There is a frenzy in the way NFTs are being acquired in the emerging digital economy and one wouldn’t want to miss out on the numerous trading opportunities that come with it. Artworks, music, videos, and written words can be converted into digital assets, and getting the most value out of these assets requires one have access to top NFT marketplaces to trade NFTs.
In this article, 36crypto has come up with a detailed explanation of some of the most popular and widely accepted NFT marketplaces where you can buy and sell digital assets.
Top NFT Marketplaces to Trade NFTs
Before we go through some of the best NFT marketplaces where one can buy, trade and sell NFTs, it is quite important to understand the concept of the NFT marketplace.
What is an NFT Marketplace?
An NFT marketplace is simply a digital market or gateway that allows one to participate in the purchase and sale of digital assets which range from artworks, music, videos, written words, and even gaming artifacts to entire virtual worlds.
As the traditional physical marketplace entails a location where different business transactions are carried out, the NFT marketplace is different as it is built online and exists on blockchains, the backbone of cryptocurrency.
The NFT marketplace has a specific focus or niche on which they function. Most marketplaces are built on the Ethereum blockchain, but the high gas fees that are required to run transactions limits traders from using it. Others are built on different blockchains with cheaper gas fees.
Below we’ve gathered up the best and most interesting NFT marketplaces where you can sell and buy digital art.
Launched in 2017, Opensea is the most widely acceptable NFT marketplace that supports more than 150 different payment tokens, hosting every kind of NFT, from art to music, photography, trading cards, virtual worlds, and sports collectibles.
It’s free to sign up for and can boast of an ‘easy-to-use’ feature that enables one to browse the extensive digital assets available on the platform. It also supports artists and creators and has an option to create your own NFT (known as “minting”).
At an early stage, the marketplace worked on the Ethereum blockchain, but with recent development in the accessibility of other blockchains, it now supports the Polygon and Solana cryptocurrencies.
OpenSea charges a fee equal to 2.5% of every transaction with the Ethereum blockchain which is paid to miners. If you’re looking to avoid the gas fee, you can buy and sell NFTs with Polygon which runs on a cross-blockchain support system. But you’ll need to ensure that the NFT item of interest displays the Polygon logo.
The core cryptocurrencies used on OpenSea are Ethereum, Solana, Polygon, and USDC
In summary, OpenSea is a soothing choice for beginners looking to get started with NFT trading.
Raible is an NFT marketplace built on the Ethereum blockchain. It is known for its unique design format that allows one to sell single or rather very rare pieces of art, collectibles, video game assets, and NFTs.
This NFT marketplace is also known for its partnership with big companies like Adobe in securing the digital footprints of artists’ work. This makes sports, gaming, and media brands as well as artists freely release collections of works on the marketplace.
Raible is community-owned and promotes decentralization. It uses its governance token, RARI, and the platform’s users take part in moderation and get to vote on any platform upgrades.
A unique feature of Rarible is that one can buy NFTs on Rarible using a credit card, thereby allowing transactions in fiat currencies.
Variable charges a 2.5% fee on every transaction. The network of blockchains used includes Ethereum, Flow, and Tezos. Tezos gas fees are low and likewise, the Flow Blockchain allows nearly no gas fee for transactions.
Magic Eden is a Solana-based NFT marketplace, that allows one to buy, and sell assorted types of NFTs that are Solana blockchain specific. It boasts of its cheap transaction cost and a more environmentally friendly platform.
The Solana network itself is fast and has low gas fees, and the sales fee is only 2% per transaction.
One of its unique features is that it allows traders to apply for listing if they wish to launch a collection or an NFT and a launchpad that allows newbie creators to create NFTs without prior development experience. You can find established NFT collections such as Trippin’ Ape Tribe on the Magic Eden NFT marketplace.
Nifty Gateway is perhaps an NFT marketplace more friendly for new buyers who aren’t used to crypto wallets as it prides its functionality on the use of credit cards for running transactions on the site. Nifty Gateway is known for hosting expensive and exclusive NFT sales, including digital artist Pak’s “The Merge,” which sold for $91.8 million.
This marketplace focuses on artwork, especially artwork from celebrities and top artists with a solid reputation as a premium vendor. The reputation also comes from how reliable the process of buying and selling NFT is on the platform and exclusive limited-edition art and collections that aren’t on other NFT marketplaces.
Nifty Gateway an art organization platform is powered by the crypto exchange Gemini and built on the Ethereum blockchain which uses an “open editions” system. When a new type of NFT launches, you can only buy editions for just a limited time. Once the time elapses, the collectibles become scarce thereby causing a huge demand for the NFTs and a significant increase in their values of these NFTs.
Nifty Gateway could be the way to go if you’re looking to make a large investment in NFTs and want access to quality artworks from critical collaborations with artists and brands.
NFT marketplaces are platforms to start investing in digital assets, collectibles, and art. It is advisable to choose one that suits buying and storage needs based on the type of NFT you’re after and the crypto you’re interested in using for transactions. Different NFT marketplaces use specific blockchain networks to run transactions on their platform, with most having to employ the Ethereum blockchain, so it all depends on the particular type of cryptocurrency that you’re interested in.
It is important to note that this is an emerging market and is highly speculative. Some NFTs may rocket higher in value, but there’s no guarantee. The value of digital art and collectibles works much the same as physical art and collectibles: Value is subjective and determined by factors such as uniqueness and the reputation of the artist who made it and also the community that projects the NFT.
The views, thoughts, and opinions expressed in this article are not investment advice. Please do your research and consult with an investment professional before making investment decisions.