how many nft marketplaces are there

How Many NFT Marketplaces Are There?

NFT Utility

With the vast blockchain platform, you might want another option to dominate with your NFTs. So, how many NFT marketplaces are there?

How Many NFT Marketplaces Are There?

NFT Marketplaces are places where you can buy or sell your crypto-collectibles. They are similar to the stock market in the sense that they allow you to trade your NFTs. You can use these marketplaces to buy, sell, or pay for goods and services in NFTs.

There are different¬†Crypto Collectibles Marketplaces¬†with different features and benefits. There are also different marketplaces for specific NFTs, such as CryptoKitties, Gods Unchained, and more. Let’s take a look at the 3 most popular NFT marketplaces: OpenSea, Rarebits, and Dharma.

OpenSea Marketplace

OpenSea is a third-party marketplace for collectible digital items. It was founded in 2016 by former Reddit employee Chris Dawe and ex-Facebook engineer Kevin Rafferty. It was designed to be safe and secure to buy or sell NFTs on its platform.

They use smart contracts to ensure that users get paid after an order is placed. Also, the seller has not run off with the money before shipping out their items. They have a built-in escrow feature so you can hold onto your funds until you get paid by a buyer or until you confirm the shipment of an item.

The marketplace charges a 0% fee on transactions made on its marketplace. OpenSea is specifically geared towards selling blockchain game items. But can also be used for other NFTs such as CryptoKitties, Gods Unchained cards, etcetera.

ERC721 Token in Blockchain

It supports ERC721 tokens so you can only sell NFTs created on the Ethereum blockchain. But it does not support ERC20 tokens as CryptoKitties has. Because they are not built on the Ethereum blockchain so they cannot be traded there.

The platform also supports smart contracts which help ensure that sellers don’t run off with your funds. This is before sending out an item and that buyers get what they ordered when they make a purchase through OpenSea’s platform. Also, it acts as an escrow agent which helps you get paid once a buyer confirms receiving the item or if the buyer doesn’t receive the item when promised.

Then OpenSea will refund them automatically if there is proof of non-receipt of the item. Also, they offer support for tipping creators of digital artworks if you like their work. That is without actually owning any tokens from them in case you want to support them further but don’t want to own their token.

Other Free Marketplace

RareBits is a platform that was founded in 2018 by former DuckDuckGo employees. The team behind RareBits spent their last year and a half building a marketplace that they thought would be useful for users when they launched it around May of 2018. They created RareBits as an alternative to OpenSea with features that they felt were lacking on OpenSea’s platform.

One of those features was being able to support more than just Ethereum-based NFTs. Also, it has does not have any fees on transactions. Thus, you can buy or sell your items without any fees being charged to them.

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