Good afternoon, Im Rachael Jones and you are watching the Buzzing Trends. Now Bitcoin has
soared to a record high this morning, eclipsing its previous high from October. In the last few
minutes, the price of the crypto spiked to its highest level on record, up 7.5 per cent in the
last 24 hours. The cryptocurrency market is now worth more than $US3 trillion. Non-fungible tokens
are the latest newsmakers in the cryptocurrency universe. Today we are going to look at Top 5
NFT marketplaces to create & trade original work by creators. These aren’t exactly a crypto token
like Bitcoin or Dogecoin, but they share one attribute with cryptos – blockchain. NFTs are
‘non-fungible’, which means each underlying asset like an artwork is unique. For example,
each character among 10,000 Cryptopunk characters is unique. Same goes with the characters of Bored
Ape Yacht Club project. Blockchain becomes a part of the NFT world by enabling ownership
on decentralized peer-to-peer network, thereby making it immutable. We know NFTs have sold for
millions of dollars each in 2021. The top NFT in the list is the Everydays: the First 5000 Days,
which sold for a whopping US$69.3 million in a March auction. In another auction,
the first tweet of Twitter’s Jack Dorsey, a known cryptocurrency backer, sold for US$2.9 million.
NFTs of the Cryptopunk project have also fetched high prices. But the question is ‘which is the
best marketplace to list and sell NFT’? Should original creators and other sellers rely solely on
auctions by Christie’s and Sotheby’s? Today, there are multiple emerging platforms that are working
exclusively in the field of NFT trade. First there is OpenSea. OpenSea is arguably the most prominent
player in the NFT space. The company claims to be the first and the world’s largest marketplace that
enables NFT trade. OpenSea provides an opportunity to original creators to list their work on
the platform and find a patron. In subsequent sales, the seller can list the NFT on OpenSea
and seek application of price. There is also room for developers to build integrated marketplaces
for a variety of digitally stored assets. OpenSea claims to be supporting multiple blockchains.
It also claims best prices for digital assets, which is now being challenged by new entrants that
feature in our list. The platform has a collection of over 34 million NFTs, and the cumulative volume
traded is in billions of dollars. The company is said to have over 300,000 users.
Second is SuperRare. It’s all about rarity in the world of NFTs. More the uniqueness of the digital
asset more can be the price that it commands in the NFT market. SuperRare has ‘rare’ in its
name as a clear sign it wants to disrupt the NFT world. The platform claims to be the ‘Instagram
meets Christie’s’ kind of marketplace. Unique artworks can be listed and traded on SuperRare
with all payments made in Ether cryptocurrency. It is notable that almost every NFT platform
uses the Ethereum’s services, which can be one reason why Ether prices are rising. SuperRare
claims that it presently has only a few artists, however new creators can submit a request for
a listing of their artwork. The marketplace charges a three per cent fee on transactions,
and a 15 per cent commission is also payable. The platform supports ERC-721 assets.
We’ll take a short break here – back
soon with some of the best NFT market places. @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Welcome back to the Buzzing Trends show. Im Rachael. Lets look at some more best NFT
marketplaces. Rarible is another emerging marketplace for ERC-721 tokens. For the
uninitiated, these tokens are always stored on Ethereum’s blockchain. Rarible allows ‘minting’
of any artwork. This typically means creating an ERC-721 token out of the artwork and listing
it as NFT. The platform claims to evolve as Decentralized Autonomous Organization that is DAO.
DAOs give rights to users to make changes to the governance and design of the platform. For this,
Rarible has come up with its RARI token. RARI holders can participate in the voting
process and decide how the marketplace is designed. Minting carried out on Rarible
can be followed by listing the asset on OpenSea marketplace. Rarible says that any
purchase of such an asset can be done using RARI token besides Ether. Next, Foundation
Yet another marketplace for listing original creations, Foundation began in February 2021.
The platform is open to creators through an invitation model where existing members can
add new ones. The minting of an NFT on Foundation needs a MetaMask wallet. The
creators can add their work and mint it in the form of an NFT. The price of the NFT is
decided by the creator and it is upto buyers to make a purchase. All prices on Foundation NFT
marketplace are quoted in Ether. The creator receives 85 per cent of the sales price and
any subsequent trade of the NFT results in a 10 per cent royalty for the original creator.
Patrons can use the marketplace to bid for any listed NFT. Foundation marketplace claims to
have helped creators earn nearly 41,000 Ether as of today. Lastly, Axie Infinity
is unlike any of the above four. It is a blockchain-based game, with Axie creatures
helping the gamers enter into combats. Each Axie is an NFT, and it can be traded on the platform.
This essentially means that Axie Infinity NFT marketplace is dedicated to the platform’s
own Axie creatures. The year 2021 has been phenomenal for Axie Infinity. The native token
of the platform, AXS, has gained immensely and is trading at over US$150 as of now. The market cap
of AXS crypto is over US$9 billion. It is notable that AXS started the year 2021 with a price tag
of mere US$0.54. The appreciation in price can be attributed to craze for blockchain gaming and
NFTs. So there you have it - the NFTs have had a phenomenal ride so far in 2021. that’s all for
now. We will be back soon with our Buzzing Trends show to share the latest market insights with you.
Till then, Stay tuned with Kalkine TV for more stock, business and economy related hot trends.