In our earlier blogs, we explained the concept of NFTs, their use-cases, and even listed the top 5 play-to-earn NFT games. A lot has been going on in the world of NFTs and it’s becoming practically impossible to keep a track of it.
In today’s blog post, we’ll list down the top 5 NFT marketplaces but before that let’s explain what is an NFT marketplace.
What is an NFT Marketplace?
In this digital world, you can get almost any product or service through an online marketplace. For example, we have Amazon to purchase any physical goods all the way from clothing, appliances, books, electronics, etc. Similarly, you can buy and stream music from a music streaming platform, get flight tickets from a travel portal, or book homestays on Airbnb.
Similarly, we have marketplaces for creating and trading NFTs. However, it’s worth noting that we live in a multi-chain world, meaning there are more than blockchain networks on which you can create and trade NFTs. Some of the well-known blockchain networks are Ethereum, Binance Smart Chain, Solana, Polkadot, and Terra.
Most of these blockchain networks support the creation and trading of NFTs, but each of the blockchain networks has separate NFT marketplaces. Some of the well-known NFT marketplaces for each of these networks are – Opensea, Rarible, Infinity on Ethereum chain, Solanart on Solana, RandomEarth & Talis on Terra.
Now, let’s have a look at some of these NFT marketplaces.
OpenSea is the biggest NFT marketplace by volume. Funded in 2017, the peer-to-peer digital goods marketplace has already done over 4 billion in volume with 330k users and over 34 million NFTs listed on their platform.
OpenSea started with trading of NFTs on Ethereum mainnet and now offers cross-blockchain supports across Ethereum, Polygon, and Klaytn.
Another leading NFT marketplace on Ethereum blockchain, Rarible is a community-owned marketplace funded in 2020. It’s an open-source platform and also features a governance token called $RARI.
Infinity is the latest open-source NFT marketplace on the Ethereum blockchain network. It’s a community-driven and decentralized NFT super app enabling users to discover, create, and trade NFTs with lower transaction costs than OpenSea.
The marketplace also features a governance token called $NFT allowing the community to govern, propose, and vote on upgrades and use of treasury funds.
Solanart is the very first and biggest NFT marketplace on the Solana blockchain network. Similar to other NFT marketplaces, Solanart allows users to get quick and easy access to the world of NFTs with minuscule transaction fees compared to the Ethereum network.
RandomEarth is a brand new NFT marketplace on the Terra blockchain network. As of now, the marketplace only features a handful of NFT projects such as Galactic Punks, Terrapins, Luna Bulls, and Terra Whales.
Earlier called StarDust, the platform recently changed its brand identity and renamed itself to RandomEarth.