While nfts are a long way from their 2021 all-time highs, nft trading is still a multi-billion dollar industry, but the nft marketplaces we use in 2024 are very different than they were back then.
From newcomers with novel ideas, cryptocurrency exchanges spotting an opportunity, and industry titans dropping the ball, the nft marketplaces we use have changed significantly in that time, and whether they be PFP, digital art, gaming assets, or more, these marketplaces still fight tooth and nail for customization to this day.
Let’s take a closer look at the top 5 nft markets of 2024.
Item #5
- Released: July 1, 2021
- Blockchains: ethereum, Polygon, Avalanche and many more
- Volume 30d: $33.3 million
x.com/Element_Market” target=”_blank” rel=”noopener”>Element It is a relatively newcomer in the nft market domain but has quickly gained traction due to its multi-chain support and accessibility.
Founded by Feng Wang and Hongliang Zhang and launched in 2021, it supports a wide range of chains: ethereum, BNB Smart Chain, Polygon, Avalanche, Optimism, Arbitrum, ZKSync Era, Base, Linea, Blast, Cyber, and opBNB, making it the go-to trading platform for a wide range of digital assets.
Another feature that has boosted its popularity is its listings on multiple marketplaces, which host native listings as well as those on OpenSea, LooksRare, X2Y2, and other popular nft marketplaces.
Element supports most major wallets, including MetaMask, OKX Wallet, Binance Wallet, and more. The platform also offers real-time data tracking, with detailed information on floor prices, trading volumes, and activity trends.
While it has yet to reach the popularity of major nft marketplaces, Element’s low fee structure and broad blockchain support have seen its popularity continue to grow, and we anticipate it will continue to do so throughout 2024.
#4 OKX nft
- Released: April 24, 2023
- Blockchains: bitcoin, ethereum, Solana and many more
- Volume 30d: $19.0 million
x.com/okxweb3″ target=”_blank” rel=”noopener”>OKX nft It is an extension of the x.com/okx” target=”_blank” rel=”noopener”>OKX cryptocurrency exchange, leveraging its existing user base to create a powerful nft trading platform.
The nft trading platform was initially launched to support trading of emerging bitcoin tokens and has since built on that by adding support for ethereum, Solana, Optimism, and more.
Their high-profile partnerships with companies such as McLaren and Manchester City FC have exposed the OKX brand to millions of people around the world and facilitated exclusive nft drops with these two well-known brands.
OKX nft currently supports popular wallets such as MetaMask and Phantom, as well as its native OKX wallet. The platform includes powerful search and filtering tools, as well as extensive real-time nft analytics.
With its high-profile partnerships flourishing, OKX is on track to continue its growth throughout 2024.
#3 Magical Eden
- Released: September 17, 2021
- Blockchains: Solana, ethereum, bitcoin, Polygon, Base
- Volume 30d: $74.3 million
x.com/MagicEden” target=”_blank” rel=”noopener”>Magical Eden dominates Solana nft trading, but has also expanded support to ethereum, bitcoin, Polygon, and Base.
Developed by a group of Australian blockchain enthusiasts, Magic Eden quickly became the go-to platform for trading Solana-based nfts since its inception, a position it has maintained to this day.
The platform is known for contributing to the growth of Solana as a whole and for being the marketplace of choice for trading (at the time) DeGods, y00ts, and CryptoUndeads.
Magic Eden supports over 400 third-party wallets, including MetaMask, Coinbase, Trust, and more. The platform provides comprehensive real-time data, with detailed analytics and tracking of key nft collecting metrics.
Over the years, Magic Eden has consistently ranked as one of the most popular marketplaces among the community, particularly for its advocacy of creator royalties, and despite a 2023 bug that allowed fake listings to be assigned to established collections, Magic Eden remains a key marketplace going into 2024, with its growing array of features continuing to build its community.
#2 Open sea
- Released: December 20, 2017
- Blockchains: ethereum, Polygon, Base and many more
- Volume 30d: $104.6 million
The original nft marketplace, x.com/opensea” target=”_blank” rel=”noopener”>Open sea It was founded in 2017 by Devin Finzer and Alex Atallah.
OpenSea is best known as the leading marketplace during the 2021 nft boom, facilitating the trading of top ethereum collections such as Bored Ape Yacht Club, Doodles, Moonbirds, and more. Today, it supports a wide variety of additional blockchains, including BNB Smart Chain, Avalanche, Klaytn, and more.
The platform offers a polished, user-friendly experience and supports a wide variety of wallets including MetaMask, Coinbase Wallet, WalletConnect, and more. Its robust and growing set of features, tools, and analytics continue to add value to the platform and its large user base.
OpenSea has faced a variety of challenges, including its stance on supporting creator royalties, fee structures, and its purchase of the Gem marketplace to rebrand as OpenSea Pro, but despite a decline in overall popularity as other nft marketplaces have risen, it remains a cornerstone of the industry.
Will it maintain its position as a pillar of the industry in 2024? Time will tell.
#1 Blur
- Released: February 14, 2023
- Blockchains: ethereum, Explosion
- Volume 30d: $96.0 million
Since its launch, x.com/blur_io” target=”_blank” rel=”noopener”>Blur has revolutionized the nft industry and quickly became its most popular marketplace.
Developed by Tieshun Roquerre (x.com/PacmanBlur” target=”_blank” rel=”noopener”>Pac-man) and Anthony Liu (Galaga), Blur is designed specifically for professional traders and offers advanced tools and features for trading first ethereum nfts and then nfts on its own blockchain, Blast.
Blur uses its own governance token $BLUR, which is awarded to users for listing and trading on the platform (no doubt a major driver of its growth thus far) alongside its controversial zero-fee structure.
The platform is data-driven, optimizing for speed and prioritizing efficiency over aesthetics. Blur supports many different wallets, including MetaMask, WalletConnect, Coinbase Wallet, and more, and users can explore nfts from top collections, easily track trending collections, and gain extensive real-time data analysis, with granular insights for experienced traders.
Despite its success, Blur has not been without controversy. It has faced scrutiny for its aggressive marketing, “trade-to-earn” practices, and its aforementioned zero-fee structure, with some in the community blaming Blur for the broader drop in nft floor prices.
However, the broader nft community has voted with their wallets. Blur has solidified its position as one of the top nft marketplaces in 2024, and as it continues to add features and offer incentives for its users, it is in a strong position to remain a market leader as we head into 2025.
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