- NFT markets are those platforms in which users can acquire and trade the increasingly popular NFT devices.
- More and more platforms are emerging. The question is which one to choose?
The market for non-fungible tokens, better known as NFTs, experienced rapid growth during 2021.
In accordance with DappRadarAs of early 2021, the NFT market was experiencing approximately $ 400 million in monthly sales volume. While, today, the market capitalization is over $ 13 billion.
It is clear that NFTs have gained traction throughout 2021 and if you want to participate in this world, an NFT market will be your gateway. And, what better way to start 2022 knowing which are the most relevant NFT markets?
Below you will find the Top NFTs markets for 2021. Each of them has a specific focus or niche, so it is important to know what to look for before deciding which one to use.
OpenSea: Sales Leader
OpenSea leads the NFT market in terms of sales. In fact, it is the largest market in the world for NFTs, it has all kinds of digital assets available.
In accordance with Statista, OpenSea has experienced a historic sales volume through November 11, 2021 of $ 10.39 billion.
Whereas, according to DappRadar, that volume is $ 13.25 billion.
Characteristics
OpenSea is an open marketplace and relatively easy to use, allowing anyone to list an NFT created on different platforms.
It is necessary to take into account that OpenSea is based on the Ethereum bockchain and therefore this offers you both an advantage and a disadvantage. On the one hand, it offers wide support for Ethereum so it can provide more than 150 payment tokens and thus access a wider market.
However, as previously noted in Bitcoin Mexico, the increasing gas fees on the Ethereum blockchain, that is, the cost of conducting transactions on the network, has slowed its growth to some extent.
How to trade NFT
Registering is as simple as connecting your MetaMaks wallet, although it also supports other wallets such as Coinbase Wallet and Bitski.
To purchase an NFT, you can browse through the various NFT collections available, then submit an offer and see if it is accepted.
One thing to keep in mind is that OpenSea is not available worldwide, so to access it, you may need to use a VPN.
Axie Marketplace
Yes, the NFT game of Axie Infinity has managed to position itself in the second place of the largest NFT markets by trading volume.
An important aspect to keep in mind is that the axie market you can earn more than billions of US dollars in market capitalization just by focusing on your video game assets.
According to Statista, Axie Infinity’s all-time sales volume through November 11, 2021 has been $ 3.14 billion. While, according to DappRadar, this figure is $ 3.81 billion, this trading volume is exclusively from Axies trading and other NFTs pertaining to the game.
A fundamental difference with the NFTs that can be found in other markets, Axie Infinity NFTs can be used in the game to fight other players and earn tokens that allow you to create new NFTs.
How to trade NFT
Getting started in the Axie Infinity NFT market may not be as straightforward as it is in OpenSea. Here it is necessary, together with an Ethereum wallet such as MetaMask, to set up a Ronin wallet, deposit ETH in Ronin and buy a minimum of 3 Axies.
In this sense, this market may not be the ideal option for those who just want to enter this world. Furthermore, being also based on Ethereum, the Axie Infinity market faces high transaction fees.
Larva Labs: The CryptoPunks Market
The CryptoPunks They are among the first collections of NFTs that are currently worth millions of dollars. It consists of 10,000 randomly generated characters that have a pixel art aesthetic.
A curious fact is that, in the beginning, these NFTs could be obtained for free. In Larva Labs, the market of the creator of CryptoPunks, we can look at the current prices of these NFTs.
Currently, the cheapest NFT CryptoPunk accounts for 61.5 ETH, which is about $ 249 million. However, these are out of stock at Larva Labs, but can be purchased at various third-party markets.
According to DappRadar, CryptoPunks historical sales volume is $ 2.31 billion US dollars.
NBA Top Shot
NBA Top Shot It is about the incursion of the National Basketball Association (NBA) and the National Association of Women’s Basketball (WNBA) in the world of NFTs. Here you can find a set of digital trading cards with video clips of the NBA’s biggest plays.
Unlike other markets, this one is closed, that is, lNFTs in this market can only be bought and sold within this market. This platform is built on the Dapper Labs blockchain, Flow.
How to trade NFT
To register only You need to link your Google account to Dapper, after that you will enter your phone number which will receive an authentication message by SMS.
According to DappRadar, this market has experienced a historical volume of $ 750.4 million US dollars.
Solanart: One of the biggest competitors
Solanart It is one of the strong competitors among the NFT markets, especially for OpenSea.
It consists of an open market, but that, unlike the rest, is on the Solana blockchain. As in OpenSea, it is a platform where creators can put their collections up for sale and anyone can purchase them. Being on the Solana blockchain, this market for NFTs evades precisely the scalability issues faced by the Ethereum blockchain.
The historical trading volume of this market is $ 578.67 million, according to DappRadar.
How to trade NFT
To use this market it is first necessary to have a Wallet on the Solana blockchain. Particularly Solanart recommends use Phantom or Sollet. Once you have selected the wallet of your choice, you must download the wallet extensions for your browser, preferably Google Chrome.
Subsequently, you must buy SOL in a crypto exchange such as FTX, Binance or Coinbase and send it to the address of your Solana wallet, and, voila, now you must connect your wallet with the Solanart market by clicking the “Connect wallet” button in the upper right corner.
If you want to know more about the Solana blockchain and how it differs from Ethereum, we invite you to review the detailed guide below.
How to choose an NFT market?
As can be seen in the Top Markets NFTs, each one has a series of assets that it offers. So the first step in deciding which one to use is determining what type of digital asset you are interested in buying, selling, or creating.
Another consideration is the type of tokens that a market supports. In the case of OpenSea, any token found on the Ethereum Blockchain is accepted, while on Solanart exclusively SOL.
Additionally, it is important to look at the verification process for creators as, as NFT markets have become popular, the number of scammers and copycats has increased.
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