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Non-fungible tokens (NFTs) are digital tokens representing ownership of an item. These items can be either physical or digital. Additionally, they may be from artworks, collectables, real estate, soundtracks, sneakers, tweets, video games, or in-game items. NFTs have rare attributes resulting from their unique in-built code. Moreover, you can’t divide them into smaller units. 2020 was their breakout year, and since then, they’ve continued to grow. Today, they’re a popular trend, with many crypto holders seeking to own them. Additionally, many online NFT market places have emerged, enabling the listing and trading of NFTs.
These are digital platforms that mint (create), store, display, and trade the NFTs. They are similar to other sites like Amazon, where one buys clothes or other items. Different marketplaces have specific NFTs that they trade.
NFT marketplaces differ by blockchain (BC). Some of the popular BCs supporting NFTs are Cardano, Polkadot, Ethereum, Solana, and Binance. Cryptocurrencies enable the acquisition of NFTs on these platforms. The respective blockchain verifies the transactions before their completion.
Things You’ll Need to Use NFT Marketplaces
For a fulfilling trading experience, you’ll need several things. The following three considerations will get you up and running in your NFT acquisition journey.
A User Account
You need to create an account in the specific marketplace of the NFT you intend to buy.
A Crypto Wallet
You’ll need a wallet that’s compatible with the blockchain platform supporting the NFT you want to buy. For instance, the Solana platform uses the Sollet wallet. On the other hand, the Ethereum network uses wallets like MetaMask.
Coins in the Wallet
You will need to fund your wallet with coins. They should be of the respective blockchain network. Ensure you load your wallet before minting, buying, or listing NFTs.
Which are the 7 Best NFT Marketplaces You Should Know?
Your NFT trading experience is as good as the marketplace you choose. Consequently, it’s important that you carefully consider your options before settling on one. Here are seven of the best NFT marketplaces that you should know about:
A product of the Ethereum Blockchain, OpenSea proclaims itself to be the world’s largest NFT marketplace. It supports various NFTs such as art, collectibles, trading cards, virtual worlds, and sports. There are also NFT assets such as CryptoKitties, Decentraland, Axis, and many more.
This platform allows you to mint NFTs without gas fees. Also, you don’t need to understand coding to enjoy its services. You’ll incur a 2.5% commission for your sales and enjoy royalties of up to 10%. OpenSea allows you to sell items for a fixed price, make an auction listing, or a declining price listing.
This marketplace allows Polygon blockchain and has multi-wallet support for those compatible with the Ethereum network. Examples include MetaMask, Coinbase wallet, TrustWallet, Portis, among others. OpenSea has an iOS mobile app. Some of its high-profile users are Mark Cuban and Logan Paul.
Rarible is a community-based NFT marketplace built on the Ethereum blockchain and aims at becoming a Decentralized Autonomous Organization (DAO). This marketplace allows the trade of NFTs like art, photography, music, memes, games, domains, etc. It uses its cryptocurrency called RARI.
This platform allows its most active traders to vote for updates on the platform. It also allows you to curate and moderate decisions using the RARI token. Every week it distributes 75 000 RARI. The artist can set fees and royalties for future sales up to 50%.
Rarible uses smart contracts to link users. You can mint NFTs even without knowledge of the coding language. You can also buy listed NFTs and sell the ones you’ve already purchased.
3. Nifty Gateway Marketplace
The Nifty Gateway marketplace runs on the Ethereum blockchain. NFTs on this platform are called Nifties. It’s a custodial marketplace meaning that you can’t store the Nifties in your wallet. It supports two-factor authentication to protect you from hackers. This platform also accepts credit card payments for those who don’t know how to use crypto-wallets.
Among all NFT market places, this platform allows any artist to set up an account and drops Nifties every three weeks. Then you can buy them openly or directly through auction from the artist. Artists also choose the commission they get from every secondary sale ranging from 5% to 50%.
SuperRare allows its customers to trade limited-edition and unique NFTs. It describes itself as ”Instagram meets Christie.” Also, it has grown exponentially since its inception in 2018. Furthermore, has received investments from Mark Cuban, Ashton Kutcher, and Samsung Next. Lastly, it connects to crypto wallets compatible with the Ethereum network. Examples of these wallets are MetaMask and WalletConnect Wallets, among others.
It’s an exclusive platform where artists submit their work for review by the SuperRare team. This platform promotes quality over quantity. Once approved, the NFT launches on the forum. On initial sale, the NFT incurs a commission of 15%. On resale, the artist receives royalties of 10%.
Among other exclusive NFT market places is Foundation. Similar to SuperRare, to join the foundation, an artist has to invite you. Alternatively, you can also rally for votes on Twitter. The platform focuses on digital art and has grown to be one of the most popular marketplaces, with trades amounting to $48 million.
The platform page displays the artwork decided by the Foundation team. They host live auctions and help to bid for digital artworks. Royalties from this platform are 10% on a resale of artwork.
6. Known Origin
This digital platform allows the protection and trade of digital art on the Ethereum network. Known Origin marketplace allows full ownership rights on digital assets. To get started, an Artist on this marketplace creates a profile. A team reviews the artist’s credibility on the platform and artists can submit their work in the format of .gif or .jpeg. This platform promotes the authenticity of digital artwork.
This is a young marketplace launched in early 2021. It’s a shared liquidity market meaning that NFTs listed on one market can be viewed on others. This marketplace runs on the EOSIO blockchain network, and its transactions are in WAX.
Final Remarks – 7 NFT Market Places
NFTs have become a popular trend in the crypto world, and investors seek to own these unique blockchain assets. Many marketplaces have popped up to serve this growing market. If you’re an artist, you can maximize these NFT marketplaces and tokenize your work.
When choosing a marketplace, you have to consider its qualities that benefit your work. If you plan to mint high volumes of work, you should consider a more prominent platform with Polygon (MATIC) support. An artist can pick more than one marketplace and explore them freely. There’s, however, no marketplace that fits all your needs.