offset the margins of fees collected considering the rarity of specific gaming NFTs. You can also buy, sell and mint NFTs using cryptocurrency only, and it is also on the Ethereum blockchain.
Sandbox: Another marketplace for gaming-related NFTs for the sandbox metaverse and includes in-game items from major brands and artists. This is an ideal marketplace for gaming NFTs that is only set to grow further as it attracts a wider audience and community! You can buy, sell and mint NFTs using cryptocurrency and the Ethereum blockchain.
Top Shot: The official marketplace for NBA-related NFTs is unique because highlight reels can be sold as trading cards! It supports a variety of payment methods but only works on the Flow Blockchain. However, Top Shot is a great place for enthusiasts of NFTs and the NBA alike. It showcases how NFT technology can integrate with the real world in fascinating ways!
LooksRare: This platform’s latest entry into the NFT space started in 2022 and accumulated more than $394 million in sales! The reason — the platform actively rewards participation in NFT minting and trading, allowing users of the marketplace to invest their profits into it to accumulate further earnings. It is a convenient way of monetizing NFTs for any collector looking to add NFTs to their investment portfolios!
It is evident that NFTs are here to stay. Their use cases are sure to expand with an increasingly innovative host of creators making contributions to existing and emerging marketplaces. Collectors need to empower themselves with knowledge about the technology and existing trends and marketplaces that encourage NFTs that align with their interests.
With creators and collectors coming together to form a highly engaged and dynamic community, NFT marketplaces are sure to expand and grow well into 2022. As a creator or collector, it is up to you to ensure that you grow along with them and enjoy the many benefits that blockchain technology and NFTs have to offer!