Alongside the rise of Decentralized Finance (DeFi), there’s been a boom in NFT Platforms and sales over recent months. Non-Fungible Tokens (NFTs) are a means of representing tangible, real-world assets on the blockchain—a direct outcome of the technology’s diversifying applicability.
NFTs are non-interchangeable, unique, and therefore valuable. Digital art, crypto-collectibles, and in-game assets are some instances of NFTs, but the possibilities are endless. As of March 2021, 483,189 NFTs are in circulation. Over the past 30 days, the trading volume has been over $80 million.
In this article, we present a comprehensive list of the leading NFT platforms.
NFT Use-Cases: Some Examples
To begin, let’s take stock of the possible use-cases of NFTs, especially for the uninitiated. As such, there are multiple scenarios, and attempts to generalize could be misleading. After all, that’s what uniqueness is about—isn’t it? Nonetheless, NFTs are usually collectibles.
NFT has unfurled unprecedented possibilities for the creation, sale, and storage of digital artwork, thus becoming a rage among crypto-collectors. The immutability of blockchain technology ensures optimum authenticity for buyers, while artists get the appropriate value for their creation. For context, Beeple is a piece of NFT Art that sold for $69 million.
Recently, Jack Dorsey tokenized and sold Twitter’s first-ever tweet—published on March 21, 2006—for a whopping $2.9 million. Interestingly, the buyer, Sina Estavi, likened the collectible’s value to Mona Lisa. Cryptopunks—a collection of over 10,000 algorithmically-generated artwork—and Mark Cuban’s Lazy are some of the other prominent examples of NFTs.
The Leading NFT Platforms
So now, having seen some of the examples, let’s focus on the leading NFT platforms where you can get the best of NFTs.
OpenSea is one of the largest marketplaces for crypto-collectibles, especially NFTs. In 2017, Alex Atallah, Devin Finzer, and Joshua Wu launched this platform as the ‘eBay of NFTs’. Here, you can find trading cards, sports collectibles, in-game items, and a diverse range of artwork. In a recent funding round, the platform raised $23 million in institutional investment.
2] Nifty Gateway
Nifty Gateway is another blockchain-based NFT platform, selling authentic digital art and collectibles in the form of ‘Nifties’. Owned by Gemini, the marketplace has works from leading artists, such as Cey Adams and Trevor Jones. Moreover, you can also get collectibles like CryptoKitties.
Do you have a digital image or video that you want to sell as NFT? If so, then Rarible is an NFT platform for you, created by Alexei Falin and Alexander Salnikov in early-2020.
The platform provides you the option to either sell an NFT multiple times or create a piece for a one-time sale. Moreover, you can set a percentage price for re-sales, which effectively recreates the concept of earning royalties. As a buyer, you’ll have a portfolio to exhibit your collection. Further, this NFT platform has a native token, namely RARI, whose primary purpose is governance and incentivization.
MakersPlace is an NFT platform for creating, selling, as well as collecting artist-signatured and rare digital artwork. The platform’s founders—Dannie Chu, Yash Nelapati, and Ryoma Ito—envision an ecosystem that empowers digital artists. In doing so, it also supports and nourishes digital creativity.
In 2009, Maxim Blagov and Witek Radomsk founded Enjin—an NFT platform catering, primarily, to the gaming industry. Over time, it has become increasingly popular among gamers and game developers, who can purchase and create in-game assets. The Enjin Coin (ENJ) backs NFTs on this platform, which ensures real-world liquidity for these assets.
A brainchild of John Crain and Jonathan Perkins, SuperRare is an NFT platform encouraging the creation of authentic, crypto-based artwork. In the past, both Crain and Perkins were associated with Pixura, enabling them to bring the best of digital art to the people. To uphold quality, the platform operates on a pre-approval basis. Before being listed, artists have to submit their work for review.
Decentraland is an Ethereum-powered NFT platform, capitalizing mainly on Virtual Reality (VR) and Virtual Real Estate. Founded by Ariel Meilich and Esteban Ordano, the platform has a ‘Builder Tool’ that facilitates seamless game-asset development. MANA is the platform’s native token, with a circulation of 1.49 billion and market capitalization of over $1 billion.
8] NBA Top Shot
As the name suggests, NBA Top Shot is an NFT platform focusing on NBA fans. If you are one of them, you can collect and trade officially-licensed game videos and other similar valuables.
The platform has literally taken NBA fandom to new heights. Game highlights are usually available in limited supply, represented as tradable ‘rare moments’. In the spirit of competition, you can also showcase your collection to the community.
KnownOrigin is an NFT platform where you can discover and buy authentic pieces of digital art, stored and secured on Ethereum. For those with a keen eye for artist finesse, this virtual art gallery is definitely a desirable place to visit. On the other hand, artists can easily submit their work in JPG or GIF format, which in turn, is stored in a decentralized manner and is secured with encryption.
In this article, we have informed you of some of the best NFT platforms. This should get you underway in your NFT journey. Yet, if you wish to keep pace with the latest developments in the NFT domain, keep an eye on our NFT Archives.