There are various factors to consider when selecting which NFT marketplace will be the best for you. Let’s first do a backgrounder on NFTs.
What are NFTs?
NFTs were first introduced to the Ethereum blockchain, however over time, the feature was expanded to accommodate other blockchains such as Binance Smart Chain, and Tezos have begun to accommodate digital artwork.
NFTs essentially focus on the concept of rarity and copyright. This way, rare digital artwork like music albums, art and paintings, and other digital art projects can be converted to NFTs, and enthusiasts can purchase them from an online marketplace and retain absolute ownership of the digital assets.
A digital asset can vary widely in nature; for instance, both mainstream cryptocurrencies and NFTs are digital creations; however, a non-fungible token is sold to investors and interested parties as collectibles whereas, mainstream cryptocurrencies are used as currencies to pay for services.
To trade a non-fungible token, you must have a digital wallet linked to its respective blockchain; in most cases, you will sell NFTs using the Ethereum digital wallet since the blockchain is home to many NFTs.
Since NFTs are minted through a smart contract, they must reside in blockchain networks that support smart contracts like Ethereum. Top NFT marketplaces require users to link their wallets before they submit artwork and sell NFTs.
Why are NFTs so popular?
NFTs have proven to be an avenue of making money for a digital artist today. Several digital arts have been created and sold across an NFT marketplace like Openseas, arguably the most extensive digital art marketplace today.
NFTs are popular because of their unique and innovative ways of making money. Initially, blockchain technology was reserved for the tech-savvy geeks who could read, understand and implement blockchain programming.
It is remotely impossible for an average Joe to create their cryptocurrency token and plan for an ICO launch at the comfort of their homes. However, NFTs make it extremely easy and make blockchain applications more inclusive of the public.
NFT marketplaces have since sprouted since artists have immense potential to create digital assets and sell them as non-fungible tokens in top NFT marketplaces.
Non-fungible tokens are exclusive digital assets often in a virtual world since most digital items are intangible. Some NFT projects are released as limited edition digital artworks and usually sell for more since they elicit more demand.
Impact of NFTs on the art space
NFTs have massively impacted the art scene using blockchain technology; they have led to programmable art and crypto collectibles. Today, hand-picked artists and have converted their precious artworks to sell non-fungible tokens. Essentially, these artists sell, represent ownership of the given art asset.
NFT artwork has dominated social networks and the entire NFT space since the technology is accommodative to people from all walks of life. Creating an NFT is extremely easy today, and the whole crypto space has experienced a boom that has led to the increase in the price of the ETH crypto and other tokens that support a smart contract.
The boom of these crypto prices has been witnessed in the crypto market, leading to immense value.
The art space has now begun to shift to a virtual world where digital ownership is encouraged. Paintings, albums and icons, costumes, and many more can now be sold as NFTs, and digital ownership is transferred to the buyer.
Therefore, as a result, the art space has opened up to many who could not afford to attend the expensive and luxurious art events often held by wealthy individuals.
NFTs in gaming
The gaming industry has witnessed a massive shift with the introduction of virtual worlds. Gamers have played a significant role in developing the digital collectible industry. The gaming industry has ardent fans with thousands of dollars invested in their most valuable gaming platforms. Generations of gamers have made this industry the behemoth that it is now, presently valued at over $90 billion.
It is not all roses in the gaming industry, though. For example, on the Steam marketplace, “skins” from the Counter-Strike video game series sell for several thousands of dollars. However, these items are limited to the game ecosystem. Any attempt to sell skins as NFTs outside the game may result in a permanent ban or the seller getting scammed.
To sell NFTs in online marketplaces, you need an account with one of the largest NFT marketplaces to reach buyers. Today, the largest marketplace is Opensea, and users can buy and sell a painting, digital game, skin, artwork, music, sports, etc.
There exist numerous NFT platforms for minting NFT assets, and Opensea became the first NFT marketplace to surpass $1 billion in sales. Most NFTs do not have a fixed price but allows for bidding with a minimum fixed price set. So what are some of the best NFT marketplaces? Let’s find out!
Best NFT marketplaces – how to find what’s best for you
When you’re looking for the best NFT Marketplace according to your needs, you can use the following criteria:
Some marketplaces offer both Fiat (USD) and cryptocurrency options ($ETH, $M0ATIC, $WAXP, $BSC, $XTZ, $SOL). Some marketplaces only allow a certain number of crypto wallet integrations like Metamask, Rainbow, or Wallet Connect. NFT marketplaces that use currencies other than $ETH might have an entirely different crypto wallet. For example, HEN requires a Temple wallet to exchange in Tezos $XTZ. Currently, the most common Web3 platforms will use $ETH.
Type of NFT
NFT marketplaces also differ based on the type of NFTs you want to buy/sell —whether sports NFTs, music NFTs, collectible NFTs, or art NFTs. There are several options to consider, and some NFTs crossover from one to another. Many art NFTs also exist in the collectibles category because of the large number available—the most popular being 10k PFP (profile picture collections).
When you purchase an NFT, you will need to pay a transaction fee for each NFT. Some platforms charge more than others. You can use pumpmygas.xyz to monitor each platform’s fee for buying, selling, and minting NFTs.
After selecting the marketplace, you must have an account with one of the top NFT marketplaces to access buyers or sellers. The usual steps are as follows:
How to Buy NFTs
- Purchase Ethereum. Since most NFTs are Ethereum-based tokens, most marketplaces for these collectibles accept only ETH tokens as payment. …
- Connect your MetaMask to OpenSea or another NFT Marketplace. There are many marketplaces to buy and sell NFTs. …
- Buy Your NFT
Most popular marketplaces, in no particular order.
This platform is based in New York, and it allows users to buy and sell a wide variety of NFTs. It incentivizes users to mint NFTs and adds to their existing listings at nearly zero gas fees.
OpenSea is the largest NFT marketplace today, with a distributed network of collectibles in the form of virtual worlds, trading cards, art, and more.
Axie Infinity has experienced an impressive bullish momentum over the past few months, and it’s attributed to the boom in its NFT platform. The platform is essentially a video game -Axie Infinity that is powered by NFTs.
Here, players participate in the buying and selling of Axies. Players can also mint more Axies on the platform through a unique breeding system and sell them as NFTs on the Axie Marketplace.
Rarible is mainly known for art-based NFTs and photography and music. On this platform, you can buy and sell NFTs by following straightforward steps.
This platform uses the RARI token as its governance coin; it uses a decentralized autonomous organization model. The governance token represents the right to vote and make decisions about the platform’s future.
It has a ranking system and awards, active users, with many collectibles with badges to authenticate and verify them.
Courtesy: Larva Labs
Cyptopunks is a famous Ethereum blockchain NFT project that generated a set of 10,000 Cryptopunks, with everyone passing different features and traits.
Initially, this Crypto punk could be obtained for free; however, today, the cheapest punk goes for approximately 95 ETH tokens and is available on the Larva Labs’ Marketplace.
The Larva Labs marketplace is home to 10,000 Cryptopunks with the least valued at 95 ETH today. As of today, the platform has recorded over $1.3 billion in sales.
Mintable is a cross-blockchain NFT project that supports both Zilliqa and Ethereum NFTs and allows digital creators to add up to 10% royalties to their creations to their wallets.
Mintable implements DAO for crypto art, allowing users to offer three unique types of NFts: printable, normal, and gasless.
The MakersPlace platform is unique in that it allows credit card payment for secondary sales. Also, uniquely, MakersPlace provides an escrow service that protects its creators and NFT buyers from fraudulent trades.
MakersPlace is an invite-only platform for creators and charges an average fee of 15% of all trades made in ETH.
Like Axie Infinity, the Solana governance coin experienced a bullish run in the past couple of months. The boom results from the NFT trading activities on the Solana blockchain that offers low transaction fees.
The platform offers a selected category of NFTs and is posing stiff competition to the Ethereum blockchain with its fast and free blockchain. Solanart has recorded impressive trading volumes of hundreds of million dollars as of today through a particular collectible category.
Foundation is an invite-only platform. Only invited artists can mint and sell their NFTs, although it allows an already invited NFT creator to invite new digital creators to create an NFT or a collectible.
Foundation is one of the most popular NFT platforms and is widely known for the famous Nyan Cat NFT digital item that sold for $842,325 worth of ETH.
KnownOrigin is an upcoming platform that has not recorded numerous NFT sales yet. It offers only a small number of trades since it is focused on providing high-quality NFTs.
Users must connect their wallets to Formatic or MetaMask to access the marketplace and start bidding on NFTs.
Creators mint their own NFTs and post them on the NFT art marketplace by listing them under the specific artist profile. The NFTs on this platform are safely stored using high-security features on IPFS.
NBA Top Shot Marketplace
Today, NBA Top Shot is one of the most popular digital marketplaces; it originally was among the first-ever NFT platforms to gain considerable recognition across the internet.
The marketplace focuses mainly on trading cards that feature clips captured during NBA games. When you buy a pack of these cards, the corresponding clips are saved to a secure crypto wallet where the owner can view them. The owner can then sell these cards back on the NBA Top Shot Marketplace.
SuperRare is an NFT showroom that runs on the Ethereum network and deals in extremely rare works of NFT art. Unfortunately, due to its quest for quality and rarity, the platform only supports artists select. The marketplace offers a primary sale commission of 85% and a secondary sale commission of ten percent to creators’ crypto wallets.
BakerySwap is a unique NFT marketplace built on the Binance Smart Chain, unlike the popular ones built on Ethereum. It is a small upcoming NFT marketplace that aims to utilize the power of BSC.
Since it is based on the BSC, NFT purchases on this platform are made using the Binance governance coin, BNB.
Courtesy: Nifty Gateway
Nifty Gateway is a unique platform that is known to popularize the term “Nifty.” The platform has made NFTs more available since users can purchase NFTs using fiat currencies like the US dollar.
To buy or sell on this platform, you need to have a Nifty Gateway account. Its flexibility allows artists to determine their earnings by setting the percentage fees for secondary sales.
Dapper Labs is arguably one of the pioneering marketplaces in the NFT space. The platform remarkable provides support for fiat currencies through credit cards and also accepts payments using ETH wallet.
Dapper Labs is popular for its blockchain-based games such as Cheeze Wizards and Cryptokitties – which are now tradable on the Wax blockchain as an atomic asset.
Unfortunately, the platform does not have support for importing smart contracts and has wallet support for MetaMask.
Illust Space charges a 15% fee for every trade; however, it is a relatively small NFT market with a limited NFT collection.
Digital creators can earn up to 20% on the secondary market. It is mainly focused on Augmented Reality (AR) digital art, and it supports any ERC-721 token wallet.
A wide range of NFT creators can use the Cargo NFT marketplace. It is known to support the trading and lazy minting of a game item and access tokens.
It is available for Polygon, xDAI, and Ethereum blockchains and supports both ERC-721 wallet and ERC -2309 token wallet. Cargo has wallet support for both Fortmatic and MetaMask wallets.
Binance NFT Marketplace
Courtesy: Binance NFT Marketplace
The Binance NFT Marketplace is a project of the centralized crypto exchange platform, Binance. Since Binance commands a substantial number of crypto users and reserves, it aims to dominate the NFT market by bringing the NFT world to its already popular platform by providing painless NFT transactions using digital token.
The platform allows its users to make payments for purchasing NFTs using a wide range of cryptocurrencies. As of this writing, the platform enables BUSD – Binance’s Stablecoin, BNB, and ETH.
Ephimera is also an ERC-721 blockchain NFT platform that offers exclusive support for videography and photography. The platform requires creators to apply to them before they can mint NFTs, and it charges a 10% platform fee and additional gas fees covered by the creators.
The NFT craze resulted in the creation of numerous blockchain startups. Although most of these marketplaces mentioned are credible, investors need to do their own research before spending their tokens on an NFT from any website.
Most importantly, NFTs are only valuable as long as there exists a demand for them. Purchasing nearly unknown NFTs may result in significant losses for an investor. A digital creator may also lose money creating NFTs. However, in their entirety, NFTs provide a lucrative earning potential for a crypto enthusiast with a Coinbase wallet.
The best NFT marketplace will significantly depend on the content creator’s requirements and the digital good’s buyers. Different marketplaces will be appropriate depending on your target market and the type of NFT you are looking for. However, for newbies, the Openseas marketplace platform is an excellent place to start.
How can I determine the best NFT Marketplace?
Determining the best NFT marketplace is undoubtedly dependent on the user’s requirements and target market. Various NFT enthusiasts have different preferences, such as the native blockchain, transaction costs, price, and even commissions and royalties offered on multiple platforms.
Today, several NFT platforms are available and depending on your target market; you may find the most utility in a platform different from others.
What is the best NFT Marketplace, and why?
As of now, Opensea appears to be the ideal NFT marketplace for beginners looking to get into the NFT space. The platform is home to several NFTs, giving buyers a wide range of collectibles.
Several digital artists are involved with the platform, ensuring constant demand and supply for unique digital assets. Since it is open to nearly all NFT enthusiasts, Opensea is easily the best and most popular NFT marketplace currently.
How can one create an NFT Marketplace?
High tech developers can create NFT marketplaces from scratch; however, this is a tedious process that isn’t feasible for many crypto enthusiasts with a business mind. Instead, other solutions can help you kickstart your online business by cloning popular NFT platforms.
For instance, you can clone Rarible, Plkacity, or Opensea using this white-label tool. The script is available for reproduction and can allow NFT lovers to create and earn from their own marketplaces.
How to evaluate the Best NFT Marketplace?
The best NFT marketplace is relative. One NFT marketplace could be suitable for artist A but not for artist B and vice versa. However, some aspects to consider when evaluating various NFT marketplaces include Platform fees, commission percentage, royalties, the blockchain technology used, transaction fees, and platform security.