The NFT Hype : NFT Marketplaces.
As we know that NFTs are collectibles on a blockchain. So where do these NFTs are bought and sold?
The answer is simple, NFT marketplaces.
An NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs plus sell them to others for cryptocurrency or money. Typically, in exchange for a fee, the NFT marketplace will handle the transfer of an NFT from one party to the other. However, unlike the typical “internet convenience fee” charged on your banking transfers and taxes, the NFT marketplace fees are nearly negligible without any taxes.
Yet, the working of an NFT marketplace varies from market to market.
Some of the popular and trust worthy NFT marketplaces are:
1.Opensea.io (founded 2017)
Open sea is the largest and most trust worthy market place in the entire world. It hosts NFTs in forms of art, music, photography, trading cards and virtual worlds.
Payment Options: Ethereum, Solana & USDC
2.Binance NFT (founded 2021)
Binance is the largest crypto exchanges in the world. However, they introduced its NFT marketplace in 2021 capable of hosting artwork, gaming items, collectibles and more.
Binance runs its own blockchain giving it an advantage in additional security and supporting various cryptos.
Payment Options: Binance Coin & Ethereum
3. Rarible (founded 2020)
Rarible allows users to trade various NFTs in both crypto as well as fiat currencies. It hosts similar NFTs to previous ones such as gaming items, video games and collectibles.
Payment Options: Ethereum, Flow and Tezos.
4. NBA Top Shot (founded 2020)
The NBA top shot has all the iconic moments from basketball matches in form of NFTs. It’s a place where you could buy any of these video clips, play highlights or art of both the NBA and WNBA.
NBA built and runs this marketplace with them holding all the exclusive rights for these video clips and art.
Payment Options: Credit/Debit cards, Bitcoin, Ethereum, DAI or USDC
Apart from these 4, there are still many different marketplaces with a lot of different NFT collections. But if you’re someone who wants to try buying or trading NFTs. These four should be the tops ones you’ll be looking for.