Last year, the NFT space exploded, and the world was enthralled by what Non-Fungible Tokens are and what they can do. Today, there are so many NFT marketplaces. Newbies remain confused about which marketplaces do what and which ones suit them best.
The truth is NFT marketplaces aren’t going away. There will be an even bigger explosion of the NFT space as greater adoption of web3 technologies continues. Here are some of the NFT marketplaces we think will rule 2022 and beyond.
Plus, we share our thoughts on what we think each marketplace needs to do to improve. Talk about choices!
2021 Was a Fantastic Year For NFT Marketplaces
Last year, we published a review of NFT marketplaces and our thoughts. Since then, we saw a slight improvement in some of the marketplaces we reviewed but, there are still many issues that need handling.
The first of these issues has to do with the approval process for verification in most of these marketplaces. The verification process hasn’t changed much. It frustrates a lot of creators who want to verify their accounts.
Verification adds value to creator accounts. It shows that the creator is trusted. Of course, it increases the value of NFTs sold on such platforms. Most NFT platforms still function on the “exclusive” access paradigm, which has destroyed what they could have been. If they made the verification process easy for genuine creators.
Another issue that plagues the NFT space is intellectual theft. Thieves steal ideas and pose them as original ideas. The issue is thorny. Intellectual theft is one problem that has made a lot of artists and creators stay away from marketplaces. In our search, we discovered that most NFT marketplaces still have to deal with multiple cases of intellectual theft. Without having mechanisms that prevent such cases in the first place.
We also discovered that the marketing process for NFTs depended primarily on social media following and star status rather than on the original creativity of the creator in the first place. This factor has led skeptics to criticize the industry with assertions like: “NFTs are just another bubble!” or “They disguise the NFT excitement as modern-day tulipmania!”.
NFT Marketplaces ought to do more to encourage the development of original ideas rather than keep the good guys out in the cold.
Lastly, we discovered only a few artists in each marketplace are the stars. These stars earn most of the income, and other creators are out of earnings. In most marketplaces, the algorithms designed to feature most artists feature the same set of guys day in and day out. It is unfair, and we think it fuelled suspicions of insider trading on platforms that art invest in and emerged last year. That said, here are a few thoughts we want to share on several NFT marketplaces.
ClubRare is Changing The NFT Space But Needs a Bigger Presence
We were very excited when we noticed the first NFT marketplace that tied NFT values to physical goods. There is very little or no documentation about ClubRare. Their medium handle doesn’t have any posts. That got us concerned. To build their presence, the ClubRare team needs to create content to maintain their brand presence.
It is that presence that shall convert into their user base over time. Their niches (watches, handbags, jewelry, art, food, and sneakers) are best-selling.
If they can tap into the already existing markets for these items offering NFTs as a twist, we think they will do just great!
The Binance NFT Marketplace is Way Too Restrictive
Let’s face it. Changpeng “CZ” Zhao and his team of miracle workers at Binance have been awesome. They have created this ecosystem where virtually anything web3 is possible despite the odds from the mainstream.
One problem, however, that we noticed is the admission into the marketplace to become a creator. We believe that the Binance NFT marketplace could favorably compete with Devin Finzer and his team at OpenSea if they could adjust the process for creators who want to join their platform.
Binance has the market internally. They have the confidence of most web3 users who have one account or the other on their platform. They have a track record, but the team lacks process. If they work on their internal processes for creators, we could see Binance rock the NFT space like no other NFT marketplace has done.
OpenSea has Come Far But Need to Reduce GeekSpeak
Devin Finzer and his team at OpenSea have gone from one milestone to the next within the NFT space. By all measures, Devin has achieved what most NFT marketplaces haven’t done. At least, not yet.
There is still way too much Geek Speak on the OpenSea platform to allow for newbie adoption of NFTs.
They still have review issues for verification, and that’s a big minus for us. Save for this, OpenSea has incredible architecture, and the OpenSea project is one of a kind. With the sudden recent interest in OpenSea from investors, they shall reach the heights they never thought of, and to be honest, neither did we. But those issues have to be handled first before they become problems.
SuperRare Has Gone Nuclear With Decentralization
After speaking with Jonathan Perkins about SuperRare’s Sovereign Spaces, we checked them out discreetly and discovered an NFT marketplace that is going supernova with decentralization. With decentralization being one of the founding tenets of the web3 industry, we got excited seeing the progress they have made with this.
SuperRare remains an exclusive club for many users, being from the west rather than being global (something they need to work on). The growth and spread of power to the users are amazing. We are watching them and are looking forward to significant levels of growth from the SuperRare community.
Nifty Gateway Remains Exclusive
Nifty Gateway has grown. We must admit that. However, we discovered that the NFT marketplace remains the exclusive club of a few creators without consideration for thinking outside the box.
Nifty Gateway, though, has done excellently with its email newsletters. They keep everyone within their community on their toes. That form of community has enabled a tremendous response from users.
We hope they will open their doors to the world because 2022 will be the year when the web3 industry will explode. That’s a fact.
What Does the Future Hold For the NFT Space?
With so much potential that Non-Fungible Tokens (NFTs) hold, we think there is so much potential that the industry holds. The issue is finding utility as the space grows in leaps and bounds. We left out a few marketplaces because they refused to innovate. The web3 industry is about innovation, and we know those that are growing and those that aren’t.
The NFT marketplaces we mentioned are a snapshot of what could become in 2022 and beyond, crypto’s fastest-growing industry.
If you know about any NFT marketplaces that deserve mentions or interviews, please let us know! We would be more than happy to feature them on E-Crypto News. That’s what we are here for!