Non-fungible tokens (NFTs) have evolved into a billion-dollar market post the NFT boom. As of May 2022, the market trade volume for NFTs has been more than US$ 37 billion (Source: Chainalysis.com), which is expected to grow through the last quarter of the year. The figure here indicates only the amount sent to NFT marketplace ventures, which have seen tremendous growth over the past year. These platforms serve as entry points to newbie NFT users, and some even integrate other Web3 functionalities, which creates space for innovation. Details of the top NFT marketplace ventures in 2022 are briefed below.
Possibly the legend of NFT marketplaces, OpenSea primarily runs on Ethereum, with support to multiple networks. It functions on a horizontal trade model where all sorts of NFT items can be sold and resold by people. The platform has been behind more than 90% of the total NFT trades in the 2021 boom, thanks to its longevity in the Web3 space.
Rarible is one of those NFT marketplace platforms with community governance based on its native token $RARI. In terms of business, it is similar to OpenSea, as general NFT assets can be listed for sale on the platform. It runs on Ethereum, with support for blockchains that have been energy-efficient such as Flow and Tezos.
NBA Top Shot
NBA Top Shot is an NFT marketplace platform that sells “Moments” – exclusive highlight videos from the NBA and WNBA leagues. The platform was built on Dapper Labs on the Flow blockchain. The platform also has games based on those videos, similar to trading card games. It is one of the first NFT marketplaces officially licensed by a major sporting organization.
An NFT art marketplace based on application-only for creators, SuperRare has picked up in recent times due to the onboarding of major artists. The platform also exclusively caters to serious digital art collectors, the community for whom has been growing steadily. It also has features that resemble social networking for Web3, which might become big soon.
Another niche platform, Foundation, is an NFT art marketplace that is based on an invitation-only scheme. Such a scheme ensures that its niche nature is well-preserved, as the community around the platform includes serious collectors. It also has been home to many big-time digital art sales during the NFT boom. It also has feed-like features similar to social platforms.
How Could Blockchain App Factory’s Expertise Become Relevant Here?
Blockchain App Factory has been a leader in building Web3 applications for a long time. Our NFT marketplace development has been one of the most sought-after capabilities in recent times. We have been able to satisfy our global clients’ business needs for their platforms due to our excellence across various facets of development, design, and testing. We also have access to new generation Web3 technological stacks, and our experts can launch NFT marketplaces on multiple major blockchains seamlessly. Hence, you can opt for our exemplary NFT marketplace development services if you want to build platforms similar to the above ones.
Hence, we can say that interest in NFT marketplace development has been growing recently, with startup enthusiasts launching their Web3 business platforms based on horizontal and vertical trading models. If you are one of those, consider opting to work with Blockchain App Factory, which can create an NFT marketplace platform from the ground up or pre-made solutions. You can also have platforms similar to popular businesses, such as the ones mentioned in this piece. Talk with one of our global representatives to sow the seeds of your Web3 venture!