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NFT Marketplaces Are Seeing Billions of Dollars in Transaction Volumes Each Month. Here’s What You Need to Know.

$3.4 billion in transactions were recorded on OpenSea in July. However, OpenSea is not the only place to buy NFTs. There are many marketplaces. Here’s a quick guide to help you understand exactly what NFT marketplaces are, and what they have to offer.

What is an NFT marketplace?

An NFT marketplaces is a website or mobile app where you can buy and sell NFTs. Most marketplaces also allow you to display your NFTs and some allow you to mint NFTs. There are at least three different kinds of marketplace: single-chain, multi-chain and project specific.

Single-Chain Marketplaces

Most NFT marketplaces are blockchain specific meaning that you can only transact on a single blockchain. For example, Foundation is an Ethereum-based marketplace whilst Hic et Nunc (HEN) is a Tezos-based marketplace.

Multi-Chain Marketplaces

Multi-chain marketplaces display NFTs from multiple blockchains and allow you to transact with them. These are currently less common, but we will likely see more multi-chain marketplaces as the NFT space develops and matures. An example of a multi-chain marketplace is the Binance NFT marketplace where you can transact using Binance Coin, Binance USD or Ether.

Project Specific Marketplaces

Some NFT Projects such as the Glitches, Axie Infinity and NBA Top Shot have created their own marketplaces where collectors can buy and sell NFTS in that collection only. Project specific marketplaces allow for a customised experience. The creators can fully brand the marketplace as well as offer more detailed information about each NFT and provide additional benefits and utility to collectors.

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