How to choose the right NFT market?

In January, the trading volume in all NFT Markets exceeded $862 million, 85% more than in December. According to footprint analysisthe number of main markets increased to 40.

Footprint analysis: daily volume of NFT markets

Then, Rare Appearance It seemingly came out of nowhere, launching $LOOKS at merchants and surpassing $240 million in trades in less than a month of launch.

Footprint analysis: daily volume of NFT markets

With NFTs showing resistance to broader market trends, these markets are likely to continue to proliferate as digital collectibles peel off the Bitcoin price.

Now is the time to find the right NFT marketplace for your NFT needs, and this article is here to help.

Footprint Analytics: Top NFT Markets by Monthly Volume

6 things to consider in an NFT market

1. Single versus multiple projects

Four major marketplaces only support a single NFT project, namely Axie Infinity, CryptoPunks, NBA Top Shot, and Mobox.

Those interested in these NFT projects can go directly to these markets, which have lower fees.

For markets with multiple projects, see the chart below.

Sorted by footprint analysis

Note: If you don’t have a big budget or are a beginner collector, avoid Ethereum NFT markets which have high gas fees.

2. Information provided by NFT Marketplaces

A good NFT marketplace should provide buyers with comprehensive information about projects, such as the number of NFTs available for purchase, the price of each NFT, and more detailed information such as the number of purchases and sales, holders, and historical trades. information.

3. Security

A good NFT marketplace must have a highly secure environment to protect both creators and buyers. For example, advanced encryption of certain private information, as well as requiring identity verification or providing transaction insurance to prevent fraud.

4. Advanced search features

When purchasing NFTs, it is important to have quick access to reliable and accurate data. Additionally, the platform should provide more visual data to give players a clear understanding of what is happening in the market, as well as help determine which NFTs are most worth investing in.

A good NFT marketplace should provide different search functions to meet the needs of buyers, for example specific names, types, or creators.

5. The convenience of a digital wallet

The right NFT marketplace should be simple and easy to use, no matter where you are or what device you’re using.

It should also provide support for multiple NFT wallets as well as payment options, which is useful if you want to buy NFTs with the payment method you use in your crypto wallet.

6. Market ratings

When you decide to buy NFT, you can get a better idea of other people’s experiences from their reviews, allowing you to make an informed decision and what to expect.

Summary

As NFTs continue to become more popular, 2022 is likely to see an influx of more great platforms. With dozens of options for creators and buyers, choosing the right marketplace can help you find the right NFT and earn more.

Date and author: February 16, 2022, Lynn

Data source: NFT Market Dashboard

What is footprint analysis?

Footprint Analytics is an all-in-one analytics platform for blockchain data visualization and insight discovery. Cleans and integrates on-chain data so users of any experience level can quickly get started investigating tokens, projects, and protocols. With over a thousand dashboard templates plus a drag and drop interface, anyone can create their own custom charts in minutes. Discover blockchain data and invest smarter with Footprint.

Posted in: Analysis, NFT