NFTs are all the rage when it comes to the crypto industry.
Before we look at the top 4 NFT marketplaces, let’s briefly explain what an NFT is.
An NFT is a token on the blockchain that proves ownership and confirms the rarity or scarcity of a digital asset. NFT is a shortcut for Non-Fungible Token, which means that each of these digital assets is unique in its own way. Each of these NFTs has its own registration number, much like the address of a house or a car registration number.
NFT marketplaces will rapidly gain prominence in 2021, and NFTs will become the new asset class to care about in the crypto space. NFT marketplaces are put into providing a marketplace for buying, selling, and trading NFT tokens.
What other applications can an NFT marketplace have?
We have added an innovative marketplace that will show how NFT marketplaces will change in the future. The best NFT marketplaces are aimed at the growing sector of NFT collectors, enthusiasts, and prospectors who want to engage with one of the most exciting asset classes to emerge in recent times.
Let’s explore the top NFT marketplaces:
OpenSea is the first and largest peer-to-peer NFT marketplace for crypto goods. You can think of it as eBay on the blockchain. On offer are collectibles, gaming items, and other virtual goods secured by blockchain. You can buy, sell and trade any of these items with anyone in the world. OpenSea is currently the most significant general marketplace for user-owned digital goods, with the broadest range of categories, and now has over 4 million items.
Rarible is an NFT marketplace, similar to sites like OpenSea. It is also a platform for creating NFTs. Users can go to Rarible with content they own, such as a digital image or moving graphic, and create an NFT.
Sellers can create multiple NFTs for a single image, allowing them to sell it multiple times. Or instead, sell only one piece, which is then considered rarer. Besides, artists can set a percentage they will receive on resales for life.
Buyers can purchase NFTs and build a portfolio. Some build a personal portfolio of what they personally like, while others create a collection of art to see future value.
Hoard was the first blockchain gaming platform to offer actual ownership to gamers using Ethereum. Hoard Marketplace is a service that allows users to trade, buy, sell, lend or rent their NFTs such as in-game items, digital art, domain names, and more.
HRD’s aim is to create a competitive marketplace and to convince the USP of NFT Lending. According to the roadmap, the final version of Hoard Marketplace will be launched imminently.
After the launch, Hoard will offer you the opportunity as a kind of lending platform. Hoard’s solution provides lenders with a tool to achieve high profits and a way to acquire desired NFTs (in case of foreclosure). All in all, you can use your NFT as collateral to obtain loans in cryptocurrencies and making good use of your funds.
Also, you can stake your HRD and can get a high staking reward. This is what the new marketplace will look like.
SuperRare is a social platform that promotes the creation and collection of crypto art—founded by John Crain, Chief Executive of Pixura, and Jonathan Perkins, Chief Product Officer of Pixura. SuperRare has worked with artists since its inception and places a high value on listening to artist’s and collectors’ needs.
One could argue that SuperRare is the high-end equivalent of Rarible. The entry barriers are higher, and artists must submit their work for approval before it is listed. Whereas on Rarible, anyone can join.
In summary, OpenSea is currently the largest marketplace for NFTs, but competitors like Rarible do not rest. SuperRare, on the other hand, focuses on art, and it is not so easy to list an NFT there. The Hoard marketplace will take NFT marketplaces to a new level. More ERC20 tokens will be accepted, flash loans, staking, and lower fees will be the competitive advantages! In addition, the Hoard marketplace is going down a new path with NFT Lending and that’s where they need to prove themselves. If that works out, then the big marketplaces will get a new challenger for the throne!