When it comes to collectible items, there has always been a demand for them.
Everyone wants to own something that is unique and scarce, so they can brag about them as well as enjoy it if those collectibles hold some meaning for them.
With the recent boom in the NFT market, more and more people started to purchase those exclusive and limited NFTs. There are currently many places where we are able to purchase and display those NFTs with more and more platforms joining the market each day.
Just like any online store where sellers place items they want to sell, NFT marketplaces are platforms that allow people to browse through different selections of NFTs that are available for purchase, sell their own NFTs, or in some cases even mint new ones.
For the most part, these marketplaces use different cryptos as currency, depending on which where the NFT is located. They also give people the option to display their NFTs for the public to see.
These marketplaces differ from each other, each operating in its own way, with different fees, available NFTs, payment methods, and blockchains they support.
When you create a new account on one of these marketplaces, you are usually asked to connect your wallet. This wallet is then used for making purchases, storing your bought NFTs, or even placing your already-owned NFTs on sale.
You are also able to surf and explore those websites, just like any online store where you can see different collections and listings.
When it comes to purchasing an NFT, these sites usually offer three different ways to do so. You can either buy them for a fixed price, compete in auctions or mint them.
You might be asking, what the heck is minting? Minting is the process of creating a new NFT on the blockchain. Whenever you mint an NFT you create a new block of data that is then added to the huge blockchain. These mints usually come with some kind of fee.
When it comes to the best marketplaces, there are many to choose from. It comes down to personal choice and preferences. Different marketplaces offer different functions, blockchains, fees, and many more things to consider.
Because of this, there is no one NFT marketplace that can be named as the absolute best, as each person will have different preferences and needs. One exception is OpenSea, which is the biggest and probably the only NFT marketplace which can be beneficial for everyone.
Launched in 2017, OpenSea is one of the most well-known and biggest marketplaces available. By NFT standards it is ancient, as NFTs have only just recently gained popularity. It has one of the most well-known and sought-after NFTs available for purchase on its marketplace.
Their payment system accepts cryptos such as Ethereum, Solana, and USDC. But when it comes to fiat currencies such as the USD or Euro, you are unable to make a purchase with them.
User-friendliness is one of the biggest selling points of OpenSea. They have an easy-to-understand and navigate layout, created with simplicity in mind. It only takes a few minutes to set up an account and start browsing NFTs or even create your own NFT, as they give us this option.
"At @opensea, we feel a huge responsibility to ensure our users are safe, while providing expansive access to the NFT ecosystem.." - Devin Finzer
OpenSea has a 2.5% commission on every transaction made on the website. You might also be charged extra gas fees if your purchase is on the Ethereum blockchain, but there are ways to avoid it, for example using the Polygon (previously known as Matic) network, but you need to make sure that the specific NFT supports the Polygon network.
So in conclusion, OpenSea is a great place for all types of people. If you are a newcomer, you will easily get the hang of the website as it is really similar to traditional online marketplaces.
When it comes to sports NFTs, basketball, in particular, the NBA Top Shot marketplace is one of the best places available on the web. It allows users to purchase NFTs of the greatest moments recorded in basketball history.
This marketplace is centered around both the NBA and WNBA, and it features videos, highlights, and trading cards of the greatest plays and players in these two leagues. But these NFTs can become really expensive as some of them sell for hundreds of thousands of dollars.
The NBA marketplace is a great example of major brands trying to join this new ecosystem in fear of missing out on the new market that became available. Some of the other major brands such as GameStop also announced their upcoming marketplaces.
"You know, to me, the bigger story here is that TopShot you know in about six months has completely changed the fan experience, has completely changed how active athletes and players get, how directly they interact with the fans.." - Roham Gharegozlou
The NBA marketplace gives users two options for payments. You can purchase those NFTs using credit/debit cards or cryptocurrencies such as Bitcoin, Ethereum, DAI, USDC, and more. Of course, there are some transaction fees associated with these purchases that you should consider before choosing your payment method.
When it comes to NFTs, most of them fall under the art category. SuperRare specializes in this segment of the NFT market. It is considered a high-end marketplace that sells very exclusive and desired art pieces of the NFT world.
They have a tough selection process as to which NFTs will be placed in their marketplace and don’t allow so-called memes and low-quality NFTs to be put up on their website.
But with this tough selection, comes high commission rates. SuperRare charges a 15% commission for those NFTs which are sold for the first time, on the website. This exclusivity also gives investors a good guarantee that every single NFT on the market will be of high quality.
"..digital collectibles, they're just as fun as physical collectibles, except they take up no space. They're actually even better you know, I could have a much larger digital art collection than physical art collection.." - John Crain
So if you are looking for a high-end product and have deep pockets, SuperRare is a great place to go NFT shopping.
"#crypto will unlock the true commerce potential for arts and culture globally. #NFT" - Changpeng Zhao
2021 was when Binance joined the NFT marketplace, as one of the biggest crypto exchanges saw the growing trend on NFTs and didn’t want to miss out on a new growing segment of the market.
It is like most other typical NFT marketplaces, as it offers a huge variety of assets. Art, gaming, collectibles, and many other types of NFTs are available for purchase.
One of the strengths that Binance Marketplace offers its customers is that it has really low transaction costs. There is only a 1% transaction fee associated with any purchase. It is also very user-friendly.
Unlike other marketplaces, since Binance is already an established and rich company they are able to run its marketplace on its own blockchain, which gives them a competitive edge.
We already talked about the SuperRare marketplace and its exclusivity, but if it didn’t fit your desires, there is always Nifty Gateway, another high-end marketplace for NFTs.
Nifty Gateway offers customers really exclusive and limited edition NFTs that they can purchase. It usually features well-known artists from different genres, such as Steve Aoki, Beeple, and Gramatik to name just a few. It also facilitated the sale of the most expensive NFT, The Merge by Pak.
"NFT tokens or nifties are a new medium for artists to create art that people can collect. Check out @niftygateway to see some awesome nifties created by artists." - Tyler Winklevoss
With this premium portfolio, the selection process on Nifty as to which NFTs will be placed on the marketplace is slow and strongly monitored. In the past, they have even denied some applications made by big celebrities.
Gemini crypto exchange is the company behind Nifty. So when it comes to payments, if you are based in the US you are able to make purchases with both credit/debit cards or crypto. But if you live outside the US, the only way to complete a transaction is by using cryptos that are stored in your Gemini account wallet. They charge a 3% commission on any sale made, this commission is paid by the seller. There is also a symbolic $0.30 fee on transactions.
If you are looking for a marketplace where things are decentralized just like most cryptos you are not dependent on decisions made by the administration, Rarible marketplace is the place to go.
Rarible has its own native governance token called RARI. Holders of this token are allowed to make suggestions, vote on changes, and in general control how the site operates.
Just like most marketplaces, Rarible sells a huge variety of NFTs. For payments, they accept cryptos such as Ethereum, Tezos, and Flow.
There are two ways you can make a purchase on Rarible. One is with credit/debit cards and the other is with the cryptos that we mentioned before. Transaction fees are a respectable 2.5% on every transaction made on the website.
In 2021, they announced their partnership with Adobe. Their shared goal is to improve the verification and protection of metadata for digital content, including NFTs.
"The next era of NFT marketplaces has just begun 🔥Working entirely on top of the Rarible Protocol and shared order book 👉 http://rarible.org" - Alexei Falin
Just like NFTs, the marketplaces that are selling those NFTs, come in different forms. Some marketplaces are aimed at a wide range of users, while others focus on specific segments, be it expensive fine art, sports collectibles, gaming NFTs, and many more.
So when it comes to naming the best marketplace, it comes down to the individual and his preferences as to what he is looking for. Are you looking for NFTs in general? Then OpenSea is a great platform. Do you want to purchase more exclusive fine art? SuperRare and Nifty are the places to go. While for those who want control and decentralization then look no further than Rarible.
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Each marketplace is somewhat different, so it depends on what kind of NFT you are looking for. When it comes to the biggest market, then OpenSea is the place to go. Do we want something exclusive? Then Nifty Gateway and SuperRare marketplaces are the best choices.
Yes. Coinbase just recently launched its own NFT marketplace where we are able to buy, sell, and even mint NFTs.
Yes, you are! Websites such as OpenSea offer us tools to put our own digital assets on the blockchain and turn them into an NFT. But taking someone else's work and turning them into an NFT is illegal and can get you in trouble.
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