Non-Fungible Tokens (NFTs) made their presence first in 2017; since then it has matured over the years. In 2021, NFTs saw a mammoth rise in popularity, and though India is not at the forefront, the trend is gaining traction every day. The NFT marketplace is a virtual economy platform working in a peer-to-peer model. It enables artists to exhibit and list their art in digital tokens where buyers/investors can purchase them in jpegs as the form of an asset. We can think of NFT marketplaces as our Amazon of the digital realm. In fact, it's claimed during the latest Union Budget, it had announced that it'll regulate a tax on all crypto, but it did encourage crypto investors to buy more. Thus, NFT marketplaces are fast approaching and attracting a mainstream crowd.
The various NFT projects are now beginning to get acknowledged as the future of the crypto world. In the era of file sharing and streaming, NFTs have provided the opportunity to own the art which various talented artists have produced. With cricketers, singers, and actors such as Amitabh Bachchan, rolling out their NFT, marketplaces are rapidly gaining momentum.
With dozens of NFT marketplaces in existence, most of them have a specific focus or niche. In this blog, Fintra will highlight what you should look for before deciding which one to use and which are the top NFT Marketplaces in India. The following is what an individual needs to know:
Briefly describing, a Non-Fungible Token (NFT) is identified as a unit of data that is stored in blockchain technology. It's validated to be the unique identifier that can’t be interchanged and is indivisible. NFTs have successfully bridged the gap between celebrities and fans, creators and collectors. For this reason, an NFT Marketplace plays an extremely vital role in the circulation of NFTs among every NFT enthusiast.
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In simple terms, NFT marketplaces are online platforms where people can sell, purchase, or mint NFTs. NFT marketplaces can be viewed as a vast online store where individuals can browse the huge selection of items that are up for sale and make purchases. Since NFTs get hosted on the blockchain, the majority of the NFT marketplaces will require people to own a crypto wallet where they can store NFTs post-purchase.
NFT marketplaces attempt to denominate listed assets in digital currency, and it's the Ethereum that gets widely used. As soon as you purchase an NFT, its ownership gets immediately transferred from the seller to the buyer; this can incur a network transaction fee. Due to the tremendous rise in popularity of NFTs, new NFT marketplaces are frequently being launched, with each attempting to find a specific ‘niche’ within the broader market. Do bear in mind that an NFT isn't the digital media itself, and just owning it doesn't mean you own its copyright. Owning an NFT doesn’t give you any ownership over the underlying media that’s associated with that specific token.
NFTs are the most popular way to purchase and sell digital artworks. Moreover, establishing itself as a technological powerhouse, India is encouraging businesses to expand. Thus, the rapid expansion of startups into enterprise-level businesses is resulting in a significant demand for NFT developers and NFT marketplaces development. Though in the blog below we have reviewed some of the best NFT platforms, with each passing day, more continue to be developed.
The list below describes the numerous top NFT platforms to pick from, and each one offers a slightly different set of features and fee structure. To assist and enhance your knowledge, let’s dive in and briefly review each NFT marketplace individually:
1. WazirX: Founded in 2018, WazirX is an Indian cryptocurrency exchange with over 7.3 million users. WazirX platform was acquired by Binance, which is a crypto trading platform. They launched the NFT marketplace that was dedicated to regional and traditional creators. This platform is also known to be one of the first ones to host its first NFT exhibition and musical NFTs. WazirX is a popular option to use if you’re a beginner. It charges users around 5% of service fees, and the creators get the rest of the proceedings. In fact, in a record year by November 2021, the platform recorded nearly $38 billion trading, and it also crashed after the heavy user activity that occurred following the news of the Indian government’s cryptocurrency bill decision in Parliament.
2. Jupiter Meta: Jupiter Meta has recently launched India’s first fully curated innovative marketplace, which focuses on creating singular metaverse experiences through music, films, and games. For example, their NFT ‘Icons of Singara Chennai’ depicts culture through digital art, NFT of food, monuments, and beaches. Jupiter Meta was established in 2021 to trade NFTs and various creative and cultural segments that are built into its metaverse. This marketplace, which provides fixed prices and a personalized experience, is backed by Rubix blockchain technology of level-1 and has zero gas fees.
3. BeyondLife.club: The marketplace, BeyondLife.club came into the limelight when it launched the Bollywood superstar Amitabh Bachchan NFTs. Moreover, as per the reports, during the auction, around 5000 loot boxes were sold in just 53 minutes, and more than 6 million people were active on the website. Then, after one month, it launched its second drop with Stan Lee’s co-creation Chakra The Invincible, and it was a blast! In nearly 51 seconds, all 6865 loot boxes were sold out, along with 5000 Jukeboxes that were sold out in 49 seconds. Apart from these two, these auctions also witnessed a huge response from the people. BeyondLife.club can be seen as the first platform to bring India and NFT even closer. With its marketplace launch on 26th Jan 2022, it is noted that it is now on the path to providing an extraordinary trading experience to the global community.
4. Bollycoin: The Bollycoin marketplace is depicted as the bridge between Bollywood and blockchain. Bollycoin is the NFT marketplace devoted to collections inspired by or based on Bollywood projects. Recently, the marketplace unveiled its Dabangg collection in collaboration with Salman Khan. In addition to that, the marketplace even offers posters, movie clips, and stills, among other collectables. Members may use their crypto coins to purchase NFTs and obtain royalties based on their activities.
5. Colexion: The Colexion marketplace is sworn to be one of Asia's largest licensed NFT marketplaces for digital artists to purchase and sell their art. They are now working towards the creation of the world’s largest NFT digital museum where the members/users can meet and interact with various celebrities and get an insight into their life journeys. In the form of digital tokens, the NFT marketplace even has trump cards. Besides this, they have a gaming platform that integrates sports personalities and enables players to trade, own, and sell their avatars and other commodities. It's been said in the form of trading cards, Colexion has partnered with various cricketers like Yuvraj Singh, Glen Maxwell, and many others. Moreover, in the Entertainment section, even musicians like Salim Sulaiman and Aamir Ali have their own set of NFTs.
6. BuyUCoin: BuyUCoin, founded in 2016, is known to be a leading crypto exchange in India that serves over 350,000 users and handles more than $300 million in digital asset transactions. BuyUCoin has announced its mission is to bring crypto into the pockets of all the Indians. It also enables users to sell, buy, and trade 33 cryptos, including Ethereum, Bitcoin, Ripple, Stellar, and many others. The platform charges its users a maker fee of 0.24%.
7. Nifty Gateway: Nifty Gateway, along with their NFTs’ nifties’, was known in blockchain history for selling Beeple’s NFT and artists like Grimes and LOGIK. The NFTs on Nifty Gateway gets stored in a secured wallet and it's powered by Gemini’s state-of-the-art custody technology. This enables the platform to levy 0% gas fees for the artists, and every three weeks, the Nifties is released as a limited edition. The Nifty Gateway generally focuses on ‘premium’ NFT drops that are NFT releases with limited number of assets. The platform hosts a wide variety of famous artists and creatives, with drops like Steve Aoki and Grimes. Due to these NFTs being highly desired, Nifty Gateway’s selection attracts high-end investors.
8. Rarible: Launched in 2020, Rarible was ranked as the top NFT marketplace and this was so because of their given RARI, which is their native ERC-20 governance token. Rarible supports two tokens that are called ERC721 and ERC1155: The first one is for the creation of unique items and the second one is used for creating multiple editions of an item. This marketplace is built on the Ethereum Blockchain and they have partnered with a few big brands such as Adobe and many other popular artists. It is said that Rarible’s tokens can also be used on platforms like OpenSea which is one of the few decentralised independent organisations because it enables its customers to make decisions themselves. The NFT tokens are even used on OpenSea, a renowned platform that's accessible via this marketplace. Rarible is known to be one of the best NFT art marketplaces as the platform hosts a huge selection of digital art, photography, games, music, domains, and even metaverse items.
9. Foundation: Being a P2P NFT marketplace, Foundation’s NFTs collaborate with crypto natives, digital art creators, and collectors. It aims to encourage culture and bring forward marginalised voices. Mainly focusing on digital art, artists are required to create a profile before applying for an Upvote Program on the platform, where the community further votes and accepts applications. The Foundation’s women-driven team determines the artwork to display and ensures the artist obtains 10% of the sale each time a collector resells its digital artwork to another individual.
10. SolSea: The Solana-based NFT marketplace is called SolSea and it's similar to OpenSea, but with support for Solana. If you are looking for NFTs hosted on the Solana blockchain, then you are surely going to find some of the best ones here. SolSea permits creators to embed copyright licenses into their NFTs. Due to its heavy trading volume, it is known to be one of the top 10 NFT marketplaces worldwide. Thus, if anyone is viewing Solana as a promising NFT blockchain, then diving in earlier with NFTs from SolSea will definitely be ideal.
11. OpenSea: Known as the big daddy of all NFT marketplaces, OpenSea marketplace was established in 2018. It had the most comprehensive range of NFT, which included art sports, collectables trading cards, virtual world, and domain names that are censorship-resistant. This international marketplace is the NFT trading marketplace, which is believed to hold more than 75% of all NFT transactions that occur on the Ethereum Network. Users have to first connect their wallets before they can sell, buy, and/or trade NFTs. The assets ERC721 and ERC 115 are both included in the platform. One may also explore Bored Ape Yacht Club, CryptoKitties, Crypto Punks, Decentraland, Doodles, and other popular NFT assets. Its most notable features are buying, creating, and selling digital assets. Besides Mark Cuban and Logan Paul, there are various other celebrities who use this platform as well. One of the other advantages of purchasing NFTs from OpenSea is that the international creators and community provides wider choice. OpenSea’s best feature includes the platform's ability to support over 150 cryptocurrencies as a payment method.
12. Binance NFT Marketplace: Binance attracts various bands, artists, and creators to its platform due to its newly launched NFT marketplace which has low fees. Moreover, since the announcement of the new launch, more than 1000 creators have listed approximately 2.5 million NFTs. This marketplace provides the creators with a more open space to explore their creativity. In fact, it's been observed the platform has sold a staggering 1 million mystery boxes; its trading volume has even crossed approximately $360 million. By partnering with athletes, news agencies, singers, artists, actors, and award-winning celebrities, has enabled the Binance marketplace to uplift its credibility. Through this platform, popular personalities are easily interacting with their friends via their merchandise, meet and greet events, passes, personalized tokens, and tickets for matches and tournaments. The Binance NFT Marketplace offers NFTs on the Binance Smart Chain and the Ethereum blockchain, which ensures users will get a vast selection of tradeable assets. Its marketplace’s interface navigation is easy and it features NFTs in collections which include entertainment, gaming, art, sports, collectables, and more.
13. Rario: The Rario platform launches NFTs of cricketers around the globe through its NFT marketplace.
14. Always First: Always First is an NFT marketplace that marketed NFTs of the Indian Cricketer Sunil Gavaskar. It has diverse tokens that depict Gavaskar’s life moments as NFTs.
15. Blockparty: The NFT marketplace of Blockparty is a storefront platform for creators and it is a preferred platform for various buyers and brands. Its user interface is easy to navigate and has adequate opportunities for all. May whatever you are, a digital art creator or a collector of the elite NFTs, Blockparty provides various options. In a very straightforward manner, one can purchase and sell the best NFTs on the Blockparty marketplace.
16. NFT STARS: NFT Stars is an NFT marketplace where purchases of NFTs are based on AVAX and Ethereum-based blockchains. It is an ideal marketplace where users may buy some of the best artworks and digital paintings. If anyone desires to have its own NFT marketplace, then NFT Stars do provide white labelling services for their projects.
17. NFT-X: NFT-X, a full-fledged NFT platform, is where one can use for building, buying, selling, and swapping the best NFT collections. It focuses on Ethereum-based NFTs and the user can obtain one for themselves at pretty low prices. Many creators make use of this platform to gain traction because this platform is the home to the prestigious CryptoPunks.
18. Patrn: A one-of-a-kind NFT platform, Patrn, is where creators list their ideas for NFTs, and people support them by doing donations via As an idea reaches its funding goal, the NFT collection gets created, and each donor is provided with some NFT as a token of their contribution. Thus, if anyone has a fabulous eye for new ideas, it can be a part of this Patrn community and obtain the NFTs airdropped.
19. Crypto.com: A firm that furnishes you with a variety of products revolving around cryptocurrencies and blockchain is Crypto.com. It is claimed to be overall one of the best NFT Marketplaces in 2023. Crypto.com marketplace provides a one-of-a-kind card that could be used as a spending card by staking your cryptocurrency. This platform jumped on the NFT bandwagon even before its current hype. It was one of the earliest NFT marketplaces that had an international audience. Due to this, finding some incredible projects is easier on this platform, and it is even easier to purchase and store them. This marketplace was founded in 2021 and has NFTs from various categories like art, gaming, sport, music NFTs, celebrities, and crypto. Crypto.com strives to enhance the entire investing process by making it easy, by just signing up for a Crypto.com NFT account in minutes. Moreover, one of the appealing points of this marketplace is the buying process, there is no transaction fee for purchasing an NFT; this is in stark contrast to various other platforms. One may also find some of the most expensive NFTs on the market. Crypto.com has collaborated with multiple high-profile names, such as Boy George and Snoop Dogg, and this has added a new level of hype to the platform’s NFTs. Finally, in a recent announcement, Crypto.com has said that its platform will now support Ethereum-based NFTs, which will greatly expand the options for investors.
20. VEVE: If anyone loves purchasing NFTs of famous brands, VeVe should be on the go-to platform. VeVe, a mobile application-based NFT marketplace, is the platform where the best brands showcase their premium licensed digital collections. Previously, very successfully VeVE has hosted NFT collection drops for Coca-Cola, Marvel, DC, and other such global brands.
21. WAX: One popular NFT Marketplace, known as WAX, has over 140,000 digital assets to trade. WAX is a blockchain network launched in 2017, and it was designed to enhance the efficiency of e-commerce transactions. Its network is compatible with EOS and bears the power of the blockchain to compete with Ethereum. The WAX NFT Marketplace itself is known as ‘SimpleMarket’. Although a majority of WAX NFTs are denominated in WAX, there is also another super-popular secondary market known as AtomicHub, which proclaims to furnish you with exchange services with no gas fees. Many high-profile brands have already made use of this blockchain to mint their NFTs, like Atari and Sony, and this has even added a significant degree of credibility to the platform. WAX is believed to charge a 2% transaction fee in the secondary market.
22. Axie Marketplace: The Axie Marketplace is an online shop for Axie Infinity, a video game. Axies are mythical creatures that could be brought and trained and later pitted against other players’ Axies to earn rewards. On Axie Marketplace, players are able to buy new Axies, entire lands, and other items, such as NFTs to use within the game. Axie Infinity tokens are called Axie Shards, they are built on the Ethereum blockchain. These tokens can be bought and sold on a variety of NFT marketplaces, including some cryptocurrency exchanges like Coinbase Global.
23. Larva Labs/CryptoPunks: Larva Labs is well known for the viral CryptoPunks NFTproject. In 2017, they gave it away for free back, but then some CryptoPunks were sold for millions of dollars. Larva Labs does have other digital art projects as well such as Autoglyphs, and other Ethereum blockchain-based app development projects. Although Larva Labs' CryptoPunks NFTs are sold out, one can have them by bidding on them and they can be brought from various third-party marketplaces. However, it's a good idea to keep a tab on Larva Labs' various projects including the Meebits that can be bid on directly on the company's built-in marketplace.
24. NBA Top Shot Marketplace: The NBA Top Shot is the National Basketball Association and Women's National Basketball Association's incursion into the NFT world. On its marketplace, collectable moments, such as video clips and play highlights along with art may be purchased from the world's premier basketball leagues. The NBA has a built-in closed marketplace where you can only buy and sell on Top Shot using the Flow blockchain that's built by Dapper Labs. Signing up for it is easy and one can buy directly on the Top Shot marketplace website. Collectable moments are purchased for as little as a few dollars.
25. SuperRare: SuperRare, which is similar to Rarible, is also building its marketplace for digital creators. The website includes videos, art, and 3D images, but using Ethereum collectors can purchase artwork. SuperRare has recently announced that its token of the same name is based on the Ethereum blockchain, they'll be used to discover and curate new talent for the marketplace. Like Rarible, SuperRare NFTs can even be bought and sold on OpenSea.
26. Mintable: The Mintable platform is backed by the billionaire Mark Cuban, and it aims to be an open marketplace, which is similar to OpenSea. In order to buy and sell NFTs on Mintable, the user needs Ethereum. This platform even supports the minting of NFTs for creators of all types who desire to sell their work as digital assets. First, the NFT collector or creator will have to purchase Ethereum from a crypto exchange before connecting their wallet to Mintable to facilitate bidding and buying on its marketplace.
27. Theta Drop: The blockchain platform that was built for the decentralized distribution of TV and video on the Internet is known as Theta. In 2021, The NFT marketplace of Theta Drop made its debut by showcasing the World Poker Tour's digital collectables. The World Poker Tour was an early adopter of ThetaTV and it uses the platform to stream content. Theta utilizes its blockchain technology, and to participate in this marketplace, one has to purchase Theta Token. Various crypto exchanges like Binance do support Theta. Moreover, the tokens and NFTs purchased with them may be stored in the crypto wallet, and in Theta's crypto wallet app.
Always remember Non-Fungible Token (NFT) represents ownership of an asset. Therefore, before selecting an NFT marketplace, first decide the kind of digital asset you desire to buy, sell, and/or create. Anything digital can be tokenized on the blockchain, especially Ethereum, which is the most common blockchain network used to build NFTs. It can be a written word, video games, art, videos, collectable items, etc. Another consideration to keep in mind is the type of tokens that are supported on a marketplace as some might support a huge variety of tokens whereas others could be closed marketplaces that use a specific proprietary token. While opening an NFT marketplace account, make sure to fund your blockchain wallet with the right crypto or token that is required to participate in the site's activity. After opening up an account, you'll be prompted to link the wallet to the NFT marketplace. Along with this, do check what kind of security the marketplace is using and whether it has had any issues in the past.
Due to the NFT's digital nature, these marketplaces function slightly differently than with other assets. As stated above, it’s vital to first have a crypto wallet and/or an NFT wallet because it will be needed to store all the NFTs after purchasing them.
Aside from the wallet, one also needs to own some cryptocurrency, which applies to the NFT it's interested in buying. Moreover, most of the marketplaces do list NFTs in ETH, although few do use Tezos (XTZ), FLOW, Solana (SOL), or other digital currencies.
In terms of how they function, the marketplaces offer three primary services:
In conclusion, from the above details, we can conclude and visualize that NFTs are indeed the present and future of the digital world. Investing in them will be considered a wise option, hence, do keep an eye on the trading process, and make the attempt to conquer the NFT world. To enter the NFT world make these above NFT marketplaces your path and begin investing in digital assets, arts, and collectables. Before deciding on one make sure to select the marketplace which suits your buying and storage needs based on the type of NFT you're desiring to obtain and the crypto you are interested in utilising for transactions.
Moreover, always be aware that this is a new industry, hence, it is highly speculative. At times few NFTs will rocket higher in value, but there's no guarantee. Do bear in mind that the value of digital arts and collectables work similarly to physical art and collectables: The value is subjective and determined by various factors like uniqueness and the artist's reputation who created it. Make purchases with an overall investment strategy, net worth, and investment time horizon in your mind.