NFTs became one of the biggest stories in crypto in 2021. But in 2022 it looks like the NFT market is losing steam. The NFT global sales which stood at a record over $4.62 billion in January 2022, slumped to over $2.99 billion in February and further nearly halved to $2.44 billion in March.
That means the NFT market is ready to return to growth and that’s because the NFT industry is some of the biggest and fastest-growing industries in the digital arena in the most important NFT Marketplace. If you missed riding the last NFT wave, this could be the perfect opportunity for you to invest in some NFTs.
Note: 7 NFT Marketplaces are built on very fast and cheap blockchains like Polygon, FLOW, WAX, BSC, and Solana. This means even though the majority of users trade NFTs on the Ethereum blockchain, a shift toward alternative blockchains has already taken place.
OpenSea was the first one of NFT Marketplaces to go viral. In 2017, it launched its beta version. But, not until October 2019, OpenSea have 10,000 traders on Ethereum, and at present over 1.2 million traders use OpenSea. That’s because in Q3-Q4 of 2021 OpenSea integrated Polygon to support lost cost and high-speed NFT minting.
Overall, 87% of the total volume in the whole sector is executed in OpenSea, and if you need a super simple guide that could help you. But, which kind of NFT collections had a tremendous success? For example:
- Bored Ape Yacht Club: Currently 10k NFTs, 64% have an owner with 462k ETH in trading volume.
- Mutant Ape Yacht Club: Currently had 18.4k NFTs, 65% have an owner with 284k ETH in trading volume.
But everything is not perfect on this platform. OpenSea had a phishing scandal recently which gave the entire NFT Marketplaces sector an emotional shock. But, the platform seems to have fixed this with a collection verification process. Also, OpenSea offers you quite some different kinds of NFTs:
- Domain names
- Trading cards
- Virtual Worlds
More About OpenSea
Interestingly, OpenSea is the first cross-chain NFT marketplace that didn’t charge any fees for NFT designers to sell them. Moreover, OpenSea has partnered with CoinTracker, a leading crypto tax offering platform to help many NFT designers with their tax problems.
Did you know that OpenSea also gives users a royalty option? When you upload any NFT in the marketplace, you can establish a 2.5% income revenue with a 2.5% fee for every progressive sale. In addition, OpenSea has integrated with Solana’s blockchain. Therefore, users will be able to quickly trade their NFTs with very low fees. It started with a beta version until now.
Also, LooksRare rapidly climbed up the ranking ladder and is strongly competing against OpenSea for its market share. That’s mainly because rewards its users with LOOKS, the native token of LooksRare for buying/selling. Also, staked LOOKS tokens earn WETH and more LOOKS from trading fees.
But that’s not all, users can also stake LOOKS tokens with a 210% APR and have instant royalties. Therefore, if you are interested in a detailed comparison of OpenSea and LooksRare check out our video. Moreover, according to the total trading volume of the platform, here are the best NFT collections:
- TerraForms: 3 million ETH with a total supply of, 9892 NFTs, where only 22% have an owner.
- Meebits: 2.8 million ETH with a total supply of almost 20k NFTs, where only 30% have an owner.
LooksRare vs Opensea – @BoredApeYC
The buyer got $3.5k in trading rewards. On Opensea, they would have gotten none.
The seller saved $1.5k in fees and got $3.5k in trading rewards. That's $5k+ more than they would have gotten on OpenSea.
— LooksRare – NFT Marketplace (@LooksRareNFT) January 15, 2022
More About LooksRare
Another thing that works in favor of LooksRare is that the trading fees are 20% lower than OpenSea. See an example here. Also, this NFT marketplace let users bid on a whole collection at once. This is a very cool feature for NFT designers.
Additionally, LooksRare has a bounty program with Inmunefi. It will let smart contracts be more secure by preventing the loss of NFTs and funds. Depending on the type of vulnerability, people can be rewarded from $1k to $1 million. Moreover, LooksRare supports HMTL and JS NFTs to prioritize security and privacy by adding a tracking pixel to track malicious behavior in NFTs.
Finally, at the time of doing this video, LOOKS is trading at $1.56 with a marketcap of $382 million and a 24-hour trading volume of $102.2 million. You can buy this token on Uniswap (V3), Huobi Global, FTX, and OKX.
Another rapidly growing NFT Marketplace is NFTrade which seems to have integrated a maximum number of blockchains. It supports Solana, Polygon, Avalanche, Ethereum, and Binance with zero transactions fees. Also, NFTrade is the first cross-chain NFT platform where anyone can create, buy, sell, swap frames, and leverage NFTs:
- Create: Anyone can create fully decentralized NFTs or collections with drag and drop features.
- Trade: NFTrade has an intuitive user interface where you can buy/sell NFTs with supported chains.
- Swap: You can swap NFTS in a peer-to-peer mechanism that makes them very secure.
In its marketplace, you will find hundreds of collections from its supported blockchains. In each NFT, you will find information about: the description, collection, asset, and blockchain details, properties, and historic transactions. With the NFTrade marketplace, cross-chain traceability will be easier.
Another very important feature of NFTrade is its farms. In them, you can buy an NFT by first staking tokens in any NFT farm. Once you reach the number of tokens you need to buy an NFT, you can claim your tokens from the NFT farm and directly buy them. Here is an example. Moreover, NFTrade has a launchpad that provides a robust infrastructure for new projects to leverage their community.
Also, NFTrade has announced a partnership with GameFi, where users can transpass NFTs between NFTrade and GameFi marketplace. This will add value to NFTrade NFTs. In addition, NFTrade has partnered with the BNB Chain Fund to boost NFT adoption.
More About NFTrade
Another very interesting partnership of NFTrade is the one with Nitro Network. With this alliance, NFTrade will open an NFT farm which will allow Nitro’s native token holders to stake it and get exclusive NFTs.
This NFT marketplace has its native token called NFTD. Its use case is for owners is:
- Governance: Vote for new proposals like new features, and attributes, among others.
- Big discounts on transactions fees.
- More benefits: NFTD holders can have more staking and farming rewards.
- Access to exclusive NFT launch: NFTD holders will have exclusive drops, launches, and giveaways.
At the time of writing this article, the price of NFTD is currently trading at $0.5507 with a marketcap of $11.5 million and a 24-hour trading volume of $217,000. You can buy NFTD in Pangolin, Pancakeswap (V2), Uniswap (V2), Gate.io, and MEXC Global.
4) Enjin One
Enjin NFT marketplace is one of the platforms with the highest growth right now. 10.3 million ENJ, its native token, were spent on NFTs and more than 3.2 million NFTs were traded. Sports collectibles, music tracks, gaming assets, and digital art can be traded in this NFT marketplace.
What makes Enjin’s NFT marketplace a great platform is that you can trade the NFTs you earned playing in P2E games, among other projects like Microsoft, Binance, and CoinMarketCap. Nowadays, there are almost 17,000 NFTs on sale where you can see the transaction history and the ranking between all NFTs.
In addition, it’s important to know that Efinity, the first parachain of its kind on Polkadot, is partnering with leading P2E games like CryptoBlades. Another very cool use case of Enjin’s NFTs is that you can use them in MyMeta GTA. Can you imagine stealing NFTs from another person playing GTA? Amazing!
Finally, Enjin is building a next-generation NFT marketplace with instant and free transactions that support cutting-edge smart contracts. It will be released later this year.
5) Crypto.com NFT Marketplace
Last but not least on our list is the Crypto.com NFT Marketplace, which hosts very famous creators like Aston Martin F1, Snoop Dogg, and UFC, among others. Also, the top collectibles quickly reached $1 million.
In addition, this NFT marketplace is now available in the crypto.com app (4) With this integration, users can discover, collect and trade NFTs on your phone. To celebrate it, crypto.com launched an NFT giveaway of Apol-Leo 1000.
More About Crypto.com NFT Marketplace
On the other hand, this NFT marketplace added Bored Ape and The Sandbox NFTs to its whitelist. With this new feature, users can deposit their ETH-based NFTs with no listing fees. Another great NFT collection is from the Philadelphia 76ers, a leading NBA team. Even though this NFT platform just has 1 year.
Finally, at the time of writing this article, CRO, the native token of crypto.com, is trading at $0.40 with a marketcap of $10.1 billion and a 24-hour trading volume of $56.4 million. As you can see, this NFT marketplace is attracting very attractive NFT collections from many sectors that are getting introduced in this industry.
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