#12: Introducing 5 NFT Marketplaces

22/03/2022

The recent wave of NFTs has taken an important place in the crypto market. NFT is applied in many fields, including art, games, metaverse, collectibles, and even tangible assets such as cars, watches, real estate.

With the potential of NFT, there should be platforms to exchange, buy and sell NFT products for many different purposes. These platforms are called NFT marketplaces. Let’s take a closer look at 5 NFT markets with us below.

1. OpenSea

On the OpenSea platform, there are many types of NFTs, including art, music, domains, collectible cards, or sports-related NFTs. OpenSea uses the ERC721 and ERC1155 Ethereum blockchains for NFTs. One of the advantages of artists creating their NFTs using OpenSea is claiming royalties based on the value of the NFTs.

OpenSea is one of the largest NFT marketplaces with a considerable user base and revenue. OpenSea also attracts a lot of celebrities like Mark Cuban, Logan Paul, and it has introduced notable projects like Axie Infinity, Decentraland, or Bored Apes.

2. NBA Top Shot

Sports fans can enter the auction and purchase digital cards featuring epic moments from NBA Top Shot. All sports collections on the NBA Top Shot are licensed by the National Basketball Players Association (NBPA). Each NFT is unique because they differ in serial and issue numbers.

NBA Top Shot can generate massive revenue from auction fees, gas fees, listing fees, and transaction processing fees. NBA Top Shot is built on the Flow blockchain. The transaction fee in one NBA Top Shot transaction is 5%.

3. Sorare

Sorare is a football fantasy game where players buy, sell, trade, and manage a virtual team with digital player cards on the Sorare marketplace. The game used blockchain technology based on Ethereum and was developed in 2018 by Nicolas Julia and Adrien Montfort.

Players, as managers, form virtual teams of five soccer players from blockchain tokens on the Sorare platform. Teams are ranked based on the players’ performances on the real-world soccer field and scored, the same as traditional football.

4. Decentraland

In Decentraland, a universe that can be measured in 3D is called LAND. The space and its contents are divided into parcels of land defined by Cartesian coordinates (x, y). These plots are tradable through MANA, Decentraland’s cryptocurrency.

Built on the Ethereum blockchain, the Decentraland marketplace offers a whole new experience compared to other NFT trading markets. Because it bridges the gap between the real and virtual worlds, users can buy land, houses, and any other digital asset just like in real life.

5. Omni

Omni is a project that allows buying and selling tokenized fractional real estate on the project’s own NFT real estate market. This will enable investors to purchase a portion of a real estate asset instead of purchasing the entire property.

The NFT property market will solve common problems in the real estate industry, such as high fees and high entry prices. ORT tokens are also used to pay rents obtained on properties acquired by converting rents from fiat currency into ORT tokens.

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