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NFT Marketplaces provide a place for creatives and art connoisseurs to come together. They are quickly growing in popularity, and new NFT marketplaces are popping up all the time. We’ve come up with a comprehensive guide to give you 7 of the best options out there to start or continue your NFT journey.
What is an NFT?
NFT stands for “non-fungible token.” This might seem confusing, but it essentially means that an NFT cannot be replicated because of their unique coding on the blockchain. The coding stands in place for a unique digital or physical asset, such as a digital art piece or song. In this way, an NFT is an investment that collectors can purchase to build their digital collectibles library. NFTs allow for one asset to be tokenized multiple times, allowing for endless NFT marketplace opportunities.
What is an NFT Marketplace?
An NFT marketplace is a unique platform where NFT tokens can be created, bought, and sold. They function as a “storefront” for NFTs. There are several NFT marketplaces that each provide different features to their users.
7 Best NFT Marketplaces 2023
Top 7 Best NFT Marketplaces December 2023
Crypto.com’s NFT marketplace just came on the scene in 2021, and all things considered, they have really shown themselves to be a great place to buy NFTs. They are a widely known and generally trusted name in the world of crypto trading, and they’ve taken full advantage of this audience to build their NFT marketplace. On top of being easy to use and super low cost for traders, Crypto.com offers bidding or set pricing (like eBay) and they also offer users several super convenient ways to purchase their NFTs. On the other hand, their system isn’t geared toward NFT digital creators. It takes 72 hours for Crypto.com to approve a newly minted NFT, and this impedes some designers’ processes. Crypto.com also had a huge scandal in 2022 where hackers stole over $30 million of their crypto. Obviously, this is a different marketplace, but this has certainly diminished the trust of some investors.
Binance entered the NFT marketplace scene in 2021, and they came out swinging. They’ve had an impressive crypto marketplace for a while, and they integrated their NFT offerings with their crypto wallet features to allow NFT purchases with crypto wallets. This can be a bit more cumbersome than just allowing debit or credit purchases, but it allows for easy integration with the Binance crypto offerings. You can list your NFTs for free, and their process is pretty user-friendly, but creators don’t receive a high payment for their work. We also love that Binance offers incredibly liquid assets, allowing for the quick sale of your assets if need be. Overall, the Binance NFT marketplace is one of the best out there, and customers are happy with their experience.
OpenSea boasts of being the largest and first NFT marketplace, and its customer experience is unlike other marketplaces. They allow for customer autonomy and much flexibility within the world of NFT trading. This isn’t the easiest process for newbies, but it’s a great place for more experienced investors to try their hand at NFT collection. On the other hand, since the selling features are awesome, scammers target OpenSea to plagiarize other artists’ digital art projects. Since they do focus on allowing artists to sell, OpenSea has the opportunity to engage with their educational content before you dive right in. This is an excellent feature that gives traders the content they need to succeed in the NFT marketplace. OpenSea’s fees are generally low, and they allow customers to purchase rare digital artwork with crypto. We like their platform, especially for digital creators, but overall it has a large selection and a seamless process.
Rarible was started in Moscow in 2020, and it has been a leader in the NFT marketplace ever since. They offer customizable royalty fees, multiple blockchains to cut down on expenses present with Ethereum, and easy purchase options with credit card features. Their verified user feature allows for trustworthiness in the NFT marketplace, and creators can also set a price or allow for bids on their digital art. We will point out that in order to buy crypto to purchase NFTs, the fees can be quite high. Overall, Rarible has an impressive NFT marketplace and an easy user experience for beginner NFT traders.
Read SuperRare Reviews
SuperRare was one of the first NFT marketplaces that were founded (in 2017), and it definitely provides a top-notch experience for both artists and art lovers alike. We love SuperRare for their trustworthy system. They conduct their business within their own blockchain, allowing for historical NFT data and visibility. They are more expensive than most NFT platforms, but this trustworthiness and exclusivity are what you’re paying for. Your crypto wallet will integrate seamlessly into their system to purchase new NFTs, and most users say that the process is easy from start to finish. It’s evident that SuperRare is all about their customer experience, helping their traders feel like royalty as they peruse and purchase heavily vetted artists’ digital assets.
Nifty Gateway has been around since 2018, and it’s now owned by Gemini. It’s a well-known NFT network choked full of more exclusive digital art pieces. Nifty definitely has cornered the market on well-known NFT producers (think Starbucks), and their prices and listings reflect this. Nifty is more of a club for art consumers looking for something with credentials, and less of a newbie NFT marketplace. Nifty reminds us of a fashion community, perusing and purchasing exclusive limited edition “drops,” from well-known designers. Customers have the opportunity to use many forms of payment, but Nifty only integrates with one crypto wallet, and they solely operate on the Ethereum blockchain. We love that Nifty protects its more exclusive feel by only offering drops occasionally, instead of providing endless options of sub-par NFTs like other NFT marketplaces.
Foundation is newer in the world of NFT marketplaces; they came on the scene in 2020. They provide a more exclusive platform for consumers. Only accepting more experienced artists that receive a recommendation from their current artists allows Foundation to keep their marketplace scam free. Creators do receive a good cut of their sale prices, and we appreciate the care with which Foundation created their process. Their auction process has helped artists to create hype around their art, and get a pretty penny from NFT traders. Since Foundation hones in on their mission to display more exclusive art, they only operate on the Ethereum blockchain, and purchases must be made with Ethereum. However, they do support major crypto wallets to integrate into their NFT marketplace.
How Do NFT Marketplaces Work?
NFT marketplaces include several key deliverables that they provide to NFT creators and consumers.
As with any marketplace, the buy and sell process is essential. NFT marketplaces must provide a place for consumers to browse and purchase an NFT, whether it’s audio files, digital art, or even gaming NFTs.
In order to buy an NFT, there has to be a seller. Digital creators list their work on the marketplace and wait for consumers to start purchasing their new offerings.
An NFT marketplace must also offer the opportunity for NFT minting, or creation, on their NFT platform. This process includes making a unique identity for the new NFT using blockchain technology on whatever blockchain is utilized by the NFT market.
Different Types of NFT Marketplace
There are several types of NFTs and marketplaces offered on different platforms; here are a few of the most common.
NFT Digital Art
Any popular NFT marketplace will typically offer the buying and selling of digital art pieces, in the form of video and photo files. Digital art is typically found in the form of art, music, photography, or graphic design.
Solana is a blockchain that supports NFT minting. It offers inexpensive minting, giving the more popular Ethereum blockchain a run for its money.
BNB is the Binance NFT marketplace blockchain, one of the top NFT marketplaces for digital asset liquidity.
Purchasing an NFT in the form of music is similar to purchasing a digital art file, except in audio form. They function the same way as an art file, and they have a unique identifier on the blockchain.
Tezos is another blockchain where creators can mint their NFTs, but it also includes a cheaper and more energy-efficient way to mint, cutting costs for creators.
Algorand is another blockchain in competition with Ethereum, and it also includes lower prices and energy needed for minting.
Ethereum is currently the most popular blockchain for minting NFT. However, the energy required to mint on Ethereum is causing creators to look to other blockchains for their NFT creation.
How Do NFT Marketplaces Earn Money?
NFT marketplaces typically take a cut of each sale made on their platform, some more than others. This income helps them provide a secure platform for NFT trading, support for their customers, and other features.
How to Choose The Best NFT Marketplace?
You should consider your unique needs and experiences when searching for the right NFT marketplace. Are you into more exclusive art? Have you traded NFTs before? These questions will help you hone in on the best NFT marketplace for your situation.
NFTs are gaining more and more popularity. They haven’t been around for long, but their future is bright. More and more marketplaces are popping up, and it can become hard to decide which marketplace you should use to list and buy NFTs. We hope this guide gives you a better idea of each marketplace’s strengths and weaknesses, so you can make an informed decision on which marketplace to use.
Frequently Asked Questions (FAQs)
NFT minting is the process of tokenizing a new NFT. It includes using blockchain technology to make a new block on the blockchain, establishing unique NFT identifiers and NFT ownership, and closing the new block.
Crypto.com is the top NFT marketplace for beginners. They offer a simple process to sign up, low fees, and an easy-to-use interface.
NFT collectors can purchase NFTs on any NFT marketplace. Some of the largest NFT marketplaces include Crypto.com, Binance, and OpenSea. There are also options to purchase your NFTs through a community-owned NFT marketplace like the Rarible NFT marketplace.
An NFT is a non-fungible token, meaning a unique form of art that cannot be traded for another of its kind. Each NFT has a unique coding on a blockchain, and its price fluctuates based on many factors like creator, pricing history, and type of art.
Crypto is a more trusted form of investing because it is “fungible,” or tradeable for one of its kind. NFTs are more up-and-coming, and since they come with more risk and less trust, might have more opportunity for price growth in the future.
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