Not all NFTs perform the same function or are issued on the same blockchain. To get your bearings and find out what they offer, the JDN provides an overview of the industry.
Like the price of cryptocurrencies, the NFT market has declined widely since its peak in January, when global transaction volume hit $ 4.8 billion according to analytics site Dune.xyz. As of September 2022, major NFT marketplaces have accumulated a transaction volume of just $ 500 million.
However, and as demonstrated in France by the launch of the Ledger unicorn market or the opening of the NFT Factory Paris headquarters, the ecosystem is far from dead, contrary to some ideas received.
For those looking to get their first NFT, here is a list of the major markets.
Generalist NFT Marketplace
These markets are generally the entry point for early NFT purchases, most notably OpenSea, by far the largest NFT buying platform of all types, with a market share of around 80%. Since NFTs are tokens issued on public blockchains, they are not exclusive to any particular market. Therefore, most marketplaces are aggregators: it is possible on Looksrare or Rarible to buy an NFT initially listed on OpenSea. They therefore differ in the fees, ease of use, supported blockchains, the prizes offered to their users or the royalties granted to artists. The newcomer Blur (launched in October 2022) confirms the tendency to make royalties optional, launched by the decentralized platform Sudoswap. Finally, the Sturdy and Viv3 marketplaces are the most trusted showcases on the Flow blockchain.
While it is entirely possible to unearth works of art on the aforementioned platforms, marketplaces have specialized in the market, in the same way as galleries: they play the role of curators, they can make a selection on request or dedicate themselves to a very specific topic. field, like generative art.
The oldest, generally on Ethereum, such as SuperRare, KnownOrigin sees competition develop as new players like Foundation arrive. On the Tezos blockchain, Objkt and above all Fxhash stand out, in particular the second specialized in generative art (these works designed and randomly generated by an algorithm from a base of elements provided by the artist), a discipline popularized by ArtBlocks on Ethereum.
Games also have their own NFT marketplaces, although these aren’t very versatile and more dedicated to a single blockchain. One of the most prominent currently is that of Immutable X, this layer-2 of Ethereum increasingly adopted by the videogame ecosystem for its fast and very cheap transactions: we find in particular the NFTs of Gods games. Unchained or Immortal Game. Always very focused on collectibles (these collectible series), the GameStop platform will also adopt the NFTs of Immutable X. Dedicated to video games, the Wax blockchain also has marketplaces, starting with Atomic Market. As for the Enjin network, it offers EnjinX, with relatively modest activity.
Discovering the metaverse is beautiful and dressing up is better: virtual clothes are also common purchases and some NFTs issued by brands (Gucci, Puma, Adidas, Nike with RTFKT) are particularly popular. If the clothes that can be used on Decentraland or Sandbox are also available on general marketplaces such as OpenSea, the start-ups have specialized in these wearables: The Dematerialized therefore offers “phygitals” (physical clothes replicated by their virtual clones) while DressX and Artisant focus only on virtual objects.