Blockchain-based marketplaces enable crypto payments and intermediary-free exchange of goods between sellers and buyers. Everyone can view the origins and history of goods stored on the blockchain, which builds trust and makes deals more transparent.
A few benefits of decentralized marketplaces
1. Lower transaction costs
Meaning higher margins and profits
2. Better security and privacy for users
Transactional information isn’t stored centrally but gets instantly encrypted on the blockchain making it immune to theft and breach.
3. Honest product reviews
Smart contracts validate the authenticity of users giving feedback on products.
Examples of marketplaces
Opensea: The largest NFT marketplace
Binance: One of the largest cryptocurrency exchanges who have their own NFT marketplace.
Axie marketplace: The online shop for their own game “Axie Infinity”. By building their own marketplace they lower transaction costs for players.