Jordan Bishop
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Although NFTs have been around for a while, it wasn’t until last 2021 that the NFT marketplace took the world by storm, grossing almost $25 billion in sales that year alone.
The combination between hype, blockchain technology adoption, Facebook rebranding as Meta, the subsequent craze around the metaverse, and the fact that many agree NFTs will be the fuel that powers Web3.0, created a perfect storm that saw simple animated gifs a child could draw sell for millions of dollars.
If you’re a business owner who’s curious about NFTs, or a freelancer who wants to mint your own tokens, you may be wondering where to start. This comprehensive guide will introduce you to the seven best NFT marketplaces currently available. By the end, you’ll be ready to start shopping around for the right platform to dive into the NFT space. So without further ado, let’s get started!
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What are NFTs?
NFTs are non-fungible tokens, meaning that each one is unique and irreplaceable. They’re often used to represent digital assets, such as game items and digital artwork, but they’ve also proven useful for several business goals. From marketing to hotel reservations to startup funding, the possibilities of these smart contract-powered crypto assets seem to be endless.
How do NFTs work?
Ownership information, a unique identifier number, and the history of all transactions involving an NFT and other attributes powered by smart contracts are all recorded on a blockchain like Ethereum, Flow, and Tezos.
The only way to transfer an NFT is to record the transaction on the blockchain, and you can only do that by using the owner’s private key (a sort of password). The best way to think of NFTs is as virtual “bearer bonds” – whoever holds the private key associated with an NFT owns the asset.
Additionally, the blockchain is decentralized, meaning that it runs on thousands of computers spread out all over the world called miners, so, to hack the blockchain, you would have to simultaneously hack all the computers that make the network (something unrealistic at best). This makes NFTs very safe and tamper-proof, provided you protect your private key at all times.
Creating and selling NFTs
Creating NFTs is known as minting: it implies the creation of a smart contract token and recording it in the blockchain. Once minted, an NFT can no longer be altered, but it can be bought or sold to others. This makes NFTs great for representing ownership of any asset, including digital assets, which is why they’re becoming so popular.
Creatives can use NFTs to get fair compensation for their work. You can usually add royalty fees that generate revenue for the author every time an NFT is sold without a middleman taking a larger chunk of the pie.
On the other hand, businesses can use NFTs as new marketing tools to drive awareness, as new forms of loyalty rewards, and much more. However, unless you’re a blockchain developer, you need a platform that will make it easy to mint, promote, and sell your creations to make any of this possible. This is where NFT marketplaces come in.
What is an NFT Marketplace, and how to choose one?
An NFT marketplace is a website or app where people can create, buy and sell NFTs. You can use these platforms to buy various digital assets, services, and products. The best ones also offer easy-to-use tools so that anyone can create and sell their tokens regardless of their tech skills.
You can mint almost anything as an NFT, but not all marketplaces offer the possibility to do so. Additionally, different marketplaces may support different blockchains, different payment methods, and have different fee structures.
The following are some of the key features you need to look at when choosing the best NFT marketplace for you.
Market volume and liquidity
The best NFT marketplaces have many users who actively buy and sell. This means that there’s always someone to buy your NFTs, so you can quickly turn them into cash if needed. The larger the marketplace, the more likely it is to be liquid.
Supported blockchains
Not all marketplaces support all blockchains. Make sure the marketplace you choose supports the blockchain you want to use, as the blockchain has a big impact on minting fees.
Supported payment methods
Even though most NFT marketplaces work exclusively with cryptocurrencies, others accept fiat currencies. This is important for those who don’t hold any crypto or have never used them before.
Asset types
Technically, an NFT can represent any digital asset, but not all marketplaces work with all types of assets. Most will let you work with common digital assets like digital art, music, and videos, but other use cases are more niche and may not be supported.
Number of available assets
More assets attract more buyers, making it more likely for you to find someone interested in buying yours. As a buyer, more assets mean more options to choose from.
Transaction fees
Some platforms will charge a flat or variable fee on all transactions, others will only charge a fee to the seller but not the buyer, and some others won’t charge a fee at all, so this is something to be aware of.
Gas fees
On some blockchains like Ethereum, to mint or transfer an NFT, you need to pay a gas fee to the network of miners. The best NFT marketplaces will offer very low gas fees or even cover them completely. Considering that these can be very expensive, this is something worth looking into.
Knowing which marketplace is best for each use case can feel daunting, with so many things to consider and many options. This is why, in the following section, we will go over the top NFT marketplaces for 2022.
The Best NFT Marketplaces of 2022
#1 OpenSea: Still the best and most popular NFT marketplace
OpenSea is the largest and most popular NFT marketplace in the world. It supports several blockchains, including Ethereum, Polygon, and Klaytn, and the platform has a user-friendly interface and doesn’t require any crypto knowledge. Additionally, minting and selling NFTs is as simple as listing an item on any popular eCommerce site.
The downside is that OpenSea only works with crypto, but it offers over 150 options. Additionally, it supports the biggest number of asset categories and offers the biggest number of assets minted as NFTs. It’s the perfect platform for beginners and experienced NFT creators alike.
#2 Binance NFT – Best NFT marketplace for low transaction fees
Besides being backed by the world’s biggest crypto exchange, Binance NFT is on its way to becoming a contender in size and volume to OpenSea. Its most prominent features include:
- One of the lowest transaction fees, standing at a flat 1% fee for sellers and creators.
- Access to the highest liquidity crypto exchange in the world, enabling you to cash out with fiat currency.
- Ability to convert your profits to almost any other token or product on the Binance ecosystem.
- Access to a user-friendly mobile app.
#3 Crypto.com – The best NFT marketplace for no gas fees
As mentioned above, depending on the congestion of the blockchain network, fees for using the network (called gas fees) can be very high. Think several hundred dollars to mint an NFT. This is why Crypto.com‘s no-gas-fee NFT marketplace is such a popular option. Additionally, they don’t charge transaction fees since all transactions are recorded on their own blockchain instead of Ethereum or others.
This is one of the best NFT marketplaces for artists who are just getting started and don’t have a lot of money to invest in minting.
#4 Coinbase NFT Marketplace – The best NFT marketplace to pay with fiat currency
While Binance lets you easily cash out in fiat currency, direct competitor Coinbase does the opposite. By partnering with Mastercard Inc., the Coinbase NFT marketplace allows users to buy NFTs directly with their credit cards. This is the best NFT market for those who don’t want to be bothered with assuming the risk of purchasing crypto just to buy an NFT.
#5 Published NFT: The best NFT marketplace for authors and literary assets
If you’re a creative writer or author and want to leverage NFTs, Published NFT is one of the best marketplaces to choose. It is a niche NFT marketplace that focuses on literary content, offering an easy-to-use platform to mint written content as NFTs. They also offer special access NFTs you can use for subscriptions and other features that are great for writers.
#6 Nifty Gateway – Best NFT marketplace for curated digital art
Nifty Gateway is an NFT marketplace created, owned, and run by the Winklevoss twins who allegedly came up with the idea of Facebook before Zuckerberg stole it from them, or so the story goes. Through Nifty Gateway, the two billionaire brothers offer a place to find rare, one-of-a-kind digital art NFTs in a highly curated collection.
It isn’t limited to visual art but music and video as well, so if you’re a creator and want to try your luck in a premium marketplace, or if you’re an investor looking for highly valuable NFTs, Nifty Gateway is the way to go.
#7 Mint Songs – Best NFT marketplace for music
Another niche NFT marketplace arguably offers the biggest collection of unique music NFTs. If you’re looking for a place to find that awesome track for your company’s next ad or YouTube video, or if you’re a composer and interpreter looking for ways to turn your talent into a steady source of income, Mint Songs is a great option.
It offers high quality and variety for buyers, making it easy to find what you’re looking for. For authors, it offers, among other things, 10% royalty fees every time a track or song NFT is sold.
Runner ups
Besides the seven options listed above, there are plenty of other popular NFT marketplaces. Some of the most renowned are Rarible, Axie Marketplace, SuperRare, and Foundation, to name a few.
Suppose you’re serious about jumping into the NFT space. In that case, it’s important to learn as much as possible about all aspects of the technology and carefully consider the top 7 NFT marketplaces and other options like the ones above. Only then can you be sure you chose the right platform for your particular use case-
The Bottom Line
NFTs are a relatively new technology, but they’re quickly becoming an industry standard. The best NFT marketplaces offer the best options for creators and buyers alike. For example, if you want to publish your work as digital art or music on an NFT marketplace like Mint Songs or Published NFT, these platforms will give you access to a wide audience.
Meanwhile, if you’re looking to invest in the best NFT art, Nifty Gateway is a great option. Finally, if you’re just looking for the best overall platform ideal for newbies and experts alike, OpenSea is still one of the best choices out there, at least until Binance NFT outgrows it. That said, whichever route you choose, always make sure to do your research first!
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