Everyone has a to-go market where they buy fresh fruits and vegetables, a to-go supermarket where they do their daily grocery shopping, and for sure, a few to-go online fashion retail shops where they buy the latest trends.
Why wouldn't you also have a to-go NFT marketplace to check the latest digital art projects, see what's hot and what's not in the NFT market, and of course, buy and sell your digital collectibles?
NFTs might have started in the digital art scene, but they have soon expanded to play-to-earn crypto games, virtual real estate in the metaverse, and many other niches.
We showed you in previous blog posts how to buy NFTS, and we also discussed what the best ways to value and sell your non-fungible tokens are. The next logical step is to deepen your knowledge about NFT platforms so you can sell or trade your NFT collections in the proper place.
What is an NFT marketplace?
NFT marketplaces are online platforms where NFT artists list their work, and users can buy, sell or mint NFTs. You can imagine an NFT marketplace like a huge online store, but instead of browsing for the latest tendencies in fashion or looking to buy the newest gadgets, you're checking the latest NFT collections and buying or selling NFTs.
Due to the fact that NFTs are backed up by blockchain technology, most NFT marketplaces will ask their users for a crypto wallet where they can store the NFTs post-purchase.
Many NFT marketplaces list the tokens with the selling price in Ethereum, but you can also find platforms that list the tokens with other cryptocurrencies. We will check both Solana NFT marketplaces and Ethereum NFT marketplaces in this article.
After a purchase is made, the NFT gets transferred from buyer to seller, incurring network transaction fees or gas fees in the case of the Ethereum blockchain.
How do NFT marketplaces work?
Since these marketplaces only list and sell digital assets, they work differently than other online platforms selling traditional goods. As mentioned above, you'll need a crypto wallet to store any non-fungible tokens you purchase.
You will also need to buy the cryptocurrency used on the NFT marketplace of your choice. Most marketplaces list NFTs in ETH, but you can also find marketplaces that use Solana (SOL), Tezos (XTZ), or other crypto coins. You can use a cryptocurrency exchange to buy crypto using fiat currency.
An NFT marketplace supports the following services:
One of the primary services any NFT marketplace offers is purchasing NFT art. NFT collectors can buy these tokens through auctions or fixed-price listings.
Once the purchase is finalized, the ownership of the NFT is transferred from seller to buyer.
People who own NFTs and want to sell them for a profit have the option of listing them online. Once someone purchases your NFT, you will have to pay gas fees or other transaction fees directly to the platform. Gas fees incur when an action takes place on the blockchain network, like the transfer of ownership of an NFT from one person to another.
Digital creators can use these platforms to mint the NFTs they've created. The process involves turning the digital artwork into a digital asset hosted on a blockchain network.
During the minting process, the NFT creators can schedule royalties from each future sale. Royalties are like a commission the artist receives from any secondary sales. Users also have to pay a minting NFTs fee on most online markets.
Tips to getting started on an NFT marketplace
Let's recap what you need to do to get started on an NFT marketplace, so you can buy, sell or trade NFTs.
- Decide which NFT marketplace is better suited for what you're looking to purchase or sell. Some of the largest NFT marketplaces list any NFT categories, while others are more niched, like an NFT art marketplace or sports ones.
- Create an account and register with the chosen NFT marketplace.
- Link your crypto wallet with the online marketplace.
- Add the digital assets you want to sell to the marketplace, or browse for NFT to purchase.
- Find the tokens you like or list your digital art collection for sale.
- Once an NFT is up for sale, you can bid for it, or if you're the seller, wait to see who offers you the highest bid.
- The bidder with the highest offer wins the auction and owns the NFT.
- The NFT marketplace regulates the transfer of funds between the two parties and the digital ownership transfer of the NFT.
Top NFT marketplaces of the moment
It's time to see what are the best NFT marketplaces of the year, where you can shop 'till you drop NFTs. Our NFT marketplace list includes a bit of everything, from the best NFT platforms for art lovers and other niched best NFT marketplaces to where you can find a gas-free NFT marketplace.
OpenSea is the largest NFT marketplace and by far one of the best NFT platforms where you can find any non-fungible token you can dream of. Users can browse through digital art collectibles, music, photography, and even sports NFT collections.
OpenSea is for NFTs like Amazon is for, well, everything else. The platform supports over 150 cryptocurrency payment tokens. It has a user-friendly design so that you can set up an account in minutes.
Moreover, the online market boasts cross-blockchain support, making it one of the available gas-free NFT marketplaces. No wonder it's considered one of the top NFT platforms in existence!
Copyright © OpenSea
Magic Eden is a dedicated NFT marketplace that lists only Solana NFTs. So if your cryptocurrency of choice is SOL, this is where you'll easily buy and sell NFTs with this token.
Besides being an online place for people buying, trading, or selling NFTs, Magic Eden also supports game creators through its NFT games hub, Eden Games. It also has an exclusive minting platform, Launchpad, where NFT creators can mint their tokens easily, benefiting from dedicated development support.
Nifty Gateway is a popular NFT marketplace that sells artworks from famous digital artists and celebrities like Beeple, Pak, Daniel Arsham, and Grimes.
Gemini, a well-known crypto exchange, manages the online platform. It is considered a high-end marketplace due to its collaboration with popular creators and brands. Nifty Gateway offers many NFT drops, attracting many experienced collectors.
Another cool feature the platform has is that it allows creators to receive a percentage of secondary sales. Every time people buy NFTs on Nifty Gateway, the market gives a share of the profit to the original artist.
Unlike most NFT marketplaces that list NFTs hosted on the Ethereum blockchain, for example, Nifty Gateway hosts the NFTs it acquires. Any NFT you sell or purchase doesn't need to be stored in a cryptocurrency wallet. It gets stored directly in your Nifty account.
The Axie marketplace is Axie Infinity's own NFT marketplace where players can buy, sell and trade NFTs obtained in the play-to-earn game.
On Axie Marketplace, players can buy new Axies, the little creatures the game centers around, as well as entire lands and other items, as NFTs for use within the game.
Axie Infinity's own token (called Axie Shards) is built on the Ethereum blockchain. As such, you can buy and sell them on various other NFT marketplaces and on some crypto exchanges.
Copyright © Axie Infinity Marketplace
NBA Top Shot marketplace
Next in line, we have one of the super niched top NFT marketplaces. NBA Top Shot is the National Basketball Association and Women's National Basketball Association's incursion into the NFT world.
The platform was built as a closed marketplace ( you can't create NFTs, only buy or sell them) that works with the Flow blockchain built by Dapper Labs. NFT collectors can purchase only NFTs of historic NBA video highlights from games and individual players on the NBA Top Shot marketplace.
Rarible is one of the largest NFT marketplaces by trading volume, similar to Opensea. Users can buy digital assets, trade, sell or even create NFTs on the platform. You can buy or sell art NFTs, music, video, and collectibles.
Rarible is built on the Ethereum blockchain and uses its own token, $RARI, to list on the NFT market.
Async art market
Async art is an NFT art marketplace known for programmable art. Each piece of digital art is composed of Master and Layers. Masters represent the entire NFT, while Layers are the individual elements that, put together, make the non-fungible token. The Layers can be modified so that different NFT artists or collectors can contribute to the final piece of art.
Programmable art is the latest trend in NFT art. Due to its outstanding value, it makes the Async market one of the best NFT marketplaces for digital art.
Copyright © Async art
Foundation is a heavily curated marketplace that lists only rare and exclusive projects. You won't find here run-of-the-mill tokens or trading cards.
The platform started like a select club for digital artists, where only a few got invited to participate. As it grew, the marketplace opened its doors for everyone, but you still need to get invited by a current artist in order to join.
When artists sell NFTs on Foundation, they get 85% of the sale amount, while future secondary sales bring them 10% each time.
Decentraland is a VR platform where users can buy and sell plots of land in different virtual worlds, wearables, art, and other digital assets that get stored on the Ethereum blockchain via smart contracts. The game offers you the possibility to create your own digital goods that you can list on the Decentraland marketplace.
Art lovers will bask in the gallery feel of this NFT marketplace. It's a highly curated platform that only offers single-edition artwork.
This is the place to check out if you prefer to reserve auctions and high-end artwork. SuperRare is considered to be the best NFT marketplace for well-established artists and valuable digital art projects.
Copyright © SuperRare
BakerySwap is a multi-functional crypto hub that works as an NFT platform, automated market maker (AMM), and decentralized exchange (DEX) on Binance Smart Chain (BSC).
The marketplace lists the non-fungible tokens in its native BakerySwap token (BAKE). It has a gamification system in place, as you can earn bonus BAKE tokens through so-called "combo meals."
The marketplace is relatively small, so if you're looking to buy NFTs from various domains, it'd be better to focus on other NFT marketplaces, like OpenSea or Rarible.
KnownOrigin is a top NFT marketplace that's been around for a while. It focuses on offering rare NFT drops, mostly art and photography-related. The exclusivity of the platform stems from the fact that each artist needs to apply to join and goes through a vetting process before being able to list his creations.
Known Origin also features a secondary market where collectors can put up for sale any digital asset pertaining to the art sphere.
Much like Foundation, Zora started out as an invitation-only NFT platform. It has since pivoted towards an open marketplace that anyone can use to buy and sell NFTs from art, music, and media categories.
This marketplace focuses on making the process of minting NFTs more affordable for users. As such, it offers two minting options: gasless and traditional. Digital creators usually appreciate this function a lot as they support the minting costs most of the time.
Mintable is backed by billionaire Mark Cuban and aims to offer broad content and an extremely easy platform. Users can create a non-fungible token from almost any type of digital file and upload it to their NFT account.
The standard blockchain that Mintable supports is Ethereum, but you can also mint using Immutable X for free gas fees.
Binance NFT marketplace
Binance is a popular cryptocurrency marketplace that expanded into allowing users to trade and hold NFTs. Binance NFT is becoming one of the largest online marketplaces, supported by the Binance blockchain.
The Binance NFT marketplace offers exclusive partnerships and events. It allows its users to bid for tokens using ETH, BNB, and BUSD.
Another platform for rare, authentic, and curated digital art is MakersPlace. On this platform, you can find established artists, galleries, and institutions offering NFTs of their work, from famous artists like Damien Hirst to renowned auction houses like Christie's.
All creators on MakersPlace digitally sign their artwork which is recorded on the blockchain. A few original editions are minted, creating scarcity. Each buyer fully owns the purchased art, and only the signed pieces are authentic.
Theta Drop is an NFT marketplace and a blockchain platform that distributes videos and TV on the internet in a decentralized manner. The marketplace debuted in 2021 with the World Poker Tour's digital collectibles.
Users need the THETA token to buy or sell NFTs on this platform.
AtomicMarket is a shared liquidity NFT market smart contract that is used by multiple platforms. Shared liquidity means that all listings posted on one market will also show on all the other markets.
On AtomicMarket, you can either list your own NFTs for sale or browse existing listings. NFTs of popular collections get a verification checkmark, so it's easier for users to spot real NFTs.
Copyright © AtomicMarket
Summing it up
When it comes to buying or selling NFTs, it makes sense that you'll want to go to the best NFT marketplaces. After all, when you're in the market for a new car, you go to the best dealerships to get an offer. The same applies here too.
Depending on the type of NFTs you're collecting, you can check several marketplaces and pick the one(s) that you like a virtual glove.
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