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- 1 Non-fungible tokens (NFTs) are unique tokens running over a blockchain and can’t be duplicated.
- 2 It is simply a collection of real-world or digital items including artwork, Profile pictures, real estate, music, and many more.
In May 2014, a unique token, NFT, was launched to the world. However, the concept gained popularity in 2017 with the enhanced collection on the Ethereum blockchain. The token simply gives ownership to videos, music, artwork, and other online collectibles. With continuous evolution, the NFT marketplace hit $40 Billion in value in 2021 and is expected to expand much more in the near future.
Let’s take a look at the top 5 NFT marketplaces to explore in August 2023.
OpenSea
OpenSea is the very first name that comes into mind while talking about NFT marketplaces. The platform was introduced in 2017 and hosts a wide range of popular NFTs categorized under art, music, PFPs, photography, virtual worlds, trading cards, etc. OpenSea holds around 80 Million NFTs, 2 Million collections, and approximately 1.26 Million active users. The platform is user-friendly, charges less fee, and supports Ethereum, BNB, Polygon, Solana, and Avalanche making it a great platform to explore.
Magic Eden
Another popular name in the list is Magic Eden, a leading community-centric NFT marketplace launched in September 2021. The platform carries out around 3,200 NFTs sold every day and holds over 10 Million unique users. Also, Magic Eden has 7,000+ NFT collections making it an effective option for NFT purchases. Its simple user interface and support for Solana crypto wallet is a feature that will make the platform unique and effective in 2023.
Binance
Binance NFT marketplace is another giant player in the list offering individuals the opportunity to mint, sell, buy, trade, bid, and collect NFTs. The platform was launched by Changpend Zhao in July 2017 and emerged as one of the biggest digital asset exchanges within 180 days. Binance holds more than 3 Million NFTs and around 50,066 owners at present. Support for gaming, artwork, and collectibles makes the platform unique compared to other NFT marketplaces. Also, the platform charges less fee in comparison to OpenSea, making it an efficient platform to explore in 2023.
Nifty Gateway
Nift Gateway is a name well known for hosting exclusive and expensive NFT sales and came into the spotlight when acquired by Gemini in 2019. The platform launched around 6,623 new NFTs showing the digital art of 418 artists. Binance charges less fee of around 1% trading fee and offers a user-friendly interface using a similar layout and technologies as their exchange. The platform runs on its own blockchain, making it more efficient and less risky.
Superrare
Superrare is another popular name in the NFT landscape and is mainly known as an art gallery, officially launched in April 2018. Currently, the platform has around 9,189 owners with a total supply of around 40,667 tokens. The marketplace does not include meme-style NFTs in the collection and takes a sufficient amount of time to review the work before making it available for sale. The platform is the best choice for individuals looking for high-end NFT artwork.
Conclusion
The NFT landscape is evolving continuously, making it easy for users to buy, sell, trade, or own NFTs. Superrare, Nifty Gateway, OpenSea, Binance, and Magic Eden are some popular platforms to explore in 2023.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
