With the advancement of NFT technology, the availability of NFT marketplaces is rapidly increasing. In a matter of months, NFTs have surpassed previous crypto records, achieving a level of success that previously took years to attain. As technology continues to evolve and expand its capabilities, individuals are increasingly drawn to the idea of creating their own NFT platforms or acquiring exclusive NFTs.
Artists and other creative professionals could use NFT technology to show off their pieces and mint their work as NFTs. In the crypto period, minting NFTs is a fun diversion. The amount of NFTs being minted is increasing, as is the market reliance on them. There were few NFT marketplaces in the industry’s early days, but they’re mushrooming quickly now.
Choosing the correct NFT marketplace could determine whether or not your NFT work sells. You must examine which of the various NFT marketplaces best suits the type of NFT you’re creating. It’s also important to determine which blockchain it will run on. Most NFT marketplaces are based on Ethereum, but some are opting for newer blockchains because they provide lower gas fees (which you must pay to generate your NFT) and a lower carbon impact.
We’ve included a list of the greatest NFT markets where you may create and sell NFTs (or purchase and collect them if you’re a collector) in the guide below. Whether you’re looking to buy, sell, or learn more about NFTs, one of these marketplaces should be able to meet your needs. Even if you have no plans to use an NFT marketplace soon, everybody working in the creative business should know what they are and how they operate right now.
Before we dive into the various NFT marketplaces, let us look at what NFTs and NFT marketplaces are.
What are NFTs?
Cryptocurrency is a type of digital money with an encrypted key, often a random string of digits. NFTs (non-fungible tokens) are digital assets that are traded over the internet. Cryptocurrency is used to create and sell NFTs. Since NFTs provide a unique digital asset marketplace, companies are even creating their own NFTs as part of their marketing mix.
Aside from that, NFTs give consumers a customizable option to store, control, and protect their personal information. NFTs creators can also get royalties and a portion of future sales from their NFTs.
A non-fungible token, in essence, converts a digital work of art or other items into a one-of-a-kind, verifiable digital asset that may be exchanged on the NFT market or through NFT blockchain technology. Many NFTs come with their data set, such as ownership and transaction details, recorded in the smart contract. During transactions, NFT authors can add features to their NFTs such as the creator’s identity, secure URLs to files, and more.
A digital NFT wallet is required for those interested in collecting or investing in non-fungible tokens. A digital wallet is a cryptocurrency wallet that is compatible with blockchain technology, which is the foundation for NFTs. Users frequently use cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin as a means of exchange.
What can be turned into an NFT?
Most NFTs have unique properties and can be made from digital content, such as photographs, art, music, GIFs, or video clips. They are so versatile that the NFT marketplace can even include tweets and memes. NFT marketplaces that operate as auction houses have made trading in NFTs easy.
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Music
If you are a musically-oriented creative, you can develop music NFTs on various marketplaces, including Rarible, OpenSea, Mintable, Ethereum blockchain, Axie Infinity Market, and more. Register on the marketplace and choose whether you want to manufacture a single collectible or a series of collectibles. You can make a single collectible that yields a one-of-a-kind NFT using a single collectible. You have the option of releasing numerous copies of the same item if you have many collectibles.
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Digital artwork
Artists can quickly sell digital artwork by creating them on their computers or smartphones, then converting them to NFTS from various formats such as JPGs, PNGs, or MP4s.
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Games
You can also earn money by selling virtual avatars, video game skins, weapons, and even in-game armor. Gamers who amass a large number of assets while playing a specific game might sell them for a profit.
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Videos
Another commonly traded NFT is video snippets. NBA Top Shots NFTs, for example, feature highlight footage from NBA history. On OpenSea, you may buy real-life highlights, classic movie scenes, and video art created by artists, in addition to real-life highlights.
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Physical art
Artists can use the NFT marketplace to sell a digital duplicate of their physical work, such as photographs or paintings. They can even create royalties to be paid out on future sales. Given that NFTs are sold through a blockchain network, they help cut out the intermediaries, allowing artists to interact directly with customers and reap the full benefits of their work.
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Collectibles
As a result of the digital scarcity that NFTs provide, collectibles such as playing cards, digital artist art, gaming collectibles, and celebrity memorabilia are attractive in NFT form. NFT collectibles fetch high prices due to their restricted supply. You can trade NFT collectibles on CryptoKitties3, CryptoPunks4, and NBA Top Shot.
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Tweets and memes
Unsurprisingly, tweets and memes have high value in the NTF universe. The first Tweet from Twitter co-founder Jack Dorsey was auctioned for $3 million. Influencers can potentially make money by creating memes and selling them as non-traditional tokens.
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Virtual real estate
NFTs have also made their way into the virtual reality environment. Users may now buy virtual real estate, design virtual homes, create avatars, meet up, and make friends – all thanks to the power of NFTs. Decentraland is an online real estate setting that resembles the actual world and allows users to explore and communicate using avatars.
What are NFT marketplaces?
NFT marketplaces are websites where NFTs can be kept, exhibited, traded, and minted (created). These marketplaces are the Amazon and eBay for NFT buyers and sellers.
You’ll need the following to gain access to and use these types of marketplaces:
- A crypto wallet that is compatible with the blockchain network that supports the NFTs you want to buy. If you want to buy or trade NFTs using the Ethereum blockchain platform, for example, you’ll need an Ethereum-compatible wallet like MetaMask. Similarly, you’ll need to use a wallet service like Sollet to buy NFTs on the Solana platform.
- A certain number of coins in your wallet: Before purchasing, listing, or minting an NFT, you must first fund your wallet. Again, you’ll need to check which cryptocurrencies the marketplace you’re considering accepts.
- A user account. You’ll need to create an account on the specific marketplace where you want to buy NFTs.
It’s worth noting that for listing and creating NFTs, most marketplace platforms charge a blockchain network fee. The cost varies depending on which blockchain-based solution you choose. Ethereum, for example, has the most NFT dApps. It does, however, charge the highest rates.
How do NFT marketplaces work?
Step 1: Sign up
The process of joining an NFT marketplace differs from site to site, but the basic needs are registering an account, connecting a supported digital wallet, or both. The sign-up button is often located in the top right corner of the NFT marketplace’s homepage. You will be asked to enter your wallet password to complete the process of connecting your wallet.
Step 2: Buying NFTs
NFTs are often bought at a predetermined price or through an auction. In some circumstances, potential buyers can try to negotiate a lower price.
Step 3: Selling NFTs
It’s more challenging to sell one-of-a-kind digital things than it is to buy them, especially if the user is trying to sell something they created themselves (artwork, a soundtrack, a tweet, etc.).
- You must either set a preset price or sell the NFT in an auction after uploading the desired digital item to the marketplace.
- When a seller accepts an offer, the marketplace handles the buyer-to-seller transfer. After that, the platform will verify the asset. If it is accepted, it will be put up for sale.
Step 4: Minting NFTs
Ethereum is a fantastic place to start if you want to develop an NFT because it’s the most popular system for this type of asset. Ethereum wallets that support ERC-721 (Ethereum’s token standard for NFTs) include MetaMask, Trust Wallet, and Coinbase Wallet. To offset transaction charges, you’ll need to add $50-$100 worth of Ether to your wallet.
Once you’ve completed those steps, you’ll be able to use platforms like OpenSea, Rarible, and Mintable. Most platforms have a “Create” button in the upper right corner that takes you to a website where you can start minting your NFTs.
Tips for Choosing an NFT marketplace
To begin, remember that an NFT (non-fungible token) represents asset ownership. You’ll need to figure out what kind of digital asset you want to buy, sell, or generate before you choose an NFT marketplace. Written content, videos, video games, art, collectibles, and other items may all be tokenized on a blockchain (such as Ethereum, the most widely used blockchain network on which NFTs are constructed). Narrowing down your passions is an excellent place to start.
Another thing to look into is what kind of tokens a marketplace accepts. Several exchanges accept a variety of tokens. Others are closed exchanges that utilize a proprietary cryptocurrency exclusive to them. When creating an account, make sure to fund your blockchain wallet with the proper coin or token to participate in the NFT marketplace’s operations. You’ll be requested to link your wallet to the NFT marketplace once you’ve set up an account. Check whether the marketplace has many security measures in place and if it has ever had any issues.
Top NFT marketplaces in 2023
1) OpenSea
OpenSea is the largest of all the marketplaces, and it is dominating the market with good reason. Users can purchase and sell digital art NFTs, domains, virtual land, collectible trading cards, gaming objects, and other items on this site.
You can purchase and sell on OpenSea using a system that is quite similar to eBay: you establish a fixed price, allow the price to drop over time, or set up an auction with a deadline.
The most impressive feature of OpenSea is “lazy minting.” Thanks to “lazy minting,” anyone who connects to the platform using Metamask or other wallets can create their NFT without paying any gas fees. This is because the NFT is only minted after being sold, not before. This is quite fascinating because it does not require an initial investment and allows people who do not have much money to participate in the market.
Additional features of OpenSea include:
- 2.5% commission (excluding gas)
- Optional royalties
- Exclusivity: Everyone is welcome
2) SuperRare
SuperRare is an exclusive NFT platform with a name that fits it perfectly because it is incredibly exclusive and strict:
- All NFTs must be one-of-a-kind, which implies there is only one edition. Every artist on the platform has been invited.
- There must be no other tokens accessible at the same moment.
The buying and selling system is similar to other markets, with features such as “buy now” and “auction.” However, the auction system has more alternatives.
To apply, go to the bottom of their page and select “Submit Artist Profile.” Make sure you have the following elements ready before you start:
- An introductory video — a one-minute video in which you explain why you want to join.
- A link to the work in a Google Drive folder
- A written caption to accompany your art. Provide a link to your portfolio or website.
3) Nifty Gateway
Nifty Gateway is the NFT marketplace where the biggest NFT sales occur. Beeple’s CROSSROAD and Pak’s The Merge, which sold for US$91.8 million in December 2021 (and is currently the world’s most expensive NFT at the time of writing), are two of the most expensive NFTs ever sold on this platform.
The site is popular on Twitter, and it attracts celebrity NFTs. However, don’t be turned off by this. There are a few aspects of Nifty Gateway that stand out. First, it employs ‘open editions,’ An unlimited number of copies are made for a limited time and sold at an introductory price. After the timer has expired, no additional NFTs will be issued. This results in scarcity and a thriving secondary market.
Nifty Gateway also allows collectors to acquire NFTs using fiat currency (government-issued currency). This means that customers can use credit cards rather than cryptocurrencies to make purchases. This makes it more user-friendly for first-time purchasers who are unfamiliar with cryptocurrency wallets.
4) Rarible
Rarible is a non-profit marketplace for selling single works of art and collections. Sports assets, gaming, media corporations, and artists launching collections are all common on Rarible. Rarible is a community-owned platform that encourages decentralization. The native token is called RARI, and the platform users get to vote on any platform changes and participate in moderating. For example, Adobe has worked with Rarible to secure artists’ work and develop unique NFTs.
Rarible uses the Flow and Tezos blockchains in addition to Ethereum. You can choose which token to use when you mint your NFT, and you can share your search options with OpenSea. The question of which blockchain to use is intriguing. The most popular cryptocurrency for NFT minting is Ethereum, although it has a significant carbon footprint and hefty gas prices. Tezos has modest gas expenses (about $0.50). However, it’s aimed toward artists who are releasing compilations. Flow employs ‘lazy minting,’ which means creators pay almost no fees. It’s also a ‘proof-of-stake’ blockchain, meaning it has a much lighter carbon footprint than Ethereum.
5) Binance NFT
Binance is one of the most well-known cryptocurrency exchanges, and the Binance NFT marketplace is rapidly gaining traction. Its blockchain also backs it up. As a result, Binance NFT is considered one of the most future-proof NFT exchanges available. This marketplace’s breadth and reach allow it to host exclusive collaborations and events that others may envy. If you have Binance tokens (BNB), accessing the marketplace is much easier, and you can bid in ETH, BNB, and BUSD. You can deposit ETH or BSC NFTs if you want to sell.
6) Async Art
Async Art is an NFT marketplace that specializes in ‘programmable art.’ Each work of art is made up of a Master and Layers; the Master is the entire NFT, while the Layers are individual elements that can be changed. Everything is ‘Tokenized.’ This means that different artists can own different layers of the artwork and contribute to its transformation.
Programmable art is cutting-edge in the field of digital art. It’s a type of NFT art that can’t be shared on more traditional gallery sites like SuperRare since it allows several authors to edit an artwork over time. Blueprints, a new platform from Async Art, will enable artists to develop generative projects in the manner of Bored Apes.
7) MakersPlace
Another fascinating NFT marketplace for more serious art is MakersPlace. Established artists, galleries, and institutions, such as Damien Hirst, Christie’s auction house, and comic legend Robert Liefeld, are all selling NFTs of their work here.
MakersPlace artists digitally sign their work, and this signature is recorded on the blockchain. Only a few legitimate editions are produced, resulting in rarity. Moreover, customers gain full ownership of the artwork – even if the artwork is downloaded and reproduced, it will not be authentic or bear the artist’s digital signature.
8) KnownOrigin
One of the oldest NFT marketplaces is KnownOrigin. It focuses on offering rare and collectible artwork in drop events, allowing artists to manage the number of copies issued. Artists must apply and be verified before being accepted, adding exclusivity. This can lead to scarcity and an increase in prices.
Since this marketplace mints Ethereum, you should consider the fees and carbon footprint before bidding. KnownOrigin also encourages NFT cooperation and goes beyond supporting community messaging and providing guidance on drops and sales, including transparent secondary sales in a different marketplace. Seth Tillett’s Jean Michel Basquiat photo collection is an example of the kind of assets that you can find on KnownOrigin.
9) Foundation
Foundation is a community-curated platform maintained by a select group of artists, just like an artist’s club to which only a few are invited. To join the foundation, you must receive an invitation from a current artist, and each artist is limited to one invite. It’s just been a year, but the platform’s creators have already made a total of $163,263.94.
Creators in this marketplace are more authentic and artistic than they are in other marketplaces. The artist receives 85% of the value of an NFT sold on foundation and 10% of the value of secondary transactions. Although this is less than some other NFT marketplaces, you’ll find that NFTs on Foundation are often more expensive and retain their value.
10) Zora
Zora began as an invite-only platform for artists, just like the foundation, but it has subsequently evolved into a marketplace that is open to anyone. Zora’s goal is to give artists and creators more control and ownership over their work. It’s easy to use, with perpetual bids allowing anyone to bid in any currency.
This market has developed into a good arena for music NFTs and a platform that connects the physical and digital worlds. RAC’s Boy record on cassette was auctioned off digitally and physically by Zora. Zora is emerging as a destination for tangible assets sold by super-fans, such as Nike designer Jeff Staple, who sells limited-edition sneakers on the site.
11) Mintable
Mintable is the Etsy of the NFT platforms. This newcomer to the NFT market is backed by billionaire Mark Cuban and aims to provide a diverse range of content while remaining easy to use.
In reality, this means you can make an NFT out of almost any digital asset – including images, gifs, videos, audio files, text documents, and more – and publish it on the platform. This is easy to do and doesn’t require prior knowledge of NFTs, crypto wallets, or blockchains. Mintable University, a free marketplace resource with helpful video courses for improving NFTs, makes the process even more accessible. Mintable supports Ethereum by default, but you can also use Immutable X to get free gas fees.
12) AtomicHub
There are several marketplaces within the Wax Network, but AtomicHub is unquestionably the best. It was founded in June 2020, and as of the time of writing this article, it claims to have manufactured over 9.2 million NFTs on the WAX Blockchain.
Fun fact: its native token, WAX, was just launched on Binance, and the price skyrocketed by 350% as a result of the news.
The AtomicHub website and user interface appear to be a little archaic, but there is certainly potential here. This marketplace has a list of all Wax projects and allows anyone to manufacture their NFTs without paying for gas.
But it’s not all roses; one major stumbling block is if you’re developing on the Wax network, your Metamask wallet is useless, and you’ll need to construct a Wax wallet.
13) Hic et Nunc
Hic et Nunc (which is Latin for “here and now”) is the first NFT marketplace on the Tezos blockchain. Founded by Rafael Lima and funded by The Tezos Foundation, Hic et Nunc has quickly grown to become one of the most popular platforms in the Tezos ecosystem.
The Tezos Blockchain proclaims itself as “environmentally friendly” because its carbon footprint is far smaller than other platforms. This factor alone has attracted a large number of users.
If we talk about the market’s audience, we can discover prominent artists/collectors. Even so, it’s more common to find smaller ones, so if you’re just getting started, this is a terrific location to start.
To log in to the marketplace, you’ll need a particular wallet. The minting procedure costs 0.08 XTZ, or about $0.35, and all purchases require the Tezos blockchain’s native coin. After that, anyone can upload their artwork as long as they have some XTZ tokens in their wallet. Some faucets give out XTZ for free if you don’t.
14) ThetaDrop
Theta is a blockchain-based platform for decentralized online video and television distribution. In 2021, a new NFT store called ThetaDrop opened featuring digital relics from the World Poker Tour. The World Poker Tour was an early adopter of ThetaTV, and the network now broadcasts its content.
ThetaDrop runs on Theta blockchain technology. To participate in the ThetaDrop NFT marketplace, you’ll need to purchase Theta Token. Many crypto exchanges, including Binance, support Theta, and the tokens and NFTs purchased with them can be saved in a crypto wallet or Theta’s crypto wallet software.
Conclusion
The number of NFT marketplaces currently has increased exponentially in recent years. It may seem overwhelming to choose one that works for you. Nevertheless, it is essential to consider various factors and your intentions in terms of your NFT. Understanding your goals will make selecting the right marketplace to buy, sell, and mint NFTs much easier.
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