Remember those CryptoPunk pictures that were sold for millions of dollars? The proper term for them is NFT. Huh, but what is an NFT? What does it even stand for? You might be wondering. Well, the full form of NFT is a Non-Fungible Token.
NFTs are digital tokens built using blockchain technology similar to cryptocurrencies. But unlike cryptocurrencies, one NFT cannot be readily exchanged with another. This is because every NFT is unique and has some properties that differentiate it from every other token out there. They are mostly used to establish the authenticity of collectible items like artwork, photographs, and sports memorabilia.
As the hype around NFTs grew, specialized marketplaces that facilitate NFT trades came up. Now, there is plenty of choice for people to choose where to buy their NFTs from. For this, we have compiled a list of the best marketplaces to buy and sell NFTs from for your perusal.
What is an NFT Marketplace?
When you want to buy something, you head to Amazon. You browse through the listings and select the product and model that you find best. Just like Amazon is a marketplace for, well, pretty much everything under the sun; NFT marketplaces are online blockchain platforms where NFTs are displayed, bought, sold, and sometimes created as well.
Taking a somewhat closer example, just like you head to a cryptocurrency exchange to buy cryptocurrency, you head to an NFT marketplace to buy NFTs. To use any such marketplace, you need to first create an account on that platform. Then get a crypto wallet, add some funds to it connect the wallet to the marketplace, and start trading.
Top 7 NFT Marketplaces to Buy and Sell Non Fungible Tokens
There are several marketplaces selling different types of NFTs. Some feature a wider variety of collections while others focus on niche areas such as sports or gaming NFTs. Let us have a look at some such NFT marketplaces.
OpenSea
Founded in 2017, OpenSea is the world’s biggest NFT marketplace. Originally developed on Ethereum, it now supports multiple chains such as Polygon, Solana, Arbitrum, and Avalanche.
OpenSea huge NFT collection is second to none. It does not charge any fee for signing up on the platform and you can instantly start browsing by connecting your cryptocurrency wallet.
Apart from that, you can also create or ‘mint’ new tokens on OpenSea. It has a feature called ‘lazy minting’ that allows you to create NFTs without paying any upfront gas fee. For transacting on the platform, it charges a 2.5% fee per transaction. In addition to that, you also have to pay the Ethereum gas fees. A processing fee may also be charged depending on the payment method used.
Features
✔️Biggest NFT marketplace
✔️Developed on the Ethereum blockchain
✔️2.5% fee for every transaction
✔️Compatible with most major crypto wallets
Pros and Cons
✅Works with several chains ❌Plagiarism issues
✅Diverse NFT collections ❌Possibility of scams
✅Lazy minting
✅User-friendly platform
Marketplace Fees
OpenSea fees explained
Why We Picked It
OpenSea has all sorts of NFTs- from art to music to photographs to sports. The fees here are reasonable and it can be used with any major crypto wallet. OpenSea is a fairly user-friendly platform and even allows lazy minting to save gas fees.
Rarible
Rarible is another famous NFT marketplace. It is an NFT aggregator that apart from its own listings, also features collections from other marketplaces such as OpenSea, LooksRare, X2Y2, and SudoSwap.
While Rarible does not charge any fees on aggregated listings, the listings would still be subjected to their original marketplace fee if sourced from a non-Rarible marketplace.
Like OpenSea, it can be used with multiple chains such as Ethereum, Polygon, and Tezos. Rarible also allows multi-wallet connection i.e. up to 20 wallets can be connected to a single profile. It also allows lazy minting wherein the NFT is not put on chain until the first purchase is made.
Features
✔️Primarily an NFT aggregator
✔️NFTs can be bought, sold and minted
✔️Accepts cryptocurrency and credit cards for payments
✔️Works with most major crypto wallets
Pros and Cons
✅Multi-chain support ❌Some NFT collections are unavailable
✅Features collections from ❌Limited educational resources
different marketplaces
✅Allows lazy minting
✅Multi-wallet connection
Marketplace Fees
Rarible fees explained
Why We Picked It
Rarible is a major NFT marketplace with great collections and relatively low fees. It operates on several chains and works with many prominent wallets. Further, it allows lazy minting to save up on gas fees.
SuperRare
SuperRare is an Ethereum blockchain-based NFT marketplace. As its name suggests, it is a platform that thrives on exclusivity. It only trades exclusive art NFTs minted by a group of selected artists.
In fact, SuperRare has a whole invitation and vetting process in place for its artists. This ensures that you only get genuine and high-quality NFTs on the platform. There is a much less possibility of fraudulent pieces being sold on SuperRare.
SuperRare does not allow lazy minting and charges a 3% marketplace fee per transaction in addition to the Ethereum gas fees. The artists, meanwhile, get a 10% royalty on every subsequent sale of their creations.
Features
✔️Developed on the Ethereum blockchain
✔️Exclusively for art NFTs
✔️3% marketplace fee per trade
✔️Accepts ETH for payments
Pros and Cons
✅Vetting process for artists ❌Runs on only Ethereum
✅High royalty ❌Not for beginners
✅Access to exclusive art pieces
Marketplace Fees
SuperRare fees explained
Why We Picked It
SuperRare offers artists a guaranteed royalty for every resale of their creations. It ensures that its users only get high-quality tokens on the platform. If you have some prior experience with NFTs and an interest in art, then SuperRare is worth checking out.
Foundation Marketplace
Foundation is an NFT marketplace focusing particularly on digital art. This platform supports several selling options such as instant buys, reserve auctions, and private sales. Users can also make offers to creators for NFTs not yet listed for sale.
Something unique about Foundation is that while buyers can start using the platform simply by connecting a crypto wallet, creators need an invitation from a member of a community to be able to list their creations on it.
Foundation charges a 5% marketplace fee for all sales on the platform. For Drops though, there is a 15% sale fee on the primary market. Of course, a gas fee also has to be paid for every transaction on Foundation.
Features
✔️Ethereum-developed platform
✔️Uses ETH for payments
✔️5% marketplace fee per transaction
Pros and Cons
✅Great for digital art NFTs ❌Limited payment options
✅Several selling options ❌High marketplace fees
✅Easy to use platform
Marketplace Fees
Foundation Marketplace fees explained
Why We Picked It
Foundation Marketplace is a good choice for those wanting to explore digital art NFTs. You can browse several collections and even make offers on NFTs not yet listed for sale.
Mintable
Mintable features diverse NFT collections including but not limited to artwork, music, in-game items, videos, and GIFs. You can even buy domain name NFTs in it. Like most NFT marketplaces, Mintable is based on the Ethereum blockchain but can also run on Ripple and Immutable X.
Mintable allows both traditional and gasless minting. It also has a feature called Rarity Tool wherein you can check any token’s rarity rankings and the breakdown of its attributes.
On the fee front, Mintable charges a 2.5% transaction fee. This is separate from the gas fee that has to be paid to the network to settle the transaction. Of course, the original creators of the NFT also get a 10% royalty for every resale of their token.
Features
✔️Developed on the Ethereum blockchain
✔️Supports buying, selling, and minting of NFTs
✔️Accepts debit and credit cards for payments
✔️2.5% service fees for regular NFTs
Pros and Cons
✅Multi-chain support ❌High fees for gasless and printable NFTs
✅Diverse range of tokens ❌No mobile app
✅Gasless minting
✅Can use fiat money for
payments
Marketplace Fees
Mintable fees explained
Why We Picked It
Mintable has diverse NFT collections from various spheres. Users, hence, have a plethora of options when it comes to buying or selling tokens. Mintable supports both traditional and gasless minting and has interesting features like the Rarity Tool.
Binance NFT Marketplace
Binance which is the world’s largest cryptocurrency exchange, also has its own NFT marketplace. Like the main exchange, the biggest draw of Binance NFT is its platform fee which at a flat 1% is significantly lower than the fee charged by most leading marketplaces.
Binance NFT features a wide array of NFT collections from different spheres such as art, entertainment, sports, and collectibles. Unlike most marketplaces, you can use ETH, BNB, and MATIC on Binance NFT for purchasing NFTs.
Features
✔️Developed on the Binance Smart Chain
✔️Can operate with Ethereum as well
✔️Only pre-approved artists can mint NFTs
✔️Supports ETH, BNB, and MATIC for payments
Pros and Cons
✅Wide variety of tokens ❌Binance’s regulatory problems
✅Low platform fees ❌US users cannot use it
✅Excellent gaming NFTs ❌Restrictions on NFt minting
✅Learning material available
Marketplace Fees
Binance NFT Marketplace fees explained
Why We Picked It
Binance NFT Marketplace has extremely low fees as far as NFT marketplaces are concerned. Multiple cryptocurrencies can be used on it for payments. The whole Binance ecosystem ensures a smooth experience for everyone, especially for those who are new to NFTs.
Theta Drop
Theta Drop is an NFT marketplace and a part of the Theta Network which is a Web3 blockchain for videos, media, and entertainment. Therefore, you will mostly find NFTs related to the entertainment industry on it.
Apart from being built on its own Theta Network blockchain, Theta Drop has its own NFT wallet known as Theta Wallet. Another unique thing about it is that features certain redeemable NFTs which can be used to get a physical item or a particular experience.
For fees, Theta Drop charges a 10% service fee for every sale. You can use your credit card to buy NFTs along with the Theta Fuel(TFUEL) token. But a $25 withdrawal fee is charged for withdrawing cash from your Theta Drop account.
Features
✔️Developed on the Theta Network Chain
✔️Primarily for media and entertainment NFTs
✔️Has a native Theta Wallet
✔️Utility token is called Theta Fuel(TFUEL)
Pros and Cons
✅Beginner-friendly platform ❌High service fees
✅Redeemable NFTs ❌Limited variety of tokens
✅Can buy NFTs with fiat money
✅Displays prices in USD and crypto
Marketplace Fees
Theta Drop fees explained
Why We Picked It
Theta Drop is a good beginner-friendly platform to check out, especially if you’re into owning media and pop culture NFTs. Its partnerships with famous brands and artists give users access to some interesting tokens. Unlike many marketplaces, Theta Drop allows NFT purchases with credit cards.
Conclusion
NFT marketplaces enable you to dabble in the digital token space. These platforms have made it easy to buy, sell, and trade NFTs. There are general marketplaces with a wide variety of NFT collections as well as niche marketplaces that only feature sports or gaming tokens. It is up to you to decide what kind of platform you want to use.
It is easy to get overwhelmed with so many choices but you need to introspect and choose one according to your needs and priorities. Also remember that just like cryptocurrency, NFTs are extremely volatile assets. It is, therefore, important to only invest in them if you can afford to.