This article teaches you how to choose the NFT trading market that suits you

Contrary to the slump in the global cryptocurrency market, the transaction volume of blockchain-based digital collectibles “non-fungible tokens” increased instead of falling, according to Footprint Analytics. As of January 25, 2022, the transaction volume of the NFT trading market in January exceeded $860 million, a relative increase of 85% over the previous month.

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Footprint Analytics – Daily Volume of NFT Marketplaces

Among them, LooksRare, an upstart NFT market, was born, airdropping $LOOKS to traders to incentivize trading. Less than a month after its launch, its transaction volume exceeded $240 million, accounting for 36% of the January transaction volume of the overall NFT market.

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Footprint Analytics – Daily Volume of NFT Marketplaces

With the recent participation of more and more celebrities and enterprises, NFTs are constantly triggering waves of upsurges; the number of NFT markets has also sprung up. According to the latest statistics from Footprint Analytics, there are currently some active NFTs. There are 40 markets. For players, the most practical question to consider is: how to choose the one that meets your needs in the many trading markets?

How to choose an NFT trading platform?

  • Choose a trading platform based on market activity

From the perspective of the top 10 NFT trading markets in terms of transaction volume in the past month, OpenSea ranked first with a transaction volume of $3.3 billion, followed by LooksRare, a rising star that rose strongly in mid-January. The transaction volume of the first two NFT trading markets accounted for It has accounted for nearly 80% of the overall transaction volume, leaving other NFT trading markets far behind.

The transaction volume of the NFT market means that the NFT resale circulation is faster and the market is more active. For players, choosing the NFT market with the highest transaction volume for trading will generally not step on the pit.

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Footprint Analytics – Top NFT Marketplaces by Monthly Volume

  • A single NFT project trading market

We can see that in the Top 10 rankings, there are 4 trading markets that only support a single NFT project, namely: Axie Infinity, CryptoPunks, NBA Top Shot, and Mobox, which has recently been on fire on BSC.

If you are interested in the above NFT projects, it is recommended that players can directly trade in these trading markets, with lower transaction fees and more convenience.

  • A trading market that supports multiple NFT projects

We have selected 13 NFT markets for a comprehensive comparison of different dimensions based on the transaction volume in the past month, market maturity, and public acceptance, to provide you with some practical information and references.

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Footprint Analytics is compiled from web data

Based on the above, for players with different trading needs, we have the following suggestions:

  • If you are a novice or a small player, you must avoid the NFT market of the ETH chain, the Gas Fee of ETH will be very high.
  • If you like digital artwork, SIGN art will amaze you.
  • If you want to buy limited edition artworks for collection, we recommend you to choose SuperRare and MakersPlace.

As a player looking for the most suitable NFT market, in addition to referring to the above suggestions, you also need to pay attention to the following points:

  • Information provided by the NFT marketplace:

A good NFT marketplace needs to provide players with complete item information. Players need to be able to see the number of NFTs available for purchase, the price of each NFT, as well as more in-depth information such as number of buys and sells, holders, historical transaction information, and more. Having this information can help you make the right choice.

  • Are the supported wallets convenient enough:

As a good NFT trading market, it needs to be easier for players of different devices to participate. It needs to support multiple NFT wallets and payment options, which will allow players to flexibly choose different payment methods to purchase NFTs.

  • Security of NFT Markets

A good NFT trading market needs a highly secure environment to ensure the safety of creators and players. For example, high-level encryption of some private information, while requiring authentication or providing insurance for transactions to prevent fraud.

  • More advanced search functions

When buying NFTs, it is important to get reliable and accurate data quickly. In addition, the platform should provide more visual data, so that players can clearly understand what is happening in the market and help determine which NFTs are more worth investing in.

A good NFT marketplace should provide different search functions to meet the needs of players, whether players are searching for a specific name, genre, or creator, should provide the correct information related to this.

  • Community Evaluation of NFT Markets

When you decide to buy an NFT, you can get a better understanding of the experience of these NFT marketplaces from the reviews of others. When you decide to buy NFTs from a specific NFT marketplace, you can avoid some pitfalls yourself and foresee what kind of experience you will have.

Summarize

As NFTs continue to break the circle, digital collectibles will continue to become mainstream in the coming period. 2022 may see the influx of more excellent platforms, providing vast space for the development and blooming of NFTs, as well as more choices for creators and enthusiasts. The right market can help you find the best products, and it can also help you meet your needs and get higher returns. I hope this article can help you choose the NFT trading market that best meets your needs.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/this-article-teaches-you-how-to-choose-the-nft-trading-market-that-suits-you/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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