Best NFT Marketplaces

Non-fungible tokens (NFTs), digital assets that link ownership to unique digital items like artworks, music, real estate, and many more, have been gaining traction lately, especially in the digital art and the metaverse industries. This has paved the way for new exciting marketplaces as well as offering fascinating investment opportunities for savvy investors venturing into the NFT world.

However, the success of the investor in the NFT space will be highly attributed to the choice of the NFT marketplace. The best NFT marketplace does not only allow you to sell and buy NFTs but also mint, promote, and share them on different social media accounts.

If you want to venture into the NFT market, you have to review and compare the NFT platforms to come up with a conclusive answer to the best NFT marketplace. Consider choosing a cost-effective and reputable NFT marketplace. Let’s now look at some of these NFT marketplaces that have sprung up with the increase in NFT adoption.

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OpenSea

OpenSea is one of the best and the world’s largest peer-to-peer NFT marketplace where you can access NFT games and all types of artworks. Besides that, OpenSea is one of the best secured NFT marketplaces which has invested a lot in making sure that all security loopholes that can be leveraged by hackers are fixed.

The platform supports ERC-721 and ERC-1155 tokens and also has a mining tool that enables content creators to develop items and create NFT collections.

All transactions carried out on the OpenSea marketplace are subject to a commission of 2.5%, however, content creators can set their commission ranging to 10%. On the gas fee, it keeps on changing depending on the demand and other factors.

Advantages of OpenSea

• It has an NFT mining tool that helps content creators create their own NFTs.

• Supports a variety of cryptocurrencies.

• Creators can create Smart Contracts for their digital collections and games.

Disadvantages of OpenSea

• It only supports cryptocurrencies. OpenSea does not support fiat payments like USD and Euros.

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Rarible

Rarible is one of the largest NFT marketplaces launched on the Ethereum blockchain. Similar to OpenSea, Rarible allows you to buy and sell all types of artworks showcased on the platform. Additionally, the sellers can create more than one NFT artwork and sell it more than once as well.

Rarible charges a gas fee of 2.5% per transaction, but it changes according to the supply and demand similar to OpenSea, stay tuned to trade when the gas fee is low. In addition, the creator also gets a royalty of 5-10%.

Advantages of OpenSea

• Rarible is simple to use for those familiar with other NFT marketplaces.

• It’s ideal for beginners.

Disadvantages of Rarible

• Relatively high gas fee.

• Slow customer support response compared to other platforms.

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SuperRare

Unlike Rarible, SuperRare’s interface is easy to use and the artwork of the creator can only be listed on the platform after being vetted. To access the platform, you will have to sign up with wallets like Formatic or MetaMask.

On primary and secondary sales, SupeRare charges a 3% commission to the buyers whereas the artist gets a royalty of 10%.

Advantages of SuperRare

• It’s a moderated platform.

• Creators are not restricted on what to show in their artwork.

Disadvantages of SuperRare

Higher gas fees. There is a commission of 15% on the first sale and any secondary sale gives the creator 10% for every transacted artwork.

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Origin Story

Origin Story builds branded NFT marketplaces for high-profile NFT collections, reducing fraud risks by only allowing official NFTs to be listed on its marketplaces. The platform also aggregates listings from generic marketplaces like OpenSea and Looksrare, so you can see all listings in one place. Story is partnered with dozens of NFT collections, including Pudgy Penguins, Karafuru, OnChainMonkeys, and Sappy Seals.

Advantages of Story

• Marketplaces are built in partnership with NFT collections, so you know you’re buying the real thing.

• All fees generated by Story go back to the community in the form of staking rewards.

• Story’s advanced analytics feature lets you analyze aggregate trading volumes, holders, and distributions on the marketplace dashboard.

Disadvantages of Story

• Not all NFT collections have partnered with Story, so you may not be able to purchase certain NFTs on the marketplace.

• Story doesn’t support fiat currency, so you’ll need to purchase NFTs using Ether.

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Foundation

The Foundation NFT marketplace has grown in popularity as a result of the prominent NFTs sold on the platform, these NFTs include, Nyan Cat NFT, Decentraland, and many more.

Foundation NFT marketplace charges a commission of 5% commission on all the transactions carried out.

Advantages of Foundation

• Browsing and searching digital art are easier compared to other platforms.

• Relatively smooth action process and easier to use for buyers and creators.

Disadvantages of Foundation

• It uses an invite-only marketplace mechanism. Creators will need to have get network to get an invite.

• It has high gas fees. Minting and gas fees go up to over $40 and also charge a 15% commission when selling.

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Mintable

Mintable is an open marketplace that is similar to OpenSea. It is a perfect NFT marketplace for users seeking to sell or buy any kind of NFT. It uses Ethereum currency to carry out transactions.

To facilitate buying and bidding, an NFT collector will have to buy Ethereum from a crypto exchange and then connect their wallet to mintable.

In terms of gas fees, Mintable commission varies depending on the nature of the NFT. 2.5% on daily items, 5% on items without gas fee, and 10% commission on printable ones.

Advantages of Mintable

• It’s an attractive platform with many collections for buyers who want different varieties of NFTs.

• Has gasless minting option.

Disadvantages of Mintable

• There is no way to filter the best digital asset on this platform as the quality is only available on a continuum.

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Larva Labs

Larva Labs is a mobile software company that creates NFTs like Meebits and CryptoPunks and to own one you must purchase them through the Larva Labs marketplace. Initially, CryptoPunks were free but following the increase in popularity, the price also started to rally, with the lowest CryptoPunk NFT trading at around 94.99 ETH. Currently, CryptoPunks are limited to 10,000 characters each with unique characteristics that are randomly generated.

Once you can access Larva Labs, all you need to do is to connect your MetaMask wallet, then search for the available Punks (the ones on the red background) and buy the CryptoPunk NFT.

Advantages of Larva Labs

• The marketplace is transparent with clear details of its authenticity.

• Higher investment returns on the uniqueness of the Punks.

Disadvantages of Larva Labs

• Punks supply is limited to 10,000.

• Higher fees since it only supports Ethereum payments.

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Nifty Gateway

Nifty Gateway is one of the trusted NFT marketplaces for trading crypto arts. Its popularity has grown as a result of its partnership with big brands, artists, top developers, and athletes.

It is worth noting that, unlike on OpenSea, Nifty is a custodial NFT marketplace where your NFTs are not stored on the wallet but the platform.

Nifty offers a 15% commission, where 5% is for the service fee and the other 10% is for the artist.

Advantages of Nifty Gateway

• Easy to use for creators since there is technical assistance.

• Selling and purchasing NFTs are safe on the platform.

• No need to connect your crypto wallet to the platform

Disadvantages of Nifty Gateway

• Novice creators may not be able to access the platform since there is a rigorous selection process.

• Lack of affiliate programs.

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Axie Marketplace

Axie Marketplace is an online shop for one of the prominent P2E (play-to-earn) video games called Axie Infinity. It is one of the best NFT marketplaces for gaming fans.

With Axie infinity, game players can buy items, collect, battle, as well as trade and raise fantasy NFT collectibles and creatures known as Axies. Players can trade game assets (existing as tokens) for cryptocurrencies.

Axies offers a 4.25% commission on breeding fees and transactions.

Advantages of Axie Marketplace

• Offers exclusive money-making opportunities for gamers.

• Easy to learn for novice users.

• Offers more utilities that can be used by gamers to earn tokens and breed new Axies.

Disadvantages of Axie Marketplace

• It is expensive since you will need to set up an Ethereum and a Ronin wallet and purchase a minimum of three Axies using Ethereum.

• It might take some time for some users to learn its interfaces.

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Conclusion

With various NFT marketplaces incorporating incredible features for their users to choose from, they all try to ensure your NFT trading is safe and convenient.

Since the value of NFTs is subjective and determined by their uniqueness and the creators behind them, it is important to do thorough research on all the marketplaces available before carrying out your transactions. This will assist you to make a fair judgment when purchasing or selling your NFTs.