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Despite widespread claims that they were tremendously overhyped, Non-Fungible Tokens (or NFTs as they are more commonly known) are still in high demand. This is made evident by the increasing market size of the emerging crypto sector which has witnessed an enormous boost over the past few years.
For instance, NFT sales volumes reportedly hit an estimated $25 billion in 2021 alone, skyrocketing up from the comparatively meagre $94.9 million recorded in the preceding year. In the same vein, the size of the NFT market shot up from $340 million in 2020 to nearly $41 billion in 2021, suggesting explosive growth in the barely seven year old industry.
With an ever-increasing number of NFT projects and growing interest in the space,
more people are making enquiries into how to get started to participate, and even which marketplace to choose to get on the board.
Those already familiar with space, will doubtless agree that choosing the right NFT marketplace, especially for newbies, makes a big difference. Whether you intend to buy, sell, exchange, or mint NFT art, choosing a marketplace that suits your creative medium is essential. To this end, we have compiled an unbiased list of the top 10 NFT marketplaces on which to trade in 2022.
Top 10 NFT Marketplaces on Which to Trade Digital Arts in 2022
- Decentraland: Though it is not one of the typical NFT marketplaces you are most likely familiar with, Decentraland is definitely a go-to destination when it comes to minting, shopping, and trading NFTs. However, you must understand that, unlike other marketplaces, the most common NFTs found and traded here are not exactly framed artwork, memes, or avatars, and the reason lies in its nature.
Decentraland is a 3D virtual world in which users may buy virtual property, such as plots of land, in the form of NFTs. The ability to acquire virtual plots as NFTs makes Decentraland’s approach to the NFT marketplace quite unique among its peers. So if you are looking for a marketplace that offers the sale of virtual land and estates as NFTs, then Decentraland is the perfect destination.
- Axie Marketplace: If you are a GameFi fan, then you are most likely acquainted with the name ‘Axie Infinity’. In case you are not one of these people however, Axie Infinity is an NFT-based online video game that is prominent for its in-game economy that helps to incentivize player participation.
In terms of the in-game economy, the Axie Marketplace is the official online shop for Axie Infinity; here, players can easily find any in-game item, such as virtual land, or other items used in the mechanics of the game, including the Axies themselves (mythical pet characters in NFT form used to compete against other players in Axie’s mission and battles).
To complete a purchase on the Axie marketplace, players must have already acquired Axie Infinity tokens, otherwise known as Axie Shards. Doubling as the native token of the Axie ecosystem, Axie Shards are built using the ERC20 (Ethereum) token standard and can be traded beyond the Axie network. In other words, players can trade these Axie Shards, or their in-game items, on a variety of other NFT marketplaces, as well as on some cryptocurrency exchanges like Coinbase Global.
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