NFT Marketplace Alternatives & Competitors - All You Need To Know!
In this digital era, Non-fungible token (NFT) is the leader of the digital revolution. NFTs are unique digital assets developed on blockchain technology and cannot be replicated or interchanged in any way. These digital tokens depict assets such as domain names, images, videos, trading cards, artwork, and so on. These digital tokens can be traded on the NFT marketplace which is now the emerging business model among millions of crypto enthusiasts and startups. Today a lot of Best NFT marketplaces are available but not all of them completely fulfill the NFT trading needs of people.
In this blog you will get insight into some top, remarkable NFT marketplaces in 2022 and key details about those NFT marketplaces and how they are popular in present; and how you can succeed in building a such comprehensive NFT marketplace with unsurpassable performance.
Top NFT Marketplaces in 2022
1. Opensea - NFT Marketplace
This is one of the top NFT marketplaces that is very beginner-friendly and allows users to mint, sell and purchase a wide range of NFTs. The marketplace is built on the Ethereum blockchain and it is now getting together with the Polygon network to reduce the gas fees. Also, it is free to list items on the platform and the transaction fee is only 2.5% for each and every sale happening on this marketplace and this is the key reason that led to the massive growth of the platform with around 600000 users in 2022.
However, it will be hard for creators to stand out from millions of listings from the registered users and customer support is a recurring enhancement point for the platform.
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2. Rarible - NFT Marketplace
It is a community-based NFT marketplace that allows users to access a broad range of NFTs to sell and buy. It is a marketplace that supports different blockchain networks such as Flow, Ethereum, and Tezos and has an optimized user interface that paves the way for users to trade and mint NFTs at ease. The platform charges a flat 2.5 % fee for every transaction plus gas fees. Ths marketplace has some interesting aspects like NFTs can be purchased using a credit card, enabling transactions in fiat currencies; Rarible has its own token known as 'RARI'. Rarible will be the best marketplace for those who wish to access a large network with solid connections however creating a wallet with Rarible will be really a tiresome process.
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3. NBA Top Shot - NFT Marketplace
This marketplace will let users buy NFTs of really great moments in basketball history. Users can buy moment NFTs with debit/credit cards or can choose cryptocurrencies such as Ethereum, Bitcoin, DAI, or USDC. To say, on the whole, it is a dreamland for NBA lovers to gain a high level of profit but the platform is very new and few people have raised complaints about issues related to trading and buying of packs along with unstable servers.
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4. Binance - NFT Marketplace
Binance, the largest cryptocurrency exchange added an NFT marketplace in 2021. Binance NFT offers standard digital assets found on main platforms such as gaming items, artwork, and collectibles. The strength of the marketplace is that it can bring a broad range of users as it was created by a top-level cryptocurrency exchange platform, Binance. So, crypto lovers, creators, etc enter the marketplace to create and trade NFTs. It also charges very low fees and deducts a 1% trading fee. Low royalty rates, NFTs lacking liquidity are some of the key disadvantages of this marketplace.
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5. Nifty Gateway - NFT Marketplace
It is one of the best marketplaces and is known for hosting exclusive and expensive NFT sales and focuses on artwork mainly from top artists and celebrities. Also, the marketplace utilizes an 'Open editions' system to boost demand. When a new kind of NFT comes out, users can only buy editions for only a limited period of time. NFT gateway will be the perfect marketplace if you want to invest in NFTs and wish to access higher-end options. The platform is built with a stable policy system and is well known for including top-ranking verification process systems in the world. However, due to some recent hacks that targeted accounts including the theft of artworks worth hundreds and thousands of dollars, the security protocols of this platform have come under investigation.
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6. SuperRare - NFT Marketplace
This NFT marketplace positions itself as an art gallery in the NFT ecosystem and is selective with NFT submissions. To say in other words this exclusive NFT marketplace deals with a chosen number of NFT artists. Investors can be confident in quality as so much reviewing work will be done before the item is available for sale. SuperRare charges 15% for the services when the NFT is sold for the first time on the primary market. There will also be a flat 3% charge for buyers for every transaction on the platform. The high commission rate is the main disadvantage of this marketplace.
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7. Axie Infinity - NFT Marketplace
Axie Infinity is a famous blockchain-based game that functions as an NFT marketplace. This top NFT marketplace works on NFT games and is exclusively dedicated to access the in-game assets of the game. It enables players to mint, buy and sell Axies and other in-game assets from the NFT game. Slow performance and limited modes of payment are some of the notable disadvantages of this marketplace.
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8. FTX - NFT Marketplace
This marketplace is one of the competitors of Opensea and provides its users access to cryptocurrency trading, crypto derivatives, margin accounts, and digital asset custody services. A wide range of investment options is the biggest advantage that a user gets from this marketplace. Also, the platform charges low gas fees when compared to its other competitor platforms. But, as a crypto exchange, the marketplace has very limited cryptocurrencies to offer when compared to other available centralized exchanges.
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9. Foundation - NFT Marketplace
This reliable NFT marketplace is built on the Ethereum network and the users will be requiring a wallet like Metamask to use the platform. The marketplace acts as a bridge between crypto and culture in order to promote a network of support between creators, artists, and collectors. Low primary sale fees, unique digital art, solid royalties on minted NFTs, auction approach, etc are some of the remarkable benefits of this marketplace. Some pitfalls of this platform include limited cryptocurrency support, high secondary market fees, and a small collector base.
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10. LooksRare - NFT Marketplace
This well-known marketplace has high trading volumes and only charges a 2 % fee on sales, which is comparatively lower than many of its current competitors. Users can also earn LOOKS rewards, which are the native tokens of the platform for staking, listing, and trading. Instead of bidding on individual items, the platform will allow users to bid on a whole collection at once. Limited payment options and functionality are some of the pitfalls of this marketplace.
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11. Solanart - NFT Marketplace
It is one of the top NFT marketplaces developed on the Solana blockchain and is introduced to digital space recently. This marketplace enables users to mint, buy and sell NFTs that are developed on the Solana blockchain. Currently, the trading volume is about to reach a surprising number of $500 million although it is fresh to the digital market. But, the verification process of listing NFT is boring in this marketplace.
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12. Decentraland - NFT Marketplace
It is a VR world that is created on the Ethereum blockchain making it a safe and reliable NFT marketplace. It lets users get virtual properties and digital assets such as art, wearables, etc that are stored in smart contracts on Ethereum. Apart from enabling the purchase of digital assets, the marketplace lets users create their own assets that can be listed on the marketplace. As the marketplace is based on the Ethereum blockchain it has an expensive transaction fee.
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13. Enjin - NFT Marketplace
This marketplace is built on the Ethereum blockchain and the platform charges transaction fees for each and every NFT trading on the marketplace. Enjin marketplace relies wholly on Enjin coins that can be bought from many crypto exchanges available currently. The platform only allows Enjin crypto wallet and it lacks acceptable accuracy and this is one of the main disadvantages of this marketplace.
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14. NFTify - NFT Marketplace
It is a marketplace builder platform and it empowers creators to build their own branded NFT storefront rather than relying on any third-party NFT Marketplaces. In other words, it is a simple platform that allows easy creation of NFT marketplaces. The highly customizable and budget-friendly nature and built-in marketing tools are the advantages of NFTify. However, the creators need to take significant steps to push buyers' traffic to the store and this is the pitfall of NFTify.
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15. Larva Labs CryptoPunks Marketplace
Larva Labs is a software development company that is famous for creating CryptoPunks, a collection of digital characters that helped in popularizing NFTs. CryptoPunks marketplace is on Larva Labs site and here you can purchase the popular line of crypto punks NFTs and for that, it doesn't charge any service fees. But, Larva Labs has only a limited selection of NFTs when compared to the other major marketplaces.
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Final words
I hope now you would have got enough insight into the top NFT marketplaces that are gaining massive popularity recently. After knowing about these NFT marketplaces and their astonishing benefits, you will also be desiring to build your own full-fledged NFT marketplaces within your budget. If so, then reach a well-known NFT marketplace development company like BlockchainAppsDeveloper that has immense expertise in delivering reliable NFT marketplace development services and solutions at the best prices. So, reach BlockchainAppsDeveloper and get success in your NFT business venture.
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