The non-fungible token (NFT) ecosystem has grown enormously and densely during the last several years. As a result, it may be challenging to understand the ins and outs of the strange, broad world of NFTs, which now spans many blockchains and hundreds of platforms and markets. There are currently several ways for collectors and makers to buy, sell, and invest in blockchain JPEGs. However, the era of a few limited places of sale is over.
To simplify the task, we’ve developed a list of the best NFT markets based on user counts, sales volume, and overall popularity. We already gave you a roadmap through the major NFT blockchains, and now we’re giving you a rundown of the most well-known NFT trading platforms online.
What Is an NFT Marketplace?
NFT markets are online locations where NFTs may be bought, sold, exchanged, and sometimes even minted (created). Similar to how Amazon or eBay are to products, these markets are to NFTs.
It is necessary to set up the following to access and use these kinds of marketplaces:
- A crypto wallet: Choosing a cryptocurrency wallet that works with the blockchain network that supports the NFTs you want to purchase is necessary (below). For instance, you will need to utilize a suitable Ethereum wallet, such as MetaMask, if you buy or trade NFTs based on the Ethereum blockchain platform.
- Several coins in the wallet: Before purchasing, listing, or minting an NFT, you must pre-fund your wallet with a certain number of coins. Once again, you’ll need to confirm which cryptocurrencies are accepted by the platform you want to use.
- A user account: You must create an account on the specific marketplace where you want to buy NFTs.
Most marketplace platforms charge fees for listing and producing NFTs on the blockchain network. However, there are a variety of blockchain-based systems available, and the cost will vary depending on what you choose to use.
How Do NFT Marketplaces Work?
Creating an account, linking a compatible digital wallet, or doing both are the primary steps when signing up for an NFT marketplace. The process might vary significantly from site to site. This button on the NFT marketplace webpage is usually found in the upper right corner. You must provide your wallet password to finish the connection procedure with your wallet.
Purchasing an NFT
NFTs are often bought at auction or directly for a set price. However, in certain circumstances, potential purchasers might make bids to the owner and try to bargain for a lower price.
Selling an NFT
If a user is trying to sell something they made themselves, it might be a more technically challenging process than purchasing original digital goods (artwork, a soundtrack, a tweet, etc.).
- The selected digital asset must be uploaded to the marketplace, where you must enter a preset price or choose to sell the NFT in an auction.
- The platform will then check the asset. Finally, the item will be put up for sale if authorized.
- The marketplace handles the transfer from buyer to seller when the vendor accepts a bid.
Creating an NFT
The biggest system for these kinds of assets is Ethereum; therefore, if you want to construct an NFT, you may want to start there. First, you will need an Ethereum wallet, such as MetaMask, Trust Wallet, or Coinbase Wallet, that supports ERC-721 (Ethereum’s token standard for NFTs). Additionally, you’ll need to add $50 to $100 worth of ether to your wallet to cover transaction costs (depending on how congested the network is).
You will be able to access and utilize platforms like OpenSea or Rarible after you have finished those tasks. The “Create” button in the upper right corner of most platforms will direct you to the page where you may start minting NFTs.
Top 10 NFT Marketplace
Using non-fungible token (NFT) technology and the Ethereum blockchain, OpenSea is a decentralized peer-to-peer marketplace for selling, buying, and trading rare digital commodities, such as video games, collectibles, and works of art.
Since it offers a wide selection of products in more than 200 categories and boasts the lowest pricing for new things, OpenSea really markets itself as the biggest marketplace for digital goods.
Digital artwork, decentralized domain names, trading cards, virtual worlds, digital collectibles, sports NFTs, utility NFTs—you name it—can all be traded on OpenSea. In addition, some of the most well-known NFT projects, like, CryptoKitties, Axie Infinity, Gods Unchained, SuperRare, Cryptopunks, etc., use it as their primary platform.
- NFTs of all types are covered
- More than 150 cryptocurrencies are accepted
- It uses the Polygon blockchain as well
- Uses Ethereum, which has high gas and carbon fees
Rarible is an online marketplace connecting buyers and sellers, often content producers like digital artists, model builders, or meme makers.
It is necessary for creators to “mint” a token first using Rarible’s software to convert their effort into an NFT. They accomplish this by filling out an online form and including their photograph and other information, such as a listing price, that exemplifies their work.
In turn, Rarible produces a new token using Ethereum’s blockchain. Raible’s software can be used to exchange NFT between wallets, just like other Ethereum tokens.
- A choice of three blockchains is available
- Low gas and carbon fees are available
- For the most part, Rarible requires you to connect your wallet before accessing many items.
- Both the seller and buyer are charged 2.5% for a transaction.
3. The NBA Top Shot
NBA Top Shot, which debuted in 2020, is a collaboration between the NBA and Dapper Labs, the company behind CryptoKitties. NBA luminaries Michael Jordan, Kevin Durant, and Klay Thompson are a few prominent investors.
Users of the site may exchange digital assets based on footage from NBA games and is powered by Dapper Labs’ Flow blockchain. In addition, transactions on several other sports NFT platforms, including NFL All Day and UFC Strike, are supported by the Flow blockchain.
NBA Top Shot has more than a million registered users as of September 2021. Since the platform’s launch, data from NFT marketplace tracker DappRadar indicates that over 500,000 NBA Top Shot have been traded for a combined volume of about $1 billion.
- Traditional card collecting
- Owning precious moments
- The increasing value of a moments
- The process of verification is lengthy
- The value of NFT depends on the market
- Money loss risk
In 2021, one of the biggest cryptocurrency exchanges, Binance, introduced an NFT market. Like Crypto.com NFT, a highly-curated NFP marketplace, the worldwide cryptocurrency exchange is only one of several business operators joining the NFT market. The normal digital goods featured on other big platforms, including artwork, games, and collectibles, are available on Binance NFT.
The fact that Binance NFT has very cheap costs is a significant benefit. The site deducts only 1% of each trade. Additionally, it is a user-friendly platform created with the same technologies and designs as its exchange. Binance has the edge over other major players in the cryptocurrency market since it operates on its own blockchain.
- A 1% royalty is due to the creator from the seller.
- The name of a well-known crypto company
- There are no listing fees for NFTs.
- NFTs are available in a wide range of categories.
- Bad customer support
5. Nifty Gateway
Digital artist Pak’s “The Merge,” which sold for $91.8 million, was one of the pricey and exclusive NFT transactions that Nifty Gateway is renowned for staging. Likewise, the platform’s acquisition by Gemini, which is led by the Winklevoss twins Cameron and Tyler Winklevoss, in late 2019 garnered media attention.
This market specializes in art, mainly works by well-known painters and celebrities. Nifty Gateway employs an “open editions” concept to increase demand. You may only purchase editions of a new kind of NFT for a certain period of time. You may use your credit card to make purchases at this market. Nifty Gateway could be the best option if you want to invest significantly in NFTs and access more expensive choices.
- It is easy to navigate through Nifty Gateway’s user interface.
- With its high-profile creators and popular assets, Nifty Gateway has a lot to offer.
- Besides accepting fiat payments, the platform also supports credit and debit cards.
- A collection of high-end NFT drops is available here if you’re a collector.
- NFTs can only be purchased with ETH if you have them.
- If you don’t have a lot of cash, this platform isn’t the right one for you.
- In March 2021, Nifty Gateway was the victim of the “NFT heist.”
- There is no iOS app for the platform, but there is an Android app for displaying NFTs.
As an art gallery within the NFT ecosystem, SuperRare offers itself as a premium NFT art marketplace. As a result, there is a lot of pickiness about NFT submissions in this market, and it does not accept “meme-style” NFTs.
Investors may have more confidence in the quality of the work since SuperRare spends so much time examining it before it is made available for purchase. When an NFT is initially sold on the primary market, SuperRate charges 15% as compensation for its services. The buyer additionally pays a fixed fee of 3% of each transaction. If you’re searching for high-end NFT artwork, particularly more traditional works, SuperRare can be an excellent option.
- Artists are paid high royalties
- An easy-to-use interface
- Exclusive platform
- Provide options for buying systems
- Comparatively high commissions on NFT marketplaces
- The only payment method available is ETH
- Ethereum’s network can have high fees
In the metaverse, Quint connects with the physical world using cryptocurrencies. Quint offers a selection of exclusive NFTs on its platform to accomplish that goal. A Quint NFT goes beyond the digital copy of an artist’s work. Hand-delivered in a frame, their new NFT is also tangible.
In addition, Quint NFT holders are invited to join the exclusive Metaverse Arts Club, a social club for Quint token owners. Holders of Quint NFTs can also purchase personalized products on the Quint marketplace.
Investors in QUINT can earn cryptocurrency interest as well as receive tangible benefits. Quint’s Quintessential stake pools feature prizes, including free stays at five-star hotels, travel vouchers, and supercar excursions. Moreover, Quint offers an even more extravagant Luxury Raffle stake pool.
- A new luxury crypto ecosystem from Quint
- NFT categories available in a wide range
- Hand-delivered copy of NFTs
- Metaverse Arts Club is available to NFTs
- Bad customer service
Another excellent choice when determining where to get NFTs is Crypto.com. Over ten million individuals utilize this well-known NFT marketplace, one of the world’s leading cryptocurrency exchanges. In addition to its well-known cryptocurrency trading services, Crypto.com just debuted its own NFT marketplace.
The whole investment procedure is meant to be simple, and consumers may open a Crypto.com NFT account in only a few minutes. Then, users may use their credit or debit card to buy NFTs offered through the auction or at a set fee. Alternatively, using the “Crypto.com Pay” portal, NFTs may be purchased using cryptocurrencies. The best feature of the transaction is that, unlike many other platforms, there is no transaction cost when purchasing an NFT via Crypto.com.
- Provides support for four blockchain-based NFTs
- Support for multiple payment methods
- With the app, there are no gas fees
- Payments can be made by debit or credit card
- To become a creator, you must apply
- The minting review period of 72 hours
- There are only five supported file formats
- The exchange was hacked in 2022 for $30 million
The GameStop marketplace is one of the most interesting NFT platforms to debut this year. GameStop seeks to go beyond only selling video games and establish a presence in the NFT gaming market. The NFT platform is based on Immutable X, a Layer-2 Ethereum protocol, and the business is creating a sizable fund for game creators that choose to utilize the GameStop marketplace over alternatives.
As you would anticipate, in-game stuff like virtual properties, weapons, costumes, and more will be the main emphasis of the GameStop marketplace. The platform’s details are still a mystery. To produce collectible NFTs that will appeal to fans of specific properties, GameStop will reportedly aim to deal with significant video game creators, according to most sources.
- Multiple categories of NFTs
- Exceptional security measures
- There is no minimum account requirement to use the platform.
- Buyers do not pay fees
- Transaction fees are relatively low and fast
- The non-custodial market
- Payments are only supported in ETH, not in fiat currencies
- NFTs minted on Loopring can only be bought, sold, or traded on this platform.
- Most high-value blue chip NFTs use Ethereum, so they cannot be processed.
- The collection does not include blue chip NFTs.
The WAX blockchain network was launched in 2017 to improve the efficiency of e-commerce transactions. By using the blockchain, the network competes with Ethereum and is compatible with EOS. Over 140,000 digital assets are available for trading on the WAX NFT marketplace, which goes by “SimpleMarket.”
The network’s native token, WAX, serves as the basis for the overwhelming majority of WAX NFTs. However, AtomicHub also has a very well-liked secondary market for WAX NFTs, claiming that it offers exchange services without charging for gas. In addition, Atari and Sony are just two well-known companies that have already utilized the WAX blockchain to mint their NFTs, further enhancing the platform’s legitimacy. Finally, while WAX does charge a 2% transaction fee in the secondary market, the cost structure is not entirely apparent for the first NFT releases.
- It has its own coin
- Intuitive user experience
- The community makes all decisions
- A pack break is an incredibly innovative idea
- A low commission rate
- Payments can only be made with ETH and WAX tokens
- NFTs cannot be edited
- To become a creator, users must purchase tokens
NFT markets offer many options for investing in digital assets, collectibles, and art. Be careful to select an NFT that meets your purchasing and storing requirements based on the type of NFT you want and the crypto you want to use for transactions.
Moreover, this is a very speculative and young industry. There is no way to predict whether any NFT will skyrocket in value. In the same way, real art and collectibles are valued based on various factors, including how original the item is and how well-known the artist is. Therefore, before making any purchases, consider your overall investment plan, net worth, and investing time horizon.