Non-fungible tokens have been ruling the virtual world for quite some time now. People are captivated by the alluring graphics and want to embellish their social media handles with their newest purchases. But, most of them are sceptical about this new technology.
The thing that confuses people the most is the currency’s utility. The currency is well-known to be accessible in the Metaverse only. It has no real-world value, no matter how expensive the asset is. So, why are people spending millions of bucks on this commodity?
The thing is, those who are spending money on this are celebrities or experts that know about the importance and significance of this technology. Not everyone can understand its dynamics because it is a bit of a complex system like bitcoin billionaire. Celebrities are spending money on it because secretly, they are gaining money as well by endorsing the products. Therefore, it is advisable to never adhere to them, especially when it pertains to making financial decisions.
But, there are a lot of traders who are participating in this venture and that’s true because it surely is a profitable niche. It also recognizes people who are underpaid artists as it gives them the opportunity to earn a substantial amount of money when they provide their services.
So, there are benefits and flaws in this NFT system and structure but what doesn’t have both of these together in them? Ours is a clear illustration that nothing in this world can be flawless.
Moving forward, let’s learn about how you can get your hands on NFTs or know about the updates and details of what is happening in the virtual realm.
What is an NFT Marketplace?
If you are in need of groceries, there is a specific place that you will go to which is, the supermarket. But you cannot buy clothes there as the place is specified to buy grocery items. So, there is a place specified to buy NFT assets and that is called the NFT marketplace.
This is not like your regular marketplace or grocery supermarket, where you like something, you put in your cart and buy it. Here, your assets have to be authenticated and verified before you buy them. A blockchain system does all that work and generates a unique code that shows that the property is solely yours no matter how many duplicates and copies of it get available. The job of the marketplace is to ensure that every last bit of work is accomplished and that nothing is overlooked.
One of the very important operations of the NFT marketplace is to entice the target audience and attract them into investing in your marketplace. This issue is solved by establishing a solid identity of the brand, providing exceptional user experience, and collaborating with similar platforms.
The most unique thing about an NFT marketplace is that it isn’t a single platform that has gathered all of the non-fungible tokens ever made. These platforms work entirely differently from traditional e-commerce marketplaces.
The distinctive property is that these marketplaces do not work on a centralised system where users trade with each other. The differing point is that this establishment has a regulated system for monitoring and supervising commodities for sale. They have a limited amount of these non-fungible tokens because their scarcity is what makes them desired by the audience. The variety of tokens changes every day as new releases are promoted very efficiently here.
Can We Build Our Own Marketplace?
Yes, you surely can. The marketplace you want to develop should be your primary and greatest consideration. You should list down the problems and issues your target audience is facing and make sure to address all of those problems in your marketplace.
The following step is to choose a name for your marketplace. The name should be enticing and intriguing so your audience will be attracted to your platform. If you go for everyday names, your establishment might accidentally come out as a scam and people would not visit your venture.
Next, you should consider the framework of your marketplace. Will your sales be held as an auction or will you only go for something like a trading platform? You have to decide this as soon as possible because it will lay the foundation of your website and will help you select a smart contract code.
Now that you have decided on everything, it is time to add new dApps that will enclose all of the marketplaces inside of it. This decentralized application will be the powerhouse for all the commodities listed on the marketplace.
5 Noteworthy Marketplaces that Will Rule in 2023
Now that you have learned what NFT marketplaces are, let’s see how much other developers and enterprises have advanced in their marketplace and why some of them stand on top of others.
1. Axie Infinity
- Category: Gameplay
- Blockchain: Ronin Sidechain powered by Ethereum
- Fee: A fee of 5.25% for Axie Marketplace Sellers
- Supported Wallets: Ronin Wallet
- Methods of Payments: ETH tokens
| Pros | Cons |
|---|---|
| Perform trade with gaming NFTs | Has a single type of NFT |
| Buyer’s fee is zero | Requires numerous wallets |
| Provides crypto rewards | Excruciating seller fee |
2. Rarible
- Category: Gameplay, Metaverse, Photography, Artwork, and various others
- Blockchain: Flow, Tezos, Ethereum, Polygon, TezEthereum, Polygonos
- Fee: A trading fee of 2.5%
- Supported Wallets: 20 different wallets including Coinbase, Metamask, and others
- Methods of Payments: Credit card and crypto
| Pros | Cons |
|---|---|
| Validation for both the developer and buyer | Lacks the variety of NFTs |
| Can connect to multiple wallets | No KYC monitoring measure is taken |
| No requirement for gas fee | Lack of educational resources |
| Can work with numerous blockchains | No measures taken to avoid phishing |
| User-friendly interface | Credit card fee can increase the burden |
3. OpenSea
- Category: Audio, sports, artworks, trading cards, virtual realms, photography, domain names, and collectibles
- Blockchain: Solana, Ethereum, Klatyn, and Polygon
- Fee: A transaction fee of 2.5%
- Supported Wallets: A collection of 10 wallets including Metamask, Trust Wallet, among many others
- Methods of Payments: ETH, SOL, WETH, USDC, and DAI
| Pros | Cons |
|---|---|
| Convenience in NFT minting | Has Plagiarism |
| Easy to Use | Gives a lot of Spam |
| Affordable Rates | The above characteristics reduce the customer’s trust |
| A Wide Variety of NFTs | |
| Lots of Educational Resources |
4. Larva Labs Cryptopunks
- Category: Collection of Avatars
- Blockchain: Ethereum
- Fee: N/A
- Supported Wallets: Metamask
- Methods of Payments: ETH
| Pros | Cons |
|---|---|
| The service fee is nil | The controversy of V1 Punks |
| You can find an extensive range of CryptoPunks and Meebits | NFT minting is not available |
| The design of the marketplace is quite complex as compared to others | |
| Limited categories of NFTs available |
5. Nifty Gateway
- Category: Artworks
- Blockchain: Ethereum
- Fee: A listing fee of 2.5%
- Supported Wallets: Metamask
- Methods of Payments: EtherCredit & Debit Card, Regular Credit and Debit Cards, and Gemini Account
| Pros | Cons |
|---|---|
| The option to access a custodial wallet | Weakest option for novices |
| Popular companies and celebrities use it | Have hidden fees |
| Almost zero gas fee | Only has access to the ETH blockchain |
| Accept debit and credit cards | Doesn’t have a variety of NFTs |
| Lack of Customer Support | |
| Limited Educational Resources |
Ending Statement
NFT marketplaces are exceptional to trade these tokens. You can let your audience trade on your platform or simply buy any NFT they like. When the trading of cryptocurrency began, there weren’t many options to buy or trade for the commodity. But now, you have multiple marketplaces where you can trade with the help of trading bots like the bitcoin code.
The same goes for NFTs. You can buy it directly from a marketplace or participate in an enthralling auction. Just make sure that you select the right marketplace which doesn’t scam you or overcharge you for your purchase. Always look at the ratings of the marketplace and customer reviews. Once it is finished, you can continue with your venture and display your impressive assets!