NFTs are non-fungible digital assets used in virtual worlds to digitally represent other digital or real-world assets such as art, games, metaverses, music, digital presents, events, videos, and so on.
Despite the industry's bearish trajectory for the majority of 2022, NFT adoption and application cases continue to gain traction. As a result, as NFT grows in popularity and its applications expand beyond gaming, art, fashion, music, the metaverse, and tangible assets, more creators are flocking to the area.
So, in this article, we will look at the major NFT marketplaces where creators can sell their NFTs.
There are several types of NFT marketplace, but they can be classified into two;
- Niche NFT: Niche NFT marketplaces are exclusive marketplaces that list and offer certain NFTs and often operate on a specific blockchain while only allowing transactions in the network's native token.
- General NFT: General NFT marketplaces are adaptable to one or multiple blockchains and have various NFTs. As a result, many niches of NFTs are listed on the marketplace, accepting various ways of payment, and are the most extensively used.
That being said, here are the top NFT marketplace you should explore
Top NFT Marketplace
Opensea is the most popular and largest NFT marketplace. It provides a variety of non-fungible tokens, such as art, censorship-resistant domain names, virtual worlds, trading cards, sports, and collectibles. Opensea is built on Ethereum and has approximately 700 projects, ranging from digital art projects to collectible games to trading card games and naming systems such as ENS (Ethereum Name Service).
One distinguishing aspect of Opensea is that creators can use Opensea's minting tool to create their assets on the blockchain without the platform demanding an upfront charge or having ownership over the asset.
OpenSea's most appealing feature is its simple, beginner-friendly interface which allows anyone, regardless of prior NFT experience, to mint, purchase, and trade NFTs in minutes. Finally, Opensea supports many crypto wallets, and its huge user base makes it easier for creators to show their work to a larger audience and quickly find buyers.
Rarible is a multichain marketplace run by the community where creators and investors may purchase, mint, and sell NFTs on several blockchains. Rarible presently supports five blockchains: Ethereum, Solana, Polygon, Flow, and Tezos, with plans to add more in the future.
Rarible's minting and trading fee are distinguishing qualities since it integrates numerous aspects to keep fees low and increase accessibility. As a result, the marketplace takes 1% on the buyer side and 1% on the seller side of each sale that occurs on the marketplace.
Rarible maintains that the platform is not only a place where creators may buy and sell NFTs but also a community that responds to its people. As a result, it creates and distributes RARI tokens to active users who make purchases or sales on the NFT marketplace. It allows RARI holders to vote on corporate decisions such as policy changes.
SuperRare is a peer-to-peer (P2P) marketplace for ERC-721 NFTs based on Ethereum with minimal creators, as all trades are carried out between peers without using expensive third-party intermediaries.
SuperRare is primarily a marketplace for users to purchase and sell one-of-a-kind, limited-edition digital artworks. As a result, the platform functions similarly to a private art gallery, as the assets displayed on the marketplace are carefully curated.
Each piece of art is authentically created by a network artist and tokenized as a crypto-collectible digital item that can be owned and traded. Thus, the exclusive nature of the marketplace allows artists to generate high revenues, with the buyer covering the transaction costs of 3%.
Nifty Gateway is an NFT marketplace known for having one of the most stringent verification processes for authenticating the originality of an art when compared to other platforms.
Nifty Gateway gives creators exclusivity by releasing collections from top creators in the form of drops that are only available for a limited period. The marketplace selection is geared more toward high-end investors due to its exclusivity to creators. For instance, two of the most expensive NFTs were sold on the platform. One was "The Merge," by digital artist Pak, which sold for an astounding $91.8 million, while the other was a $6.6 million sale for a piece by well-known artist Beeple.
The most notable difference between Nifty Gateway and other platforms is that they offer free prizes to users who hold their signature utility token, $NIFTY, and transactions on the marketplace are free, with users only paying gas fees for transferring NFTs between wallets.
Binance NFT Marketplace
The Binance NFT marketplace platform was developed by Binance, the world's largest crypto exchange platform. As a result, the platform uses its own Binance smart chain and the Ethereum blockchain to provide a wide selection of traded assets.
The Binance NFT marketplace is user-friendly and simple, with collectibles in various categories, including gaming, entertainment, art, sports, and more. Binance NFT marketplace only accepts cryptocurrencies as payment and is limited to three tokens: BNB, BUSD, and ETH.
One feature of the Binance NFT marketplace is the pride Binance takes in delivering minimum fees, since users can trade NFTs for as little as 1% transaction fee, and creators can mint their own NFT for as little as 1% transaction fee paid with the platform's native currency, BNB.
Foundation is an invite-only marketplace and a specialized platform that brings digital creators, crypto natives, and collectors to enhance culture and positions itself as a Web3 destination that provides a simple way to bid on digital art.
Foundation operates an interactive gallery where people can view numerous artworks for free and then purchase or sell them. However, because the platform is an invite-only marketplace, creators must have a strong network to be invited, which is a drawback because the restriction may limit the creator's interest.
In terms of fees, Foundation keeps 15% of each purchase, while the creators keep only 85%. On the other hand, the marketplace pays a 10% royalty fee to creators for secondary purchases of their artwork.
Magic Eden is the largest NFT marketplace based on the Solana blockchain, allowing NFT trading without using a third party. Magic Eden is focused on the community and features a varied selection of NFT collections, giving creators more control over their work and transaction fees.
The Magic Eden marketplace is a user-friendly platform with a simple design, and the Magic Eden Launchpad hosts regular NFT mints to connect creators and collectors. It charges a 2% commission on all transactions.
Magic Eden offers Whitelabel and partnership marketplaces, allowing others to create their own marketplaces. Finally, it supports game developers by launching Eden Games, an NFT game center on the Solana blockchain.
Mintable is an Ethereum-based NFT marketplace that allows creators to mint and sell their NFTs for free. The platform provides a broad range of NFTs that distinguishes it from others, including digital art, music, audio, video, text documents, GIFs, etc.
One aspect that distinguishes Mintable is that it is integrated with Ethereum's ImmutableX protocol and Mintable's gasless minting API Mintology, allowing creators to mint NFTs without using any gas. However, the transaction charge may be expensive, as transaction fees for conventional NFTs start at 2.5% but can climb to 10% for printing items.
NBA Top Spot Marketplace
The NBA Top spot marketplace enables creators to recreate iconic moments in basketball history. The marketplace is built and managed by the National Basketball Association and Women's National Basketball Association, with exclusive rights to video clips.
The NBA Top Shot marketplace allows you to own, list and trade NBA game highlights known as Moments NFTs, which are built from viral highlights and captured milestone achievements of famous players and teams.
The marketplace also offers certification, which grants the buyer authenticity and ownership rights to that one-of-a-kind experience. These NFTs are classified as uncommon, legendary, fandom, or common.
How To Choose a Marketplace
Knowing the right marketplace to choose is essential for creators, as the platform you choose will define how successful you will be in trading or minting NFTs. However, each platform has distinct features that set it apart. As a result, when selecting a marketplace, keep the following in mind:
- Marketplace type
- Marketplace security
- Marketplace reviews
- Type of project offered
- Marketplace Blockchain
- Advance search function
- Digital wallet convenience
Furthermore, to access and use the NFT marketplace features, you must first have a crypto wallet containing the essential cryptocurrency supported by the marketplace. You can buy, sell and swap NFT tokens on Cwallet.
Cwallet allows you to deposit, withdraw, and swap any cryptocurrency fast and at the lowest possible fee. NFT tokens can be traded among the 800+ cryptocurrencies accessible on Cwallet. Whether doing a cross-chain swap or an "on-chain swap," Cwallet provides the lowest transaction fees.
Finally, regardless of the marketplace network, you can transfer and view your NFT on Cwallet.
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