The popularity of different cryptocurrencies has been on the rise. With Bitcoin leading the pack, many new cryptocurrencies have made their way to the digital market, making their presence felt. According to reports, the global cryptocurrency market was valued at USD 826.6 million in 2020. With more people coming into the spectrum, the market is expected to grow further in the future. 

The hype around cryptocurrencies has pushed the masses to invest in digital assets. These assets are traded worldwide with the help of non-fungible tokens. Today, more than 350,000 NFT owners hold around $2.7 million in NFTs. 

There's been a massive surge in digital transactions as more people become part of the crypto ecosystem. The new cryptocurrencies have made it simpler for people to trade and establish assets. It's projected that with the charm surrounding the crypto market, more people will be drawn to invest in the coming years. 

What is an NFT?

An NFT or a non-fungible token gives you ownership of any online/digital asset. It can be a piece of art, a music album, or a video. The tokens exist on blockchains, the innovative technology that underlies cryptocurrencies like Ethereum and Bitcoin. 

The Rising NFT Market 

New research has predicted that the current $3 billion NFT market will cross the $13 billion mark by the end of 2027. The sudden increase in demand for digital assets has offered space to new NFT marketplaces. 

Today, everything from a music album to an antique art piece can be bought as an NFT on any NFT marketplace. The various marketplaces have witnessed a drastic rise in competition. Every marketplace today aims to provide visitors with all the digital assets that match their interests. 

The NFT ecosystem is still in its initial phases. The increasing number of NFT marketplaces will likely contribute to the network's future growth. With the market experiencing steady growth, an increase in the number of investors is inevitable. 

Top 5 NFT Marketplaces

As the NFT market continues to grow, many marketplaces have emerged in recent years. They have allowed the investors to sell and purchase different crypto assets.

Here are the top five NFT marketplaces in the world. 

OpenSea

OpenSea maintains its legacy as one of the oldest NFT marketplaces. Launched in 2017, it has recently risen to the status of a torch bearer. It's the largest NFT marketplace, with more than a million active users. The NFT platform hosts numerous assets from several categories, including artworks, music, trading cards, and photography. Cryptocurrencies like Ethereum and Solana are the most popularly used currencies in the marketplace. 

Rarible

Rarible is the second most popular NFT marketplace behind OpenSea. The marketplace is known for its commitment to decentralization. Rarible is home to a governing token called RARI, which is a step toward a decentralized economy. The holders of RARI can make necessary changes to the marketplace, making it a user-friendly space. Investors can buy and sell assets through cryptocurrencies like Tezos and Ethereum. 

NBA Top Spot 

NBA Top Spot is nothing less than heaven for NBA fans. It's an NFT marketplace dedicated to the greatest moments in NBA history. People can buy or sell videos of a few timeless moments in the history of the NBA. The NBA handles the basketball-centric marketplace and reserves the rights to each clip. 

Magic Eden

Magic Eden is an NFT platform that relies on the Solana blockchain and allows users to sell, purchase, manage and mint NFTs. The Solana-based platform holds 90% of the secondary volume and 93% of the network’s gaming volume. Anyone can buy, sell or trade with different NFTs after getting the due approval. 

Nifty Gateway

Home to the most expensive and exclusive NFT sales, Nifty Gateway, stands in its league. It operates on an "open editions" system. It means users can only access the exclusive NFTs for a limited period. The exclusive nature of this platform has made it a popular option among crypto enthusiasts.

Wrapping it Up

The increasing hype around cryptocurrencies has made the NFTs grow unprecedently. The abundance of marketplaces has offered investors an opportunity to widen the trading spectrum. Due to the new marketplaces, more people are finding their way to the crypto circle. 

Are you one of the people who are intrigued by the crypto ecosystem? There's no need to worry. You can also become part of this trend and test your luck with digital assets. A Beginner's Guide to the World of Cryptocurrency is a perfect book for you if you want to step into the crypto world. 

It's an initiative by Cryptoreek and ThysirPips to educate people about the basics of crypto trading. It's a step-by-step guide that will walk you through NFTs, Coins, Decentralized Finance, and Trading fundamentals.

Get your hands on A Beginner's Guide to the World of Cryptocurrency today and dive into the future.