The year 2022 was a roller coaster for the entire crypto market. In contrast to the abundant increases recorded in 2021, in terms of trade volume and user activity, 2022 was more of a rapid decline and higher user confidence. Since the second quarter, the crypto ecosystem had high volatility that removed billions of dollars from the market.
While the sharp decline in major cryptocurrencies filled the news, NFTs suffered their losses, albeit somewhat quietly. Consequently, that was reflected in the performance of the NFT markets where digital assets were traded. However, despite these negative performances, some NFTs remained strong, as did the NFT markets that posted high numbers.
This article reviews the 5 best performing NFT markets in 2022. But first, a refresher: what are NFT markets?
What are NFT markets?
NFTs, or non-fungible tokens, are unique, non-replicable proprietary digital representations that are permanently stored on the blockchain. Anything that can be owned can be represented as an NFT: songs, videos, pictures, real estate, or even tweets.
Just like online marketplaces where users can buy items like shoes and bags, NFT marketplaces are platforms where NFTs are traded. Some exchanges offer features that allow users to create, mint, and trade their NFTs. Essentially, NFT markets help users solve the problem of finding buyers or sellers of digital assets or even getting information about a digital asset.
Now that it’s clear what NFT markets are, let’s go through a list of the best performing markets in 2022.
Open sea
Open sea, the world’s largest NFT marketplace by trading volume, launched in 2017. Built on top of Ethereum, the platform is a multi-chain marketplace integrating popular blockchains like Ethereum, Polygon, Solana, and Klaytn. As a result, most NFT transactions take place on OpenSea, making it a go-to destination for buying, selling, and discovering NFTs.
Due to its popularity and variety of options, the platform is the main marketplace for most NFT enthusiasts as it offers a user-friendly interface which also makes it an ideal choice for new users just entering the NFT ecosystem. NFT.
Registration on the platform is simple and can be completed in minutes. For payment, the marketplace supports major cryptocurrencies such as Ethereum, Solana, and USDC. On the downside, fiat currencies are not supported. Users with fiat currencies will need to convert their fiat currencies to a supported cryptocurrency in order to trade.
Additionally, OpenSea is compatible with many popular wallet service providers. As a result, users are not limited to a particular wallet compared to other marketplaces that do not support as many wallet services.
A 2.5% transaction fee is charged on each transaction. This fee is different from gas fees, which are paid to miners who confirm and validate transactions. Users who do not want to pay gas fees can use Polygon. However, they need to make sure that the NFT they want to trade is compatible with Polygon. They can confirm this by checking the Polygon logo on their NFT of interest.
weird
weird is a multi-chain NFT marketplace built on top of Ethereum. The platform features NFTs from blockchains such as Ethereum, Solana, and Tezos. It is seen by many as the biggest competitor to OpenSea, while its user-friendly interface is also one of the reasons why it is widely used.
As seen in most markets, Rarible removes the technical difficulties associated with trading or transferring NFTs. Users do not require any prior knowledge of coding to easily use the platform for their intended purposes.
The platform mainly focuses on collectibles and digital arts and recently NFT games. NFT creators can easily create their NFTs, mint them, and list them for sale. Additionally, creators using Rarible can program royalties into their NFTs. Therefore, every time the NFT is sold, they get a certain percentage of the sale.
NBA top shot
NBA top shot is one of the first NFT marketplaces built for the sports industry. Launched in 2020, the marketplace was created through a partnership between the National Basketball Association (NBA) and DapperLabs. The market was built as a place where sports fans can buy digital collectibles and video clips called moments.
The marketplace has recorded considerable success since its launch, while also recording high user activities and trading volumes. In a way, it allowed the NBA to take advantage of the growing NFT culture among its fan base to generate revenue.
The most popular NFTs traded on the market are NBA Moments, these are video clips of game highlights and iconic segments of the game. Digital collectibles on the market are not transferable to other NFT secondary markets, however some collectibles on the market are as cheap as a few dollars.
Binance NFT Market
Launched in June 2022, the Binance NFT Market is one of the newcomers. Even though it launched this year, the market has launched with a high volume of transactions and user activity. However, that is not a surprise considering that Binance is the largest cryptocurrency exchange in the world.
Aside from the influence that its affiliation with Binance enjoys, the exchange has some features that make it convenient for many users. The NFT market can be accessed through a mobile app and users can easily convert their earnings to other cryptocurrencies or fiat currency.
Users can mint, sell or buy NFTs on the platform. On cost, the Marketplace charges a mere 1% commission as a transaction fee on all transactions. This low transaction point means that users will earn more profit compared to trading in other major markets.
nifty gateway
nifty gateway is one of the most popular NFT markets in the world. The platform is renowned for its limited-edition NFTs and its partnerships with top digital artists like Beeple and musician Grimes. Unlike other marketplaces, Nifty Gateway focuses more on music and art related NFTs.
Also, Nifty Gateway is quite restrictive on who can create or mint NFTs on their platform. As a result, only popular digital artists have exclusive access to their services. One of the features of Nifty Gateway that separates it from other marketplaces is its custodial wallet. While other marketplaces require you to use a third-party wallet service, Nifty Gateway helps you store your digital assets in an external location.
Additionally, the marketplace allows users to trade fiat currencies. Thus, it eliminates the stress users experience when trying to switch their fiat currencies to cryptocurrencies.
Due to the nature of creators allowed on their platforms, NFT releases on Nifty Gateway are highly sought after. NFT collections are usually limited edition so people are rushing to get them due to FOMO.
Artists on the Nifty Gateway can also determine the amount of royalties they earn from secondary sales. Therefore, when a user resells an NFT, he gets a particular percentage of the resale amount. On the downside, the marketplace charges a 5% transaction fee, which is higher than most competitors.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
A blockchain maximalist who believes the technology is necessary for the future we are heading to. An avid researcher and writer who uses his writings to inform perspectives in the blockchain space.
