NFT art marketplaces – Non-Fungible Tokens have been gaining popularity as digital assets that prove ownership and authenticity of various types of content. These contents range from music to art, videos, and collectibles. Unlike cryptocurrencies, NFTs are unique and cannot be exchanged for an equal value.
After the cryptocurrency craze, the NFT boom began in 2021. It had over $10 billion in total trading volume. In the first quarter of 2023, the NFT market experienced a significant boost in trading volume, with a 137.04% increase to $4.7 billion. This marks the highest trading volume since the second quarter of 2022.
So if you are an artist and/or collector looking to explore the world of NFTs or want to showcase and merchandise your work using blockchain but are unsure where to start, this post will be looking at some of the best NFT art marketplaces out there.
What is an NFT?
NFTs are unique tokens that cannot be replicated or replaced. Think of them like the digital version of a limited-edition, signed artwork. NFTs can be traded and exchanged just like regular currency but with one key difference.
While cryptocurrencies are interchangeable, each NFT is unique and cannot be swapped for another, making them even more valuable and sought-after.
It’s fascinating how NFTs revolutionize how we value and trade digital assets! For instance, Beeple’s “Every Day: The First 5000 Days” digital artwork sold for $69 million in March 2021. Christie’s auction house also sold a collection of CryptoPunk NFTs for $17 million.
How to buy NFT?
Below are the steps to buying NFT on a marketplace:
Step 1: If you’re interested in buying NFTs, the first step is to select and fund a crypto wallet. This will give you the tools you need to transact on NFT marketplaces.
Step 2: Choose a marketplace and create an account. There are various NFT marketplaces, such as OpenSea, Rarible, and more.
Step 3: You’ll need to connect your wallet to the exchange next. You can browse and choose the NFTs you’d like to purchase from there.
Examples of best NFT marketplaces
When looking for where to buy NFTs from, OpenSea has been the leading NFT marketplace, but the recent surge of new players like Ommniverse clearly indicates a developing trend in the NFT marketplace. Customers stand to benefit from the competition as these platforms vie to offer innovative blockchain-backed services. Let’s explore some of the best NFT marketplaces with a special focus on artwork.
OpenSea, the first Ethereum-based NFT trading platform, is now the largest marketplace with over a million registered users and over 50% of NFT trading volume. However, due to its popularity, sellers face tough competition, making it difficult for new sellers to stand out, which may result in lower sales.
OpenSea offers various tools for creators to mint and list new collections and a simple interface to browse and purchase NFTs with multiple payment options. It has also expanded to support NFTs on five additional chains, including Solana and Polygon.
2. Magic Eden
Magic Eden has quickly emerged as the most popular NFT marketplace on the Solana network, despite launching only recently in September 2021. It boasts the largest user base among SOL NFT markets and is the second-largest platform in terms of trading volume, with OpenSea being the only platform ahead of it.
The Magic Eden Launchpad is a great resource for creators and collectors, hosting regular NFT mints. The platform is particularly attractive to collectors looking for new and exciting items. Although it began as a Solana-native platform, it has since expanded to include support for Ethereum-based NFTs, with plans to support other networks.
Rarible, an NFT marketplace launched in early 2020, gained a significant portion of the overall market share as the NFT industry saw increased adoption later that year. One of the unique features of Rarible is the availability of its native token, RARI, which was released approximately a year after the platform’s launch. RARI token holders can influence platform upgrades and access certain exclusive features.
Creators also find Rarible appealing because it provides a filter for buyers to explore top influencers and artists. This feature allows creators to build stronger relationships with their respective collector communities. Furthermore, the platform offers an aggregator, which enables users to buy NFTs listed on competitors. Rarible’s unique features and governance structure make it a popular choice for NFT enthusiasts and creators.
How to Set Up an NFT Marketplace Account
To set up an NFT exchange account, follow these simple steps:
Step 1: Create a digital wallet if you don’t already have one. This is where you will store your digital money and NFT credentials. Some popular wallets for NFTs include MetaMask, TrustWallet, Dapper, and MyEtherWallet (MEW).
Step 2: Select an NFT exchange and create an account. To fund your account, you must purchase ETH tokens from a cryptocurrency exchange like Gemini or eToro. Funding your account is easy; just follow the instructions on your chosen marketplace.
Step 3: Bid on the NFT you’re interested in. Once you’ve set up your wallet and have enough ETH in your NFT exchange account, you can start bidding on NFTs. You can buy an NFT directly or bid on an item up for sale.
It’s also a good idea to wait and see the market value on the secondary market before making a bid. Like bidding on eBay or StockX, you’ll need to offer a price for the NFT you want to acquire.
How to sell an NFT?
The easiest way to create an NFT is to create and sell digital media on an NFT marketplace; choose the type of media and a blockchain platform like Ethereum. Set up an NFT wallet and pick a comprehensive marketplace to list and sell your NFTs. Follow these steps (OpenSea as an example):
1. Connect your digital wallet by selecting the wallet icon in the OpenSea menu and signing a verification on your wallet app.
2: Select the “Create” option to begin the NFT creation process. This includes uploading your media file and selecting NFT features, properties, and blockchain.
3: Upload your media file directly or link to an externally hosted media file.
4: Fill in the details, including naming your NFT, providing a description, and adding unique properties or additional perks like unlockable content.
5: Choose your blockchain, as this cannot be changed once your NFT is minted.
6: Finally, select “Create” to complete the process.
Difference between NFT and Fractional NFT
The distinction between a whole NFT and a fractionalized NFT is quite clear. An NFT is a complete piece, while a fractionalized NFT (F-NFT) is just a fraction of a whole NFT. It’s important to note that fractionalization can be reversed, and a fractional NFT can be converted back into a whole NFT.
Although NFTs have gained popularity and success, the benefits are limited to individuals and institutions with substantial financial resources. Fortunately, F-NFTs offer a solution to these challenges. By dividing NFTs into smaller fractions, small and mid-tier investors can own a portion of an NFT that they would otherwise not be able to afford. This new concept makes NFTs more accessible and inclusive, benefiting a wider range of investors and creators.
Top Fractional NFT Marketplaces
Ommniverse is a Fractional NFT Marketplace that specializes in fractionalized NFTs. The advantage of fractional NFTs is that they attract a larger pool of potential buyers, increasing the chances of selling globally. The main objective of Ommniverse is to protect the compensation for the labor of curators, as their ideas form the foundation of the entire platform. The platform prioritizes fractional ownership by offering better accessibility, enhanced liquidity, diversity, and cheaper gas expenses.
In addition, Ommniverse prioritizes safeguarding its customers’ investments, allowing them to benefit from rewards in return for their confidence. To fractionalize NFTs, Ommniverse utilizes Ethereum’s flexible token standard, the ERC115 token standard, which enables you to deploy NFTs, fungible tokens, and semi-fungible tokens.
NFTfy.com is a marketplace for fractionalized NFTs, including Mutant Ape Yacht Club. They offer features like RockPool, CrowdPad, and Bridge. Our platform prioritizes curators’ compensation and customer investment safety. Fractional ownership increases accessibility, liquidity, and diversity and reduces gas expenses for buyers and sellers worldwide.
Fractional.art makes art ownership more accessible with its fractional protocol and NFT communities. The platform allows for fractional ownership and trading of art through digital artifacts called fractional NFTs. It also features an “NFT baskets” feature for fractionalizing entire collections. The platform prioritizes curators’ compensation and investment safety for customers, making it a safe and fair marketplace for worldwide buyers and sellers.
Future of NFTs
If you’re interested in joining the blockchain revolution for art and collectibles, NFTs are a great place to start. Tokenization is a powerful tool with endless possibilities, and we’ve only scratched the surface of what’s possible. While the long-term value of NFTs is uncertain, it’s clear that some will hold their value better than others. Each NFT collection has its unique appeal, but ultimately their worth is determined by what someone is willing to pay for them. As time goes on, many NFTs will likely lose their value. But there’s always the chance that yours could become the next big thing. Who knows, maybe your NFT will be the next Mona Lisa!
Disclaimer: This is a guest post and should not be taken as investment advice. The views expressed in this article are solely the authors’. Please do your own research before engaging.