What is an NFT?
Non-fungible token or NFT is a non-interchangeable and unique cryptographic asset stored on a blockchain. They are digital and unique assets that can be used to represent real-world things on the blockchain network. NFTs are gaining more popularity recently, and several brands, technology evangelists, and celebrities are becoming a part of this innovative sector. The NFT marketplaces are popular ways many businesses invest in these NFTs. This marketplace enables artists, entrepreneurs, creators, and enthusiasts to come to a platform, trade, and earn from NFTs. NFT marketplace can be developed with unique expertise and features and is an effective method for investing in this multi-million dollar industry. With the help of the NFT marketplace, several solutions and opportunities for making a stable investment can be created to attract more NFT enthusiasts.
NFT marketplace brings amazing benefits of customer engagement and marketing. It is used for buying, selling, and trading NFTs effectively with low chances of fraud due to blockchain technology. Brands should invest in this platform to attract more customers and earn money by selling the NFTs.
Top 10 NFT marketplaces
Following is the list of the top 10 NFT marketplaces
OpenSea
10/10
It is one of the largest and top NFT marketplaces that provides different types of non-fungible tokens such as virtual worlds, art, collectibles, sports, trading cards etc. It consists of ERC1155 and ERC721 assets. Digital assets can be discovered, sold, and bought like CryptoKitties, ENS names, Axis and Decentraland. This marketplace features around 700 projects, including digital art projects, collectible games, trading card games, ENS, etc. If you sell items on this marketplace you get a fixed price per item and even create an auction listing. Opensea comes with an item minting tool creators use to create their items on the blockchain. If you develop a smart contract for a digital collectible, game, or any project using exclusive digital items on blockchain then you can get added easily to OpenSea.
SuperRare
10/10
It is a marketplace that creates a strong influence and allows people to sell and buy single edition and single digital artwork. Artworks are created authentically by every artist in the network and then tokenized as crypto collectible types of digital items which can be owned and traded. This marketplace offers a way to interact with culture, art and collect artworks on the internet. Artworks on this marketplace are considered exclusive digital collectibles i.e. A type of digital object which is secured through cryptography and is also tracked on the blockchain. It has a strong built-in social network. SuperRare is working with a few handpicked artists, but if you are interested, you can also submit your profile.
Rarible
10/10
This top NFT marketplace deals with sports and rare media collections. The NFT type it deals with is photography, art, and games blockchain such as Flow, Ethereum, Tezos, etc. Raible is a NFT marketplace that is designed for selling collections as well as artworks. This NFT marketplace attracts media, gaming, and sports brands and many artists who want to release their work. It promotes decentralization and is also community-owned, making it a reliable NFT marketplace. It partners with top brands to secure the artist’s work and develop unique NFTs such as Abode. It buys and sells NFTs in categories such as photography, art, metaverses, games, domain, music, memes, etc. This platform mainly emphasizes several art assets. The creators using this platform can mint new types of NFTs for selling their creations, such as music albums, books, movies, and digital art.
Binance NFT
9/10
This NFT platform is the future-proof and largest NFT marketplace specializing in blockchain like ETH and BSC. It is a secure and large marketplace but is not so artist-friendly. Binance is the biggest crypto exchange, while Binance NFT has become the biggest NFT marketplace worldwide and has its own blockchain supporting it. This large size and scale NFT marketplace provides exclusive events and partnerships. You can easily access this marketplace if you have BNB (Binance tokens) with you or BUSD, BNB, and ETH for bidding.
Foundation
8/10
This NFT marketplace is run by artists and includes exclusive and rare projects. This platform specializes in digital art, fine art, blockchain like Ethereum, photography, etc. This platform is community curated and is being run by different artists. It is creating opportunities for others as well. Although this platform has been running for only a year, the creators have earned around $163,263.94. Here, creators are more artistic, genuine, and authentic than the creators of other marketplaces. To join this NFT platform, you need to get an invitation from the current artist running the platform. Every artist can use only one invite.
Magic Eden
7/10
This NFT marketplace deals with curated and verified Solana and digital art. It is a new NFT marketplace and has been becoming quite popular recently. To involve yourself in Solana NFT, you would require a wallet such as Phantom. It is dedicated and committed Solana platform. You would get an established and exclusive NFT collection, including Trippin Ape Tribe. This NFT marketplace is run by artists and comes with exclusive and rare projects. Solana NFT is a new blockchain that is environment-friendly and cheap.
Nifty Gateway
6/10
One NFT marketplace, which is eye-catching and driving NFT sales, is supposed to be a Nifty gateway. This platform garners love on social media platforms like twitter and is even drawing many celebrities NFT. It utilizes an open edition where unlimited editions are first created for a specified time and then sold at base price rates. NFTs won’t be issued if they get timed out. This leads to scarcity and huge secondary sales. Buyers make NFT purchases with their credit cards instead of cryptocurrency.
MakersPlace
5/10
This platform allows you to buy NFTs from modern and established artists. You get established galleries, artists, and institutions providing NFTs. Here artists sign their artwork digitally that, gets recorded on the blockchain and only a few limited authentic editions get minted, thereby creating scarcity and enabling buyers to get complete ownership of their artwork.
KnownOrigin
5/10
It is the oldest NFT platform that offers collectible and rare artwork known as drops and allows artists to have full control of the released copies. This NFT marketplace supports good quality art and limited edition run drops. It can lead to scarcity and increase the price. It supports NFT collaboration and provides advice on sales, drops, and secondary sales.
Mintable
5/10
It is a newcomer in the NFT marketplace and makes selling and creating NFTs easy. This NFT platform allows you to make NFT from any digital file such as a gif, image, audio file, text document, etc. This NFT platform is easy for beginners and those with little to no knowledge about crypto wallets, blockchain, and NFTs. It has a varied and broad NFT selection and lets you access free courses from Mintable university.
What are the benefits of an NFT marketplace?
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How to select the best NFT Marketplace?
An NFT marketplace is a great way to invest in collectibles, digital assets, arts, and other options. However, choose the one that meets your storage and buying needs based on the kind of NFT and crypto you are more interested in. As this is a new emerging industry, there is high speculation. There is no guarantee that an NFT will rise in value. Therefore make purchases based on investment strategy, investment time horizon, and net worth.Following are the things to be considered to ensure that you choose the best and the right NFT marketplace for yourself.
Security
Analyzing the security of the marketplace is an important criterion. It is important to ensure that the NFT marketplace you choose has a high end secure environment for protecting both the buyers and the creators. For instance, advanced encryption relating to private details, identification verification, and insurance for financial transactions should be there in the NFT marketplace to prevent fraud. Be alert if you have previously seen any security issues with the NFT marketplace.
The NFT Marketplaces should provide complete information.
Make sure that the NFT marketplace you choose offers buyers complete details relating to projects such as the number of total NFTs that can be purchased, the price structure of every NFT, and in depth details like total buys/sells, number of holders, historical trading details.
The convenience of Digital Wallet
A good NFT marketplace is both easy and simple to use and understand irrespective of the device you are using or your current location. Choose an NFT marketplace that offers support for different NFT wallets and payment options that benefit if you purchase NFTs using the payment method in your own crytowallets.
Advanced and reliable Search Functions
NFT marketplace must give a wide variety of search functions for meeting buyers’ requirements such as types specific names and creators. It is significant to access accurate data while buying NFTs. Besides this, the platform must offer additional visual days to give players a clear idea and understanding of the NFT marketplace and even assist them in determining the NFTs that are worth the investment.
Marketplace Ratings
It is advisable to check the ratings of the NFT marketplace where you want to invest. Before buying NFT get a complete idea about the experience of the people who have accessed the NFT marketplace by reading their reviews. Reviews and ratings are an excellent way to make an informed decision regarding choosing a good NFT marketplace.
Digital assets
As NFT or non fungible token represents ownership of digital assets, ensure the kind of asset you want to sell, create or buy and then choose an NFT marketplace that specializes in that. Also consider the token types which are supported by the NFT marketplace. Some marketplace supports plenty of token types; some are closed NFT marketplace and use a certain proprietary token.