The appearance of Non-Fungible Tokens (NFTs) has resulted in a booming new market for digital art. Collectors are willing to spend millions of dollars on items now that it’s possible to identify an original piece of digital art or items.
That’s created a new market for artists to exhibit work and collectors to purchase content. If you’re interested in joining this craze, this guide will provide an overview of the ten best NFT marketplaces you should join.
What is an NFT Marketplace?
An NFT marketplace is a forum where you can list and bid on original pieces of digital content. Essentially, they are online auction houses.
NFTs are identifying information recorded in smart contracts. Artists and content creators can add an NFT to an item that they want to sell. The NFT proves it’s an original piece of content.
You can attach an NFT to almost any type of digital content. For example, you can attach an NFT to art, music, HTML code, a tweet, or even online videos. A digital item with an NFT attached can be extremely valuable.
For example, Jack Dorsey, the founder of Twitter, sold his first Tweet for $2.9 million. The source code for the World Wide Web sold for $5.4 million.
As you might imagine, artists and content creators love NFTs. They offer people who create digital art a way to make money. Everyone seems to be getting in on the craze, from big brands like Marvel to Wayne Gretzky, who have all released their line of NFTs.
What Should You Look For From an NFT Marketplace
There are a lot of scams around NFT at the moment. That’s a problem if you want to buy some digital art that will increase in value. Assuming you want to buy an NFT, you need to go suitable marketplace. Here are a few of the things you should be looking for from a reputable NFT marketplace.
Transparency is important for both the buyer and seller of NFTs. Since payments and original items are processed and sold online, the NFT marketplace needs to be transparent in its policies to ensure a safe and secure exchange between users.
Most platforms use a cryptocurrency like Ethereum for making purchases. That makes it difficult for cyber attackers to change, hack, or cheat the system.
The auction house needs to also be transparent in how they value the item and the provenance of the piece you are bidding on. After all, just because you attach an NFT to something does not mean it automatically has value.
Straightforward Bidding System
NFT Marketplaces facilitate auctions where users can bid for their desired digital product. As such, the site should have a transparent bidding system that is intuitive and user-friendly.
Ensure you are informed about an app’s bidding system and security before you trust it with your information. We’ve checked through the sites on this list and have done due diligence to ensure we’re recommending reputable sites.
Large Collection of Valuable Content
Since users go to NFT marketplaces to look for interesting NFT items, it’s good to have a marketplace that houses a large pool of valuable content. You want the platform to offer the type of content you find interesting.
Spend time researching the different options and the type of content that they sell.
10 Best NFT Marketplaces
So those are a few of the things to consider when choosing an NFT marketplace. The table below provides a snapshot of the best NFT marketplaces.
|OpenSea||Large collection of digital assets. Low commission fees. Data security||Limited customer support. Crypto wallet required|
|Rarible||Good data security. Non-custodial and an open-source marketplace. User-friendly interface||No mobile app. Limited to digital art|
|AtomicMarket||Good data security. Allows bidding on several different collectibles.||Only accepts WAX tokens|
|Foundation||User-friendly interface. Values online expression||Payments are made only via ETH. High commission fees|
|Nifty Gateway||Allows credit card payment. Exclusive artists. User-friendly interface||Custodial marketplace (no wallet). Hard to join the platform|
|MythMarket||User-friendly interface. Good data security. Customer service is responsive to queries and concerns.||Users are not allowed to negotiate during the auction. Also, a limited collection of goods.|
|Super Rare||Social media features. Anonymity||Exclusive to single edition pieces (bad for trading)|
|NBA Top Shot||Easy transactions||Require exclusive listings. Do not have a large ecosystem|
|Axie Infinity||Has desktop and mobile app||Required to buy at least 3 Axies. Only accepts crypto from Ethereum and Axie Infinity|
|Mintable||User-friendly interface with free listings. Easy transaction. Allows trading of NTs||High transaction fees|
Let’s take a closer look at each of the marketplaces in turn.
OpenSea is the largest NFT marketplace. Registering to the platform is straightforward. OpenSea offers free NFT minting for digital content creators. They charge a fixed 2.5% fee for sales.
There are more than 20 million assets and 130 decentralized applications (Dapps) listed on the site. You can purchase art, sports-related goods, domain names, and the like. Famous Youtuber Logan Paul launched his first NFT token in Opensea and is now worth $3.5 Million.
The marketplace is popular for a lot of good reasons. They offer a secure login, it’s easy to mint NFTs, they offer industry-standard security, and they have a good reputation. With that said, OpenSea did get into problems for insider trading. They said they’ve dealt with those issues, but it’s always worth understanding the risks.
Considering how big and famous Opensea has become, many others have been inspired to curate their marketplace using Opeansea’s clone script.
Rarible is a young NFT Marketplace launched in 2020. Nonetheless, it is one of the most popular NFT marketplaces. The platform was built on the Etherum blockchain. Users can mint an NFT with no coding experience.
The Rarible marketplace uses a cryptocurrency that they call RARI for transactions. If you want to buy or sell art on the platform, you need to use the currency. To incentivize people to use the platform, they distribute 75,000 tokens every week. Assuming the popularity of the marketplace continues to grow, early adopters could make a lot of money.
Like OpenSea, Rarible charges a 2.5% on every sale through the marketplace.
The kind of products you’ll find on Rarible includes music, books, and digital art. It’s a pretty broad offering, and you’ll find plenty of active users on the platform.
There are many clones of the Rarible marketplace.
AtomicMarket is part of AtomicAssets. They have a smart contract you can use to create NFT. Plus, they have created the infrastructure for an NFT marketplace. Since the platform supports atomic assets built on ESIO blockchain, account holders can buy/sell and create digital assets.
They use WAX tokens for purchasing goods. AtomicMarket charges a 2% commission on sales.
AtomicMarket is a popular site. The interface is nicely designed, and you can buy a broad range of art. The marketplace is growing quickly because NFT marketplace creators can use the framework to launch their marketplaces.
All product listings are added to a central catalog. The marketplace owners take a 1% commission of sales generated through their NFT marketplace.
Foundation was launched in 2020. They offer collectibles, digital creations, Cryptopunks, and cryptos together in one platform and charge a 15% commission on sales through the site. Compare that to the two previous listings, and you’ll notice that it’s expensive.
The nice thing for an artist using Foundation is that they make a 10% commission when someone resells their art as a secondary transaction. That’s a pretty big incentive for artists to use the platform.
Over 3,500 traders use the platform, and the user base is growing fast. Music composer Aphex Twin created an NFT token for his album in Foundation, and it has reached up to 72 ETH since.
You need Ethereum to make purchases through the platform.
Overall, it’s a user-friendly platform with transparent auctions and nice incentives for artists. The commission fees are high, though, when compared to other sites.
5. Nifty Gateway
Nifty Gateway allows buyers to purchase NFTs using their credit cards. The site’s great because it streamlines the buying and selling process and doesn’t require you to have a crypto wallet. Transactions are as easy as buying things in your local grocery store. They charge a 5% fee on all sales.
One of the big strengths of Nifty Gateway is that they require artist exclusivity. That means when you find people who you like, the only place you’ll be able to purchase their content is through the site.
Reselling content through the marketplace is straightforward too. Overall, it’s easy to use, and there’s a wide range of content available. You can store Nifty in your wallet or a Nifty Gateway Platform.
MythMarket is an umbrella marketplace. It’s a marketplace for buying and selling trading cards. You’ll find cards from various brands like Topps, Blockchain Heroes, and William Shatner on the WAX Blockchain.
Unlike many of its counterparts, MythMarket acts as an umbrella marketplace with five sub-markets, including Shatner.Market, GPK.Market, GoPepe.Market, Heroes.Market, and KOGS.Market. It’s a great market for trading card fans who want to relive their childhood memories.
7. Super Rare
Another popular place for NFTs is Super Rare, where artists and creators can collect payments from repeat sales like royalties. It lets them buy and sell unique artworks that are tokenized as crypto-collectibles.
Super Rare provides users with a record of all the artists on the website. It currently has more than 700 users. All transactions in Super Rare are paid using the Ethereum cryptocurrency, Ether.
8. NBA Top Shot
NBA Top Shot is an NFT marketplace specially made for basketball fans. The founder of the community is the NBA company itself. Here, the digital assets are video clippings of famed NBA moments. Digital trading cards and other accessories of popular players and teams are also converted into non fungible tokens.
The app gives account holders a chance to gain ownership over NBA moments sold for more than a million dollars.
9. Axie Infinity
Compared to other NFTs, non fungible tokens in games are more dynamic and powerful. Axie Infinity, in particular, has grown in popularity in the online world. Players battle and gather animated creatures called Axies.
With nearly 15,000 monthly active players, Axie Infinity is the number one NFT-based Gaming app in the Ethereum network.
Mintable is yet another popular place for NFTs. It’s unique because it lets users trade art, music, images, videos, Cryptopunks, and other digital assets. It has a gasless minting option which means that you can add your NFT on the blockchain without actually needing to submit a transaction.
In Mintable, there are three types of auctions: the time auction, Buy it Now Auction, and the traditional Auction. It is based on Ethereum, so the only supported crypto is ETH. What’s more, is that secondary sales are given 5% in royalty.
With the rise of cryptocurrency, the market for NFTs is booming and is now a multi-million-dollar industry. It has become a widely successful business model that many investors and creators are profiting from. Given that it’s a great way to connect with people who purchase and sell digital media, it fosters a community of any specific interest or niche.