Our comprehensive review delves into seven premier NFT trading platforms, such as OpenSea, Blur, and UniSat, highlighting their services on three predominant blockchains: Ethereum, Solana, and Bitcoin. Examining the subject of the top NFT trading platforms for 2024, it’s essential to address the critical question of wallet safety in the context of DeFi.
With the NFT marketplace burgeoning to over 100 platforms in 2024, our review emphasizes the top seven marketplaces renowned for their high trading volumes and user popularity in the realm of non-fungible tokens.
Key Insights:
- Ethereum and Solana remain the frontrunners in hosting NFTs, yet Bitcoin ordinals have recently seen a spike in interest, briefly claiming the forefront position;
- OpenSea continues to be the most extensive multi-faceted NFT marketplace, though Blur has recently overtaken it in terms of Ethereum NFT trading volume;
- Former market dominators like Rarible and SuperRare have seen a decline, whereas Nifty Gateway by Gemini remains notable for exclusive NFT art collections;
- Magic Eden and Tensor stand out as the top Solana-based NFT marketplaces, and UniSat has become the preferred choice for Bitcoin-based NFT transactions.
Exploring NFT Marketplaces
Digital collectible platforms, commonly known as NFT marketplaces, are virtual venues where individuals can buy, sell, and display NFTs. They facilitate the safeguarding of these digital collectibles through various types of crypto wallets, both custodial and self-custody.
Several of these platforms also enable creators to mint their own NFTs, adding to the marketplace’s vibrant ecosystem. They typically generate revenue by imposing transaction fees, which can accumulate to significant sums annually.
Comprehensive NFT Marketplaces
The world of NFTs is incredibly varied, spanning across different blockchains and representing a multitude of digital forms. Certain platforms serve as comprehensive hubs, offering a wide array of NFT types and supporting numerous blockchain networks, making them an ideal starting point for those new to the NFT space.
A Guide to Purchasing NFTs
To engage in NFT transactions, the initial step involves acquiring a self-custody cryptocurrency wallet. The tastycrypto wallet facilitates connectivity with numerous NFT marketplaces using the WalletConnect feature.
#1 OpenSea
- OpenSea stands as a peer-to-peer (P2P) NFT marketplace that facilitates the exchange of NFTs among non-custodial wallets;
- While OpenSea touts its decentralization, it does not operate under a decentralized governance framework;
- It holds the distinction of being one of the earliest NFT trading platforms and has overseen over 65 million NFT sales, marking an industry record.
In the year 2021, during the NFT frenzy, OpenSea commanded nearly 90% of the market share, but it surrendered its leadership position to Blur in 2023. Nevertheless, OpenSea retains its status as one of the most extensively utilized NFT marketplaces. It offers a user-friendly interface and extends support to multiple blockchain networks, encompassing Ethereum and its layer 2 scaling solutions—Polygon, Arbitrum, Optimism—along with Solana, Binance’s BNB Chain, Avalanche, Base, and Klaytn.
#2 OKX NFT Marketplace
- OKX NFT Marketplace emerges as a NFT marketplace akin to OpenSea, conceived and developed by OKX, the presently fifth-largest cryptocurrency exchange in terms of trading volume;
- OKX’s platform upholds compatibility with the same blockchains as OpenSea. Additionally, it lists NFTs based on Bitcoin, known as “ordinals.”
Presently, OKX’s decentralized service claims the distinction of being the second-largest NFT marketplace based on monthly trading volume.
Ethereum’s Dominance in the NFT Marketplace
While the very first NFT found its inception on the Namecoin blockchain, it’s the Ethereum blockchain that has fully harnessed the potential of NFTs by introducing the dedicated token standard known as ERC-721.
Ethereum has held its ground as the predominant underlying blockchain for numerous years, with a plethora of NFT marketplaces primarily focusing on Ethereum-based NFTs.
#3 Blur
- Blur distinguishes itself as an NFT marketplace designed to cater to professional NFT traders;
- Despite its exclusive emphasis on Ethereum-based NFTs, it currently reigns supreme as the largest NFT marketplace by trading volume;
- Recent data from DappRadar indicates that Blur facilitated over $500 million in sales in the past month alone;
- It commands approximately 80% of the Ethereum-based NFT market share, significantly outpacing OpenSea, which holds a mere 17% market share.
Blur’s meteoric rise in popularity can be attributed to its user-friendly interface, minimal transaction fees, heightened liquidity for NFTs, and its practice of rewarding users with generous incentives in the form of its native token, BLUR.
- BLUR Token – BLUR;
- The native cryptocurrency powering Blur is known as BLUR.
Solana’s Emergence in the NFT Landscape
Although Ethereum has long reigned supreme in the NFT ecosystem and played host to renowned NFTs, such as the record-breaking $69 million sale of Beeple’s NFT artwork, other blockchain platforms have also stepped up by introducing specialized token standards to support NFTs.
Solana, distinguished for its efficiency, has garnered significant attention among NFT developers. In a noteworthy milestone, at the onset of December 2023, Solana NFTs briefly surpassed Ethereum in prominence, as reported by CryptoSlam data.
#4 Magic Eden
- Magic Eden stands as the foremost decentralized marketplace for Solana-based NFTs;
- Despite being recently overtaken by Tensor, which commands a 60% share of Solana NFT sales, Magic Eden still boasts a larger user base in terms of unique wallet users.
Originally tailored for the trading of Solana NFTs, Magic Eden has since expanded its horizons by extending support to Ethereum NFTs and Bitcoin ordinals.
Community-Driven Decentralized Marketplaces
Every notable NFT project, such as OpenSea and Blur, asserts their status as decentralized platforms that enable NFT transactions among non-custodial wallets. However, skepticism abounds, with many questioning the authenticity of these claims regarding decentralization.
The concept of genuine decentralization gained prominence thanks to LooksRare, a platform governed by its community, which has pledged to redistribute all revenue to traders and creators.
#5 LooksRare
- LooksRare serves as a decentralized marketplace designed exclusively for Ethereum NFTs;
- It incentivizes its users through its native token, LOOKS, marking one of the pioneering NFT platforms to adopt a native token for incentivization;
- LooksRare Token – LOOKS
While LooksRare once competed head-to-head with OpenSea, it experienced a decline in momentum following rumors of wash trading. LOOKS token’s current trading price stands at $0.09, a significant departure from its peak value of over $7 in 2022.
Nevertheless, LooksRare ranks as the 15th largest NFT marketplace by trading volume, as reported by DappRadar. Beyond facilitating NFT transactions, the platform features several games that offer rewards to players.
Bitcoin Ordinal Marketplaces Surge in Popularity
The fervor surrounding Bitcoin ordinals has reached its zenith as of the present moment. Ordinals aren’t limited to NFT-like assets; they also find utility in fungible cryptocurrency tokens, courtesy of the BRC-20 standard.
In December 2023, the renowned auction house Sotheby’s unveiled its inaugural Bitcoin Ordinal collection for sale, known as BitcoinShrooms, a project crafted by the artist Shroomtoshi.
#6 UniSat
UniSat has swiftly emerged as one of the leading Bitcoin ordinal-centric NFT marketplaces, witnessing a remarkable 90% surge in 30-day trading volume, now exceeding $45 million.
This platform provides users with a comprehensive marketplace dashboard and an exclusive browser wallet tailored for ordinals. In competition with Ordinals Wallet, UniSat holds its ground as the preferred marketplace for Bitcoin-based NFTs.
Specialized NFT Markets
Beyond the overarching NFT marketplaces that accommodate a diverse array of NFT categories, encompassing digital art, collectibles, metaverse/Web3 assets, and gaming items, there exist specialized platforms that exclusively curate specific collections or NFT types.
Among the most prominent specialized NFT markets are CryptoPunks, Axie Marketplace (specializing in game items for the video game Axie Infinity), and NBA Top Shots (featuring Flow-based NFTs representing basketball shot video clips).
#7 CryptoPunks
CryptoPunks stands out as one of the preeminent NFT collections globally. Comprising 10,000 distinctive NFTs, CryptoPunks amalgamate various elements with varying degrees of rarity. Notably, celebrities and high-net-worth individuals, including Jay Z, Serena Williams, Snoop Dogg, and Mark Cuban, have invested millions to acquire CryptoPunks. Although CryptoPunks can be found on platforms like OpenSea, the collection boasts a dedicated application that ranks among the top 10 largest NFT marketplaces in terms of trading volume.
2024’s Top NFT Marketplaces: A Quick Comparison
Take a brief look at the leading NFT marketplaces for 2024 with this quick comparison.
| Marketplace Name | Supported Chains | 30-Day Trading Volume | Historical Trading Volume | Number of Deals | 30-Day Number of Traders | Average NFT Price |
|---|---|---|---|---|---|---|
| OpenSea | Ethereum, Solana, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, Base, Klaytn | $111M | $36B | 619k | 186k | $182 |
| OKX NFT Marketplace | Ethereum, Solana, Bitcoin, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, Base, Klaytn, Linea | $422M | $600M | 229k | 65k | $1.73k |
| Blur | Ethereum | $538M | $7.5B | 203.3k | 44.2k | $2.53k |
| Magic Eden | Solana, Ethereum, Bitcoin | $54.4M | $2.4B | 382k | 89k | $145 |
| LooksRare | Ethereum | $1.5M | $4.85B | 2.41k | 1.25k | $708 |
| Unisat | Bitcoin | $46M | $196M | 42k | 21.2k | $985 |
| CryptoPunks | Ethereum | $11.6M | $3.2B | 89 | 101 | $130k |
Conclusion
Navigating the world of NFT marketplaces in 2024 can be both exciting and challenging, with over a hundred platforms to choose from. To make informed decisions, it’s essential to have knowledge about these platforms. This guide explores seven notable NFT marketplaces and delves into the role of key blockchains like Ethereum, Solana, and Bitcoin. Staying updated on market trends, platform features, and safety precautions is crucial for successful NFT trading. Whether you’re new to NFTs or an experienced trader, this guide will help you make informed choices.