The Top NFT Marketplaces in India 2023
Non-Fungible Tokens (NFTs) made their presence first in 2017; since then it has matured over 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.
What is an NFT marketplace?
The NFT landscape is evolving, but typically, most NFT marketplaces fall into one of these three categories:
- Open marketplace – Anyone can sell, buy, or mint NFTs. Minting refers to the process of uniquely publishing your token on the blockchain to make it buyable. Open marketplaces typically mint NFTs for you, though creators can also mint their own works.
- Closed marketplace –Artists must apply to join and the marketplace usually undertakes the minting processes. Selling and trading are more restricted.
- Proprietary marketplace – A marketplace that sells NFTs trademarked or copyrighted by the company operating it.
Some NFT traders create accounts on and subscribe to a variety of marketplaces so they can receive announcements about new NFT drops. Information about new NFTs is also shared on platforms such as Discord and Twitter, as well as more specialized investing platforms like Rarity Sniper and Rarity Tools. When highly anticipated NFTs are released, investors tend to act quickly.
The Top NFT Marketplaces in India 2023
NFT marketplace is a virtual economy platform that works in a peer-to-peer model. This allows artists to showcase and list their art in the form of digital tokens and buyers/investors can purchase those jpegs in the form of an asset. It is very similar to buying products online through your digital or E-wallet payment system. After determining the possible price of this Non-Fungible Token (NFT) the Artist can choose from several options whether they want to list the NFT as a specific Fixed price or run an auction where the highest bidder gets to own the NFT.
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 in 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.
OpenSea is one of the world’s largest NFT marketplaces that allow users to buy, sell, and discover a variety of digital assets. The marketplace was launched back in 2018 and has earned much reputation in its domain over the years. According to experts, OpenSea holds over 75% of all NFT transactions that occur on the Ethereum Network. To use OpenSea, you must connect your OpenSea account with a wallet like MetaMask, Coinbase Wallet, and others. Moreover, you can also discover the Bored Ape Yacht Club, CryptoKitties, Crypto Punks, Decentraland, Doodles, and other well-known NFT assets. Another advantage of purchasing NFTs from OpenSea is the worldwide creators and community, which gives a broader range of options.
3. Jupiter Meta
Jupiter Meta has just announced that it has launched India’s first fully curated innovative marketplace. It is focused on creating singular metaverse experiences via music films and games. Their NFT ‘Icons of Singara Chennai’ cities culture through digital art, NFT of food, monuments, and beaches. It was founded in 2021 to trade NFT and various creative and cultural segments built into its metaverse. The marketplace offers fixed prices and a personalized experience. The platform is backed by Rubix blockchain technology of level-1 and has zero gas fees.
Rarible was announced in 2020 and was ranked as the top NFT marketplace. It was possible because of their given RARI, their native ERC-20 governance token. They support ERC721 as well as ERC1155 standards which are for creating multiple editions of one item. Rarible is built on Ethereum Blockchain and they have partnered with some big brands like Adobe and many other popular artists.
5. Binance NFT marketplace
Binance NFT marketplace is one of the largest NFT trading platforms available. Since the launch of the Binance NFT marketplace in June, more than 1000 creators have listed over 2.5 million NFTs on the platform. Binance launched its new NFT Marketplace to help artists in minting and selling their pieces of art. The marketplace has sold 1 million mystery boxes and has a trading volume of $360 million. According to the company, users can create and mint their NFTs in a matter of a few minutes using the platform. Furthermore, users can deposit and withdraw tokens to a compatible wallet or exchange. Binance has strengthened its reputation through collaborations with artists, athletes, news organizations, singers, actresses, and award-winning personalities. The colossal popularity of the platform worldwide makes it one of the most recommendation-worthy NFT marketplaces in India for customers willing to trade NFTs.
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; which 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.
This platform came into LimeLight when it launched the NFTs of the Bollywood superstar Amitabh Bachchan. As per the report, there were around 5,000 loot boxes, and they were sold in just 53 minutes. During the auction of those NFTs, around 6 million people were present on the website. After one month, it later launched its second drop with Stan Lee’s co-creation Chakra The Invincible. It was also a big blast, all the 6865 loot boxes were sold within just 51 seconds, and 5000 jukeboxes were sold in just 49 seconds.
The platform saw a great response from the people, and it can be called the first platform that brought India and NFT close. It is all set to provide an extraordinary trading experience to the Global community.
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.
BuyUcoin is India’s one of most secure crypto exchange platforms that also offers users to trade NFTs. It was founded in 2016 and had more than one million users. It has a very user-friendly UI that resembles that of OpenSea. BuyUcoin handles more than $300 million in digital asset transactions. The marketplace supports 130+ Crypto Pairs like BTC-INR, ETH-INR, DOGE-INR, YFI-INR, and much more. The company has said that its mission is to bring cryptocurrency into the hands of all Indians. Customers need to pay a makers fee of 0.24% to buy NFTs through the platform.
10. Nifty Gateway
Nifty Gateway, along with their NFTs’ niftiest, was known in blockchain history for selling Beeple’s NFT and artists like Grimes and LOGIK. The NFTs on Nifty Gateway get 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 a 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.
SolSea is the first open NFT marketplace with integrated minting on the Solana blockchain. This is the best option available for users who might be looking for options to trade NFTs on Solana. An additional advantage of SolSea is that it allows creators to include copyright permissions in their NFTs. SolSea provides several features such as NFTs with embedded licenses (NFT-PROs), Rarity Rank calculation for collections, and wallet funding with FTX-Pay and Moonpay. The platform also receives regular updates to provide customers with more features. It is regarded as one of the top ten NFT marketplaces in the world because of its high trade volume.
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 marginalized 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.
13. 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. 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, collectibles, and more.
SimpleMarket is a popular NFT marketplace that is based on the WAX blockchain. WAX was launched in 2017 and had more than 140,000 digital assets to trade. WAX is the leading NFT network and has successfully facilitated the trade of millions of NFTs from partners such as Topps (MLB), Capcom (Street Fighter), Funko, Atari, Sony’s Funimation, and famous films (Princess Bride and SAW), world-renowned entertainers (Deadmau5, Weezer, and William Shatner), and many more. The SimpleMarket platform comes with a user-friendly and straightforward-looking UI that helps customers explore the marketplace.
This marketplace is described as the bridge between Bollywood and blockchain. Bollycoin is an NFT marketplace dedicated to collections inspired by Bollywood projects. Recently the platform unveiled its Dabangg collection, which is in collaboration with Salman Khan. In addition to that, the marketplace also offers movie clips, posters, and stills, among other collectibles. Users can use their crypto coins to purchase NFTs and get royalties based on their activity.
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