If you want to jump on the NFT bandwagon, an NFT marketplace is your gateway. Similar to so-called eCommerce platforms, NFT marketplaces allow everyone to participate in the purchase and sale of non-fungible tokens.
There are dozens of NFT marketplaces in existence, and many of them have a specific focus or niche. What should you look for before deciding which one to use, and what are the top NFT marketplaces out there? Here’s what you need to know.
Top 7 NFT Marketplaces
An NFT marketplace is a blockchain-based online platform to sell and buy non-fungible tokens (NFTs). These marketplaces are to NFTs what Amazon or eBay are to goods.
Here is our curated list of the top seven NFT marketplaces that can help you jump on the NFT craze.
Launched in 2017, OpenSea is among the largest NFT marketplaces active today. It hosts many popular NFTs, including art, music, photography, trading cards, and virtual worlds.
The main cryptocurrencies supported by OpenSea are Ethereum, Solana, and USDC, and payment options include other cryptocurrencies. However, keep in mind that you can’t use fiat currencies like US dollars or euros.
On the plus side, OpenSea is very easy to use for beginners. You can set up an account for free in a matter of minutes and start searching for NFTs right away, and you can even create NFTs on their platform.
For costs, OpenSea charges a fee equal to 2.5% of each transaction. You also need to pay the gas fee to complete NFT transactions with Ethereum. Gas fees are the transaction fees paid to miners.
If you want to avoid the gas fee, you can buy and sell NFTs with Polygon. But you will need to make sure that the NFT element of interest displays the Polygon logo.
In short, OpenSea is a solid choice for beginners looking to start with a simple market and who want as many options as possible for NFT.
Rarible is another big marketplace for all kinds of NFTs, similar to OpenSea. On the platform, you can buy, sell or create all kinds of art, videos, collectibles, and music.
However, unlike OpenSea, you will need to use the marketplace’s own Rarible (RARI) token to buy and sell on the marketplace. Rarible is based on the Ethereum blockchain (although artwork can also be managed on OpenSea using Rarible tokens).
The company has partnered with some notable companies. Hmm! Brands’ Taco Bell has listed art on Rarible, and cloud software giant Adobe recently partnered with Rarible to help secure the work of NFT artists and creators.
SuperRare is another major NFT marketplace for digital creators. The site includes art, videos, and 3D images, but collectors can purchase artwork using Ethereum.
SuperRare recently announced its own token of the same name based on the Ethereum blockchain. The tokens will be used to find and select new talent for the market. Like Rarible, SuperRare NFTs can also be bought and sold on OpenSea.
4. Axie Marketplace
Axie Marketplace is the online store for the video game Axie Infinity. Axies are mythical creatures that can be bought and trained and then pitted against other players’ Axies to earn rewards.
In the Axie Marketplace, players can purchase new Axies, as well as entire lands and other items, such as NFTs to use within the game.
Axie Infinity tokens (called Axie Shards) are built on the Ethereum blockchain. As such, they can be bought and sold on a variety of other NFT markets, as well as some cryptocurrency exchanges such as Coinbase Global.
5. NBA Top Shot
The NBA Top Shot marketplace allows you to buy NFTs from great moments in basketball history. You can purchase video clips, replay highlights, and art for both the NBA and WNBA. But some of these Moments don’t come cheap.
The NBA created and manages this NFT marketplace and has exclusive rights to these video clips. Plus, you know you’re dealing with a large, reputable organization.
The NBA Top Shot market is an example of the main companies that are joining this trend. Others include DraftKings Marketplace and the Associated Press NFT marketplace. Even GameStop plans to launch an NFT marketplace this year.
Users can purchase Moment NFT with credit/debit cards or select cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash, DAI, or USDC. And, of course, fees are added to the purchase price, whether you’re buying that iconic moment with a credit card or cryptocurrency.
Binance, the largest cryptocurrency exchange in the world, added an NFT marketplace in 2021. The international crypto exchange is one of many other industry players entering the NFT sector, such as the Crypto.com NFT marketplace.
Binance NFT offers the typical digital assets found on other major platforms, including artwork, gaming items, and collectibles.
A great advantage of Binance NFT is that it charges very low fees. The platform only deducts a 1% trading fee. It’s also a user-friendly platform built with similar technology and designs as their exchange.
As such a major player in the crypto space, Binance also runs on its blockchain, giving it an added edge.
7. Nifty Gateway
Nifty Gateway is known for hosting exclusive and expensive NFT sales, including Digital Artist Pak’s “The Merge,” which sold for $91.8 million. It made headlines when the platform was acquired in late 2019 by Gemini, which is run by Winklevoss twins Cameron and Tyler Winklevoss.
This market focuses on artwork, especially artwork by celebrities and prominent artists. To drive demand, Nifty Gateway uses a system of “open editions”. When a new type of NFT comes out, you can only buy limited-time editions.
This market allows you to make purchases with your credit card. Nifty Gateway could be the way to go if you are looking to make a big investment in NFTs and want access to high-end options.