This article takes stock of some of the most popular and top-rated NFT markets.
Written by: David Rodeck, Michael Adams
Compiled by: Jonathan
Non-fungible tokens (NFTs) let you take ownership of art, music, videos and other online collectibles that exist on the blockchain, the innovative technology behind cryptocurrencies like Bitcoin.
According to the “2021 NFT Market Report” released by blockchain data company Chainaanalysis, the NFT market value climbed to more than $40 billion that year. However, today, the value of the NFT market is only a small part of that.
But despite the setbacks for this asset class, many investors remain interested in NFTs, and here are some of the most popular and top-rated NFT marketplaces where you can buy and sell these digital assets.
OpenSea
OpenSea is old by NFT standards, having launched in 2017, and it has historically hosted many popular NFTs, including art, music, photography, trading cards, and virtual worlds.
The core cryptocurrencies used by OpenSea are Ethereum, Solana, Polygon, Avalanche and BNB, however payment options also include other cryptocurrencies, please note that you cannot use fiat currencies such as USD or Euro.
On the bright side, OpenSea is very beginner-friendly, you can set up an account for free in minutes and start browsing NFTs right away, and you can even create NFTs on their platform.
For costs, OpenSea charges a fee equal to 2.5% per transaction, and additional fees may be incurred when listing items on Ethereum for the first time.
In short, OpenSea is a great choice for beginners who want to enter a simple market and want the widest selection of NFTs possible.
Rarible
Rarible allows users to buy and sell art, collectibles, video game assets, and NFTs. You can use Ethereum, Polygon, Tezos, and Immutable X to buy and trade NFTs on Rarible, however, you will be charged fees.
An interesting aspect of Rarible: instead of letting internal management decide everything, Rarible created its own native token, called RARI, where RARI holders can vote on company decisions (such as company policy changes).
In 2021, Rarible announced a partnership with Adobe to more easily verify and protect metadata for digital content, including NFTs.
Rarible is probably the best NFT marketplace for those who want access to a large network with solid connections, while still following a decentralized mindset.
NBA Top Shot
If you’re a die-hard basketball fan, the NBA Top Shot marketplace lets you purchase NFTs of great moments in basketball history.
You can buy NBA and WNBA video clips, highlights, and artwork, but some of those moments don’t come cheap. At the height of the NFT market in February 2021, a LeBron James dunk video sold for $208,000.
The NBA established and manages this NFT marketplace, and they have exclusive rights to these clips, so you know you’re dealing with a large and reputable organization.
Users can purchase Moment NFTs using a credit/debit card or a cryptocurrency of choice, such as Bitcoin, Ethereum, Bitcoin Cash, DAI or USDC, and of course, the fees will apply whether you purchase this iconic moment using a credit card or cryptocurrency. Added to purchase price.
Binance
Binance, one of the largest cryptocurrency exchanges, added an NFT market in 2021. Binance NFT offers typical digital assets found on other major platforms: art, game items, and collectibles.
One of the main advantages of Binance NFT is that it charges very low fees, with the platform deducting only 1% of trading fees. It is also a user-friendly platform built using similar technology and layout as the exchange.
As a large player in the cryptocurrency space, Binance also runs its own blockchain, which gives it an additional advantage.
Nifty Gateway
Nifty Gateway is known for hosting expensive and exclusive NFT auctions, including digital artist Pak’s “The Merge,” which sold for $91.8 million when the platform was run by Winklevoss twins Cameron and Tyler Winklevoss in late 2019. It made headlines when Gemini was acquired.
The market focuses on art, especially that of celebrities and top artists. To stimulate demand, Nifty Gateway uses an “open version” system. When a new type of NFT appears, you can only buy a limited-time version.
The marketplace allows you to make purchases using your credit card, and if you want to invest heavily in NFTs and want a higher-end option, Nifty Gateway may be your best option.
SuperRare
SuperRare is a high-end NFT art market that positions itself as an art gallery in the NFT ecosystem. The market does not accept “meme-style” NFTs and is highly selective about NFT submissions.
Given that SuperRare spends a lot of time reviewing the work before selling it, investors can have more confidence in the quality of the work. For their service, SuperRare charges a 15% fee on each transaction when selling an NFT for the first time on the primary market. There is also a 3% fixed fee, payable by the buyer.
For those looking for high-end NFT art, SuperRare may be a good choice, especially pieces with a more classical style.
What is the NFT market?
An NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs and sell them to others in exchange for cryptocurrency or money. Some NFT marketplaces also allow users to mint NFTs on the platform itself.
In exchange for collecting a fee, NFT marketplaces typically handle the transfer of NFTs from one party to another.
Each NFT marketplace has its own operating system, and the NFT types available, fees, payment options, allowed blockchains, and other rules will depend on which one you use.
How does the NFT market work?
When you create an account on an NFT marketplace, you can browse all the selling options available, and you can also add payment methods, some require you to link a crypto wallet to pay with cryptocurrency, while others allow you to use a credit card.
Some sites allow you to purchase NFTs directly for a fixed price, while others use an auction.
If you complete the transaction, the NFT marketplace will record it on its blockchain, showing the change in ownership.
What is casting?
In the NFT world, minting refers to the process of creating new NFTs on a blockchain (most commonly Ethereum). When you mint an NFT, you are recording the data containing the new NFT in a new block, which is then added to into the blockchain.
Minting NFTs typically requires a fee, however, the NFT market is becoming increasingly creative in how, when, and whom to charge minting fees.
