Emerging NFT Markets That Everyone Should Know — BingX
The hype around non-fungible tokens (NFTs) has calmed down a bit in the past weeks. While at the beginning of the year and especially throughout the year 2021, everything seemed to be about NFTs, now, not as many people talk about this subcategory of cryptocurrencies.
However, times like these are the best for developing or improving products and platforms that are offering any types of cryptocurrency-related services. This is also true for NFT marketplaces, which are the go-to destinations for fans or collectors of NFTs.
Top 5 emerging NFT marketplaces
And while the demand for trading NFTs have decreased a bit compared to last year, the NFTs are mostly thought of as the future technology that will be used day to day. That is one of the reasons that even though the current situation is not ideal, there are still new projects entering this market, to build a reliable name and brand before the next bullrun hits. So, what are these projects?
x2y2 — one of the main OpenSea competitors
This marketplace offers a wide variety of products, such as loans or rewards. Other than that, it also offers tools to creators to help them manage the minting process and royalty management. Thanks to these and many other features, the popularity as well as the traded volumes on this platform are increasing on average, as portrayed below.
Weekly volume of x2y2 NFT marketplace in ETH, Source: sealaunch.xyz
Blur — a new whale in town
is one of the newest NFT marketplaces out there. However, it has already gathered a lot of attention. It has been only released at the end of October 2022, but it has already become the 2 nd biggest NFT marketplace when it comes to single-day trading and 24-hour trading volume metrics. On its first day of trading, more than 1 160 ETH (worth $2.5 million at the time of writing) was traded, putting Blur just behind OpenSea in this metric.
This marketplace has been backed by some of the most important investors in the NFT sphere. These are for instance Paradigm, 6529, Zeneca or Cozomo Medici. It has raised over $11 millions at the first funding round. And while it can clearly be seen that this marketplace is improving and rising, it has already managed to get into conflicts with one of its main competitors.
Vaults — a NFT platform from Reddit
However, Reddit has decided not to call this place “NFT marketplace.” According to Steve Huffman, CEO and Co-founder of Reddit, the platform did not want to confuse its users with cryptocurrency terminology. They apparently want to make collectibles “simple and not confusing, unlike NFTs.” Some, however, expect that there might be more to this decision.
Currently the platform offers Avatars that range from $10 to $100. They can be purchased with credit cards rather than cryptocurrencies. However, they are stored on Polygon due to its low cost of transactions and sustainability commitments.
KnownOrigin — main competitor of SuperRare?
Similarly to SuperRare, this platform thus mostly showcases the NFTs of the highest quality and rarity. Just like most other marketplaces, KnownOrigin uses Ethereum blockchain.
LooksRare — community driven NFT marketplace
LooksRare is defined by three key pillars that are stating that the users buying or selling NFTs on the platform will receive reward in the form of LOOKS, 100 % of the generated fees will go to stakers and the creators receive royalty payments at the moment of the sale of their artworks.
While there are other platforms whose performance is improving, the above-mentioned list has a potential to challenge the best and most used NFT marketplaces in the world. It might be a bit too soon to judge now, but one can only assume that when the next bull run comes, the emerging NFT marketplaces that have built the best product and brand will definitely make more impact than they are making now.
Originally published at https://blog.bingx.com on November 24, 2022.