What is an NFT Marketplace?
An NFT marketplace is a digital platform that allows you to trade various kinds of non-fungible tokens, or NFT’s. They operate on blockchain technology, including popular blockchains like Ethereum, Cardano, and Binance, to ensure secure trading. Marketplaces also vary by blockchain.
Top NFT Marketplaces
The best NFT marketplaces are each known for different features. Opensea, for example, is known for its wide selection and user-friendliness. Rarible is known for having a community-driven approach, as well as its own token, RARI. Each offers tried and tested tools for creators and collectors, and a positive user experience. Let’s explore more below.
OpenSea
OpenSea is the (self-proclaimed) largest NFT marketplace, and is built on the Ethereum blockchain. It offers a diverse range of NFT products, including art, sports cards, domain names, and projects like Decentraland and CryptoKitties. OpenSea provides a comprehensive platform for both creators and collectors, with creators able to mint their own items on the blockchain by using OpenSea’s no-code item minting tool.
- Collection Manager: Allows zero gas fee NFT minting.
- Royalties: Choose royalties on future sales.
- User Experience: Easy to use and navigate the platform.
- Selection: Largest collection of NFTs on the market.
- Mobile App: Available for iOS.
- Payment Methods: Varies by seller (ETH, WETH, DAI, USDC).
- Native Blockchain: Ethereum or Polygon.
- Commission Fee: 2.5%.
- Collection Manager allows zero gas fee NFT minting
- Choose royalties on future sales
- Easy to use and navigate the platform
- Largest collection of NFTs on market
- Mobile app available for iOS
Rarible
Rarible is known for being user-friendly and for its strong community-centric approach. The platform intends to become a decentralized autonomous organization (DAO). Rarible has its own governance token, RARI. Artists are required to submit their work for approval, but anyone can be listed. Fees can be set by the seller. NFTs created on Rarible can also be found on OpenSea. No coding knowledge is required to mint NFTs, and creators can set royalties for future sales of their art, providing them with an ongoing source of revenue.
- Commission Fee: Charges a 2.5% commission on sales.
- Native Crypto: Rarible Token (RARI).
- Community-Oriented: Goal of becoming a DAO.
- Minting: No coding knowledge needed to mint NFTs.
- Royalties: Set royalties for future sales of your art.
- Payment Methods: Varies by seller (ETH, USDC, RARI, DAI, etc).
- Native Blockchain: Ethereum.
- Commission Fee: 2.5%.
- Has its own native crypto (Rarible Token)
- Community oriented with goal of becoming DAO
- No coding knowledge needed to mint NFTs
- Set royalties for future sales of your art
SuperRare
SuperRare is also built on Ethereum, and describes itself as “Instagram meets Christie’s”.
The platform focuses on high-quality, curated digital art and is known to only feature a limited number of curated artists to help ensure high standards of quality and exclusivity. The platform has an active social media community.
- Royalties: Artists receive a 10% royalty for every secondary sale of their work.
- Exclusivity: Exclusive platform with some of the world’s top NFT artists.
- Offer System: Allows you to show interest in art that is not listed for sale.
- Payment Methods: ETH.
- Native Blockchain: Ethereum.
- Commission Fee: 15% of initial sale, 10% royalty to artist for secondary sales, 3% for buyers.
- Artists receive 10% royalty for every secondary sale of their work
- Exclusive platform with some of the world’s top NFT artists
- Offer system allows you to show interest in art that is not listed for sale
Nifty Gateway
Nifty Gateway specializes in digital art and collectibles, and includes works by artists and musicians, including deadmau5, Steve Aoki, Grimes, Kenny Scharf, and Beeple. The platform was acquired by Gemini, the crypto company owned by the Winklevoss twins. NFT’s are called “Nifties”, and new Nifties are dropped every three weeks. Purchases can only be made on the platform. Anyone can apply to become an artist and can choose the commissions they receive. The platform is considered to be user-friendly, with an easy-to-use interface.
- Exclusive Drops: Nifty drops every three weeks.
- Top Artists: Some of the top musicians and artists in the world are on the platform.
- Payment Methods: Credit Card, Pre-Paid ETH Balance.
- Native Blockchain: Ethereum.
- Commission Fee: 5% + 30 cents.
- Exclusive Nifty drops every three weeks
- Some of the top musicians and artists in the world are on the platform
- Can purchase with credit card and no knowledge of crypto
More NFTs to Consider
Here are some other markets worth considering.
Atomic Market
Atomic Market is a shared liquidity NFT market smart contract, operating on the EOSIO blockchain, meaning that all NFTs listed are also shown on all other markets. The platform includes a variety of digital collectibles, including Topps Baseball cards and other unique items. The user-friendly interface makes the platform accessible to both beginners and experienced users. All transactions are done in WAX, a cryptocurrency tailored for digital collectibles.
BakerySwap
BakerySwap is a decentralized exchange (DEX) and NFT marketplace. It was the first DeFi platform on the Binance Smart Chain (BSC) to offer an NFT platform. It has a native token called BakeryToken (BAKE). BakerySwap combines various decentralized finance (DeFi) services, including yield farming, staking, liquidity pools, and a crypto launchpad, with an NFT trading platform, making it a versatile hub for crypto enthusiasts. The platform features a variety of digital assets, including art, collectibles, and game items, on four tiers of NFT combos – Basic, Regular, Luxury, and Supreme. Users can mint their own art.
Enjin Marketplace
Enjin Marketplace is a specialized platform designed for easy trading of gaming-related NFT’s. The platform, built on the Ethereum blockchain, allows game developers to tokenize in-game items. It uses Enjin Coin (ENJ), an ERC-20 token, to back the digital assets issued using its platform, linking trades to real-world value and liquidity. Enjin powers many blockchain projects, including game item collections, games, gamified reward programs, community-created collectibles, and NFTs by companies like Binance and Swissborg.
Foundation
Foundation is a decentralized NFT art marketplace built on the Ethereum blockchain. Artwork is curated with a strong focus on quality and originality, rather than volume, making it popular with collectors. The platform primarily uses auctions to sell NFTs, creating a competitive environment that can drive up prices and generate excitement. Artists make 10% of any secondary sale of an NFT on the platform, creating an ongoing revenue stream.
The platform has facilitated notable transactions, such as the sale of a viral internet meme “Nyan Cat” for 300 ETH (over $590,000 at the time) and Pak’s “Finite” sale for 444 ETH (approximately $840,000 at the time)
NFT Showroom
NFT Showroom is a decentralized NFT marketplace built on the Hive blockchain, with a focus on digital art and collectibles. The platform is accessible and artist-friendly, with a strong community focus. It prioritizes digital artists, and only original artwork is listed, with artists able to choose between limited edition and 1/1 NFTs. Artists can also choose between multiple license types when minting NFT’s including Private Use Only, Resale Allowed, and Commercial Use Allowed. Hive charges zero gas fees and takes a 10% commission on the initial sale. If a piece is resold, the platform charges a 5% commission with 5% going to the artist.
How to Buy from an NFT Marketplace
Buying from an NFT marketplace is an easy and straightforward process.
- Create an Account: Sign up on the NFT marketplace of your choice.
- Set Up a Wallet: Connect a digital wallet to store your NFTs and cryptocurrencies. Popular options include MetaMask, Trust Wallet, and Coinbase Wallet.
- Fund Your Wallet: Add the native cryptocurrency of the marketplace (e.g., ETH for Ethereum-based marketplaces) to your wallet.
- Browse Listings: Explore the available NFTs and choose the ones you want to buy.
- Make a Purchase: Complete the transaction using your connected wallet. This typically involves confirming the purchase through a smart contract.
- Store Your NFTs: Keep your purchased NFTs in your digital wallet for safekeeping.
Tips for Buying NFTs
- Check the Marketplace Requirements: Some marketplaces require you to have a wallet balance on the platform to make purchases.
- Value Fluctuations: The value of the cryptocurrency you use to purchase NFTs can fluctuate, so be aware that the value of your NFT may change based on the market price of the crypto you’re transacting in.
- Verify Listings: Ensure the authenticity of the NFTs you are buying by checking the creator’s profile and the NFT’s transaction history.
What to Consider When Choosing an NFT Marketplace
We’ve reviewed the top NFT marketplaces you can trade on today, but what should you consider when it comes to choosing the right platform to meet your needs and interests? Here’s what to bear in mind.
Fees
Transaction Fees: Marketplaces charge varying transaction fees, including listing fees, commission fees on sales, and even gas fees for transactions. Make sure you clearly understand the fee structure to avoid any unexpected costs.
Commission Rates: Some platforms take a percentage of each sale as a commission. For example, OpenSea charges a 2.5% commission, while SuperRare charges 15% on initial sales and 3% on secondary sales.
User Experience
User-friendliness: A great interface will make using the platform easy and intuitive. Look for platforms with easy navigation and that offer clear instructions for buying, selling, and minting NFTs.
Support and Resources: Make sure that the marketplace offers good customer support, and additional educational resources to make understanding the platform and the NFT market clear and easy.
Security
Blockchain Technology: Ensure the marketplace operates a reputable, secure blockchain. Ethereum is a popular choice, and so are Binance Smart Chain and WAX.
Wallet Integration: Verify that the marketplace supports secure wallet integrations, such as MetaMask or Trust Wallet, to protect your assets.
Community and Reputation
Reviews and Ratings: Research ratings and reviews by other users to check the marketplace’s reputation. Look for positive feedback and a high ratio of positive reviews – both indicate credibility and trustworthiness.
Active Community: A vibrant and active community can offer great support and help you get the most out of your overall experience on the platform.
Variety of NFTs
Types of NFTs: Different marketplaces specialize in various types of NFTs. SuperRare, for instance, specialises in digital art, while Nifty Gateway focuses on collectibles. Other marketplaces may focus on gaming items, virtual real estate, and collectibles. Pick a platform that meets with your interests and investment goals.
Selection and Availability: Look for a marketplace with a wide selection of NFTs. That will increase your chances of finding unique and valuable assets.
Royalties and Creator Support
Royalty Options: Some marketplaces allow creators to set royalties on future sales of their NFTs, providing ongoing revenue. Platforms like Rarible and Foundation offer this feature.
Creator Tools: Check if the marketplace provides tools and resources for creators to mint and manage their NFTs easily.
Payment Methods
Cryptocurrency Support: Ensure the marketplace supports the cryptocurrencies you prefer to use. Ethereum (ETH) is commonly accepted, but some platforms also accept other tokens like WAX, DAI, and USDC.
Fiat Payment Options: Some marketplaces, like Nifty Gateway, allow purchases with credit cards, making it easier for users who are not familiar with cryptocurrencies.
Which NFT Market is Best for You?
We’ve looked at the best NFT marketplaces you can trade on today, but which one is best for the assets you want to invest in and trade? We compared the best marketplaces you can trade on today, what each is best known for, their fees, and the blockchain they’re on.
Marketplace | User Level | NFT Type | Blockchain | Fees |
---|---|---|---|---|
OpenSea | Beginner | Various | Ethereum, Polygon | 2.5% |
Rarible | Beginner | Various | Ethereum | 2.5% |
SuperRare | Advanced | Art | Ethereum | 15% initial sale, 10% royalty on secondary sales, 3% for buyers |
Nifty Gateway | Beginner | Art, Music | Ethereum | 5% + 30 cents on secondary sales |
Atomic Market | Beginner | Collectibles | EOSIO | 2% |
BakerySwap | Intermediate | Various | Binance Smart Chain | 5% |
Enjin Marketplace | Intermediate | Gaming | Ethereum | 2.5% |
Foundation | Advanced | Art | Ethereum | Varies by artist |
NFT Showroom | Beginner | Art | Hive | 10% initial sale, 5% on resales |
Best Wallets to Keep Your NFTs Safely Stored Away
The secure storage of your NFTs is a top priority. That makes choosing the right wallet essential. Here are some of the best wallets for keeping your NFTs safe, based on their features, security measures, and user ratings:
Ledger Nano X
The Ledger Nano X is a top choice, offering advanced security features and support for over 1,300 crypto assets. It’s a hardware wallet, which makes it less likely to be hacked than a software or web wallet by keeping your private keys offline. It also offers Bluetooth connectivity, allowing you to manage your NFTs on the go using the Ledger Live app.
Ledger Nano S+
Another hardware wallet, the Ledger Nano S+ offers a budget-friendly option with more storage capacity for assets compared to its predecessor, the Nano S. The Nano S+ offers a high level of security at a budget-friendly price, making it an excellent choice for those looking to store their NFTs securely without breaking the bank.
Trezor Model T
The Trezor Model T is another highly secure hardware wallet, featuring a touchscreen interface for ease of use. It supports a wide range of cryptocurrencies and NFTs, ensuring your digital assets are protected with top-notch security measures.
KeepKey
KeepKey is a hardware wallet known for its constant firmware security upgrades, making it a reliable choice for storing NFTs. Its large display and user-friendly interface make it easy to manage your digital assets securely.
Ellipal Titan
The Ellipal Titan has a unique feature – a secret secondary wallet, providing an additional layer of security. It’s also air-gapped, meaning it is completely isolated from any network, ensuring maximum protection against online threats.
Zengo
Zengo utilizes multi-party computation (MPC) for security, eliminating the need for private keys. This innovative approach makes it a highly secure option for storing NFTs, as it reduces the risk of key theft or loss.
Argent
Argent is a mobile wallet that includes two-factor authentication (2FA) for added security. It is designed to be user-friendly, making it a great choice for those new to the NFT space who want to ensure their assets are well-protected.
Staying Safe Within the NFT Marketplace
Trading NFTs is exciting and can make you a lot of money, but it’s vital to follow safety advice and to stay vigilant. Here are some essential tips to help you protect your digital assets:
- Use Reputable Marketplaces: Only trade NFTs on well-known and trusted platforms like OpenSea, Rarible, or Foundation. These platforms have highly sophisticated, multi-layered security measures in place to protect users from scams and fraud.
- Secure Your Wallet: Choose a reliable crypto wallet, such as MetaMask or Ledger, and ensure it’s properly secured. Use strong, unique passwords and enable two-factor authentication (2FA) to add an extra layer of protection.
- Beware of Phishing Scams: Be cautious of unsolicited messages and emails that ask for your private keys or personal information. Always verify the source before clicking on any links or sharing sensitive information.
- Regularly Update Software: Keep your wallet and any related software up to date with the latest security patches and software updates that protect against new threats.
- Cold Storage for High-Value NFTs: For valuable NFTs, consider using a hardware wallet (cold storage) to keep your assets offline and safe from online attacks
- Educate Yourself: Stay informed about the latest security practices and potential threats in the NFT space. Knowledge is your best defense against cyber threats.
Conclusion
We’ve just seen the best NFT marketplaces you can trade on today. Each features different types of NFT offered, with different blockchains, fees, commissions, payment and security options, but which one is the best for you? That decision will ultimately be based on your preferences, so take your time to explore those that appeal to you most. Whether you’re an artist, collector, or investor, there’s a marketplace out there for you. Stay safe, do your research, and enjoy the exciting world of NFTs.
FAQs
OpenSea is widely regarded as the best marketplace, boasting the widest range of assets and a user-friendly interface.
Rarible is a great choice for trading NFTs, thanks to its ease of use and community-driven approach.
The answer to this question is largely subjective, based on your preferences in terms of the types of crypto offered, range, fees, and other factors like ease-of-use and payment options. That said, OpenSea, with its sheer range of NFTs available, is considered by many to the top market for NFTs.
If you’re starting out, user-friendliness and ease of use are important considerations. OpenSea is known for having an easy-to-use interface. So are Atomic Market and Foundation. All three make great first-time options for beginners.