Non-fungible tokens (NFTs) became popular in 2022. However, despite the craze reducing after the NFT boom, the digital assets remain valuable to owners. From digital arts to game collectibles and other items, NFTs are digital items users can buy and sell on digital asset platforms.
These platforms are called NFT marketplaces. They are the gateways linking investors and traders looking to buy, sell, and trade NFTs. With loads of NFT marketplaces available, beginners need help choosing the best option. We’ve put together this article to help readers find the best Marketplaces for NFTs.
What Are NFT Marketplaces?
NFT marketplaces are digital platforms that allow people to create (mint), buy, sell, or invest in non-fungible tokens. These assets are digital representations of physical items like music, artworks, virtual real estate, etc. They are built on blockchain technology, just like the NFT marketplaces.
In an NFT marketplace, people can search through various asset collections and categories to find the kinds of items they need. They can also list their NFTs for sale or participate in auctions.
How Does An NFT Marketplace Work?
As stated earlier, NFT marketplaces are built on blockchains, so their transactions are usually processed using cryptocurrencies. Ethereum (ETH) is one of the most-used digital assets on NFT platforms since most of them are built on its blockchain.
Once someone buys an NFT, the asset ownership is updated on the blockchain. So, every buyer has a verified and secure ownership record for all their purchases. However, there are different kinds of NFT marketplaces. Some have niche assets, while others support all kinds of NFTs.
It’s crucial to understand the kind of NFT marketplace you need before getting into the business.
Best Marketplaces for NFTs Globally
Here’s a review of the top NFT marketplaces to find top assets globally:
OpenSea
OpenSea is the largest NFT hub on the market. The digital platform is known for supporting various kinds of NFTs, including art, gaming collectibles, music, photography, sports etc. So, traders and investors can find various options for their budgets.
Besides, OpenSea is a great marketplace for people who want to mint their NFTs. The minting process is seamless, so beginners don’t need a deep learning curve. The design is also user-friendly and intuitive to match.
Regarding fees, there’s a 2.5% transaction charge on every sale, but the seller is responsible for this fee. However, those who want to cut costs can leverage the platform’s gas-free option with no blockchain fees.
Rarible NFT Marketplace
Rarible is another NFT platform popular among beginner and experienced traders and investors. The marketplace has a wide range of digital assets, including art, photography, gaming, and metaverse, to name a few.
Rarible supports the buying, selling, and minting of these NFTs on an easy-to-use platform that allows them to easily connect their crypto wallets. There’s also a credit card option for traders who fancy that.
Moreover, it supports various blockchains like Ethereum, Tezos, Polygon, and Flow to offer its users various options and the option of choosing networks with lower gas fees than Ethereum. However, there’s a 2.5% trading fee levied by the platform.
Binance NFT Marketplace
Binance is popular for its crypto exchange, but the global trading platform also has an NFT platform that allows artists, creators, and crypto enthusiasts to mint and trade NFTs on the Ethereum network or the Binance Chain (BNB Chain).
The Binance NFT Marketplace also boasts one of the lowest fees, charging only 1% per transaction. So, beginners and investors keen on saving costs can leverage the platform’s friendly fee structure.
SuperRare
As the name suggests, SuperRare is an NFT platform focused on showcasing rare NFT pieces from various communities. Unlike open NFT marketplaces like OpenSea, SuperRare filters its assets and only selects the ones that fit its requirements. These include videos, art, 3D images, and collectibles.
The platform is built on the Ethereum blockchain. However, it doesn’t have the option of free NFT minting and charges a 3% fee on all purchases besides the network gas fees. The Gallery also collects a 15% fee on users’ first sales. That means SuperRare is rather expensive compared to major competitors.
Axie Marketplace
Axie Marketplace is the online NFT market for Axie Infinity. The online metaverse game allows players to collect creatures and virtual lands via NFTs, which can be used to play within the game.
In other words, only Axie Infinity players can use the NFT platform to trade their digital assets. However, the Axie Marketplace is built on Ethereum, so users must pay attention to its gas fees and other platform charges.
Nifty Gateway
Nifty Gateway is powered by Gemini, a global cryptocurrency exchange located in the US. The NFT platform is famous for its popular sales from artists like Beeple and Grimes. It also boasts a rich collection of artworks across various niches.
There’s a 2.5% listing fee per asset, and Ethereum gas fees also apply since the marketplace is built on the blockchain.
Mintable
Mintable is the last NFT marketplace on our list of the best platforms to create, buy, sell, and invest in such tokens. It’s an open marketplace like OpenSea, allowing various artists and collectors to collaborate.
However, the platform requests that every user has Ethereum before they can mint, buy, or sell assets. Various fees also apply, including a 2.5% fee for regular NFTs, 5% for gasless, and 10% for printable options.
Conclusion
NFT marketplaces are similar to exchanges that allow buyers and sellers to connect to trade assets. They are built on different blockchains and have just about any digital asset you can think of.
Remember that these assets simply represent ownership. So, you should consider the type of NFTs you want and other factors like fees, supported cryptocurrencies, blockchain support, and security.
Which of the NFT marketplaces in this article do you think suits you best? Let’s have your options in the comment section below.
FAQs
Which NFT platform has the lowest fee?
Binance NFT boasts one of the lowest fees on the market. The NFT marketplace charges a 1% transaction fee.
Can I buy NFT with a credit card?
Yes, some NFT marketplaces support credit card payments. These include OpenSea, Rarible, and Binance NFT, to name a few.
Should I invest in NFTs?
NFTs are valuable assets you can invest in with the intention to profit from their future price increases. However, you should research properly before investing in them.
Which NFT marketplace is the best for beginners?
OpenSea is the most popular and user-friendly NFT platform on the market. It offers a simple design that makes navigation and NFT purchase seamless.
What is NFT minting?
NFT minting is the process of creating or designing digital assets on a blockchain. It happens on NFT marketplaces, allowing users to buy or sell these assets.
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