NFT may be one of the fastest-growing markets in recent years. Its size was 340 million dollars in 2020 and it is estimated that this figure will exceed 3.5 billion dollars in 2030. Among the reasons for this is the gradual development of blockchain technologies and the fact that they cover more and more industries. For example, even online casino Canada real money sites can now work on blockchains.
If you want to enter the NFT market, you must first choose a marketplace. Because NFTs are sold on multiple marketplaces and each has its advantages as well as disadvantages. In this article, we will help you by listing the largest NFT marketplaces, but first, let’s briefly talk about what criteria you should consider when choosing.
How to Choose the Right NFT Marketplace?
First of all, you need to determine which digital assets you are interested in. NFTs can be used for anything digital: texts, games, artwork, videos, collectibles… For every digital product that can be tokenized on a blockchain, an NFT can be created. Each marketplace focuses on different types of assets. So, for example, some only deal with NFTs with art content, while others prefer to list both game and video NFTs. So, when choosing the best marketplace for you, first determine what you’re interested in and then find out which marketplace is the best for it. Below is a list of the largest NFT marketplaces we have prepared to assist you.
It is not surprising that OpenSea is at the top of this list, as it was one of the first NFT marketplaces to launch and is currently considered the leader of this industry. In terms of trading volume, there is no other marketplace as large as OpenSea. We can say that it is also very satisfying in terms of NFT variety because instead of focusing on a specific asset, it offers an option for all kinds of assets.
The platform has over 600,000 registered users and takes a 2.5% commission from every NFT sold. Considering that the monthly trading volume can exceed 4 billion dollars, you can understand how big this figure can be. OpenSea uses the Ethereum blockchain but has also integrated Polygon to reduce transaction costs. You’ll likely find any NFT you’re looking for on OpenSea but be careful: its popularity also means it’s subject to frequent cyberattacks.
This marketplace also runs on the Ethereum blockchain, but unlike OpenSea, it has a specific focus: digital art. Moreover, it is only interested in the works of selected artists, not any digital art. Before an artist can sell their work here as NFT, they must first be approved by the Super Rare team. Therefore, it has more limited but much more exclusive content. If you are interested in digital artworks and want access to an outstanding collection, Super Rare will be one of your best choices. The platform takes a 15% commission from every sale.
We can say that this platform is more user-friendly than OpenSea. Just like OpenSea, it has a wide variety of NFTs and only charges a 2.5% commission. However, it offers much more than OpenSea in almost everything else. For example, it supports not only Ethereum but also Flow and Tezos blockchains. Therefore, it is considered a multi-chain marketplace and can reach more users. The platform has a trading volume of over $274 million and has 1.6 million users. It also makes NFT trading more practical with features such as timed auctions, royalties, messenger, and personalized activity feed. Rarible is OpenSea’s biggest competitor and has the potential to be even bigger in the future.
This platform strives to be the Sotheby’s of the NFT world. This is not just an analogy because it’s actually collaborating with Sotheby’s. As an artwork-oriented platform, Nifty Gateway has even stricter standards than Super Rare. Not only does it accept outstanding works of art, but it also makes sure they can be sold at very high prices. For example, in February 2021, the platform managed to sell an NFT of an artwork called “Crossroad” for $6.6 million, setting a record. However, this was only the beginning, as all NFTs that have ever been sold at the highest prices have been put up for sale on this platform. For example:
- The Merge – $91.8 million
- The First 5000 Days – $69 million
- Human One – $29.98 million
The platform works with well-known digital artists such as Bepple, Grimes, LOGIK, and appeals only to wealthy collectors. If you fit this description, this is the right address for you.
Binance NFT Marketplace
The peculiarity of Binance’s marketplace is that it offers an NFT for just about everything. Since it is already the largest and most popular exchange site in the world, most people use it to buy and sell NFT too. This results in an incredible variety: if Nifty Gateway is an outstanding museum, Binance is a street market: it focuses more on quantity than quality. There are approximately 2.5 million NFTs available on the platform and the commission rate is only 1%. If you enjoy visiting flea markets and searching for lost treasures, Binance’s marketplace will provide you with pretty much the same experience.