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According to stats, non-fungible tokens (NFTs) recorded transactions worth US$ 17.6 billion in 2021 alone, a 200% increase over the previous year (2020). Such has been the demand for NFTs recently, particularly in the Q3 of 2021 when the NFT domain became a billion-dollar market. Although credits are given to creators, fans, and brands, the role of NFT marketplace will never be forgotten. One should remember that a few marketplaces, in particular, performed very well because of their features and values offered to users.
Below are the top NFT marketplaces based on the business models they adopted.
OpenSea
Founded in 2017, OpenSea is one of the oldest functioning NFT marketplaces. As its name suggests, users can purchase various NFT assets in the marketplace, including artworks, images, videos, domain names, and in-game items. It should also be noted that the Ethereum-based platform is very newbie-friendly as anyone can easily create their accounts, mint NFTs, and sell them. OpenSea also supports more than 150 crypto tokens, allowing a wide range of users to utilize the platform.
Rarible
Similar to OpenSea in terms of selling generic NFTs, Rarible is another NFT marketplace platform popular for its governance features. The platform has a native token denoted $RARI, which can be bought in major crypto exchanges. Rarible is notable for its partnerships with a few well-known brands, including Taco Bell. It also works with Adobe to secure NFT creators’ works. With such novel features and voting rights, an NFT marketplace like Rarible is one of the ideal venture models.
Decentraland
Decentraland NFT marketplace is the in-game portal in the metaverse game “Decentraland.” Here, users can trade in-game assets, including virtual land ($LAND) and items for users’ avatars. The platform accepts payments in its native token, $MANA, which can be purchased in popular crypto exchanges. Decentraland also allows LAND owners to build their own assets and sell them on the marketplace through a portal called “Builder.” Such a platform is perfect for metaverse startups that strive to create better products.
Binance NFT
A platform from the popular Binance network, Binance NFT allows the selling of digital artworks and collectibles. Like other platforms created by the venture, it also uses $BNB as its native token. The platform has multiple features, including a marketplace, an event section (where premium NFTs from brands and popular artists are sold), and mystery boxes (which have random NFTs with rarity features). Using the platform is very easy as creating an account and buying NFTs can be done quickly.
SuperRare
SuperRare is an exclusive NFT marketplace platform for digital artists, and it sells artworks, videos, and 3D images. Buyers can buy NFTs on the platform using Ether ($ETH), as it runs on the Ethereum network. Now, the platform has its own native token registered on Ethereum. It can be used to curate NFTs on the platform. For someone looking to capitalize on the art collectors’ craze on NFTs, an NFT marketplace like SuperRare can be a breakthrough to entering Web3.
Final Thoughts
We have seen some top businesses that have been successful in the Web3 space with their NFT marketplace models. Each of these has unique features and nature that accumulated such high levels of recognition. Hence, an NFT marketplace can be the ideal business model for people looking to enter the Web3 realm. The fact that more people are entering the virtual space as users further strengthens their business scope as new markets will open up in the next decade. Hence, it is wise to begin an NFT marketplace if you plan to adopt Web3 for business.