For the first time in history, Ethereum has surpassed Bitcoin as the most popular blockchain for the development of decentralized apps, DeFi, blockchain games, and NFT markets. While Ethereum's fees are hefty, the blockchain has traditionally been one of the most battle-tested, making it one of the finest and most secure solutions accessible to creators and consumers equally.

Your artwork, video, music, and other items become yours if you own an NFT. Cryptocurrencies, like Bitcoin, are built on blockchains, the innovative technology that makes them possible. According to a report released by blockchain data company Chainalysis, the NFT market has grown to more than $40 billion in value due to increased popularity.

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Here are the five best Ethereum-based NFT marketplaces, ranked by daily trading volume from lowest to highest listed below.

       1. OpenPFP - $40 million

OpenPFP, a big Ethereum NFT marketplace, was established on March 28th, 2022, and is based on the highly rated Metaverse coin, Radio Caca. It facilitates the implementation of 100 out-of-the-box exhibitions for PFP/NFT projects, NFT collectors, artists, and DAO groups to showcase their work and hold community gatherings via the USM Metaverse. OpenPFP includes Ethereum-based nft marketplaces in addition to the Bored Ape Yacht Club, Mutant Ape Yacht Club, Terraforms, and so on. It also includes the Metamon collection for Radio Caca's free-to-play Metamon game, which is highly recommend.

       2. X2Y2 - $183 million

X2Y2's objective, which will be launched in January 2022, is to create a truly decentralised NFT market and give it back to the community. It intends to challenge OpenSea's monopoly by developing a superior alternative. It aims to address concerns such as top marketplaces focused on whales rather than individuals, a lack of transparency, and an excess of wash trading, which expands collection and marketplace statistics overall. The new marketplace included an airdrop for its token, which was sent to all OpenSea users, basically launching a Vampire Attack to entice present users to move to the alternative market. Furthermore, X2Y2 reduced staking incentives in order to discourage wash trading and foster an honest economy.

       3. LooksRare - $423 million

LooksRare, which was already released in January 2022, is another option to OpenSea, which gained popularity earlier this year. It is a community-driven NFT marketplace that compensates users for purchasing and/or selling NFTs. The marketplace has its own token, LOOKS, which can be staked for up to 101% APY and compounded for up to 148% APY. The marketplace allows users to earn a portion of their daily trading costs using WETH in the form of LOOKS, rewarding market engagement. LooksRare's cheap fees are one of its selling points. Dealing costs are 20% lower than on OpenSea, and the additional benefits customers gain by trading with LooksRare make it a viable alternative to the most popular Ethereum marketplace.

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       4. Gem - $581 million

Gem, another NFT marketplace, was launched in January 2022 and is presently the second-most traded market on Ethereum, with a 30-day trading volume of approximately $581 million. Gem is an NFT aggregator that includes the most prominent NFT markets such as OpenSea, LooksRare, and X2Y2. In April 2022, OpenSea purchased them. Gem aggregates entries from several markets for purchase in a single transaction. The Gem efficiently minimises the overall gas fees consumers must pay for each transaction by combining the numerous collections, resolving several liquidity difficulties with conventional NFT marketplaces.

       5. OpenSea - $3.11 billion

The largest NFT marketplace, OpenSea, was launched in December 2017. It is a mainstay in the NFT community and a site that most Crypto traders are familiar with. OpenSea is the whale on this list, with a 30-day trading volume dimension bigger than any other NFT market currently available. It is a trendsetter in NFT markets and the first to go public, paving the way for others to follow, both on the Ethereum blockchain and with other smart-contract capable currencies. It is also the most active NFT marketplace in Cryptocurrency, with the most popular collections featured on its site, including BAYC, MAYC, and Otherdeed for Otherside.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.