Top NFT Marketplaces | Where to Trade NFTs (Non-Fungible Tokens)
The evolution of NFT marketplaces is driving blockchain adoption widely to the commerce mainstream. After years of speculation and studies about some valuable facts concerning NFT marketplaces, the exposure of NFT marketplaces seems to be booming this year.
In line with this, NFT price is more popular compared to Bitcoin. Aside from this, NFT marketplaces happen to occupy a large space when it comes to blockchain news headlines across the world this year.
Literally, Non-Fungible Tokens (NFTs) are the latest internet sensation. Besides, the growth of digital arts is the most exciting trend in recent times. As a result, more investors and crypto holders are increasingly looking to own and think on unique digital arts. However, in order to hold the digital arts, you need to pay a huge amount.
Can you believe that someone paid 400 ETH, which is about $1.3 million, for a picture of JPEG rock? Yes, a clipboard of a rock made a large sale of EtherRock for more than a million.
In addition, the largest payment processor Visa, jumped into the NFT craze, and recently bought a ‘CryptoPunk’ for $150,000 in ETH.
Also, the biggest NFT marketplace OpenSea has recently surpassed $1 billion in monthly trading volume.
Here, we’ll list the most popular NFT platforms or top NFT marketplaces where you can trade the NFTs. But, before we discuss the leading NFTs marketplaces, let’s quickly learn what NFTs are and how they work.
There are thousands of NFTs open across the NFT marketplaces. However, it would help if you looked at specific marketplaces for specific tokens. Since due to the different token standards, not all NFT marketplaces can promote the same tokens.
The growing demand for NFTs has led to a large number of NFT marketplaces jumping up. Below,
We have discussed the top NFT marketplaces. However, we suggest doing your own research before trying out any of the platforms.
In 2018, OpenSea started as the first decentralized NFT marketplace for selling, buying, and trading NFTs. In addition, it calls itself the most vital marketplace for digital goods.
You can trade all sorts of unique digital items on the platform. In addition, the platform hosts digital art. Likewise, there are game items, collectibles, domain names, even digital images of physical assets. Besides, OpenSea is like an eBay for NFTs organizing hundreds of assets classes.
Since its origin, OpenSea has experienced notable growth. It has over 17 thousand users now. Notably, big names recently showing interest in the space, including Mark Cuban, Gary Vaynerchuk, and Chamath Palihapitiya. Moreover, Logan Paul, a famous YouTuber, announced the launch of his first NFT on Twitter, which nets him over $3.5 million.
When you observe the decentralized web, there is no greater marketplace than OpenSea. There are over 4 million assets, 135+ dApps, and 4,000 ETH in monthly volume.
Rarible was launched back in early 2020 by Alex Salnikov and Alexei Falin in Moscow. Moreover, it is a digital NTF marketplace focusing on art assets. In addition, it operates a marketplace for users to trade various digital collectibles or NFTs.
Furthermore, the use of Rarible is to create “minting” NFTs. In fact, this is great for various content creators. They can now trade creations such as books, music albums, movies, etc., as NFTs.
Moreover, the artist might allow buyers a sneak look at the content – a preview, trailer, or piece, but publish the whole content only when a person buys the relevant NFT. Also, it has opened up unique chances for young talents and future artists. As a result, it has reached over 24 thousand users.
However, they identified scammers many times — that’s why Rarible creating a verifying method to lessen the risk of dealing with a fake project.
Linsey Lohan launched her profile on Rarible, selling her own art ‘Bitcoin Lightning’ for over $50,000. In fact, this is one of the most amazing deals. But, people trading art on Rarible make some of the 75,000 RARI tokens issued weekly to boost activity.
One of the most helpful features is that Rarible emphasizes creating an autonomous platform driven by community governance. But, perhaps most notably, Rarible is also putting all its bets on building a uniquely independent platform run through a social governance model.
It is now shifting heavily towards a Decentralized Autonomous Organization (DAO), which will put the users in charge of all the platform’s choices. To clarify, this implies Rarible’s RARI governance token is crucial.
The platform volume coming is over $9.92 million.
NiftGateway allows users to buy crypto-collectibles quickly using a credit card. In addition, the platform promotes nifty investing for some of today’s most famous crypto games and applications — including CryptoKitties and Gods Unchained.
Buying a nifty on the platform is as easy as purchasing a baseball from a store.
- Go to the marketplace.
- Pick a nifty. Enter your credit card info.
- Hit purchase.
You can also choose where to hold this nifty, whether you need to send it to your Metamask wallet or your Nifty Gateway account.
The Cock Foster Twins are the founder of Nifty Gateway. But two other twins came along and acquired it from them. Moreover, Tyler and Cameron, the Winklevoss twins who started Gemini, took their hefty lawsuit winnings from Zuckerberg.
But, their involvement turns Nifty Gateway into the center for digital art that it is today.
When it comes to art collectors, one thing they want is the “real deal” where they can earn money in return. So to give good purchase and ownership of collectibles, John Crain, Charles Crain, and Johnathan Perkins launched SuperRare back in 2017. Additionally, they are also the founder of Pixura, the firm creating the crypto collectible technology working SuperRare.
With the help of the Ethereum blockchain, users can track the entire history and the origin of the art piece. Moreover, the SuperRare platform allows artists to create a work of art and tokenize it. But, it’s not just a token; new digital art is connected with an NFT. As a result, this new Ethereum token is, thus, as unique as the art itself.
SuperRare is one of the top NFT marketplaces. More so, the platform allows the original creator of the art to collect a fee from resales, like royalty. In other words, every time the NFT is traded, the creators earn a piece of it. Moreover, since the fees are stored as a function of the smart contract codes, it ensures an automatic royalty for art long after an artist leaves the possession.
To sum up, all SuperRare deals come through Ether, so you must buy it to use the platform. In addition, users can connect to the platform using MetaMask. Currently, SuperRare has an incoming volume of over $2.93 million.
TVK is an immersive collectibles platform connected with Paramount Pictures, Legendary Studio, and several business leaders. It is one of the top NFT marketplaces, giving a seamless cross-platform ecosystem for artists and collectors alike.
In addition, its partnership with mainstream digital houses has raised about $2.6 million in token sales. Further, this NFT crypto project has allowed digital assets to be viewed online, via mobile app, and in 3D environments using Augmented Reality. Currently, the platform has a daily volume on platform close to $24 million.
NBA Top Shots is an NFT marketplace platform backed by the NBA. With Top Shots, users can own pieces of action called moments. Moments are an NBA highlight created as digital collectibles and can be kept or traded forever.
Moreover, the NFT works as a digital certificate on the blockchain. Besides, it provides authenticity and ownership to the asset holder over the moment.
Notably, since its launch in January 2021, the daily trades have touched an all-time high of over $6 million on 24th January. In fact, it was started last year as a new trading conference and had a few thousand users. But, many people saw it trended on Twitter, when trading certain moments with a suitable amount.
One example is CryptoSlam, a third-party expert on tracking and monitoring marketplace transactions — which shows 83 unique trades of at least $40,000, with six moments sold at above six figures. The most costly being a Cosmic edition Series 1 LeBron James dunk went for $208,000.
Throughout the first week of February 2021, the platform touched over $49 million in trades all-time, with $46.4 million of that total coming in the past 30 days. By the third week, the marketplace recorded more than $47 million in trades in 24 hours.
A month later, over $370 million had trading hands between users on the marketplace to date. The result is a vast, highly competitive NFT marketplace of trading moments, virtual cards, and gaining exponential profits.
Today, there exists a digital pet world for gamers to thrive in the blockchain gaming space. You can’t even start to think how rich the 90s kids would be if Pokémon let them profit from their pocket monsters as NFTs.
The game is Sky Mavis’ Axie Infinity — an addictive monster collecting adventure allows you to battle, raise, and collect fantasy creatures called Axies. Likewise, players can also become land barons to farm resources, gain AXS tokens, and go for dungeon raids.
Your fully strength Axies or your cultivated land can be sold whenever you see fit, which gives Axie Infinity the all-important element of true digital item ownership.
Even though it’s still a new version, it has quickly soared to becoming the no.1 Ethereum game by monthly and weekly active users.
So far, over 25,000+ ETH ($44,435,250+) traded on the game’s in-house marketplace. Notably, the most prized Axie ever sold went for 300 ETH ($533,916+), sold a virtual asset from the game for 888.25 ETH ($1.5 million), and it regularly attracts 19,000+ monthly active on-chain users.
Indeed, the excitement is very high for the development of the NFT marketplace in the world now. In addition, lots of new platforms are available in several countries. However, the use-cases in crypto-collectibles are also changing. Likewise, the future of crypto-collectibles will depend on the ease of minting, gas fees, royalty, and security measures.
WonderHero Announces Mystery Box Sale on Binance NFT
Novel GameFi ecosystem teases Mystery Box sale on Binance to celebrate alpha testnet conclusion
To highlight the latest crucial accomplishments, WonderHero RPG announces a Mystery Box sale on the non-fungible token marketplace by the world’s largest centralized exchange, Binance.
Mystery Box sale by WonderHero launches ahead of beta testing
According to the official announcement shared by the WonderHero team, starting from Nov. 30, 2021, GameFi enthusiasts will be able to purchase one of 40 “Mystery Box” variations.
🔥WonderHero is proud to be collaborating with @TheBinanceNFT & @polkastarter for our Mystery Box Giveaway!
⏰Ends on Dec 10, 2021
🎁25 x WonderHero Mystery Boxes
Follow actions & gain an extra chance!
👉Join here: https://t.co/mKAeMc91wa
Details: https://t.co/ypQgG71LU8 pic.twitter.com/o4UjtsFq2q— WonderHero (@Wonderhero_io) November 27, 2021
In total, 5,000 boxes will be available for purchase. Out of this quantity, 120 Mystery Boxes will have a five-star rating. As such, a participant has a 2.4% chance to obtain top-ranked super-rare boxes.
Every box includes five NFTs: one hero, his/her weapon and three in-game equipment assets. The net price of these assets totals 500 Binance USD (BUSD) while, during the Mystery Box Sale, it will be available for 150 BUSD only.
To start playing the game, players need one hero and one weapon. Therefore, “Mystery Box” is an optimal starter pack for newbie GameFi enthusiasts.
Staking NFTs for WND rewards
In December, the WonderHero team is going to enter an open beta testing phase and launch an NFT staking module, NFT marketplace and its core gameplay mechanisms.
WonderHero is available on mobile for both Android and iOS devices. Right now, the application allows its users to trade, exchange and earn NFTs.
WonderHero is among the first GameFi products that allow it to stake its NFTs for periodic WND rewards. In turn, WND tokens can be used for governance and purchasing in-game assets in WonderHero.
NFT News: UAE launches its First-ever NFT Stamps
This year, UAE will be celebrating its 50th National Day, with the launch of its first-ever NFT stamps in collaboration with Emirates Post Group (EPG). The EPG is set to launch four distinct NFT stamps on December 2, 2021, commemorating the Nation’s Golden Jubilee.
According to the TradeArabia News Service, these four dynamic NFT stamps will posses a digital twin on the blockchain, and are set to be sold as digital collectibles linked to its physical stamp counterpart. While the first crypto stamp, “the Golden Jubilee 2021” is said to be a premium edition, containing 1 gram of fine gold, the second stamp is called the “Spirit of the Union – 1971”, symbolizing the establishment of the nation by the founding fathers. Furthermore, the third stamp is “Year of the 50th – 2021”, and the fourth one is “Projects of the 50th 2071” representing the UAE’s futuristic vision.
“In line with EPG’s goal of transforming into a more digital-centered company, we are proud to announce the launch of the first NFT stamp in the region, which utilises blockchain technology. By introducing tradable NFT stamps, we are bridging the gap between traditional stamps and the world of digital cryptocurrency.”, said Abdulla Mohammed Alashram, the Group CEO of Emirates Post Group.
UAE’s NFT Stamps Ascertain Protection from Leaks
EPG considers this collaboration of traditional stamps and futuristic crypto as the company’s first step towards proving its truly “digitally-centered” approach.
The crypto stamps portray the nation’s history and milestones, and will be eligible for all three, trade, exchange, and holding. A Buyer will be required to scan the QR code printed on the card to see the digital design linked with it.
The stamp contains a locked cryptographic NFC-chip for verification, using a NFC reader. Furthermore, to ensure safety from any unprecedented leaks, every stamp posses a dynamic code hidden behind the card which can be unlocked by scanning the QR code to activate the counterpart on the block chain.
2022 Crypto Regulation Trends: Focus on DeFi, Stablecoins, NFTs, and More
- Smaller markets with a lighter administration might lead the way in terms of crypto regulation.
- A standardized approach to regulating crypto is estimated to emerge.
- Traditional financial will insist on a level playing field in terms of regulation.
- A transaction involving smart contracts on-chain does often not fit into the basic legal concepts.
- Also, expect to see interesting debates around NFTs.
If 2021 has been the year of talking about crypto regulation, then 2022 is likely to be the year of turning words into action. Because if nothing else, 2021 has shown that crypto isn’t likely going to be going away, something which has certainly forced more than a few regulators to sit up and take notice.
As with 2021, 2022 is likely to bring a mix of attitudes towards crypto, with some nations taking a very favorable view (as seen with El Salvador) and others taking a much harder line (as seen with China). However, industry players speaking with Cryptonews.com estimate that much of the regulation imposed next year will be increasingly positive for the industry, as more governments and official agencies come to appreciate its scope and more positive aspects.
At the same time, industry figures say regulators will start looking to regulate specific areas of the crypto industry in 2022, with stablecoins, non-fungible tokens (NFTs), and decentralized finance (DeFi) being particular focuses for many. And while certain people within crypto may be horrified by the prospect of more regulation, the introduction of consumer safeguards may ultimately be a net positive for the industry.
2021 predictions vs. reality
Back in November 2020, industry players predicted that 2021 will bring a piecemeal approach to introducing new crypto regulations. This is largely the case, given that most developed nations seem to still be debating and consulting on potential rules, with the likes of Ukraine, Cuba, and El Salvador being the exception rather than the norm.
One thing commenters got wrong is that they suggested that the United States will introduce comprehensive crypto legislation in 2021. While some states have introduced their own statewide bills, the federal government has continued to dilly and dally with little to show for it.
Movements towards more favorable treatment
Speaking to Cryptonews.com, DappRadar CEO Skirmantas Januškas suggests that 2022 is likely to continue playing host to a mix of divergent regulatory approaches in different parts of the world. For him, this largely results from the fact that crypto is often driven by bottom-up governance and demand.
“In countries where the underlying economic model is weak, or inflation is crippling, or access to a global market is limited, this bottom-up demand tends to be greater. Governments are, understandably, reacting to it in different ways, and that’s where politics, and even geopolitics come in,” he said.
Ian Taylor also estimates a stark difference in regulation approaches will continue emerging in 2022, with the executive director of CryptoUK putting the main divide between East and West.
“The West is not banning crypto where they have seen more aggressive prohibition of certain activities and market participants,” he told Cryptonews.com, suggesting that different regulatory stances may stem from the different uses of cryptoassets we see in different parts of the world.
“Bitcoin (BTC) for example is largely used as an investment or speculative asset class in the West. Whereas in Asia and other developing nations the use case is more aligned to a payment tool especially for remittances,” he said.
In terms of which nations will actually implement new crypto legislation in 2022, Skirmantas Januškas suggests it will be smaller states that aim to get a headstart on attracting crypto-related economic activity.
“It seems that it will be the smaller markets with a lighter administration that will lead the way in terms of crypto regulation. Perhaps this might eventually bring a new balance of power, and perhaps not,” he said.
But while some countries might maintain a restrictive approach towards crypto, observers estimate that the general trend will be towards more acceptance of crypto, even if it involves imposing some kind of safeguards.
“In the case of blockchain technology, I am confident that regulators will soon appreciate that the technological certainty that smart contracts on a blockchain guarantee, can achieve equivalent results in terms of consumer protection and fraud prevention as compliance with regulation can — sometimes even rendering compliance measures unnecessary. Whether or not this will happen as early as 2022 will have to be seen, but those in the industry are working hard to educate regulators about the opportunities that blockchain technology brings,” said Jan Stockhausen, Chief Legal Architect at Etherisc.
This is largely the view taken by Alexander Filatov, CEO and Co-founder at TON Labs.
“As the adoption of blockchain and crypto continues, I believe that a standardized approach to regulating crypto will emerge: likely in the form of a decentralized framework. Within this, I believe we will see great value in true decentralization and lack of control by single or few parties,” he told Cryptonews.com.
The evolving complexity of the industry
In terms of the specific areas of the industry that will be regulated, stablecoins will receive attention in various parts of the world, with the US, the EU, and the UK in particular working on stablecoin regulation as we write.
According to Ian Taylor, most jurisdictions are already quite advanced as far as policy-making goes, with 2022 likely to see numerous laws actually passed concerning stablecoins (in addition to cryptoassets in general).
“The UK’s consultation (see our response here) closed in March. Effectively stablecoin issuers in the UK will be treated like e-money institutions,” he said.
In the EU, the Regulation on Markets in Crypto Assets (MiCA) will roll out a similar treatment to the UK. However, Taylor explains that there will be some subtle differences.
“For example, algorithmic stable coins (MakerDAO) will be in scope for specific requirements in MiCA, such as the issuer will be required to use a regulated custodian,” he noted, adding that this won’t be feasible under the MakerDao model, since smart contracts are used to custody the ethereum (ETH) submitted as collateral.
Taylor also notes that, in the United States, regulators and officials have been making plenty of noises when it comes to stablecoins, with the President’s Working Group on Financial Markets repeatedly stating this year that they need greater oversight.
Looking beyond stablecoins, DeFi is another area that will receive attention from regulators in various parts of the world.
“Speaking for the UK specifically, we are aware that the Financial Conduct Authority is looking at market integrity and market surveillance around yield-bearing products and staking on centralized exchanges,” said Ian Taylor.
For him and the UK’s crypto sector, the hope is that such DeFi-focused regulation will limit itself to ensuring proportionate consumer protection, and not outright restriction.
“In regards to DeFi, most of the users are experienced and knowledgeable crypto users. However, we do believe that the industry can do more in regards to consumer protection, such as better risk disclosure, transparent pricing, code/smart contract audits, etc.,” he added.
Jan Stockhausen also says that DeFi might receive plenty of regulatory attention in the next couple of years, particularly if it continues its “exponential growth” (aided in part by inflation) and puts pressure on governments.
“Traditional financial institutions may start feeling challenged and will insist on a level playing field in terms of regulation […] The fundamental challenge legislators will struggle with for some time is that a transaction involving smart contracts on-chain does often not fit into the basic legal concepts underlying existing laws and regulations,” he said.
Stockhausen says that regulators will continue to struggle with these questions for some time, not least because business models and technologies continue to evolve rapidly in the space. As such, we may see more of a steady trickle of new regulations next year rather than an onslaught.
Another area that will receive attention next year is, unsurprisingly, non-fungible tokens, which now represent a billion-dollar industry that, as with DeFi, is becoming too big to ignore.
“I expect to see interesting debates around whether NFTs are securities, whether the trading of low-cost in-game NFT items should be taxable, whether income from play-to-earn games can be considered income at all. Play-to-earn blockchain games and gamified finance opportunities account for half of dapp usage currently, and in some cases, like in the Philippines, their contribution to the GDP per capita is at a level where these debates are already starting,” said Skirmantas Januškas.
This just goes to show that the crypto industry isn’t something that can be neatly and comprehensively covered by a few pieces of legislation. Given that it regularly transcends the limits of traditional financial and legal concepts, it may still be some time before legislators fully formulate laws or regulations that provide the clarity the industry has been expecting for several years now.
In other words, 2022 is likely to bring some new regulations and laws, but don’t expect crypto’s regulatory issues to be solved in its 12 months.