Best NFT Marketplaces in India

Non-Fungible Tokens (NFTs) initially entered the market in 2017, and since then, they have grown more sophisticated.

NFTs experienced a meteoric spike in popularity in 2021, and despite India not being at the forefront, the movement is picking up steam every day. A peer-to-peer virtual economy platform, the NFT marketplace operates in this way. It enables artists to display and list their works as digital tokens that investors and buyers may buy as jpeg files in the form of assets.

NFT markets can be compared to the Amazon of the internet. It is asserted that at the most recent Union Budget, the government announced that it would regulate a tax on all cryptocurrencies, but it also prompted investors to purchase more. NFT marketplaces are so rapidly approaching and drawing a broad audience.

Many NFT projects are starting to be recognized as the crypto industry’s future. NFTs have allowed people to own the artwork that numerous creative artists have created in the era of file sharing and streaming. With cricket players, musicians, and actors like Amitabh Bachchan launching their NFT, markets are gaining traction quickly.

The majority of the available NFT marketplaces have a particular emphasis or niche. What to consider before choosing one to utilize and the best NFT Marketplaces in India will be highlighted by Fintra in this article. An individual has to understand the following:

What is an NFT Marketplace?

NFT marketplaces are online locations where people can buy, sell, or mint NFTs. NFT marketplaces can be considered sizable online stores where customers can shop for various products and make purchases. Most NFT marketplaces will require users to have a cryptocurrency wallet to store NFTs after purchasing because NFTs are hosted on the blockchain.

Ethereum is the most popular digital currency utilized by NFT marketplaces to denominate listed assets. When you acquire an NFT, its ownership is immediately transferred from the seller to the buyer; this can result in a network transaction cost. New NFT marketplaces are regularly introduced due to the enormous popularity of NFTs, with each looking for a particular “niche” within the larger market. Keep in mind that just because you hold an NFT doesn’t mean you control the copyright to the digital media. The connected underlying media is not your property if you own an NFT.

The most common way to buy and sell digital art is using NFTs. Moreover, India is promoting corporate growth by positioning itself as a technical powerhouse. Thus, there is a strong need for NFT developers and the growth of NFT marketplaces due to startups’ quick transition into enterprise-level companies. Though we have examined some of the top NFT platforms in the blog post below, more are constantly being created.

Top NFT Marketplaces in India 2022

The several top NFT platforms are described in the list below, and each one has a selection of features and a cost structure that is a little bit different. Let’s get started and quickly review each NFT market separately to help and improve your understanding:

(1) OpenSea:

One of the biggest NFT markets in the world, OpenSea enables users to purchase, sell, and discover a range of digital goods. The market was first introduced in 2018, and over time, it has developed a strong name in its industry. Experts estimate that OpenSea controls more than 75% of all NFT transactions on the Ethereum Network. You must link your OpenSea account with a wallet like MetaMask, Coinbase Wallet, or another wallet to utilize OpenSea. The Bored Ape Yacht Club, CryptoKitties, Crypto Punks, Decentraland, Doodles, and other well-known NFT assets are also accessible. The global developers and community of OpenSea, which provides a wider selection of alternatives, is another benefit of obtaining NFTs from them.

In 2022, OpenSea will rank among the top NFT marketplaces in India for buying and selling digital assets, thanks to all these benefits and features.

(2) Bollycoin:

Bollycoin is a special NFT market that connects blockchain and Bollywood. The company intends to auction off digital memorabilia from the Bollywood industry. It would offer a cutting-edge method for Bollywood fans worldwide to own NFTs of their preferred Bollywood movies and stars. Since releasing the Dabangg NFT collection in partnership with Salman Khan last year, the NFT marketplace has experienced massive growth in popularity in India. Bollycoin also provides additional artefacts, including posters, movie snippets, and still images. One of the top NFT marketplaces in India in 2022 is Bollycoin, thanks to the abundance of heavily Indianized digital assets.

(3) WazirX:

WazirX is an Indian cryptocurrency exchange that was established in 2018 and has more than 7.3 million members. Binance, a platform for trading cryptocurrencies, purchased the WazirX platform. They started the NFT marketplace, which was intended to support local and traditional artists. This platform was also one of the first to hold musical NFTs and its inaugural NFT exhibition. If you’re a novice, WazirX is a well-liked choice. It charges consumers about 5% of service fees, with the remaining proceeds going to the producers. By November 2021, the site had recorded approximately $38 billion in trading. However, after hearing about the Indian government’s cryptocurrency bill decision in Parliament, the platform crashed because of high user activity.

(4) Jupiter Meta:

The first NFT marketplace for art, movies, games, music and other things is called Jupiter Meta in India. All stakeholders benefit from an immersive digital experience and significant economic, recreational, and practical value. To sell NFTs and other creative and cultural sectors embedded within its metaverse, the NFT marketplace was just established in 2021. The highly secure, environmentally friendly, and gas-free Rubix blockchain technology powers Jupiter Meta.

The company wants to widen the idea of the metaverse and include everyone as a part of an always-connected digital environment in India. By 2024, Jupiter Meta hopes to rank among the top 10 marketplaces for the metaverse. The NFT marketplace’s features give a quick user experience, and its India-focused features make it one of the top NFT markets in India.

(5) BeyonfLife.club:

When Bollywood superstar Amitabh Bachchan’s NFTs were introduced, the online store BeyondLife. Club gained notoriety. Furthermore, according to sources, over 6 million users were active on the internet during the auction, and about 5000 loot boxes were sold in just 53 minutes. Then, after a month, it debuted its second drop with Stan Lee’s co-creation Chakra The Invincible, and it was a blast! The 5000 Jukeboxes and all 6865 loot boxes were all sold out in 49 and nearly 51 seconds, respectively.

In addition to these two, these auctions received a tremendous amount of interest from the public. The initial venue to further strengthen ties between India and NFT can be seen as BeyondLife.club. With the opening of its marketplace on January 26, 2022, it is noted that it is now moving toward giving the world’s trading community an exceptional experience.

(6) Colexion:

The biggest licenced NFT marketplace in Asia, Colexion, welcomes digital artists to participate and express their passion for art and creativity. The business is creating the biggest NFT digital museum in the world, where visitors can interact with famous people and discover more about their lives. The company claims to build a community of digital artists to provide them with limitless growth opportunities and a strong platform to enter the metaverse as trump cards. Additionally, the business has formed alliances with numerous well-known sports figures, such as Yuvraj Singh, and artists, including Salim Suleiman, to dominate the Indian NFT trading sector.

(7) BuyUCoin:

One of the safest cryptocurrency trading platforms in India is BuyUcoin. Users may also trade NFTs on this platform. More than a million people used it when it was founded in 2016. Its user interface (UI), similar to OpenSea’s, is quite friendly. Transactions involving digital assets total more than $300 million at BuyUcoin. 130+ cryptocurrency pairs, including BTC-INR, ETH-INR, DOGE-INR, YFI-INR, and many more, are supported by the market. The business has stated that it wants to put bitcoin in the hands of every Indian. To purchase NFTs through the platform, customers must pay a makers charge of 0.24%.

(8) Nifty Gateway:

In the history of the blockchain, Nifty Gateway is renowned for selling Beeple’s NFT and the works of musicians like Grimes and LOGIK. Gemini’s cutting-edge custody technology is used by Nifty Gateway to store NFTs in a wallet securely. As a result, the platform can charge its artists no gas fees, and a limited edition of the Nifties is produced every three weeks. The ‘premium’ NFT drops, or NFT releases with a small number of assets, are typically the focus of the Nifty Gateway. Numerous well-known musicians and creatives are featured on the platform, including recent additions Steve Aoki and Grimes. High-end investors are drawn to Nifty Gateway’s selection since these NFTs are highly sought-after.

(8) SimpleMarket:

Popular NFT marketplace SimpleMarket is built on the WAX blockchain. In 2017, WAX started with more than 140,000 digital assets available for trading. The leading NFT network, WAX, has successfully facilitated the trade of millions of NFTs from partners including Topps (MLB), Capcom (Street Fighter), Funko, Atari, Sony’s Funimation, and well-known movies (Princess Bride and SAW), renowned entertainers (Deadmau5, Weezer, and William Shatner), among others. Customers can easily navigate the marketplace using the SimpleMarket platform’s user interface (UI), which is simple and comfortable.

(9) Crypto.com:

Users can purchase, trade, and make payments using cryptocurrencies on the Crypto.com site. Customers can trade NFTs with ease using the platform. Crypto.com NFT is a popular site for amassing and trading NFTs related to the creative, design, entertainment, and sports industries. One of the top NFT Marketplaces in general, according to the company, in 2022. The world’s fastest-growing cryptocurrency app and the Crypto.com Visa Card are services provided by Crypto.com, which was created in 2016. It currently serves over 10 million users. With the support of numerous high-profile partnerships, like those with Boy George and Snoop Dogg, the cryptocurrency and NFT sector has seen a meteoric rise in popularity around the globe.

(10) SolSea:

The first open NFT market with integrated minting on the Solana blockchain is SolSea. This is the greatest choice for users wishing to trade NFTs on Solana. SolSea has the additional benefit of enabling artists to include copyright licences in their NFTs. Numerous features are offered by SolSea, including NFTs with embedded licences (NFT-PROs), the ability to calculate rarity ranks for collections, and wallet funding through FTX-Pay and Monday. Additionally, the platform is often updated to give users more capabilities. Due to its huge transaction volume, it is recognized as one of the top ten NFT platforms worldwide. SolSea is the ideal NFT market in India in 2022 if you’re looking to trade NFTs on Solana.

(11) Foundation:

Foundation’s NFTs are a P2P NFT marketplace that works with collectors, crypto natives, and digital art makers. To promote marginalized voices and foster culture, the Foundation. Artists primarily interested in digital art must register on the site, create a profile, and submit an application for the Upvote Program, where the community will vote on the submissions and accept them. When a collector sells digital artwork to another person, the Foundation’s all-female crew ensures that the artist receives 10% of the sale. They also choose whose artwork will be shown.

(12) Rarible:

Rarible, which debuted in 2020, was recognized as the best NFT marketplace because of its provided RARI, their native ERC-20 governance token. Two tokens known as ERC721 and ERC1155, are supported by Rarible; the first is used to create unique things, and the second is used to produce numerous versions of a single item.

This marketplace is based on the Ethereum Blockchain and has operated with several major companies like Adobe and well-known musicians. According to rumours, Rarible’s tokens can also be utilized on websites like OpenSea, one of the few decentralized independent businesses that empower its users to make their judgments. Even on the well-known site OpenSea, available through this marketplace, the NFT tokens are used. The site includes a vast assortment of digital art, photography, games, music, domains, and even metaverse objects; Rarible is regarded as one of the top NFT art marketplaces.

(13) Binance NFT Marketplace:

The newly formed NFT marketplace, which offers affordable costs, is one of the reasons that Binance draws a variety of bands, artists, and innovators to its platform. Additionally, since the new launch’s announcement, more than 1000 authors have listed roughly 2.5 million NFTs. The creators have a wider room to express their originality thanks to this market. It has been noted that the marketplace has sold an astounding 1 million mystery boxes, with its trading volume even surpassing $360 million. The Binance marketplace has boosted its credibility by collaborating with athletes, news organizations, singers, artists, actors, and award-winning celebrities.

Popular personalities can communicate with their friends using this platform by selling items, hosting meet-and-greets, handing out passes, creating personalized tokens, and match of sale and tournament tickets. The Binance NFT Marketplace provides NFTs on the Ethereum blockchain and the Binance Smart Chain, guaranteeing consumers a wide range of tradeable assets. It contains NFTs in collections that cover entertainment, gaming, art, sports, collectables, and more, and its marketplace layout is simple to use.

(14) Axie Marketplace:

Axie Infinity is a video game with an online store called The Axie Marketplace. Mythical animals known as Axies are available for players to bring and train, then compete against other players Axies to win rewards. Players can purchase new Axies, entire lands, and other things like NFTs to use in the game on the Axie Marketplace. Axie Shards, the coins used by Axie Infinity, are based on the Ethereum network. These tokens can be purchased and traded on several NFT exchanges, including companies like Coinbase Global.

(15) SuperRare:

The marketplace for digital creators at SuperRare, comparable to Rarible, is expanding. There are films, works of art, and 3D graphics on the website, but art collectors may also buy pieces using Ethereum. Super rare will utilize the Ethereum blockchain to find and curate new talent for the market using its name-brand currency, which it recently revealed is built on. Super rare NFTs can be bought and traded on OpenSea, similar to Rarible.

Some Vital Tips for Choosing an NFT Marketplace

Keep in mind that Non-Fungible Tokens (NFT) signify asset ownership. Decide what kind of digital asset you want to buy, sell, develop, or both before choosing an NFT marketplace. Any digital asset can be tokenized on a blockchain, especially Ethereum, the most popular blockchain network for creating NFTs. The written word, video games, artwork, films, collectibles, etc., are all examples of this.

A marketplace’s type of supported tokens is another thing to keep in mind, as some may accept a broad range of tokens while others may be closed marketplaces that only accept a single proprietary token. When opening an NFT marketplace account, add the appropriate cryptocurrency or token to your blockchain wallet to engage in the site’s activities. After making an account, you will be asked to link your wallet to the NFT market. Additionally, look into the marketplace’s security measures and any previous concerns.

How Does NFT Marketplace Work?

Here are the 10 steps that showcase how the NFT marketplace works:

The user creates a new account
A Crypto wallet is linked to that account
Users can make NFT on that marketplace
NFT is configured for that marketplace
NFT is listed for selling
The marketplace and NFT listings are negotiated
NFTs appear for selling in the marketplace
Bids are placed for that NFT
NFT is sold to the top bidder

Every listed NFT has a blockchain-based contract created behind the scenes by the market. Tokens are added to a special dataform called metadata, and from there, the NFT receives its specific parameters.

Every NFT marketplace employs a unique transaction protocol known as smart contracts that control, oversee, and approves the exchange of goods and services between the buyer and the vendor.

These smart contracts feature the parameters connected to NFTs, ensuring that any NFT has a single, exclusive owner throughout the entire universe.

Conclusion

The information above allows us to draw a conclusion and see that NFTs are the present and future of the digital world. You should monitor the trading activity and try to rule the NFT world because investing in them will be seen as a sensible decision.

Start investing in digital assets, works of art, and collectibles to enter the NFT realm by following the NFT mentioned above in marketplaces. Make careful to choose the marketplace that best matches your buying and storage needs based on the sort of NFT you’re hoping to acquire and the cryptocurrency you’re interested in using for transactions before making a choice.

Also, remember that this is a new industry, and it is very speculative. There is no assurance, but occasionally a few NFTs will skyrocket in value. Do keep in mind that the value of digital art and collectibles works similarly to the value of physical art and collectibles: The subjective value is determined by several elements, including the item’s distinctiveness and the reputation of the artist who made it. Think about your overall investment strategy, net worth, and investing time horizon before making any acquisitions.