A Guide to the Best NFT Marketplaces
Marcel Deeron April 30, 2022.
NFTs, or non-fungible tokens, are a popular part of the Ethereum blockchain. They are non-interchangeable and stored on blockchains. They’re a form of digital asset that can be traded or sold. NFT data units are often associated with digital files like audio, video, artwork, and photos.
Non-fungible tokens are encoded with similar software as many cryptocurrencies and can be bought and sold online with crypto.
What Is an NFT Marketplace?
NFT marketplaces are purpose-built platforms designed to facilitate storing, displaying, trading, and creating NFTs.
Some individuals have begun collecting particularly unique digital artwork, some of them selling for mind-boggling prices. One NFT digital artwork piece in particular sold for over $69 million at Christie’s, created by an artist referred to as “Beeple.”
If you’d like to utilize this marketplace to buy and sell NFTs, you’ll need to have these three things first:
- A wallet Ensure that you choose a crypto wallet compatible with the blockchain network you’re interested in. For example, buying and selling NFTs on the Ethereum blockchain will require a user to use a compatible wallet like MetaMask.
- Coins in your wallet Your wallet will need to have coins added to it before you buy, list, or create an NFT.
- A user account This step is simple, as you’ll just need to get set up with the marketplace you plan on purchasing your non-fungible tokens.
NFT marketplaces require a blockchain network fee for listing or creating NFTs on their platform, depending on which system you choose. For example, Ethereum has many NFT decentralized exchange options. However, they’re known for having the highest costs associated with their services.
Types of NFT Marketplaces
The best thing about NFT marketplaces is their ability to offer a little bit of everything. You can find limited event tickets, in-game items such as unique avatars and other add-ons, and domain names; practically everything under the sun. This versatility makes these different marketplaces suitable for anyone interested in investing in NFT assets.
There are even marketplaces geared towards specific genres of items, like sports or gaming. Depending on which marketplace you use, you will typically have the option of buying, selling, and creating NFTs. Some marketplaces are closed, meaning you will only be allowed to buy, trade, and sell; they are not built for creators.
NFT marketplaces offer boundless creativity and unique items that come in various forms, such as distinctive artwork from exclusive artists, one-of-a-kind music files, rare videos, footage, etc.
The Best NFT Marketplaces
If you’re interested in NFTs but you don’t know where to begin, we’ve compiled a list of ten interesting NFT marketplaces for you to check out:
- OpenSea Leading the NFT sales pack
- Axie Marketplace Online video game shop for Axie Infinity
- Larva Labs/CryptoPunks Digital art projects such as Autoglyphs
- NBA Top Shot Marketplace Closed marketplace- only buying and selling. Collectible video clips and play highlights from special events and games, etc.
- Rarible Various forms of digital collectibles
- SuperRare Artwork, video, and 3D images
- Foundation Comprehensive bidding platform for digital art
- Nifty Gateway High-level art curation platform
- Mintable Various forms of digital collectibles
- Theta Drop Video and TV
Doing a quick search for these NFT marketplaces will reveal any information you’d like to find out, including what types of items the marketplace offers, its services and features, and how to get signed up.
Anyone can invest in an NFT for any price as all NFTs carry different sale values. Therefore, it could cost any amount to invest, anywhere from a few dollars to thousands, even millions. Setting up a crypto wallet and adding crypto to your wallet are the first steps to take if you want to start buying and selling.
NFTs are quickly rising in popularity, with so many use cases, and worldwide adoption, they are fast becoming one of the key features of Defi.
How to Choose the Right NFT Marketplace
NFT marketplaces pave the way for users to invest in digital assets, collectibles, and artwork. First, however, you must ensure that you choose a marketplace that suits your buying and storing requirements and aligns with the crypto you want to use for transactions.
This industry is thrilling and inventive, but it’s also speculative since it is so new. Do your research on the marketplace before getting started. Before making any purchases, always keep your investment strategy and goals in mind.