Over 650 NFT marketplaces exist today, according to DappRadar, based on various niches and catering across blockchain networks. But not all of them have a grand reception among the community for obvious reasons – an NFT marketplace should offer some sort of tangible utility or engaging user experience.
Entrepreneurs aspiring to build such platforms seek the help of an NFT marketplace development company to create one from scratch or use a Whitelabel NFT marketplace solution. We will see some top NFT marketplaces in the current market to compare and contrast various factors that make these applications successful in the Web3 space.
Rarible is an NFT marketplace platform that started operations in 2020. The application now functions on four blockchains – Ethereum, Polygon, Tezos, and ImmutableX. The platform sells NFTs across niches, making it appealing to the broader Web3 community. The app has recorded over 12.7 million transactions over the past 30 days involving nearly 360,000 unique active wallets.
Do you know what makes Rarible unique? The platform’s ability to allow users to participate in governance using its native tokens ($RARI). Rarible also allows NFT projects to build their own marketplaces inside its environment to provide an exclusive business space, with prominent collections such as Hot Wheels and Moonbirds having their own stores.
Rarible also provides API infrastructure to launch NFT dApps (decentralized applications) of various kinds, including games and wallets. This allows small-scale entrepreneurs to explore the space more easily than ever. From a business perspective, Rarible wins mainly due to its governance structure, API provisions, and easy-to-use interfaces.
Element Market is one of the earliest NFT marketplace applications in existence, with an emphasis on community and data aggregation. The platform lets users trade a plethora of NFT types, including profile pictures, domain names, assets with creator common (CC0) licenses, and music albums.
A starring fact about Element market is that it functions on 10 prominent layer-1 and layer-2 blockchain networks and expands its operational networks often. Such provisions have made the platform rank higher among NFT marketplaces in recent times. With nearly 226,000 unique wallets making almost 350,000 transactions in the last month, the application has established itself as a market leader.
The marketplace also comes with an in-built launchpad that lets new projects exhibit themselves in the competitive market. Element Market supports several popular languages (including some in Asia), making it appealing to the wider market. The platform’s “Rewards” feature is famous for its staking and airdrop provisions.
Lifeform is a new-gen NFT marketplace focusing on decentralized identity (DID) solutions and 3D avatars. It functions on three major blockchains – Polygon, BNB Chain, and Base, making it reach a vast audience. While the platform does not look like a marketplace from the outside, it offers provisions for brands to create and sell NFTs that can be used in metaverse applications.
The platform is part of a broader ecosystem but has already presented itself big by positioning among the top NFT marketplaces in the last 30 days. Nearly 236,500 transactions conducted by almost 175,000 unique wallets make a compelling case, isn’t it?
The marketplace also supports multi-currency payments and bulk trading moves, blessing users with more seamless and hassle-free experiences. It even allows secondary sales of avatar NFTs, which enhances its activity and feasibility as a business model in the long run.
OpenSea has been a name resonating with the NFT space for a long time. Since its inception back in 2017, the platform has evolved so much to become a “forever” brand. It, for a long time, worked only on Ethereum, although now things have changed drastically. OpenSea works across nine blockchains as of writing.
The platform has a fee structure that is both flexible and flat for different circumstances. If you mint an NFT for the first time from OpenSea, you’ll have to pay anywhere between 2.5% and 10% of the total cost, whereas you only need to pay a flat 2.5% fee for secondary transactions.
Coming to what types of NFTs OpenSea supports, it allows all NFT types, making it one of the first generic NFT marketplaces to exist. It also has an NFT aggregator, OpenSea Pro, that has been making records since its public launch, making OpenSea an NFT ecosystem any entrepreneur would admire.
Magic Eden is an NFT marketplace that started out on Solana, later expanding to Ethereum, Polygon, and Bitcoin. It is part of an ecosystem that comprises a launchpad and a gaming market that showcases various NFT gaming titles. The platform has been immensely successful as a generic marketplace, rivaling OpenSea a while ago.
The marketplace’s multi-chain nature enables a user to access individual network-native NFT collections within an interface within a few clicks. Its multi-wallet support (especially for Solana) has been a factor contributing to its rise to prominence in the modern-day NFT space. It even supports NFT creators to conduct pre-sales before official launches for community-building purposes.
A striking feature Magic Eden presents is its Auctions portal, where users can view live auctions and place their bids. Also, the Drop Calendar feature allows projects to list themselves to garner community fame and build excitement.
OKX NFT Marketplace
OKX NFT Marketplace is the NFT business extension of the popular cryptocurrency exchange OKX. The platform has been lauded for its extensive multi-chain support as it operates on 17 blockchain networks. With a great background in hand, the marketplace has become immensely popular among NFT enthusiasts.
The platform even gained over 100% increase in daily trade volumes owing to its involvement in several high-profile projects. Like other popular platforms, the OKX NFT marketplace also sells various asset types, enabling users with diverse interests to explore them. Like other NFT ecosystems, it also comes with a launchpad that supports brands and startups to build their image and gain recognition among users.
From the perspective of a business owner, running a platform based on a Whitelabel NFT marketplace like OKX NFT marketplace can be an encouraging endeavor as it offers a lot to its users.
A Note for Businesses Trying to Use Whitelabel NFT Marketplace Solutions Like These
If a business owner wants to build their NFT marketplace based on any one of the above ventures, there are multiple ways. As the title suggests, using a White label NFT marketplace solution is an easier, more economical, and quicker option. But it comes with several tradeoffs, including limited back-end customizability and basic security.
Alternatively, a business enthusiast can create an NFT marketplace from scratch, which would incur considerable time and resources. To alleviate such concerns, an NFT marketplace development company excelling in its trade can come into play. With end-to-end capabilities to launch an NFT marketplace, these companies can ease the process for entrepreneurs to enter the NFT market.
Thus, we have seen and compared the top NFT marketplace projects successfully operating. While these platforms might differ in fee and incentive structures, blockchain capabilities, and unique features, most tend to sell generic NFTs. This fact makes us understand the popularity surrounding NFT trading platforms selling various types of digital assets. Such platforms also witness trades constantly, making them a feasible business option in the long run. Creating such applications generally takes a lot for newbie business owners. But things can be smoothened by working with a professional NFT marketplace development company or using Whitelabel NFT marketplace software.