The introduction of digital collectibles like Cryptokitties has drawn the attention of traders to the crypto ecosystem. In the year 2017, the NFT was a rookie in the market, and the trading of digital assets was catching pace. The advent of the NFT art marketplace website was depicted, not to impact the real financial economy. Nevertheless, the ending of the year 2019 showed a clear image of the ensuing growth of the NFT art marketplace and the rising potential of NFT crypto arts. According to a market analysis report, the top 10 NFT projects witness the weekly 36k transactions holding the value of 280k. The rising graph of the best NFT art marketplace demonstrates the possibilities of NFT trading in the year 2021.
Binance Smart Chain: Underlying Cause of NFTs Growth
Well, NFTs or non-fungible tokens are different crypto assets with specific traits and values. The undeniable importance of NFTs in the Defi ecosystem plays a huge role in the notion of composability. NFT crypto arts are registered on the blockchain system and issued by traders via a smart contract
In April 2018, Binance, one of the most significant cryptocurrency exchanges, introduced their blockchain system naming Binance Chain. The purpose was to enable high-speed and large transactions, although the absence of smart contracts adversely affected its growth. It resulted in the fabrication of a fully programmable and DEX Binance Smart Chain in Sep 2020.
The Combination of NFT and DEX
The next big thing in the decentralized world is NFTs. NFTs can be used as digital collateral and depict financial assets like insurance, bonds, or options. The lending and borrowing protocol of the Defi requires collaterals; this is where NFTs come in and solve that issue. The issuance of governance tokens is another mounting trend in the Defi system.
Crypto Trends Influencing the 2021 NFT art Marketplace
- Rise of NFT Trends in 2021
The BSC growth designates that NFTs are about to boost in 2021 and rival another cryptocurrency market through some best online art marketplaces. NFTs benefit from the general development of cryptocurrency prices; they will occupy only a fraction of the market in the foreseeable future.
With the start of the year 2021, the NFT ecosystem is currently pivoting from a niche buzz market to a much more professional business.
- Continual Growth of Defi and DEX
2021 is supposed to bring more and more NFT projects and a better supply to the DeFi market. The blend of Decentralized Exchanges, or DEX, and Defi Industry is a real breakthrough for the NFT art marketplace growth. XANALIA is going to set the best example of being such a best NFT art marketplace.
- Growing Number of NFT Tokens & Projects
NFT tokens aren’t new and have existed within the crypto marketplace for quite a while. In 2021, NFTs will develop faster as many applications include not only games and characters.
And already, big media giants like the NBA and UFC are beginning to work with the NFT industry.
- Rise of STO Markets and Tokenized Assets
In 2020, the STO market wasn’t very active, especially compared to the Defi and NFT art marketplace websites. However, tokenized assets have an excellent future. And therefore, the first news came at the top of 2020 — the SEC made an important announcement that it might raise the limit for regulated funding fees, which will be submitted through the so-called Regulation Crowdfunding Campaign from $ 1 million to $ 5 million. It may allow the sale of securities without registration with the SEC. Also, many European States are starting to quietly support the likelihood of tokenizing assets and raising funds in this way. And one of the most important exchanges, Bittrex Global, has launched trading in tokenized shares.
Top NFT Projects
The advent of the NFT trends and the popularity of crypto assets led to many NFT art marketplace websites. Some of the best DEX NFT marketplaces are:
As one of the foremost popular NFT marketplaces to emerge in 2021, Rarible has seen tons of success in recent months. Rarible was designed because of the world’s first community-owned NFT marketplace, with the native ERC-20 RARI token powering it.
OpenSea is the largest and longest-standing NFT art marketplace website, going strong since 2017. The platform offers all sorts of non-fungible tokens, from domain names, art, collectibles, gaming items to tokenized representations of physical assets! Anything goes – OpenSea markets itself because of the ‘eBay’ of the NFT world! OpenSea allows users to go to other NFT marketplaces, from independent sellers to the favored CryptoPunks and, therefore, the Rarible NFT marketplace.
Xanalia is decentralized & the best NFT art marketplace based on the Binance Smart Chain for AR-VR generation. The integration of AR-VR into the NFT marketplace is a majestic trait of the XANALIA platform. The XANALIA marketplace is having an ALIA token, through which users can lend the NFTs from the platform. Users can buy ALIA tokens through the BNB-ALIA LP pool from the pancakeswap.
With robust features like XANALIA Farm, NFT generator, NFT store, AR-VR integration, XANALIA is all set to ace the NFT market.
NFTs are the next boom in the virtual asset industry. The discovery of the trends and the emergence of the best NFT art marketplaces significantly displays the growth of the NFTs in the year 2021.