A summary of the 13 largest NFT markets currently

Author: Esat Dedezade Translator: Lu Jiangfei

NFTs are unique cryptographic tokens associated with digital content (such as artwork, music, or videos) that can represent ownership of that digital content. In March 2021, the NFT artwork "Everydays: The First 5000 Days" created by renowned crypto artist Beeple was sold at a high price of $69.35 million at Christie’s, leading to a wave of NFT frenzy that attracted more and more people to invest in and purchase NFT works like CryptoPunks, Bored Apes, and Loots. As market enthusiasm continued to rise, various markets and platforms offering NFT trading emerged rapidly, aiming to provide users with more convenient services for selling digital art and collectibles as well as NFT trading.

Now, let's take a look at the 13 largest NFT markets and platforms currently available.

OpenSea

OpenSea is one of the earliest Peer-to-Peer NFT markets and has always been the largest NFT trading platform, with a total trading volume exceeding $9.5 billion (data from DappRader). On this platform, you can trade almost all types of NFTs, including in-game items, collectibles, artwork, music, GIFs, and more.

Registering for OpenSea is very simple; you can connect to MetaMask and other wallets like Coinbase Wallet, Bitski, Formic, etc. After logging into the platform, the process of purchasing NFTs is also very straightforward. After browsing your favorite NFT collections, you just need to submit an offer and check if the price is accepted by the seller.

Additionally, sellers can easily upload their NFT works on OpenSea. Just go to the "Create" option, connect your wallet as a content creator, and upload your NFT. Before submitting for sale, you will need to write a simple description of the work and then wait for buyers to place bids.

Axie Marketplace

The "play-to-earn" game Axie Infinity is currently the second largest NFT market, with a total trading volume exceeding $2.7 billion (data from DappRader). However, this platform only trades Axie NFTs, which are cute digital pets in the game, very similar to Pokémon, that players can buy and trade on the Axie marketplace.

Moreover, players can create new Axies through the game's built-in breeding mechanics and then sell them on the trading platform. Unlike collectible art NFTs, Axie Infinity NFTs have a purpose: players can use these NFTs to battle monsters and other players in the game, earning tokens that can be used to breed new creatures. Axie Infinity's NFTs have proven to bring good returns for players, with some people in the Philippines and Indonesia even making a living by playing this game.

However, Axie Infinity may not be very "friendly" to new players, as its services are quite complex. You may need to complete a series of "obstacles" to truly start your gaming journey. In addition to setting up an Ethereum wallet (like MetaMask), players also need to set up a Ronin wallet, deposit ETH into the Ronin sidechain, and purchase at least three Axie pets (which could cost you hundreds of dollars) — undoubtedly, for some "casual" players, the entry barrier is indeed a bit high, but for experienced crypto players, this cost may be negligible.

CryptoPunks/Larva Labs

As one of the earliest NFTs on the Ethereum network, CryptoPunks is a collection of crypto punk NFTs created by Larva Labs, consisting of 10,000 randomly generated pixelated avatars, including humans, zombies, and aliens, each with pixel art aesthetics and unique attributes. CryptoPunks were initially available for free upon release, but now the only way to own them is to purchase them, meaning you must trade on the Larva Labs marketplace. As of the writing of this article (October 24), the floor price for Punks is 94.95 ETH (approximately $388,375.89), and according to DappRader data, the total trading volume for CryptoPunks is currently $1.52 billion.

Trading CryptoPunks is quite convenient; you just need to connect your MetaMask wallet on the Larva Labs marketplace to search the Punks list and enter your bid.

NBA Top Shot

NBA Top Shot is the first NFT series to gain widespread public attention. It is a set of digital trading cards featuring video highlights (Moments) of NBA stars. Once you purchase a Top Shot pack, the clips will be stored in a secure encrypted wallet verified by the blockchain, where you can view the videos or resell them on the NBA Top Shot Marketplace.

The success of NBA Top Shot's creator, Dapper Labs, is due to its ease of use for mainstream users. Registering for NBA Top Shot is very simple; you just need to link your Google account to Dapper and then enter your phone number for SMS verification as required.

After completing registration, you will need to perform some account setup steps, such as selecting your favorite NBA team, and once completed, you can join new Top Shot airdrops and enter the virtual waiting queue. NBA Top Shot payments require SMS verification (again), and users can choose to use an existing crypto wallet or a Flow wallet, or they can use their Dapper balance or credit card for purchases.

Rarible

As one of the leading NFT markets on Ethereum, Rarible's biggest feature is community ownership, showcasing many digital artworks and collectibles. According to Dappradar data, Rarible ranks tenth in total trading volume, at approximately $170 million.

Similar to OpenSea, users can buy and sell various NFTs on the Rarible platform, and sellers can also choose to create multiple NFTs for a single image for multiple sales.

The Rarible user interface is very simple, making it easy for crypto "newbies" to use. If you are already familiar with NFT markets like OpenSea, you will definitely feel at home on Rarible.

Users can log into Rarible using various different crypto wallets, including MetaMask, Coinbase Wallet, MyEtherWallet, or any other WalletConnect mobile wallet. After logging into the platform, you can use the funds in your wallet to purchase NFTs, and you can even top up your wallet with fiat currency via bank transfer or debit card.

SuperRare

SuperRare positions itself as the "high-end version of Rarible." While Rarible's interface is filled with dazzling flashing GIFs and live auction events, SuperRare has a more streamlined and minimalist appearance.

Additionally, SuperRare has stricter requirements for NFT event planning. They brand themselves as a social platform that encourages crypto art creation and collection, requiring works to be submitted to the platform and approved before being listed; in other words, SuperRare values the quality of NFTs over quantity.

Registering for SuperRare requires a supported wallet, such as MetaMask or Formatic. Additionally, users need to perform an extra step of creating a username and password associated with their wallet address, but this step doesn't take long, just a few seconds, after which you can access the platform's curated exclusive NFTs.

KnownOrigin

KnownOrigin's total trading volume is actually not high, only a few million dollars, and like SuperRare, it aims to provide a gallery-like experience for users through a selection of NFT works. All works on the KnownOrigin platform are stored on IPFS, which is a basic asset protection measure. Additionally, the works on this platform focus on digital art, so it does not offer quirky avatars or cute pets as NFTs.

KnownOrigin may be the simplest platform to use among those introduced in this article. Users just need to connect a wallet like MetaMask or Formatic, and then they can bid on their desired NFT assets.

Foundation

The Foundation platform prides itself on being a "creative paradise" for artists, with current total trading volume approaching $100 million. The platform has hosted many notable sales events, including the NFT of the iconic internet meme — Nyan Cat, Edward Snowden's first NFT, and audiovisual digital collectibles created by producer Richard D. James (now known as Aphex Twin).

Once you connect your MetaMask or other software wallet using WalletConnect, you can easily operate on the Foundation marketplace, and you can place bids in timed auctions just like on regular auction websites.

MakersPlace

MakersPlace is another curated NFT market known for its exclusive digital art collections. Although the total sales volume may not be large (at $23.5 million at the time of writing), it boasts a large number of exclusive creations, making MakersPlace stand out.

In February 2021, when renowned crypto artist Beeple offered a series of NFTs for $1, the event was so popular that it caused the MakersPlace platform to crash. Notably, the platform has also invited several musicians to host many NFT events, with T-Pain, Shakira, and Tom Morello from Rage Against the Machine all registered on the platform.

If you want to purchase NFTs on MakersPlace, the registration process is also very easy, and you can even log in using your Google or Facebook account, saving a lot of registration time.

However, as part of the registration process, you must select five artists to follow, and then you can use your MetaMask ETH balance or credit card to purchase NFT works (supporting credit card transactions is quite user-friendly). If you are a creator, you must join the platform through an invitation and fill out an online application form, which needs to be approved by the platform's curator.

Nifty Gateway

In 2019, the cryptocurrency trading platform Gemini acquired the Nifty Gateway platform. As one of the first large NFT markets, Nifty Gateway gained strong support through this acquisition, proving to be prescient, as having an investor like Gemini certainly brings many benefits. During the NFT craze, Nifty Gateway became a market focus with its first batch of NFT sales worth millions of dollars: in February 2021, Nifty Gateway facilitated the sale of Beeple's CROSSROAD for $6.6 million; by May, the total value of goods on the platform (GMV) had reached $300 million.

NFT works on the Nifty Gateway platform are carefully curated before being listed. Every three weeks, the platform invites artists like The Weeknd, Grimes, and Eminem to discuss their works. Additionally, they have another NFT market where you can browse curated collectibles, all verified by artists, and also enjoy many unreleased works from unverified artists.

Due to the excellent integration between Nifty Gateway and Gemini, the entry process is relatively simple. First, you need to register on the website (if you plan to sell NFTs, you will need to use Stripe to verify your identity), and then you can recharge your account by linking a credit card or sending some ETH to the deposit address. Once completed, you can purchase NFTs in the marketplace.

Additionally, users can choose to link their Gemini trading account with their Nifty Gateway account, allowing them to use their Gemini trading account balance for purchases and withdrawals (your Gemini account can be funded via bank transfer, wire transfer, or cryptocurrency deposit).

BakerySwap

Compared to OpenSea, BakerySwap is a relatively smaller NFT market, but this is not surprising, as most NFT markets are built on Ethereum. BakerySwap is one of the first NFT markets launched on the Binance Smart Chain (BSC). In addition to supporting NFT trading, the platform also allows users to trade and exchange liquidity assets directly with each other.

The BakerySwap NFT market is not complicated; you just need to connect the open-source Ethereum wallet MetaMask. However, it is important to note that since the BakerySwap platform operates on the Binance Smart Chain, NFT assets can only be purchased using BNB, not the commonly used ETH.

Binance NFT Marketplace

Binance is one of the largest cryptocurrency trading platforms in the world, so naturally, the Binance NFT Marketplace is an NFT platform provided by Binance, aimed at offering exclusive products for the NFT market and leveraging its partnerships to attract trading platform users to the NFT platform.

If you already have a Binance account, congratulations, this account will automatically be linked to the Binance NFT Marketplace, so you won't need to register again. Once you enter the platform, bidding for NFT assets is as simple as on other similar platforms, and buyers can use ETH, BNB, and BUSD on the platform, depending on which digital asset the creator accepts.

Solanart

The Solana blockchain is a competitor to Ethereum, and recently a mini NFT craze has swept Solana, with many collectibles like Degenerate Ape Academy, Aurory, and SolPunks achieving hundreds of millions in trading volume, all completed on the trading platform Solanart.

Unlike OpenSea, the NFT collectibles on the Solanart platform are carefully screened, but because of this, the number of NFTs available on the platform is relatively small.

If users want to purchase NFTs on the Solanart platform, they must download a wallet that supports the Solana blockchain, such as Phantom or Solflare, and then load it onto the Solanart platform. Notably, Phantom supports direct integration with the cryptocurrency trading platform FTX, making it very convenient to deposit funds on FTX. After connecting the wallet, you just need to click on the NFT you choose and connect your wallet to place a bid.

Source link: decrypt.co