Top 10 NFT Marketplaces to Watch – August 2022
NFTs have had a relatively volatile position so far in 2022. Factors such as controversies, the bear market and the crypto winter have all discouraged many people from dealing with cryptocurrency and of relations – NFTs. But while the huge crowds may have started to disperse, the industry still continues to run.
Here are 10 NFT marketplaces that are still going strong – along with potential ones that are showing strength.
Keep an eye out for these 10 NFT Marketplaces in August!
NBA Top Shot: For sports fanatics
NBA Top Shot is an NFT marketplace curated by the National Basketball Association and the Women’s National Basketball Association. Here you can buy collectibles of memorable moments, video clips, highlights and artwork from the world’s premier basketball leagues.
The NBA authorities have designed this as a closed marketplace, where you can only buy and sell at the top using the Dapper Labs-built Flow Blockchain. It is convenient to register and buy directly on this website, and the collectibles are also reasonably priced. But not all are cheap, last year in February, a Lebron James slam dunk video NFT fetched over $208,000.
Foundation: From Premium Artists
Designed as a simple, hassle-free, easy way to bid on digital collectibles, Foundation.app has sold more than $100 million worth of NFTs since its launch in early 2021. The platform uses Ethereum for its NFT transactions and functions on an invitation-only basis for the artists.
If you’re looking for an easy way to kick-start your NFT mining career, then Foundation isn’t the best place to start, but the marketplace offers a myriad of artwork that can be purchased in a few easy steps.
Nifty Gateway: For high-end and rare drops
If you want to make a big investment in NFTs or want access to exclusive collectibles, this is the place for you. Nifty Gateway is known for hosting some of the most expensive and exclusive digital art, including artist Pak’s collection ‘The Merge’ which sold for $91.8 million. The platform also made headlines when it was acquired by crypto exchange Gemini in 2019.
This marketplace has some unique options like hosting purchased NFTs (which means the NFT you purchased doesn’t need to be stored in your wallet, but you can store it directly on the platform) and to increase demand the platform uses ‘ Open Issues ‘ — a system where you can buy new NFTs as they are issued within a limited time frame and after the allotted time, no more NFTs are ever issued from that pool.
Object: Gives royalties to artists
Objkt is currently one of the leading NFT marketplaces on the Tezos Blockchain and supports both English and Dutch auctions. You can find many Hic et Nunc tokens here. By prioritizing users’ convenience and offering them several unique features, the platform is designed in a more avant-garde way than other marketplaces.
Objkt gained momentum in the NFT artist community by giving them royalties and respecting their art. Artists can mint NFTs themselves with a minimum of 0.0011 TEZ. For each transaction, the platform charges a fee of 2.5%
Binance NFT: Low Fees, Hassle Free Trading
After being one of the leading crypto exchanges in the market, Binance’s NFT Marketplace is now on its way to becoming one of the largest NFT marketplaces around. Backed by its own blockchain, BinanceNFT is marching towards becoming the most future-proof marketplace.
The main USP of this platform is that it charges very low fees on transactions. Binance only charges a 1% trading fee. If you own a Binance Token (BNB), it will be incredibly easy for you to access this marketplace, but you can also use Ethereum (ETH) and Binance USD (BUSD) to bid. If you are an NFT creator, you can deposit ETH and BSC NFTs to sell your digital collectibles.
SuperRare: Ethereum’s Elite NFT Marketplace
SuperRare has the interesting reputation of being the NFT marketplace with the highest standards. For example, all artists wishing to mint NFTs must apply for and receive approval from SuperRare Labs. This process involves submitting a formal application, a one-minute video introduction, and three of the artists’ best works of art in a Google Drive folder. As a result, SuperRare has curated a rigorous but exclusive and expensive marketplace on the Ethereum blockchain.
When it comes to the technical, SuperRare also practices exclusivity. In detail, SuperRare only accepts Ethereum’s native cryptocurrency Ether (ETH) for transactions. In addition, the platform has a flat 3% commission fee along with the usual gas fees that apply on the Ethereum blockchain.
However, creators who pass SuperRare’s standards are well taken care of. The platform awards artists a 10% royalty fee for each secondary sale. This is along with the 85% they get from their primary NFT sales.
STRMNFT: Home of Lady Ape Club
STRMNFT is one of the newest NFT marketplaces to launch in 2022. As such, they have been very generous with features such as free coining until the end of July 2022 and holding contests with a prize pool of $10,000.
The platform is a project of StreamCoin and uses much of their original technology to build the platform. Among these is the NSTA_602 NFT Standard, which allows users to tokenize ownership of videos. Secondly, it also introduces a new mechanism – Dual Delegated Proof-of-Stake (DDPoS) to reach what they claim to be a processing speed of 300,000 transactions per second. In the end, the platform chose to use its own blockchain – Stream Chain – for energy efficiency and its remarkable speed.
STRMNFT is also home to the Lady Ape Club (LAC) NFTs, which launched earlier in July. This NFT collection sold out almost immediately on both STRMNFT and OpenSea. Notably, this was the first collection launched on STRMNFT, and its success makes it a platform to keep an eye on for the future.
Solanart: The marketplace of Ethereum’s rival chain
Solanart is the first and largest marketplace distributed on the Solana blockchain. As a result, users planning to use Solanart must have wallets compatible with Solana. These include wallets such as Phantom, Ledger, Sollet and Glow Wallet among others.
A unique system for Solanart is the “Temporal Account”. This account is owned and controlled by Solanart where a database records every sale of each respective NFT. When a sale occurs, an automated system transfers the SOL paid by a buyer for the NFT to the seller, who then unlocks the NFT to the buyer.
Solanart has a transaction fee of 3%, as well as an advertising fee of 0.02% for each NFT purchased on the platform.
Rarible: The Definition of Multiblockchain
Rarible, in particular, is an NFT marketplace that supports six blockchains. These are Ethereum, Flow, Polygon, Tezos, Immutable X, and most recently Solana.
When it comes to fees, Rarible boasts a competitive model. Recently, it lowered its fees to 1% across all compatible chains. It also has a 2.5% trading fee and a competitive royalty fee of up to 50%. Finally, it has a gasless coining feature to counter Ethereum’s particularly high gas fees.
OpenSea: NFT Marketplace Giant
OpenSea is one of the most prominent NFT marketplaces, bar none. It has been home to the most high-profile NFTs such as CryptoKitties and Bored Ape Yacht Club. This enormous success makes OpenSea synonymous with the term ‘NFT Marketplace’.
However, this huge success also opened the platform to many controversies. Numerous reports of hacking, piracy, theft and exploits have plagued the platform over the years.
Platform-wise, however, OpenSea has a ton of flexibility. It supports up to 150 payment options, has NFTs from multiple blockchains, and even has a “Gasless Minting” feature to counter Ethereum’s high gas fees.
Conclusion
A shaky situation does not always result in failure. Sometimes it’s hanging on and making things work in these troubled times that results in newfound strength. The current state of the crypto industry negatively impacting the NFT market does not necessarily mean that any of them have failed.
As such, this list aims to help those who look at our current market situation and see the potential it brings.
The above content is non-editorial and Mediawire hereby disclaims any warranty, expressed or implied, relating to the same. Mediawire does not guarantee, endorse or necessarily endorse any of the above content, nor is it responsible for them in any way. NFT is an unregulated digital resource; not a legal tender. Subject to market risk. Seek independent advice from your financial adviser. Do your own due diligence and take all necessary steps to ensure that all information and content provided is correct, up-to-date and verified.
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