NFT marketplaces have risen to elevation in 2021, where NFT's are becoming the new asset class to add to your investment portfolio. We're going to be counting down the top five NFT marketplaces so you can get in on the action.
Football fans have been collecting physical cards for decades however up until now it's been impossible to build a collection in a digital world. Sorare is a fantasy football management game built on the Ethereum blockchain where users can collect digital cards featuring players of officially licensed clubs. Currently, to date, there are about 126 officially licensed clubs on the platform with European giants such as Real Madrid, Liverpool, Bayern Munich, PSG, and Juventus to name a few that have signed up to the platform.
There are 4 card levels:
- Common (these cannot be sold on the marketplace)
- Rare (100 cards)
- Super Rare (10 cards)
- Unique (1 card!)
Sorare allows you to trade digital cards with other online players, build a team, enter tournaments, and compete for prizes every week worth thousands of Dollars, Pounds, or Euros. Whereby you have a chance to win Eth and rare cards every week, which is tied to an actual live football season.
Your card earns XP points that make them more powerful in the game which allows you to compete in higher divisions to win better prizes.
You can use your local knowledge or interest in specific events to gain an edge and can be part of a global community of people passionate about the sport and platform.
What I really liked about Sorare is you have the opportunity to use this as part of your asset portfolio where you can actually grow your team into the value of about $300,000 right up to $500,000. Now you've got a digital platform where the scarcity of these cards will only go up in value and this makes for a fantastic platform in terms of building your asset portfolio.
Over time the platform has evolved to implement interactive apps, world payments, and peer-to-peer communication for users. There are two types of tokens governing the operations in Decentraland:
- Land which represents digital real estates
- In-game currency which is MANA that facilitates purchases of land as well as virtual goods
Developers are free to innovate by designing the animation and interactions experienced on their virtual real estate. Outside the gaming environment, the marketplace enables participants to manage and exchange land tokens. Owners can use the marketplace to transact or transfer parcels and other in-game items such as wearables and unique names. Decentraland builder tools authorize owners to curate a unique experience within their land parcels. Interactive scenes are designed through its editing tools where developers can access customization libraries and payment implementations.
What is very exciting about Decentraland is that it is forming the basis of what we've seen in movies like Ready Player One, the only bit that needs to start catching up now is Virtual Reality, Augment Reality, and Mixed Reality but projects like Decentraland is going to become a staple diet within our own reality of how websites and social media was for companies. If a company does not have a website or social media they're out of business and what's going to happen now is if companies are not participating in platforms like Decentraland they're not going to have a competitive edge and they're not going to have a company. This is the marketplace for business, employment, events, socializing, and financing.
The growth of crypto art was one of the most fascinating trends of 2020 and shows no signs of slowing down particularly for 2021. NFT art marketplaces such as Rarible have boomed on the Ethereum protocol and part as a direct result of the amount of value being generated through activities on the DIFI apps.
Users can use Rarible to mint NFT's which is actually a very big deal for various content creators for example artists could sell their creations such as books, music, art, and photographs as NFT's. Anybody can create an NFT on Rarible this opened up the floodgates for young talents and upcoming artists. Rarible has a considerably more ambitious vision than merely becoming a platform for securing art and digital collections using blockchain this is partly why investors are flooding into Rarible ERC 20 governance token RARI.
RARI supply is set at 25 million rarity tokens this is divided into 10 percent for airdrops 30 go to investors and the Rarible team and 60 percent will be accessible through marketplace mining where users can earn rarity tokens through either buying or selling on the Rarible marketplace platform.
Opensea is the first and largest marketplace for user-owned digital goods which include collectibles, gaming items, domain names, digital art, and other assets backed by a blockchain. Opensea has announced it raised the sum of 23 million US Dollars led by new investors and one of them happens to Mark Cuban amongst others in a Series A funding round. The latest funding will help the platform to build on its growth as seen since it was created back in late 2017.
The daily volume of NFT based items traded topped 10 million US Dollars in March with a total transaction volume growing by over a hundred times in the past six months. Besides the new backers, Opensea also declared support from older investors including Blockchain Capital and NFT thought leaders including Metaverse the world's largest NFT fund established by metakovan.
The 200 million-plus NFT's you can trade on Opensea are not owned by Opensea they are owned by the users.
NBA Top Shot
NBA top shot is an online-only marketplace where users can buy sell and trade NBA highlights. Now, these highlights or moments are owned by users through a unique number, they're basically virtual sports cards but instead of a picture of a player with statistics on the back, you get a video highlight of a play like a Lebron James dunk. In fact, a captured moment of Lebron James recently sold for 28 000 US Dollars.
The hardest part about getting into NBA Top Shot is getting a pack. Unfortunately, they don't drop on a schedule and often the packs available have hundreds of thousands of people waiting to buy them. Once you own a moment you can put it up for sale where you decide the price. If you want to undercut everyone else you can, if you want to set a higher price and hope it sells later as the market changes you can do that as well but this is where astute trading can come into place because as soon as one of an NBA player is injured, typically his price would drop and when he comes back, you'll notice that his price will actually go up.
Owning a moment in sporting history that could end up selling for thousands and thousands of US Dollars makes NBA Top Shots a really great investment.
This concludes our list of the top 5 NFT Marketplaces. Please comment down below about your favorite NFT marketplace or where you like to shop NFT's or if you would like me to go more into depth on any of these top five NFT Marketplaces I listed please let me know and I'll be happy to do so.