Trending NFT Marketplaces in 2022: Benefits and Future

NFT development services

Review the top-rated NFT Marketplaces popular among Crypto enthusiast  

The birth of NFTs and their popularity is recent, yet it is a widely spreading digital bandwagon across the nation. Introduced in 2017, NFT found its place on the Blockchain platform, and within a few years in 2021, the word NFT is being talked about by every investor on this land. Since then the NFT marketplace development and its trading platforms have been escalating their presence in the digital world. 

In simpler words, the NFT marketplace could be regarded as an online shopping mall that possesses NFTs of genres created by NFT artists. The fine pieces of NFTs are claimed by the investors at a bidding price abiding by tax regulations. The fact that the tech giants and the fashion industries are curating the pieces of art over the marvellous NFT marketplace makes them huge with respect to their popularity. Because of this reason, the NFT Marketplace app Development companies are creating multi-feature supported NFT Marketplace to innovate the trading experience. 

As the rage of the NFT is rising, there are plenty of options for the NFT marketplaces for the individual to select from. But before we address the renowned marketplaces of 2022, let us know the gist of the NFT marketplaces superficially:

NFT Marketplace- Basics

As the name suggests, NFT Marketplace is an online platform for conducting all the NFT-related services like purchasing, selling, and minting NFTs. Similar to an online shopping mart, an NFT artist can display their exclusive piece of work under an assigned digital value for sale. The buyers can purchase the precious NFT and bid for the NFT art pieces with cryptocurrencies like Ethereum. 

However, for trading to be possible the prime requirement is to hold the possession of a crypto wallet that stores cryptocurrencies. Moreover, the crypto wallet could also be regarded as a storefront for the purchased NFTs. Hence, a crypto wallet is the most valuable possession for buyers as well as NFT artists. Furthermore, by incorporating Smart contracts, NFT Marketplace developers can build an NFT trading platform with automated functionalities.

The entire procedure of the transfer of the ownership of NFTs is so quick that within a blink of an eye your ownership could be transformed for further trading and hence liquidity of NFTs remains at the top position. The association of the NFT with the fashion capitalists further encourages the sale of NFTs among investors. For example, several celebrities like Amitabh Bacchan, and fashion sensations like Nike are introducing their signature NFT, enthralling interest among the crypto enthusiasts. 

After fetching the basic information on NFT Marketplace, let us now begin with the list of top NFT Marketplace in the year 2022:

  • WazirX

A regional and domestic NFT supported, invented in 2018 focuses on the Indian cryptocurrency exchange that houses 7.3 million users. Owned by Binance, a crypto trading platform WazirX allows traditional craters to exhibit their talent on the NFT Marketplace. Moreover, the Wazirx is an excellent platform for beginners with comparatively lesser service fees. As the Indian government approved the cryptocurrency bill, the WazirX platform in November 2021 incurred $38 billion in trading with an overwhelming response. 

  • OpenSea

A pioneer NFT marketplace born in 2018 poses the most elegant range of NFTs including sports, gaming, domain names and much more. OpenSea is an international NFT Marketplace that retains approximately 75% of the NFT worldwide. The entire trade of the NFTs is conducted on the Ethereum platform which has been widely used by crypto investors over the globe. OpenSea supports buying, selling as well as creating NFTs and aims to attract maximum users worldwide. Smart contract standardizations such as ERC 721 and ERC 11 are incorporated into NFT functioning. Moreover, the reach of the OpenSea marketplace is impeccable because renowned personalities like Mark Cuban and Logan Paul use this platform for NFT trading and it also supports over 150 cryptocurrencies as the choice of payment.

  • Colexion 

Asia’s huge and licensed NFT Marketplace to trade for NFTs. Colexion is gearing its speed to introduce a digital NFT museum with a spice of augmented reality. Moreover, they possess a personalized gaming platform that enables players to create their game avatars by partnering with cricketers like Yuvraj Singh, Glen Maxwell, and many more renowned players and musicians like Salim Sulaiman and Aamir Ali exclusively. 

  • Nifty Gateway

Nifty Gateway supports artists and imparts numerous advantages over other NFT Marketplaces. They possess their NFT “Nifties” collection and appreciate the NFT artist with zero gas fees. Moreover, they showcase a limited-edition collection every three weeks to lighten up the NFT marketplace with huge profits. Creative artists like Steve Aoki and Grimes host the Marketplace with desire and passion.

  • Rarible

Another recently ranked NFT Marketplace in 2020 is gaining popularity with numerous features of the NFT marketplace. Rarible functions on RARI with ERC-20 token standard along with ERC 721 and ERC 1155. Rarible is known for the diversity and uniqueness of the NFT collection. With emerging popularity, Rarible now displays a huge collection of the NFT that comprises photos, games, music, artwork, music, domains, and even a metaverse collection. Moreover, the NFT collection on the Rarible could be swapped to the OpenSea Marketplace integrating the NFT Marketplace for optimized results.   

Summing up

As NFT Development Services are expanding rapidly. So it can be difficult to choose from the vast options of the NFT marketplace, every NFT platform harbours unique advantages for its users. Investing is likely to take a leap from the traditional practices and shift the paradigm towards a newer and exciting NFT industry. However, some speculations have been put forward by the opponents regarding the rate and fluctuations of the NFT every passing day but the current trend points towards optimistic results. The selection of the NFT Marketplace should be crucially conducted under expert supervision by weighing the pros and cons of the NFT marketplace. Look out for these trendy NFT Marketplaces for the year 2022.